Jim O'Keeffe
Question:27 Mr. J. O'Keeffe asked the Minister for Finance the Exchequer surplus now expected at the end of 2000; and his plans for the disposal of same. [18060/00]
Written Answers. - Exchequer Surplus.
When the end-march Exchequer figures were published, I indicated that, based on trends to that point, tax revenue for the year as a whole could exceed the budget target by as much as £500 million. The expenditure figures at that time appeared low, but that was due mainly to timing factors. The first quarter figures indicated that the public finances were well on target for the year.
The end-June Exchequer figures will be available next week and I will as usual be issuing a statement updating the position when the figures are published on 4 July.
The Exchequer surplus in any given year is the excess of receipts over expenditure in that year and has the effect of reducing the national debt by the amount of the surplus.
Reducing our national debt will reduce future debt servicing costs and release resources for more productive purposes in future years, including improvement in public services, continued tax reform and infrastructural development.