BGN 8,29 BILLION WAS THE FISCAL RESERVE AS OF END-MAY
The fiscal reserve as of end-May was BGN 8 290.2 million; the budget balance under the consolidated fiscal program is positive and amounts to BGN 555.4 million. These are the data on the execution of the consolidated budget as of 31 May 2009, published on the website of the Ministry of Finance.
Revenues and grants under the consolidated fiscal program as of end-May stood at BGN 11 044.1 million, or 33.9 % of the annual estimate. The reported proceeds are 93.9 % year-on-year, due to the considerable contraction of exports, the drop in the volume of imported raw materials and energy vectors, and the dramatic reduction of the price of oil, metals and other key raw materials on international markets as a result of the deepening of the global financial and economic crisis.
Tax revenues under the consolidated fiscal program (including the proceeds from security contributions) as of end-May were BGN 8 488.7 million, which is 33.0 % execution. Revenues from direct taxes (including property taxes and other taxes under the Corporate Income Taxation Law) were BGN 2 308.8 million, or 38.9 % of those planned for the year. Indirect tax revenues were BGN 4 019.1 million (29.1 % of the program for the year) and the revenues from social security and health insurance contributions as of end-May were BGN 2 159.7 million or 36.0 % of the annual estimate.
Non-tax revenues were BGN 1 751.9, growing by 9.7 % year-on-year, or 45.9 % of the annual estimate. The high execution rate is due mostly to the contribution to the central budget in April from the excess of revenue over expenditure of BNB, amounting to BGN 401.0 million. This contribution is made once a year and the amount of the funds transferred is 133.7 % of the estimate under the 2009 State Budget of the Republic of Bulgaria Law. The grants received (mainly advance payments from the EU Structural Funds and the Cohesion Fund) as of end-May were BGN 803.5 million (26.7 % of the annual estimate).
The expenditures under the consolidated budget (including the contribution of Republic of Bulgaria to the EU general budget) as of end-May amounted to BGN 10 488.6 million, which is 34.5 % of the estimates in the 2009 State Budget of the Republic of Bulgaria Law, keeping their level of execution close to the one for the same period of the previous year. Interest payments amounted to BGN 320.3 million (50.3 % of the projected for 2009); non-interest current expenditures were BGN 8 407.1 million (37.0 % of the estimate for the year) and the capital expenditures (including the net growth of the state reserve) amounted to BGN 1 417.5 million (27.2 % of the estimates in the 2009 State Budget of the Republic of Bulgaria Law).
The part of Bulgaria's contribution to the EU general budget, paid as of May 2009 from the central budget, amounted to BGN 343.7 million which is in compliance with the requirements of Council Regulation 1150/2000.
The data on the implementation of the consolidated fiscal program as of 31 May 2009 are published in "Budget" category/ "Statistics" section. The statistical data are accompanied by an Information bulletin on the execution of the consolidated budget as of May 2009 which presents a short analysis of the performance of the key budget parameters on a consolidated level and by constituent budgets.