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Government’s Consolidated Fund registered surplus of €30.6 million

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Government's Consolidated Fund registered surplus of €30.6 millionIn January-February 2017, Government’s Consolidated Fund registered a surplus of €30.6 million, the National Statistics Office said today.

Compared to the same period last year, recurrent revenue registered an increase of €75.6 million whereas total expenditure went up by €17.7 million. This resulted in a positive change in the Government’s Consolidated Fund by €57.9 million.

In January-February 2017, recurrent revenue was recorded at €621.6 million, up from €546.0 million last year. The comparative increase of 13.8 per cent was primarily the result of higher Grants and Licenses, Taxes and Fines which increased by €32.8 million and €9.0 million respectively.

Moreover, increases were also recorded for Customs and Excise Duties (€8.4 million), Value Added Tax (€7.5 million), Miscellaneous Receipts (€6.9 million) and Social Security (€5.5 million) among others. Conversely, decreases were recorded in Income Tax (€5.2 million).

Compared to January-February last year, total expenditure stood at €590.9 million up from €573.2 million due to added outlays on recurrent expenditure, interest payments and capital expenditure. Recurrent expenditure stood at €521.3 million from €504.7 million last year.

The contributors to this increase were Programmes and Initiatives and Personal Emoluments with a rise of €14.9 million and €4.1 million respectively.

The main developments in the Programmes and Initiatives category involved higher EU Own Resources (€5.8 million), added outlays due to Health Concession Agreements (€5.7 million), EU Presidency 2017 (€3.3 million), Heads of Government Event (€2.2 million) and Child Care for all (€1.4 million).

On the other hand, lower outlays for Medicines and Surgical Materials were recorded (€5.9 million). Decreases were registered in Operational and Maintenance Expenses (€1.7 million) and Contributions to Government Entities (€0.7 million).

The interest component of the public debt servicing costs stood at €36.8 million, up from €36.2 million last year.

Government’s capital expenditure witnessed an increase of €0.5 million, and was recorded at €32.8 million.

At the end of February 2017, Central Government Debt stood at €5,670.4 million, up by €18.8 million over the corresponding month last year. This was the result of higher Malta Government Stocks and Euro coins issued in the name of the Treasury, which added €164.0 million and €4.1 million respectively.

On the other hand, Treasury Bills and Domestic Loans with Commercial Banks went down by €70.5 million and €56.4 million respectively. Higher holdings by government funds in Malta Government Stocks resulted in a decrease in debt of €12.1 million. Moreover, Foreign Loans decreased by €10.4 million.

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