Consolidated Fiscal Programme Performance Data as of 30.09.2019
Based on the monthly reports from first-level spending units, the Consolidated Fiscal Programme (CFP) balance on a cash basis as of September 2019 is positive, amounting to BGN 1,264.5 million, or 1.1% of the projected GDP, and is formed by an excess of revenues over expenditures of BGN 1,205.7 million under the national budget and of BGN 58.8 million under EU funds.
The CFP revenues, grants and donations as of September 2019 stand at BGN 32,797.9 million, or 74.8% of the annual estimates. Compared to the same period of the previous year, CFP grants and donations have grown by BGN 3,634.3 million in nominal terms, including tax and non-tax revenues by BGN 3,224.6 million (11.6%), while grant and donation proceeds (mostly EU programme and fund grants) have risen by BGN 409.7 million.
Tax proceeds, including revenues from social security contributions, total BGN 26,096.2 million, which accounts for 75.5% of the tax revenues planned for the year.
Direct tax revenues amount to BGN 4,660.2 million, or 71.0% of those planned for the year.
Indirect tax revenues amount to BGN 12,758.7 million, which accounts for 77.6% of the annual estimates. VAT proceeds amount to BGN 8,416.5 million, or 77.7% of those planned. The excise duty revenues amount to BGN 4,136.7 million, or 77.6% of the annual estimates. Customs duty proceeds amount to BGN 172.7 million, or 72.9% of the annual estimates.
Proceeds from other taxes, including property and other taxes under the Corporate Income Tax Law, amount to BGN 927.7 million, or 79.3% of the annual estimates.
Revenues from social security and health insurance contributions are BGN 7,749.6 million, which accounts for 74.7% of the estimates for the year.
Non-tax revenues amount to BGN 4,954.9 million, or 74.8% of the annual estimates. A baseline effect appears in the non-tax revenue part relating to the revenues under the Electricity System Security Fund due to the amendments to the Energy Law in force as from 1 July 2018 which have changed the mechanism for collection of revenues under the Fund’s budget. The revenues under the Fund’s budget as of September 2019 are therefore higher than the proceeds for the same period of 2018.
Grant and donation proceeds amount to BGN 1,746.8 million.
CFP expenditures, including the contribution of the Republic of Bulgaria to the EU budget for September 2019, amount to BGN 31,533.4 million, which accounts for 68.1% of the annual estimates. The nominal increase in expenditures in comparison to the same period of the previous year is due to the expenditures incurred under the budget of the Ministry of Defence under the Acquisition of a New Type of Military Aircraft investment project for the air forces of the Republic of Bulgaria, as well as to the higher amount of staff costs (a 10% increase in the wage bill for the public sector and the next step of increasing the remunerations in the education sector), the higher social and health insurance payments (a baseline effect from the pension increase in July 2018 and July 2019 and an increase in the health insurance payments set out in the 2019 NHIF Budget Law), an increase in subsidy expenditures, etc.
Non-interest expenditures amount to BGN 29,954.3 million, which accounts for 67.9% of the annual estimates. Non-interest current expenditures as of September 2019 amount to BGN 25,337.8 million, capital expenditures (including net increment of state reserve) amount to BGN 4,588.7 million. The current and capital transfers to other countries amount to BGN 27.8 million. Interest payments amount to BGN 581.6 million, or 86.9% of those planned for 2019.
The part of Bulgaria’s contribution to the EU budget, as paid from the central budget as of 30.09.2019, amounts to BGN 997.5 million, which complies with the existing legislation in the area of EU own resources, i.e. Council Decision 2014/335/EU on the system of own resources of the European Union, Council Regulation (EU, Euratom) No 608/2014 of 26 May 2014 laying down implementing measures for the system of own resources of the European Union and Council Regulation (EU, Euratom) No 609/2014 of 26 May 2014 on the methods and procedure for making available the traditional, VAT and GNI-based own resources and on the measures to meet cash requirements, as amended by Council Regulation (EU, Euratom) 2016/804 of 17 May 2016.
The fiscal reserve as of 30.09.2019 is BGN 10.14 billion, including BGN 10.12 billion of fiscal reserve deposits in the BNB and in banks and BGN 0.02 billion of receivables under the EU Funds for certified expenditures, advance payments, etc.
The Consolidated Fiscal Programme implementation data as of 30 September 2019 are published on the website of the Ministry of Finance, in Statistics section. The statistics is accompanied by an Information Bulletin on the Execution of the State Budget and the Main Indicators of the Consolidated Fiscal Programme, which represents a short analysis of the performance of the key budget parameters on a consolidated level and by constituent budgets.