Each month/quarter, CBO issues a short analysis of the state budget for the previous month/quarter. Those Monthly Budget Reviews, which are based on information from the Treasury Department, provide information on the monthly/quarterly status of core fiscal aggregates: outlays, receipts, and liabilities.
- State budget receipts for the 1st quarter (2,847 Million GEL) amount to 104% of quarterly plan, but 4% less than the same period last year. The decline largely reflects the changes to the budget code, which changed the allocation of VAT revenues between the state and local governments’ budgets.
- As for the state budget receipts at the component level, all basic types (revenues, disposal of nonfinancial assets and financial assets other than cash) of receipts exceed the quarterly plan, except for incurrence of liabilities.
- According to the state budget law of 2019, state budget outlays are defined at 13,090 million GEL. As for I quarter, state budget outlays are 21.5% of the annual plan and exceed the execution for the same period last year by 7.1% (188 million GEL).
- As for the state budget outlays at the component level, expenses (so-called current expenses) during the reporting period were 2,232 million Gel and exceed the execution for the same period last year by 6.6% (138.5 million GEL), mainly due to the impact of the expenses of social security and other expenses. Acquisition of nonfinancial assets (so-called capital expenditures) equals to 314 million Gel and exceeds the execution for the same period last year by 3.3 million Gel.
- As for the state budget liabilities, incurrence of domestic liabilities in the first quarter of 2019 is 43.1 million Gel. Incurrence of external liabilities amounted to 198.5 million GEL and 92.5% of the quarterly plan, while payments of external liabilities amounted 216 million GEL.
For more details see the complete document (available in Georgian).