Richard Bruton
Ceist:272 Mr. R. Bruton asked the Minister for Finance the final outturn for 2002 in accord with the presentation in the budget tables (Appendix D, Tables 1-3). [5420/03]
Written Answers - Budget Forecasts.
The provisional out-turn for 2002 in accordance with the budget presentation is set out as follows. The final outturn for the Exchequer will be available when the Finance and Appropriation Accounts for 2002 are presented to the Dáil.
Table 1
Summary of Current and Capital Budgets 2002 to 2005
(See Notes)
|
2002Outturn |
||
|
Current Budget |
||
|
Current Expenditure |
€m |
|
|
Gross Voted (Departmental expenditure voted by Dáil) |
25,638 |
|
|
Expenditure from the Social Insurance Fund |
4,377 |
|
|
Expenditure from the National Training Fund |
200 |
|
|
Non-voted (Central Fund) expenditure |
2,809 |
|
|
Gross Current Expenditure |
33,024 |
|
|
less Appropriations-in-aid (including PRSI) |
Note 2 |
6,839 |
|
Less Departmental Balances |
Note 3 |
62 |
|
Net Current Expenditure |
26,123 |
|
|
Current Receipts |
||
|
Tax Revenue |
Table 3 |
29,294 |
|
Non-Tax Revenue |
Table 3 |
2,231 |
|
Total Current Receipts |
31,525 |
|
|
Current Budget balance |
5,402 |
|
|
Capital Budget |
||
|
Capital Expenditure |
||
|
Gross Voted (Departmental expenditure voted by Dáil) |
5,585 |
|
|
Non-voted (Expenditure under legislation) |
325 |
|
|
Pre-funding of future pension liabilities |
Note 4 |
1,035 |
|
less Appropriations-in-Aid |
Note 2 |
76 |
|
Net Capital Expenditure |
6,868 |
|
|
Capital Resources |
Note 5 |
1,561 |
|
Capital Budget Balance |
5,307 |
|
|
General Contingency Provision |
||
|
Exchequer Balance |
95 |
|
|
General Government Balance |
254 |
|
|
General Government Balance as a % of GDP |
0.2% |
|
|
GDP Value (ESA 95 basis) |
125,600 |
|
|
GNP Value (ESA 95 basis) |
103,900 |
Note that figures may not add due to rounding.
Notes to Table 1
Note 1 The figure of non-voted (Central Fund) expenditure reflects a decrease of €500 million in 2002 in the assets of the capital services redemption account
Note 2 Appropriations-in-Aid are Departmental receipts which, with the approval of the Dáil, may be retained by a Department or Office to offset expenses instead of being paid into the Exchequer Account of the Central Fund. Details of gross voted Departmental expenditure are contained in the Estimates for Public Services. PRSI receipts accrue to the Social Insurance Fund.
Note 3 Departmental balances are those amounts issued from the Exchequer Account of the Central Fund for Departmental spending in one year which remain unspent at year-end and are carried forward to be used in the next year.
Note 4 Under the terms of the National pensions Reserve Fund Act, 2001, 1% of GNP annually is paid into the National Pensions Reserve Fund for the pre-funding of part of the future cost of social welfare and public service pensions.
Note 5 The 2002 figure includes receipts of €155 million from the sale of the ACC, €24 million from the sale of the Irish National Petroleum Corporation and €101 million from the allocation of 3G licences.
Table 2
Explanation of Net Difference Between Exchequer Balance and General Government
The Exchequer Balance is the traditional domestic budgetary aggregate which measures Central Government's net surplus or borrowing position. It is the difference between total receipts into and total expenditure out of the Exchequer Account of the Central Fund.
The General Government Balance, GGB, measures the fiscal performance of all arms of Government, i.e. Central Government, Local Authorities, health Boards, Vocational Education Committees and non-commercial State sponsored bodies, as well as funds such as the Social Insurance Fund and the National pensions Reserve Fund which are managed by government agents. It thus provides an accurate assessment of the fiscal performance of a more complete "government" sector.
The GGB does not reflect the position of commercial State sponsored bodies as these agencies are classified as being outside the General Government Sector.
The GGB is calculated in accordance with ESA95, a consistent standard developed by the EU to facilitate budgetary comparisons between EU Member States in accordance with their obligations under the Maastrict Treaty.
Details of the variation between the Exchequer Balance and the GGB are set out in the following table:
|
2002Outturn |
|
|
€m |
|
|
Exchequer Surplus (Deficit) |
95 |
|
Interest adjustments (a) |
552 |
|
Exclude equity and loan transactions (b) |
679 |
|
Net Borrowing-Surplus of non-commercial State sponsored bodies |
1 |
|
Adjustments for Transactions between the Exchequer and Government |
13 |
|
Departments-Offices and Extra-Budgetary Funds (c) |
|
|
Impact of the National Pensions Reserve Fund (d) |
1,228 |
|
Accrual Adjustments (c) |
130 |
|
Net Borrowing-Surplus of Central Government |
208 |
|
Net Surplus of the Social Insurance Fund |
393 |
|
Transfer from Social Insurance Fund |
635 |
|
Net Borrowing-Surplus of Local Authorities |
125 |
|
General Government Balance |
159 |
|
Net Difference between Exchequer Balance and GG Balance |
254 |
Figures may not add due to rounding.
(a) This adjustment reflects the requirement, under ESA95 rules, that changes in the assets of the Capital Services Redemption Account and capital gains or losses on foreign exchange contracts, swaps, etc., should be excluded from the interest recorded for the purposes of calculating the GGB. An adjustment for interest accrued but not paid on small savings is also included.
(b) Equity and loan transactions are excluded from the GGB on the basis that they affect the composition but not the level of assets and liabilities. The ale of ACC Bank in 2002, for example, is treated as a financial transaction under ESA95 conventions and the proceeds from this sale are not counted as income of the General Government Sector.
(c) Transfers between units within the General Government Sector do not affect the GGB.
(d) The National Pensions Reserve Fund (established in 2001) is within the General Government Sector and transactions within the sector do not have an impact on the GGB. These figures include the contributions paid from the Exchequer and a provision for income earned by the funds.
(e) This adjustment is required in respect of certain transactions recorded on an accruals basis in calculating the GGB. The main adjustments are in respect of Value Added Tax receipts and Departmental Balances.
Table 3
Current Receipts 2002
|
2002 Outturn |
|
|
€ |
|
|
Tax Revenue |
|
|
Customs |
134 |
|
Excise Duties |
4,441 |
|
Capital Taxes |
778 |
|
Stamp Duties |
1,167 |
|
Income Tax |
9,063 |
|
Corporation Tax |
4,803 |
|
2002 Outturn |
|
|
€ |
|
|
Value Added Tax |
8,885 |
|
Agricultural Levies |
7 |
|
Income Levy |
12 |
|
Training and Employment Levy |
4 |
|
Tax Receipts |
29,294 |
|
Non-Tax Revenue |
|
|
Central Bank – Surplus Income |
531 |
|
Accrued public moneys from the issue of coin |
360 |
|
Proceeds from Banknote Receipts related to Euro Changeover |
240 |
|
National Lottery Surplus |
217 |
|
Interest on Loans and Dividends |
57 |
|
Other Receipts (a) |
827 |
|
Total Non-Tax Revenue |
2,231 |
|
Total Current Receipts |
31,525 |
(a) The 2002 outturn figure includes the transfer of €635 million from the Social Insurance Fund to the Exchequer Account of the Central Fund.