04 January 2006

The Web
Business Today

Deficit down to Lm93.4m in November
The shortfall between recurrent revenue and total expenditure during the January to November period in 2005 amounted to Lm93.4 million, against the Lm129.1 million a year ago.
Recurrent expenditure during the first eleven months of 2005 increased by 12.4 over the same period of 2004, increasing by Lm83.1 million to Lm751.3 million – totalling 83.5 per cent of this year’s budget forecast.
Total expenditure amounted to Lm844.7 million, an increase of Lm47.4 million, or six per cent, from the Lm797.3 million expended in the same period in 2004.
During the first eleven months of 2005, proceeds from sinking funds on converted loans amounted to Lm3.8 million. During the comparative period last year, the related amount was Lm8.9 million. Loan repayments amounted to Lm1.4 million in 2005, as compared to Lm14.4 million in 2004. During 2005, contributions to sinking funds amounted to Lm11.9 million, whilst the amount of the corresponding 2004 period was Lm9.9 million. During the January-November 2005 period, resort to local loans amounted to Lm110 million as compared to Lm99.9 million during the same period last year.
No resort was made to foreign loans in either of the comparative periods.
Whilst no disposal of government shares were forthcoming last year, during the period under review this year, government received Lm21.5 million, mainly from sale of MIA shares, which netted Lm19 million.
The increase of Lm83.1 million in recurrent revenue for the first eleven months of the year was brought about by higher revenue registered under VAT, increasing by Lm26.4 million, income tax, which increased by 9.4 million, fees of office (Lm21.3 million), grants (Lm29.7 million) and social security contributions (Lm5.8 million).
Decreases were registered under the Central Bank of Malta, a decrease of Lm4.2 million, licences, taxes and fines (less Lm8.3 million) and rents (less Lm2.3 million).
Government wages expenditure amounted to Lm169.1, making up 81.4 per cent of the budget forecast (Lm207.8 million), whilst the outlay for the same period last year totalled Lm169.2 million.

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