Government revenues reach $185 million
Government revenues collected for the final quarter of 2019 reached $185.4 million, according to newly released figures.
The update on the Government’s finances was released by the Samoa Bureau of Statistics (S.B.S.) this week.
When compared to the same time last year, revenue fell by $3.2 million but it improved by some $8.3 million compared to last quarter.
The total revenue figure is mostly comprised of taxes, which accounted for 86 per cent of all revenue or some $159.5 million.
‘Other’ revenue amounted to 7.5 per cent of $13.8 million, while grants totalled $12.2 million or some 6.6 per cent.
The Government’s net lending and borrowing balance remained in surplus for the quarter at $5.4 million but this recorded a substantial drop from the quarter prior.
“The results however fell short from the December 2018 quarter by $37.8 million or 87.5 percent,” the Bureau said.
“This was mainly due to the increase of Government’s expenditures during the quarter to record a total of $180.1 million of total spending.
“The Net Acquisition of Fixed Assets was the biggest contributor to the annual change, exceeding last year’s level by $25.1 million.”
According to the statistical report the increase in spending in the quarter reflected the Government’s continuous commitment to complete major infrastructure developments such as the Apia WaterFront Project, Vaisigano Bridge as well as the ongoing road works on the western side of Upolu.
“Furthermore, the Central Budgetary Government operations for December 2019 quarter recorded a surplus of $36.0 million in the Net Operating Balance,” the Bureau said.
“The December 2019 outturn recorded a drop of $12.7 million from December 2018 level.”
The drop was attributed to two factors: an increase in operating expenses, excluding fixed assets, which rose by $9.5 million or 6.8 per cent from the same period last year; and a decrease in Government revenue of $3.2 million or a drop of 1.7 per cent.