The Fiscal Monitor has been published as a single document since January 2017 and contains information concerning the Exchequer on the month in question. This includes the Analytical Statement as well as further Appendices setting out Voted Expenditure, Tax and Expenditure Analytical Statements, Tax Revenue Profiles and Cumulative Profiles of Exchequer Revenue and Expenditure for the current year.
The Fiscal Monitor covers the cash inflows and outflows of Central Government’s main treasury account, the Central Fund. Revenue items include tax receipts, non-tax revenues and capital receipts. Expenditure is composed of Departmental spending and non-voted expenditures such as debt servicing costs. The Fiscal Monitor is produced within two workings days of month end.
An Exchequer surplus of €217 million was recorded to end February 2018. This compares to a surplus of €587 million in the same period last year. The €370 million year-on-year reduction in the Exchequer balance was primarily due to an increase in current expenditure (both voted and non-voted expenditure), which was somewhat offset by increased tax revenue.
Tax revenues of €7,814 million were collected to end-February 2018, an increase of 3.0% or €228 million on February 2017. This is broadly in line with profile, off marginally by 0.5%.
Overall, total net voted expenditure to end-February 2018, at €7,361 million, was 1.3% or €100 million below profile, but up €349 million or 5.0% in year-on-year terms.
Combined receipts from non-tax revenue and capital receipts of €1,051 million were up 2.1% (€22 million) year-on-year.
Non-voted expenditure of €1,286 million was up year-on-year by 36.9% or €347 million. This year-on-year increase was driven by a higher EU budget contribution due to both Ireland’s increased share of EU budget obligations and a timing issue associated with the call up of funds by the Commission.