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 €823 million was recorded to end June 2018. This compares to a surplus of €2,485 million in the same period last year. When adjusted for the impact of the AIB share sale in June 2017, the Exchequer balance shows an underlying annual decrease of €323 million. This decline in the Exchequer balance was primarily due to an increase in expenditure (both voted and non-voted), albeit somewhat offset by increased tax revenue.
Tax revenues of €24,941 million were collected to end-June 2018, an annual increase of 5.4% or €1,276 million on end-June 2017. This was in line with profile, up 0.7% or €168 million.
Overall, total net voted expenditure to end-June 2018, at €23,682 million, was 0.5% or €123 million below profile, and up €1,856 million or 8.5% in year-on-year terms.