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Preliminary data on the fiscal outcome for first quarter of FY2024/25 featured an improved revenue performance, aided by enhanced administrative and enforcement measures.

Total revenue collections were estimated at $682.2 million—a year-over-year boost of $18.7 million (2.8 percent), with the bulk of this gain emanating from tax receipts which stood at $616.2 million. Key improvements in the latter were registered for departure taxes ($26.4 million), business licenses ($7.5 million), stamp taxes on financial and realty ($6.7 million) and property taxes ($4.0 million), with some offset attributed to excise and gaming taxes. Non-tax revenue increased by $6.2 million (10.4 percent) to $66.0 million, and was associated with the incidence of higher intakes under immigration fees ($4.4 million), interest and dividend payments ($2.8 million) and customs fees ($1.3 million).

Aggregate expenditure expanded by $142.6 million (19.7 percent) to $867.7 million, with the recurrent and capital components at $743.9 million and $123.8 million, respectively. The $83.5 million (12.6 percent) gain in recurrent outlays was allocated among transfers ($25.2 million), and payments for the acquisition of services ($21.7 million), subsidies ($10.5 million) and rent ($8.8 million). Capital spending, which increased by $59.1 million (91.5 percent), incorporated elevated outlays for the acquisition of non-financial assets ($51.7 million).

Based on these developments, the central Government posted an increase in the overall
estimated deficit to $185.4 million (1.2 percent of GDP) from $61.5 million (0.4 percent of GDP) in the prior period. The debt stock was provisionally placed at $11,656.3 million—equivalent to 79.1 percent of estimated GDP.

The public is encouraged to visit the national Budget Website (www.bahamasbudget.gov.bs) to view all fiscal reports.

The Ministry of Finance is pleased to release its monthly report on Government’s fiscal operations for the month of September 2024, as mandated by the Public Finance Management Act, 2023.

During the review month, revenue receipts totaled $187.5 million, a 4.2 percent decline from the prior year. Tax revenue accounted for $167.5 million and was dominated by value-added tax collections of $85.3 million and taxes on international trade and transactions of $55.2 million. Non-tax revenue collections totaled $20.1 million with $19.6 million obtained from the sale of goods and services.

Aggregate expenditure settled at $252.2 million, with the recurrent and capital components at $214.3 million and $37.9 million, respectively. The year-over-year $8.2 million decrease in recurrent expenses was primarily associated with lower interest payments ($10.5 million) and other transfers ($3.5 million). Under capital spending, the acquisition of non-financial assets, which makes up 81.5 percent of the total, expanded by $13.9 million.

As a result of the above movements, the Government’s overall fiscal position for September 2024 resulted in an estimated deficit of $64.7 million. Financing activities for the month featured an estimated decrease in the outstanding debt stock by $18.0 million.

The public is encouraged to visit the national Budget Website (www.bahamasbudget.gov.bs) to view all fiscal reports.

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