site.btaFinance Ministry: Budget Balance Positive at BGN 177.7 Mln as of End-June 2023

Based on the monthly data on cash execution of first-level spending units’ budgets, the Consolidated Fiscal Programme (CFP) budget balance on a cash basis as of June 30, 2023 is postive at BGN 177.7 million, or 0.1% of the projected GDP, the Finance Ministry reported here on Monday.

CFP revenues, grants and donations amount to BGN 31.4 billion as of June 2023. 

Tax proceeds, including revenues from social security contributions, amount to BGN 24.580 billion. Tax and social security contribution proceeds grow by BGN 2.341 billion (10.5%) compared to those reported for the same period of the previous year, forming 78.3% of the overall CFP proceeds for the period. Direct tax revenues amount to BGN 4.946 billion, increasing by BGN 634.8 million (14.7%) compared to those reported in June 2022. Indirect tax revenues amount to BGN 10.454 billion (a decrease by BGN 95.4 million, 0.9%, compared to those reported in June 2022). Proceeds from other taxes, including other taxes under the Corporate Income Tax Law, property and other taxes, amount to BGN 1.721 billion (including BGN 676.6 million earmarked contributions to the Electricity System Security Fund), or an increase by BGN 806.5 million compared to June 2022. Revenues from social security and health insurance contributions amount to over BGN 7.459 million, representing an increase by BGN 995.5 million (15.4%) compared to the ones reported in the same period of 2022.

Non-tax revenues amount to BGN 5.621 billion (an increase by over a billion, or 22.4%, compared to the same period of the 2022). Grant and donation proceeds amount to BGN 1.2 billion.

CFP expenditures, including the contribution of the Republic of Bulgaria to the EU budge amount to BGN 31.226 billion as of June 2023. For comparison, the CFP expenditures as of June 2022 amount to BGN 27.072 billion.

Non-interest expenditures amount to over BGN 30 billion (an increase by BGN 4.158 billion, or 16.1%, compared to those reported for June 2022). Non-interest current expenditures amount to BGN 27.821 billion. Capital expenditures (including net increment of state reserve) amount to BGN 2.175 billion. 

The part of Bulgaria’s contribution to the EU budget paid from the central budget as of 30.06.2023 amounts to BGN 847.6 million, which complies with the existing legislation in the area of EU own resources.

The fiscal reserve as of 30.06.2023 is BGN 12.9 billion, including BGN 12.5 billion of fiscal reserve deposits in the BNB and in banks and BGN 0.4 billion of receivables under the EU Funds for certified expenditures, advance payments, etc.