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    Government shows a surplus even though a deficit was projected

    Tuesday, 31 October 2023 07:00

    By Tonya Organ

    This surplus is primarily related to an increase in revenues of $1.1 billion compared to the original estimate, mainly due to higher than anticipated taxation revenue and offshore royalties.

    Government has a $323.1 million surplus for the fiscal year that ended March 31st. That’s a $674.5 million improvement compared to the original estimated deficit of $351.4 million. This surplus is primarily related to an increase in revenues of $1.1 billion compared to the original estimate, mainly due to higher than anticipated taxation revenue and offshore royalties. This was offset by an increase in expenses of $445.5 million compared to the original estimate.

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