the goan I network
PANAJI
One of the main reasons CAG raised is that the state's revenue surplus fell by Rs 147 crore, while fiscal deficit increased by Rs 535 crore in 2015-16.
The CAG report said that the fall in revenue surplus was on account of reduced growth in receipts compared to expenditure during the year.
The report further said, "Due to increase in fiscal deficit by 56.43% and interest payment by 6.64%, the primary deficit increased to Rs 408 crore in 2015-16 from a primary surplus of Rs 60 crore in 2014-15."
CAG's report also highlighted that the state's actual tax revenue in 2015-16 was less than the projection of the Fourteenth Finance Commission (FC XIV) as well as state's own budget estimates.
FC XIV had projected tax revenue of Rs 4,963 crore for Goa in 2015-16, while the state had budgeted tax revenue of Rs 4,034 crore. Compared to these estimates, the state's actual tax revenue at Rs 3,975 crore fell short.
The CAG report further noted, "The state's performance in mobilisation of additional resources should be assessed in terms of its own resources comprising revenue from its own tax and non-tax sources."
Despite these concerns, the CAG observed that the state managed to keep fiscal deficit as percentage of gross state domestic product (GSDP) at 2.44%, which was less than the limit of 3% fixed by the GFRBM Act and also the projection of FC XIV.
CAG's report also revealed that the state government has not prepared medium term fiscal plan (MTFP) and has not set rolling targets for fiscal indicators from 2011-12 onwards. The report further added, "This adversely affected the objective of ensuring greater transparency in fiscal operations."
Meanwhile, CAG's report also made a note of a few positive trends in Goa's fiscal management. For example, state government spent more on health and family welfare in both 2012-13 and 2015-16 compared to general category states.
As per CAG's report, ratio of health and family welfare spend to aggregate expenditure stood at 5.71% for Goa in 2015-16, which was much higher than 4.45% in the case of general category states.
Similarly, Goa's ratio of development expenditure to aggregate expenditure stood at 71.75% in 2015-16, which was higher than 70.63% observed for general category states.
CAG raised is that the state's revenue surplus fell by Rs 147 crore, while fiscal deficit increased by Rs 535 crore in 2015-16
Fall in revenue surplus was on account of reduced growth in receipts compared to expenditure during the year
State's actual tax revenue in 2015-16 was less than the projection of the Fourteenth Finance Commission as well as state's own budget estimates
