MoF Expects Excess of Revenues over Expenditures of BGN 1,055 million under the Consolidated Fiscal Programme as of end-September 2022
Based on preliminary data and estimates the budget balance of the Consolidated Fiscal Programme (CFP) as of September 2022 is expected to be positive, amounting to BGN 1,055 million (0.7 % of the forecast GDP). On a monthly basis, a deficit of BGN 646 million is expected for September.
Key CFP parameters on the basis of preliminary data and estimates:
As of September 2022, CFP revenues, grants and donations are expected to be BGN 44,996 million (75.4 % of the annual estimates), growing by BGN 7,154 million (18.9%) compared to the same period of 2021. Compared to September 2021, tax proceeds under CFP rise by BGN 4,411 million in nominal terms, non-tax proceeds grow by BGN 2,733 million, while proceeds from grants and donations (mostly EU programme and fund grants) are close to the amount reported for the same period of the previous year.
It should be noted that, pursuant to §24 of the Transitional and Final Provisions of the 2022 State Budget of the Republic of Bulgaria Law, as from July public enterprises in the energy sector pay contributions to the budget of the Electricity System Security Fund which are used to cover the expenditures under Article 36b(1)(4) of the Energy Law. For this reason non-tax revenues report a growth as no such payments were made in 2021. Similarly, in terms of the expenditures on subsidies under the budget of the Electricity System Security Fund, pursuant to §23 of the Transitional and Final Provisions of the 2022 State Budget of the Republic of Bulgaria Law compensations are paid to end non-domestic consumers of electricity outside the regulated market which should also be taken into account when comparing expenditures with the same period of the previous year.
The Consolidated Fiscal Programme expenditures, including the contribution of the Republic of Bulgaria to the EU budget, as of September 2022 amount to BGN 43,941 million (66.7 % of the annual estimates). For comparison, the expenditures under the CFP as of end-September 2021 amounted to BGN 36,778 million.
The part of Republic of Bulgaria's contribution to the EU budget, paid from the central budget as of 30 September 2022, amounts to BGN 1,237 million, which complies with the current legislation in the area of EU own resources.
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 September 2022 will be published on the website of the Ministry of Finance at the end of October 2022.