According to the 2017 state budget law, total receipts are set for 11,457 mln GEL and total payments are set for 11,415 mln GEL. As for the execution, currently, according to 2-month performance total receipts amount to 13% of the annual plan and have increased by 25% (i.e. 292 mln GEL) compared to the last year’s same period performance. Total payments amount to 13%of the annual plan and has increased by 7% (i.e. 94 mln GEL) compared to the last year’s same period performance.
According to the 2017 state budget law, total receipts are set for 11,457 mln GEL and total payments are set for 11,415 mln GEL. As for the execution, according to January performance total receipts amount to 7% of the annual plan and have increased by 25% (i.e. 158 mln GEL) compared to the last year’s same period performance. Total payments amount to 7% of the annual plan and has increased by 13% (i.e. 87 mln GEL) compared to the last year’s same period performance.
Answers on Key Questions/Issues
On aggregate level, are the deviations from target plan visible for state budget items?
In 2015, state receipts totaled GEL 9,891 mln, equal to 101% of final (November 2015) plan and 100% of initial plan target. In addition, state budget payments for the year totaled GEL 9,703 mln and equal to 101% of initial and final plan target.
Are the items of the state budget receipts mobilized as planed?
Items of receipts (except from the decrease in financial assets) with respect to final plan do not show substantial deviation (the performance of revenues, decrease of non-financial assets and increase in liabilities vary around 101%-103% of respective annual plan).
Parliamentary Budget Office of Georgia in accordance with the mandate presents a Fiscal Review of Georgia, which aims to analyse the main fiscal indicators and fiscal policy role in ensuring short-term macroeconomic stability, as well as, assessments of fiscal risks and fiscal sustainability in the medium- and long-terms.
The report covers the following key components of the fiscal policy:
The execution of state budget receipts on the aggregate level
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.
State Budget Execution on the Aggregate Level
• On the aggregate level, state budget receipts comprises 85.8 % of the planned value for 11 month of 2014. Total amount of tax revenues is determined by 85.1% of the planned volume. Based on the operation information provided by the state treasury, receipts amounts 95.5% and tax revenues- 94% of annual planned value for 25 December of 2014.
• Level of the factual execution of the components of the state budget receipts reveals increasing tendency for 11 month as well as for 25 December. In particular, execution of disposal of financial assets and tax revenues are characterized by upward trend, while the execution level of disposal of nonfinancial assets and incurrence of liabilities are low. Incurrence of liabilities comprises 69.5% of planned value for 11 month and 83.5% for 25 December 2014.