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In the fiscal year 2080-81 BS (2023-24), the government's revenue and expenditure fell short of annual targets.
According to the Office of the Auditor General, revenue collection reached 74.29 per cent of the total target, while budget expenditures amounted to 80.44 per cent.
For the fiscal year, the government had allocated a total budget of Rs 1,751 billion. By mid-July (the end of fiscal year 2023-24), expenditures amounted to Rs 1,408 billion.
Specifically, expenditures under the current heading amounted to Rs 952 billion, which is 83.41 per cent of the allocated budget of Rs 1,141 billion. Similarly, expenditures under the capital heading totaled Rs 1,917 billion, 63.47 per cent of the allocated budget of Rs 3,020 billion.
Under the financial management heading, expenditures totaled Rs 2,646 billion, reaching 86.07 per cent of the allocated budget of Rs 3,074 billion for the last fiscal year.
The government had set a revenue collection target of Rs 1,472 billion for the fiscal year, but actual collections amounted to Rs 1,093 billion, making up 74.29 per cent of the target.
The government collected Rs 944.55 million in revenue in the last fiscal year against its target of collecting Rs 1,305 billion.
Towards non-tax, a target was set to collect Rs 117 billion in the last fiscal year, but only Rs 114 billion was collected.
Similarly, the government was successful to receive only 22.48 per cent foreign grants (Rs 1,122 billion) against the target of receiving Rs 4,994 billion foreign grants.
The government failed to meet the goal even after amending the income and expenditure estimate twice. It revised the income and expenditure estimate through half-yearly review for the first time and second time while bringing budget of the last fiscal year.
Revising the income and expenditure estimate for the second time on May 28, outgoing Finance Minister Barsha Man Pun presented the revised estimate of Rs 1,530 billion (87.4 per cent of allocation).
Of the total government expenditure, it was expected to spend Rs 1,067 billion towards current expenditure, Rs 215 billion towards capital expenditure and Rs 247 billion towards financial management.
Similarly, the government had set the target of collecting revenues worth Rs 1,253 billion in the last fiscal year following the second revision. The government had reduced the estimates of revenue and expenditure making a half-yearly review of the budget for fiscal year 2023/24 for the first time in last February.
The government had brought a budget of Rs 1,751 billion 312 million and 100 thousand for the fiscal year 2023/24. The government had made a revised estimate of expenditure of Rs 1,530 billion 266 million and 200 thousand or 87.38 per cent of the budget through the half-yearly evaluation of the budget.
The estimates of expenditure towards current heading was revised through the half-yearly review to 88.84 per cent, towards capital heading to 84.13 per cent and towards fiscal management heading to 87.39 per cent compared to the initial allocations for the first time.
The estimates of income and expenditure were decreased through the half-yearly budget review and was expected to be Rs 1007 billion 454 million and 600 thousand or 88.24 per cent of the initial allocation towards the current heading, Rs 254 billion 131 million and 900 thousand or 84.13 per cent of the initial allocation towards the capital heading and Rs 268 billion 679 million and 700 thousand or 87.39 per cent of the initial allocation towards fiscal management heading.
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