2009/10 revenue more than expected – Gordhan

2010-05-11 12:53

Finance Minister Pravin Gordhan has confirmed that revenue last year was about R8 billion more than expected, and expenditure a bit less.

Speaking in the National Assembly during debate on his budget vote, Gordhan said the budget deficit was 6.7% of GDP – rather better than the anticipated 7.3%, though considerably wider than 1% of GDP recorded in 2008/09.

“The ministers’ committee on the budget and the Treasury have begun work on next year’s budget,” he said.

“Preliminary data suggest that we will see moderate economic growth this year, perhaps somewhat higher than we projected in February.

“But last week’s employment statistics were a sobering reminder that more must be done, more urgently, to restructure our economy and create jobs, particularly for young people.”

Gordhan expressed appreciation for the many thousands of public servants who had quietly and diligently kept orderly books of accounts over the past year, contributing to sound audit reports and measurable value for money in government spending.

“The heroes of good governance are these honest, hard-working officials,” he said.

“The revenue at our disposal, and effective stewardship of our public resources, would not be possible without their ordinary and disciplined patience with double-entry record-keeping in the public accounts.

“Yes, I know there is much to be done to improve public accounting.

“But the fact that we can meet today, six weeks after the close of the financial year, and comment on the fiscal outcome with confidence that we have the numbers at our disposal is testament to the sound foundations that are in place in the work of the Accountant-General, the Auditor- General and our accounting standards board,” Gordhan said.

– Sapa

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