Unaudited second quarter of FY 2023 records estimated surplus of $6.4 million
The second quarter of the financial year 2023 unaudited report recorded an estimated surplus of $6.4 million.
The general fund for the second quarter was recorded at $122.8 million and as of March 31, 2023, actual revenues collected were $85 million while expenditures were recorded at $78 million.
The finance report says that close to $300,000 was overspent by ODAPM; Road Maintenance; Sports Complex; Airport and Housing Fund, while Drivers training, public market, Industrial park and Print Shop spending were within their budget.
Regarding the budget versus actual revenues, between last October to March 31 this year, the report indicated that Corporate taxes to be collected as of March 31 was $18.5 million however $18.1 was collected; individual taxes were set at $28.4 million but $20 million were collected; General excise taxes was to be $24.60 million however $11.96 million was the actual revenues; soda taxes, the target was to be $3 million but $1.23 was collected and for military cover over taxes was $2 million, however, actuals amounted to $332,220.
The general fund report says the projected funds were set at $116 million but actuals amounted to $74 million.