Public finances remain on track for 2013

The public finances remain on target for 2013 with just two months remaining, figures released by the Department of Finance today show.

The exchequer deficit at the end of October was €10.5 billion, which is a €3.5 billion improvement over the first ten months of last year.

Tax revenues were €29.24 billion at the end of October, which is €37 million, or 0.1 per cent, above target. Net voted expenditure was €35.3 billion, or €844 million (2.3 per cent) below target.

Income tax was 3 per cent down on a monthly target of €1.36 billion, with the shortfall being attributed to weak DIRT, which is a tax on savings.

Overall, income tax of €12.13 billion was collected in the first ten months of the year, compared to an expected €12.25 billion.

Excise duties were €3.85 billion, which was 1.3 per cent behind target, at the end of October. However they recorded a surplus against target for October of €110 million. The boost is likely to have been caused by people making purchases before budget day.

Local property tax receipts at the end of October were €215 million.

On the expenditure side, the cost of servicing the national debt for the first ten months of the year was €7.2 billion, or 16.7 per cent higher than was the case during the same period last year.

Gross voted expenditure was €688 million, or 1.5 per cent, below projections, with €339 million of this arising on the current side and €349 million on the capital.

Spending by the Department of Health, at €10.7 billion at the end of October, was 0.4 per cent ahead of projections, and 0.5 per cent down on the same period last year.