Revenues and grants for September 2022 stood at MVR1.58 billion, which is a 32.2% decrement when compared with the same month in 2021.
On the other hand, total expenditure for the month increased by 6.6% compared with the corresponding month last year. Capital expenditure decreased by 47.4% whereas recurrent expenditure increased by 33.3% in the review month.
Fiscal balance for the month gives an overall deficit of MVR1.57 billion.
By the end of September 2022, cumulative expenditure total reached MVR28.04 billion. The cumulative revenues inclusive of grants by the same period reached MVR21.5 billion.
The state approved budget for the year is MVR34.1 billion, while the project total revenue for the year is MVR24.3 billion.
Expenditure composition for the month indicate;
- Administrative and operational expenses: 54.3%
- Salaries, wages and pensions: 29.4%
- Infrastructure assets: 11.7%
- Capital equipment: 1.9%
- Development projects and investment outlays: 1.4%
Revenue and grants composition for the month include;
- TGST: 24.6%
- Property Income: 19.5%
- GGST: 15.7%
- Import duties: 5.5%
- Non-residence Withholding Tax: 5.1%
Tax revenues for the month stood at MVR1.04 billion, and non-tax revenues stood at MVR533.3 million. Grants received to state during the review month stood at MVR7.3 million.
State spent MVR2.6 billion on recurrent expenses during the month, while MVR514.2 million was spent on capital expenditure in September 2022.