Burke expresses concern over Fiscal Performance

The Grenada Government has registered a decrease in the level of its fiscal performance for the month of April, 2015 as against the corresponding period in 2014.

A fiscal summary report released by the Ministry of Finance for the month of April shows that revenues for the month of April was $1.2m above the target with the Treasury taking in collections of $45.6M as against the projected $44.4M.

Total revenues collected in April 2015 were $11.9M lower than the collections in April 2014 on account of a huge one-off receipt in April of last year.

However, Political Leader of the main Opposition, National Democratic Congress (NDC), Senator Nazim Burke believes the 20 percent drop in revenue collection may well be the first signal that the cash-strapped Keith Mitchell-led New National Party (NNP) Government is experiencing some kind of a financial difficulty.

During an appearance on a GBN Programme one day after the report was released, Sen Burke  said there is a significant under-performance by the two year old administration in respect of revenues, grants, and capital expenditure.

Sen Burke said the fiscal performance for April 2015 is a matter for concern as it is happening at a time when government is stating that the economy is buoyant.

The summary report also indicated that grant receipts continue to fall short of the target figure.

In April 2015, total grant receipts were $10.8M less than the target of $16.7M. However, the $5.9M received was more than the $3.3M taken in by government in April 2014.

According to the report, current expenditure was within target, amounting to $35.5M as against the target of $37.8M.

The level of current spending in April this year was $0.7M lower than the corresponding period last year.

Capital expenditure of EC$14.5M was below its target of $27.0M. This level of capital spending was similar to the level realized in April 2014.

Sen Burke charged that with capital expenditure being just about half of what was intended, it clearly shows that the local economy is not about to expand to the extent that the Mitchell government has presented its case to the people.

Total Current Revenue collected in April was $45.6m, as against $56.2m in 2014 ($10.6m less).

Taxes on income and profits in 2015 were $8.5m, while in 2014 it was $8.0m.

Taxes collected on property for 2015 were $2.7m, as compared to $3.3m last year.

Taxes on Goods and Services registered $11.2m, as against $8.4m last year while taxes on International Transactions amounted to $19.6m, as opposed to $19.1m in 2014.

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