02.04.2024

Based on data from the monthly reports on the cash performance of the budgets of first-level spending units, the balance of the Consolidated Fiscal Programme (CFP) on a cash basis as of February 2024 is positive, amounting to BGN 994.4 million (0.5 % of the forecast GDP). In February 2024, CFP revenues, grants and donations have increased by 5.4 percent as compared to the same period of 2023.

The CFP revenues, grants and donations as of February 2024 are to the amount of BGN 9,963.3 million, or 13.2 % of the annual estimates. Proceeds have increased by BGN 512.0 million (5.4 %) compared to those reported in February 2023. This growth is mainly due to tax revenues which have increased nominally by BGN 462.0 million compared to the same period of 2023 (6.1 %), while non-tax revenues have increased by BGN 72.3 million (4.8 %). Proceeds in the part of grants and donations (mainly grants under EU programmes and funds) are lower by BGN 22.3 million.

Tax proceeds (including revenues from social security and health insurance contributions) are to the amount of BGN 8,011.6 million, or 13.8 % of those planned for the year, forming 80.4 % of the overall CFP proceeds for the period.

Non-tax revenues amount to BGN 1,585.7 million, or 15.5 % of the annual estimates.

Proceeds from grants and donations amount to BGN 366.0 million.

The expenditures under the CFP, including the contribution of the Republic of Bulgaria to the EU budget, amount to BGN 8,969.0 million as of February 2024, which is 11.0 % of the annual estimates. In February 2024, in execution of Article 71(1) of Council of Ministers’ Decree No 13 of 2024, a total amount of BGN 1,200.0 million was reimbursed to the budget of the Ministry of Regional Development and Public Works (MRDPW) from the external funds account. In the course of implementation of the 2024 budget these funds will be disbursed by a Council of Ministers’ act on the basis of agreements signed with MRDPW, in the form of transfers to municipalities to fund the Municipal Projects Investment Programme under the procedure of Article 107 of the 2024 State Budget of the Republic of Bulgaria Law (SBRBL). After eliminating this transaction in view to having comparability with the previous year, as of end-February 2024 expenditures were BGN 10,169.0 million compared to BGN 9,642.0 million as of end-February 2023, which shows a nominal growth of 5.5 % as compared to the first two months of 2023. As regards individual expenditure indicators, there is growth in social expenditures as a result of the higher pensions paid in January and February 2024 after the entry into force of pensions’ increase from July 2023, as well as of the higher staff costs after the increase in the remuneration of pedagogical staff and in some other administrations with the 2023 SBRBL adopted in mid-2023, etc. 

Fiscal reserve as of 29.02.2024 is BGN 12.9 billion, including BGN 10.9 billion deposits in BNB and banks and BGN 2.0 billion receivables under the EU Funds for certified expenditure, advance payments, etc.

The Consolidated Fiscal Programme performance data as of 29 February 2024 are published on the website of the Ministry of Finance in Statistics section. The statistical data are accompanied by an Information Bulletin on the Execution of the State Budget and the main indicators of the consolidated fiscal programme, which presents a short analysis of the performance of the key budget parameters on a consolidated level and by constituent budgets.

Detailed information about the approved by the Council of Ministers capital expenditures under Annex No 2 to the 2024 SBRBL for January as per Council of Ministers’ Decree No 14/29.01.2024 can be found here.

Detailed information about the approved by the Council of Ministers capital expenditures under Annex No 2 to the 2024 SBRBL for February as per Council of Ministers’ Decree No 32/26.02.2024 can be found here.