The execution of state budget receipts on the aggregate level with respect to the quarterly plan can be described as acceptable for 3 months of 2015. In particular, overall state budget receipts comprises 104.8 % of the quarterly planned value (23.3% of the annual planned value approved by the State Budget Law) and exceeds to the last year parameter by 12.7%. Similarly, the execution of the state budget expenses conforms to the planned quarterly value (characterized by a slight negative deviation from the planned value). In particular, total amount of the state budget expenditures comprises 96.9% of the initial planned value (21.9% of the annual planned value approved by the State Budget Law) and growth rate equals to 13.5% compared to last year's figure.
With respect to the components of the state budget receipts (state budget receipts include: revenues, disposal of financial and nonfinancial asset, increase in liabilities), receipts from disposal of nonfinancial assets (privatization) are characterized by high execution trend, which in nominal terms comprises 63.2 million GEL (602.0% of quarterly planned value) and exceeds to the last year's figure by 65.4%. Similarly, with respect to quarterly plan receipts from disposal of financial assets are characterized by high execution tendency (sources received from repayment of loans), which comprises 10.6 million GEL and 125.6% of quarterly planned value. The factual execution of state budget revenues equals to 104.3% of the quarterly planned value and exceeds to the similar parameter of the last year by 255.5 million GEL (15.1%)
Execution of the components of state budget expenditures (state budget expenditures include four components: expenses, acquisition of nonfinancial and financial assets, decrease in liabilities) negatively deviates from initial quarterly planned values. However, compared to last year, execution of acquisition of nonfinancial assets has improved (capital expenditures) and comprises to 95.5% of quarterly planned value that exceeds the similar parameter of previous year by 39.2 million GEL (59.7%). Execution of state budget expenses for 3 months comprises 96.8% of initial quarterly plan and exceeds the last year's similar parameter by 9.2% that amounts 149.3 million GEL in nominal terms, which is mainly caused by increase of social security (57.6 million GEL), compensation of employees (30.4 million GEL) and interests (21.1 million GEL) compared to the similar parameters of last year. However, it is worth to note that on the basis of the state budget law of 2015, assignment of LEPLs received from state budget are classified as budget expenses while in previous years it was classified as subsidies. Accordingly, despite the fact that current execution of state budget expenditure reveals a fairer performance, it is necessary to foresee the abovementioned differences in classification. Execution of acquisition of financial assets comprises 106% of the quarterly planned value exceeds the last year's similar parameter by 50.1 million GEL (163.5 %).
State Budget Revenues
• Total amount of the state budget revenues comprises 1 951 million GEL for 3 months of 2015 and exceeds to the quarterly plan by 81.1 million GEL (4.8%). On the level of components (state budget revenues includes three component: tax revenues, grants and other revenues) the quarterly plan is exceeded not only by tax revenues, but also other revenues and grants.
• Total tax revenues exceeds to the quarterly plan by 48.5 million GEL (2.7%) and to previous year's similar parameter by 11.5% (189.1 million GEL). However, different trends are revealed for the various components of tax revenues. In particular, revenues from profit tax and VAT exceed to the quarterly plan by 32 million GEL and 48.7 million GEL, respectively, execution of personal income tax, excise and import duties revealed negative deviation from the planned values. Revenues received from profit tax and VAT exceed to previous year's similar parameters by 26.5% and 11.8% and revenues accumulated from excise and personal income tax by 11.5% and 4.5%, respectively. Herewith, revenues gained from import duties is less than previous year's similar parameter by 22.9%.
• Grants exceeds to the planned value by 30.5% and amounts to 58.2 million GEL, while similar measure in last year comprised 3.2 million GEL. It is worth to mention that currently budget supporting grants composes main part (51.5%) of mobilized grants.
• As for the execution of other revenues it comprises 141.8% of the quarterly plan and exceeds to previous year by 21.5% mainly influenced by the execution trend of mixed and non-classified revenues. In particular, with this term revenues comprises 22.2 million GEL for January-March of 2015 that amounts to 410.4% of quarterly plan. The trend is partially related with the changes undertaken in state budget classification. In particular, the amount of previous year's return of unused budget funds and uncertain funds charged to treasury single account are classified as mixed and non-classified revenues (amount 7.1 million GEL), while it was classified as disposal of financial assets in previous years.
State Budget Expenses
• With regard to the execution of state budget expenses, percentage of utilization of the assigns picked out on the level of spending agencies fluctuates by 15-20% for most spending agencies. Main trend of utilization of assigns with regard to annual plan and programs is represented in enclosure (see enclosure 2-4).
• Analysis of the components of general purpose of state expenses reveals that allocated resources of reserve fund of government amounts 30.3 million GEL for 3 months of 2015, while actual transfers amounted 24.3 million GEL that comprises 48.6% of the planned volume. However, it is noteworthy that allocated resources of reserve fund of government by purposes are represented in report. Transfer for regional project fund amounts 19.1 million GEL that comprises 6.4% of the planned volume for 3 months of 2015.
Dynamics of Domestic and External Liabilities
• The factual execution of cash receipts from the component of incurrence of domestic liabilities of state budget amounts 198.6 million GEL for 3 months of 2015 (annual plan – 600 million GEL). According to existing specifics of accounting during the reporting period treasury liabilities and obligations were emitted at face value of 405.0 million GEL and were covered at face value of 204.2 million GEL.
• According to the information received from the State Treasury, total amount of grants received from external sources are characterized by upward trend compared to previous year, mainly influenced by revenues gained as grants. In particular, grants amount 58.2 million GEL for 3 months of 2015 that comprises 27.1% of the planned value that exceed to the previous year's same measure by 55 million GEL. As for credits, receipts of stated budget from incurrence of external liabilities reflects entirely investment credits and amounts 81.2 million GEL that comprises 8.0% of planned volume. (Read complete document in Georgian)