NewsWhore
06-12-2012, 02:50 PM
The central government's fiscal operations for 2011 closed with the overall budget operation of RD$413.98 billion and a fiscal deficit of RD$56.68 billion, or 18% above the fiscal goal established in the year's budget, which was RD$47.98 billion, according to the Annual Report from the Chamber of Accounts, covering the analysis and evaluation of the General State Budget performance, and sent to the National Congress.
The report says that the deviation shown in the fiscal deficit came about mainly from the execution of greater expenditures for current expenses and tax income that was lower than expected.
"In effect, in the original budget, expenditure was assigned for a total of RD$326.8 billion, 15.6% of GDP, which was increased to RD$348.7 billion or 16.6% of GDP, through budgetary modifications, and finally spending RD$339 billion, which is to say 2.8% less than what was set out in the budget for that year and 3.8% more than was originally budgeted," says the report.
The result achieved in the account for financing during the fiscal period of 2011, showed that in relation to the goal set forth in the budget in force, there was a greater level of indebtedness by the Central Government with respect to what was covered under the Budget Law and its modifications.
The report shows that the results of the financing account contained in the Savings-Investment-Financing Account and of the State of Collection and Investment of the Income, which belong to the fiscal period which closed on 31 December 2011, there was a positive balance of RD$56.68 billion, which corresponds with the fiscal deficit registered in the financial results of the budgetary operations of the indicated period which reflected the net indebtedness of the period.
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The report says that the deviation shown in the fiscal deficit came about mainly from the execution of greater expenditures for current expenses and tax income that was lower than expected.
"In effect, in the original budget, expenditure was assigned for a total of RD$326.8 billion, 15.6% of GDP, which was increased to RD$348.7 billion or 16.6% of GDP, through budgetary modifications, and finally spending RD$339 billion, which is to say 2.8% less than what was set out in the budget for that year and 3.8% more than was originally budgeted," says the report.
The result achieved in the account for financing during the fiscal period of 2011, showed that in relation to the goal set forth in the budget in force, there was a greater level of indebtedness by the Central Government with respect to what was covered under the Budget Law and its modifications.
The report shows that the results of the financing account contained in the Savings-Investment-Financing Account and of the State of Collection and Investment of the Income, which belong to the fiscal period which closed on 31 December 2011, there was a positive balance of RD$56.68 billion, which corresponds with the fiscal deficit registered in the financial results of the budgetary operations of the indicated period which reflected the net indebtedness of the period.
More... (http://www.dr1.com/index.html#3)