Consolidated Fiscal Programme Performance Data as of 28.02.2021
Based on the monthly data on cash execution of first-level spending units’ budgets, the Consolidated Fiscal Programme (CFP) budget balance on a cash basis as of February 2021 is positive, amounting to BGN 24.3 million, and is formed by a deficit of BGN 57.5 million under the national budget and by an excess of revenues over expenditures of BGN 81.8 million under the EU funds.
CFP revenues, grants and donations as of February 2021 amount to BGN 7,294.3 million, or 15.3% of the annual estimates. Compared to the same period of the previous year, proceeds decrease in nominal terms by BGN 169.5 million, or by 2.3%.
Tax proceeds, including revenues from social security contributions, total BGN 5,775.1 million, which accounts for 15.6% of the tax revenues planned for the year. In nominal terms, tax and social security contribution proceeds remain close to those reported for the first two months of the previous year. Direct tax revenues amount to BGN 759.7 million, or 10.9% of those planned for the year. Indirect tax proceeds amount to BGN 3,025.4 million (17.7% of the annual estimates), with VAT proceeds amounting to BGN 2,170.6 million (19.3% of those planned), excise duty revenues amounting to BGN 805.8 million (14.4% of the estimates), and customs duty proceeds amounting to BGN 37.1 million (15.9% as against the annual estimates). Proceeds from other taxes, including property and other taxes under the Corporate Income Tax Law, amount to BGN 167.6 million, or execution of 13.1% of the annual estimates. Revenues from social security and health insurance contributions are BGN 1,822.5 million, which accounts for 15.6% of the estimates for the year.
Non-tax revenues amount to BGN 1,090.0 million, or 16.5% of the annual estimates, while grant and donation proceeds amount to BGN 429.2 million.
CFP expenditures, including the contribution of the Republic of Bulgaria to the EU budget for February 2021, amount to BGN 7,270.0 million, which accounts for 13.9% of the annual estimates. For comparison, the CFP expenditures as of February 2020 amount to BGN 5,983.6 million. The growth of expenditures compared to the same period of 2020 is mostly linked to the social and economic measures taken to address the negative impact of the COVID-19 pandemic, including the monthly allowance of BGN 50 paid to the pensions of all pensioners for January and February, the higher health insurance payments and subsidy costs under EU fund accounts. The higher expenditures are also influenced by the baseline effect in the pension costs from the pension increase in July 2020, the increase in the minimum and maximum pension from the start of the year, the increase in remunerations in the field of education and public administration, etc.
Non-interest expenditures amount to BGN 6,828.7 million, which accounts for 13.6% of the annual estimates. Non-interest current expenditures as of February 2021 amount to BGN 6,379.1 million, capital expenditures (including net increment of state reserve) amount to BGN 445.2 million. The current and capital transfers to other countries amount to BGN 4.4 million. Interest payments amount to BGN 48.2 million, or 7.3% of those planned for 2021.
The part of Bulgaria’s contribution to the EU budget, as paid from the central budget as of 28.02.2021, amounts to BGN 393.1 million, which complies with the existing legislation in the area of EU own resources.
The fiscal reserve as of 28.02.2021 is BGN 8.8 billion, including BGN 8.5 billion of fiscal reserve deposits in the BNB and in banks and BGN 0.3 billion of receivables under the EU Funds for certified expenditures, advance payments, etc.
The Consolidated Fiscal Programme implementation data as of 28 February 2021 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.