Dáil Éireann Debate, Thursday - 14 October 2004
25 Mr. Howlin asked the Minister for Finance the main features of the Exchequer returns for the first nine months of 2004; the way in which spending and the tax take for this period compare with the projected levels; and if he will make a statement on the matter. [24653/04]
View answerThe full detailed Exchequer statement is published on my Department's website each month. The Exchequer balance for the first nine months of 2004 showed a deficit of €418 million. There was a current budget surplus of €2,348 million and a capital budget deficit of €2,766 million.
Tax receipts to end September 2004, at €24,598 million, were €1,638 million or 7.1% ahead of the Department's tax profile published in January. This was due to extra once-off moneys from Revenue Commissioners special investigations and better than anticipated receipts from nearly all tax heads, with the exception of corporation tax which was behind profile. In excess of €660 million of total tax receipts was due to once-off moneys from Revenue Commissioners special investigations. This high level of once-off moneys must be borne in mind in assessing the picture for the year.
Overall net voted spending, at €22,685 million, was €1,075 million below the Department's spending profile, with both current and capital spending behind target. The indications are that overall voted expenditure for the year as a whole will be broadly in line with profile. In light of the end of quarter returns, my Department's budget day Exchequer balance forecast for 2004 as a whole has now been revised to a deficit of €1.2 billion. However, as stated above, the once-off nature of some of the extra tax receipts must be borne in mind in assessing the picture for the year.
The Exchequer returns to end September confirm the improvement in the public finances revealed at mid-year. This is a result of prudent fiscal management which I intend to maintain.
