$9.8 million surplus reported for FY 2017
By: L.N. Reklai
December 21, 2017 (Koror, Palau) Palau government reported a surplus of $9.8 million for FY 2017 in its Appropriations and Expenditures report for 4th Quarter ended September 30, 2017. [restrict]
This year, the budgeted revenue was at $87.6 million. The reported total government expenditures was at $81.4 million resulting in an excess of $6.1 million. Government actual collection reached $91.3 million exceeding budgeted revenue amount by $3.7 million. Savings plus additional collected revenue added up to $9.8 million in surplus.
Under tax revenue, Gross Receipt tax, Hotel Occupancy tax, General Import, Departure tax, Fish export and Fuel excise show increases in collections over budgeted amounts.
Fishing Days Fees contributed the most to the increase in revenue collection with over $2 million dollars collected against the budgeted amount.
Two major categories that showed drop in collections versus budget were the Wages and Salary tax and Alcohol and Tobacco tax. Wages tax dropped by 5% and Alcohol and Tobacco dropped by 8%.
Formulation of FY 2017 annual budget was based on same assumptions government used in the FY 2016 budget. This year the surplus was at $9.8 million compared to $8.6 million in FY 2016. [/restrict]