The Central Budgetary Government operations for the fiscal year ending June 2022 resulted in a surplus of $66.5 million in the net lending/net borrowing balance.
When compared to the previous FY2020/21, the surplus increased by $28.7 million making it the fourth consecutive fiscal year the government has recorded a surplus in its Net lending / Net borrowing balance.
This is according to the Samoa Bureau of Statistics on the Government finance report ending in June.
The report says the significant decline in the Other expenses component and total Net Acquisition of Nonfinancial Fixed Assets by 72.2% (or $21.6 million) and 74.5% (or $55.4 million) respectively has contributed strongly in the recorded improved performance in FY2021/22.
“Contributing also to this performance was the increase in revenue collection specifically in taxes and grants by 1.3% and 3.6% in the fiscal year under review compared for FY2020/21.
“Net operating balance for the Financial Year ending June 2022 amounted to a surplus of $85.4 million decreasing by 23.8% when compared to the recorded surplus in FY2020/21 of $112.1 million.
“Revenue generated went down by 0.8% (or $6.0 million); also contributing to this year’s performance is the increase in expenses by 3.0% (or $20.7 million) mainly in Compensation of employees, Grants and Social benefits with respective growths of 5.1%, 12.5% and 22.7% compared to the previous financial year 2020/21.
“These reflect government initiatives to improve and strengthen social well-being of the community within its respective boundaries.”
