Consolidated Fiscal Programme Performance Data as of 31.10.2019
Based on the monthly reports from first-level spending units, the Consolidated Fiscal Programme (CFP) balance on a cash basis as of end-October 2019 is positive, amounting to BGN 1,082.5 million, or 0.9% of the projected GDP, and is formed by an excess of revenues over expenditures of BGN 1,216.9 million under the national budget and a deficit of BGN 134.4 million under EU funds.
The CFP revenues, grants and donations as of October 2019 stand at BGN 36,318.5 million, or 82.8% of the annual estimates. Compared to the same period of the previous year, CFP grants and donations have grown by BGN 3,705.6 million in nominal terms, including tax and non-tax revenues by BGN 3,421.5 million (11.0%), while grant and donation proceeds (mostly EU programme and fund grants) have risen by BGN 284.1 million.
Tax proceeds, including revenues from social security contributions, total BGN 29,091.7 million, which accounts for 84.2% of the tax revenues planned for the year.
Direct tax revenues amount to BGN 5,171.9 million, or 78.8% of those planned for the year.
Indirect tax revenues amount to BGN 14,222.2 million, which accounts for 86.5% of the annual estimates. VAT proceeds amount to BGN 9,349.8 million, or 86.3% of those planned. The excise duty revenues amount to BGN 4,637.4 million, or 87.0% of the annual estimates. Customs duty proceeds amount to BGN 194.7 million, or 82.2% of the annual estimates.
Proceeds from other taxes, including property and other taxes under the Corporate Income Tax Law, amount to BGN 1,026.6 million, or 87.8% of the annual estimates.
Revenues from social security and health insurance contributions are BGN 8,671.1 million, which accounts for 83.5% of the estimates for the year.
Non-tax revenues amount to BGN 5,442.9 million, or 82.1% 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 October 2019 are therefore higher than the proceeds for the same period of 2018.
Grant and donation proceeds amount to BGN 1,783.8 million.
CFP expenditures, including the contribution of the Republic of Bulgaria to the EU budget for October 2019, amount to BGN 35,236.0 million, which accounts for 76.1% of the annual estimates. The nominal increase in expenditures in comparison to the same period of the previous year is due to the higher capital expenditures (due to the higher national budget expenditures, including those related to the implementation of the investment project for the acquisition of a new type of military aircraft for the Bulgarian air forces, as well as under the EU fund accounts),the 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), etc.
Non-interest expenditures amount to BGN 33,558.8 million, which accounts for 76.1% of the annual estimates. Non-interest current expenditures as of October 2019 amount to BGN 28,365.2 million, capital expenditures (including net increment of state reserve) amount to BGN 5,162.9 million. The current and capital transfers to other countries amount to BGN 30.7 million. Interest payments amount to BGN 586.2 million, or 87.6% of those planned for 2019.
The part of Bulgaria’s contribution to the EU budget, as paid from the central budget as of 31.10.2019, amounts to BGN 1,090.9 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.
As of 31.10.2019, the fiscal reserve amounts to BGN 10.0 billion, including BGN 9.8 billion of fiscal reserve deposits in the BNB and in banks and BGN 0.2 billion of receivables under the EU Funds for certified expenditure, advance payments, etc.
The Consolidated Fiscal Programme implementation data as of 31 October 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.