The full statement is available from the Department of Finance website: http://www.finance.gov.ie/End-November 2010 Exchequer Returns
- The Exchequer deficit, at end-November 2010 was €13.3 billion compared to €22.1 billion at end-November 2009. The National Recovery Plan 2011-2014, published last month, set out that the Exchequer Borrowing Requirement (EBR) in 2010 would be €18.8 billion, in line with the Budget day target.
- The €8.8 billion year-on-year improvement in the Exchequer deficit is largely due to payments of €3 billion to the National Pensions Reserve Fund (NPRF) and €4 billion to Anglo Irish Bank, which were made in 2009 and not repeated in 2010.
- Taxes are just under €1.3 billion or 4.1% below the same period last year with net voted expenditure €1.8 billion or 4.2% lower. Non-tax revenue is up €1.9 billion in the year, due primarily to €1.3 billion in fees from the Bank Guarantee Schemes and increased surplus income of the Central Bank. On the non-voted current spending side, debt interest costs are just over €700 million higher year-on-year.
- Tax receipts in the period to end-November amount to €29.5 billion. This is €470 million or 1.6% above profile. November is the largest month of the year for tax revenues and all tax-heads performed above expectations in the month. On a cumulative basis, all tax-heads with the exception of income tax are above target in the first eleven months. A corporation tax surplus of €589 million, combined with smaller surpluses in the other tax-heads, most notably excise duties and VAT, offset the income tax shortfall of €356 million. Income tax from the self-employed in the month of November performed better than expected although PAYE receipts came in below target.
- The year-on-year rate of decline in tax revenues now stands at 4.1%. The National Recovery Plan 2011-2014 forecast a €450 million surplus in tax revenues for the year as a whole. The end-November tax figures are in line with this estimate.
- Total net voted expenditure at end-November 2010 is €40.8 billion, which is €1.8 billion or 4.2% below the same period in 2009. The Revised Estimates Volume projected a decline of 1.9% in total net voted expenditure in 2010.
- Net voted current expenditure, at €36.4 billion is slightly below target (-€166 million or -0.5%) and is €495 million or 1.3% down year-on-year, despite the large anticipated increase in the current spending of the Department of Social Protection.
- Net voted capital expenditure, at just under €4.4 billion at end-November is €1.3 billion or 23% below the corresponding period in 2009. It is €851 million or 16.3% below profile. The expected savings in capital expenditure at year-end are likely to be largely offset by the costs associated with staff exit mechanisms in the HSE.