MoF Expects Excess of Revenues over Expenditures of BGN 1,495.7 million
Based on the preliminary data and estimates, as of February 2020, the excess of revenues over expenditures under the Consolidated Fiscal Programme (CFP) is expected to amount to BGN 1,495.7 million (1.2 % of the forecast GDP).
Key CFP parameters on the basis of preliminary data and estimates:
In February 2020, CFP revenues, grants and donations are expected to be BGN 7,497.4 million (16.0 % of the annual estimates). As compared to February 2019, CFP revenues have risen by BGN 277.8 million, with growth being registered mainly in tax revenues as well as in grants and donations where the grants under the EU programmes and funds are mostly recorded.
The Consolidated Fiscal Programme expenditures, including the contribution of the Republic of Bulgaria to the EU budget, for February 2020 amount to BGN 6,001.7 million, which accounts for 12.8 % of the annual estimates. For comparison, the expenditures under the CFP as of February 2019 amounted to BGN 5,706.2 million. As compared to the same period of the previous year, the nominal increase is mainly due to the higher staff costs, the higher social payments (a baseline effect from the increase of pensions as from July 2019), the higher capital expenditures, etc.
The part of Bulgaria's contribution to the EU budget, paid from the central budget as of 29.02.2020, amounts to BGN 305.1 million, which complies with the current legislation in the area of EU own resources – Council Decision 2014/335/EU, Euratom 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) No 2016/804 of 17 May 2016.
The statistical data and the Information Bulletin on the execution of the state budget and the key indicators of the Consolidated Fiscal Programme based on data from the monthly reports on the cash performance of the budgets of the first-level spending units as of February 2020 will be published on the website of the Ministry of Finance at the end of March 2020.