30.04.2015

Based on preliminary data and estimates the balance of the Consolidated Fiscal Programme (CFP) on a cash basis as of April 2015 is expected to have a surplus, amounting to around BGN 1,006 million (1.2% of the forecasted GDP). This is the highest surplus for the first four-month period of the year since 2008. For comparison, the balance as of April 2014 was a deficit of BGN 864.5 million (1.1 % of GDP), which means that compared to the first four months of the previous year the budget stance improves by BGN 1,870.5 million or 2.3 % of GDP.

The higher revenues continue to be the main factor for the forecasted improvement of the budget balance. In addition to growth in tax revenues, special attention should also be paid to the amounts refunded by the European Commission in terms of grants. In April only, the Commission refunded to Bulgaria the amount of BGN 666.9 million under EU Operational Programmes and Funds, which includes mainly expenditures incurred at the end of 2014 and reimbursed by the Commission. This is also reflected in surplus of revenues over expenditures under the EU funds' accounts as of April. We should, however, take into account the fact that the positive effect on the budget balance of these receipts referring to the previous year would largely offset the expected deterioration related to the expenditures under EU funds' accounts at the end of 2015, which will be effectively reimbursed in 2016 and the resources will not flow to this year's budget.

Key CFP parameters on the basis of preliminary data and estimates

Revenues and grants under CFP as of April 2015 are expected to be around BGN 11,310 million (37.3% of the annual estimate). As of end-April, revenues register a significant growth of 19.6% (BGN 1,856 million) compared to the same period of 2014. The growth as compared to the previous year is due to the higher tax and non-tax revenues to the amount of BGN 962 million as well as to the higher receipts in terms of grants (funds reimbursed by the European Commission) to the amount of BGN 894 million.

On the basis of operational data and assessments the expenditures under the Consolidated Fiscal Programme (including the contribution of the Republic of Bulgaria to the EU budget) as of 30.04.2015 amount to approximately BGN 10,304 million, which is 31.4% of the annual estimate. The expenditures for the same period of the previous year are to the amount of BGN 10,318 million.

The part of Republic of Bulgaria's contribution to the EU budget, paid as of 30.04.2015 from the central budget, amounts to BGN 376.1 million, which complies with Council Regulation (EC, EURATOM) No 1150/2000 of 22 May 2000 implementing Decision 94/728/EC, Euratom on the system of the Communities' own resources.

The statistical data and the Information Bulletin on the Execution of the Consolidated Budget as of 30 April 2015 based on data from the monthly reports on the cash performance of the budgets of the first-level spending units will be published on the website of the Ministry of Finance at the end of May 2015.