Recurrent revenue up till the end of April 2006 amounted to Lm247.9 million, and made up 26.0 per cent of this year’s budget forecast, according to National Statistics Office figures released yesterday.

Compared to the first four months of 2005, this revenue represented an increase of Lm14.3 million, or 6.1 per cent. The recurrent revenue for the comparative period in 2005 amounted to Lm233.6 million, which accounted for 26.1 per cent of the actual final outturn. At the same time, total expenditure, excluding sinking funds contributions and direct loan repayments, amounted to Lm304.2 million, an increase of Lm0.8 million, or 0.3 per cent, on the Lm303.4 million expended in the same period in 2005.

The total expenditure for the January to April period amounted to 29.9 per cent of the approved 2006 estimate. Total expenditure for the same period in 2005 made up 31.2 per cent of the actual total expenditure for the year.

The shortfall between recurrent revenue and total expenditure during the period under review amounted to Lm56.4 million this year, compared to a shortfall of Lm69.8 million for the first four months of 2005.

During the first four months of both 2006 and 2005, there were no proceeds from sinking funds on converted loans, no contributions to the sinking funds, and no direct loan repayments. During the January to April 2006 period, local loans amounting to Lm25 million were taken up, while the figure for the corresponding 2005 period was Lm40 million. There was no resort to foreign borrowing in either of the comparative periods. Furthermore, no proceeds from disposal of Government shares have been forthcoming during the period under review, as well as in the comparative period in 2005.

The increase of Lm14.3 million in recurrent revenue during the first four months of 2006, when compared to the same period last year, was registered mainly under income tax (+Lm4.3 million), social security contributions (+Lm3.0 million), customs and excise (+Lm2.7 million), licenses, taxes and fines (+Lm3.1 million), and value added tax (+Lm4 million). On the other hand decreases were registered under Central Bank of Malta (-Lm4 million), and under miscellaneous receipts (-Lm1.4 million).

Recurrent expenditure this year (excluding Public Debt Servicing), amounted to Lm245.2 million, and made up 31.4 per cent of the budget estimates for 2006. This figure represents an increase of Lm3.8 million or 1.6 per cent over the recurrent expenditure for the first four months of 2005.