Irish Budget 2010: The Department of Finance has published its estimates of income and expenditure for next year and it projects a rise in current spending of €5bn, without taking account of planned changes on Wednesday. The Department says that besides the rise in unemployment benefit payments, interest payments on the national debt will increase by €2bn from €2.6bn in 2009 to €4.6bn in 2010.
The Minister of Finance is expected to announce a fiscal package valued at €4bn - - the first of a multi-year program to restore the public finances to a position that will sustain economic growth.
The exchequer deficit for 2009 is a staggering 25.2bn and the Government will seek to cut it to €21.9 billion in 2010.
Excluding the €7bn that was spent this year on capital injections for the main banks, capital spending is projected to rise by €125m next year to €7.6bn.
There is no provision for any further capitalisations in 2010.
The Department of Finance forecasts that it will receive €32.5bn in tax revenue in 2009 and €31.9bn in 2010.
It expects corporation tax receipts to be down by €500m next year - - following a once-off timing change benefit in 2009 -- but it has forecast new income of €1bn in payments from the banks for the guarantee scheme.
The General Government Balance - - the metric used by the European Commission - - is estimated at -11.75% of GDP this year, rising to -13.5% in 2010 - - before accounting for planned cuts to bring the deficit down to -11.5%.
Unemployment is expected to rise above 13% in 2010 from the current rate of 12.5% and the Department of Social and Family Affairs estimated spending will rise from €10.6bn this year to almost €13.6bn in 2010 - - before cuts.
The Department of Education and Science’s budget is unchanged at €8 billion while Health Service Executive’s spending is forecast to fall from €11.4bn to €11bn.
The Oireachtas budget has fallen from €124m in 2009 to €118 in 2010 - - this compares with €83m in 2004.
The Oireachtas budget excludes rents and payments to political parties, which can total €20 million or more.
The total budget cost for the New Zealand Parliament in 2008/2009 was $NZ128m/€62m.
2010 Estimates of Receipts and Expenditure for the year ending 31st December 2010
Finfacts Budget 2010 Page
