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 deficit of €3,430 million was recorded to end April 2018. This compares to a deficit of €2,537 million in the same period last year. The €893 million year-on-year decrease in the Exchequer balance was primarily due to an increase in expenditure (both voted and non-voted expenditure), which was somewhat offset by increased tax revenue.
Tax revenues of €14,737 million were collected to end-April 2018, an annual increase of 3.6% or €516 million on end-April 2017. This was slightly below profile, down just 1.4% or €202 million.
Overall, total net voted expenditure to end-April 2018, at €15,407 million, was 0.2% or €29 million below profile, and up €1,217 million or 8.6% in year-on-year terms.
Combined receipts from non-tax revenue and capital receipts of €1,139 million were up 2.5% (€28 million) year-on-year.
Non-voted expenditure of €3,900 million was up year-on-year by 9.5% or €337 million. This annual increase was primarily driven by a higher EU budget contribution due to both Ireland’s increased share of EU budget obligations and timing associated with the call-up of funds by the Commission.