Fiscal Summary May 2015

FISCAL SUMMARY
May 2015

1.For the month of May 2015, Government realized an overall surplus of $2.9M on its operations with total revenues andgrants amounting to $51.0M versus total expenditure (recurrent & capital) of $48.1M.

2.Revenue collection for the month of May was broadly in line with target (collections of $44.6M as against target of $44.7M.) Total revenues collected in May 2015 were $2.6M higher than collections in May of 2014.

3.Grant receipts have not yet picked up with collections of $6.4M as against target of $20.2M. Grant receipts areexpected to pick up very strongly in the second half of 2015.

4.Current expenditure was well within target with actual spending of $30.1M as against target of $35.4M (afavourablevariance of $5.3M). The level of current spending in May 2015 was also significantly lower than May of last year.

5.Capital expenditure amounted to EC$18.1M given the lower than expected grant receipts. However, this level ofspending was higher than the $14.7M realized in May 2014.

REVENUE BY MAJOR TAX TYPES

Revenue Category (Details)	May 2015 Actual (EC$mn)	May 2014 Actual (EC$mn)	Variance (EC$mn)
Taxes on Income & Profits	$9.1m	$6.4m	$2.7m
Taxes on Property	$2.8m	$2.7m	$0.1m
Taxes on Goods & Services	$9.6m	$9.3m	$0.3m
Taxes on International Transactions	$20.2m	$20.3m	$(0.1)m
Non Tax Revenues	$2.9m	$3.3m	$(0.4)m
Total Current Revenue	$44.6m	$42.0m	$2.6m

RECURRENT EXPENDITURE BY CATEGORY

	May 2015 (Target) EC$M	May 2015 Actual EC$M	May 2014 Actual EC$M	Variance (Actual v. Target) EC$M
Customs & Excise	19.8	20.2	20.3	0.4
Inland Revenue	21.6	23.4	20.6	1.8
Other	3.3	1.0	1.1	(2.3)
Total Revenue	44.7	44.6	42.0	(0.1)

REVENUE COLLECTION BY MAJOR DIVISIONS

	May 2015 (Target) EC$M	May 2015 Actual EC$M	May 2014 Actual EC$M	Variance (Actual v. Target) EC$M
Personal Emoluments	18.5	17.8	18.5	(0.7)
Wages & Salaries	16.3	15.8	16.5	(0.5)
Allowances	2.2	2.0	2.0	(0.2)
Goods & Services	6.4	4.8	5.3	(1.6)
Interest Payments	3.1	0.5	3.8	(2.6)
Transfers & Subsidies	7.5	7.0	6.7	(0.5)
Total (Current Exp.)	35.5	30.1	34.3	(5.4)