Public Finance

Data are preliminary when first released.
na not available or not applicable.  - nil or negligible
1 Refers to % change in latest period over the same period in the previous year.
2 Refers to % change in the previous period over the same period in the previous year.
3 Does not reflect the fiscal position of the current term of government, as it takes into account land sales and capital receipts (which accrue primarily to past reserves) in addition to taxes and other revenues, as well as land-related expenditure.
4 Reflects the net issuance of Government securities and lending minus repayments.
5 Refers to the Government's financial year, which begins on 1 April of the current year and ends on 31 March of the following year. Data for FY2022 are revised estimates. Figures may not add up due to rounding.
6 Excludes the repayment of loans and advances, interest income, investment income and capital receipts.
7 Refers to expenditure on manpower, other operating expenditure (excluding expenses on investment and agency fees on land sales), operating grants and transfers.
8 Excludes loans to statutory boards, industrial and commercial enterprises and land-related expenditure.
9 Refers to discretionary transfers made by the Government and these include one-off direct transfers to businesses and households, as well as top-ups to endowment and trust funds created by the Government for specific expenditure objectives.
10 Refers to before Top-ups to Endowment and Trust Funds, Net Investment Returns Contribution, Capitalisation and Depreciation of Nationally Significant Infrastructure and SINGA Interest Costs and Loan Expenses.
11 Net Investment Returns Contribution is the sum of: (1) up to 50% of the expected long-term real return on the relevant assets specified in the Constitution; and (2) up to 50% of the net investment income on the remaining assets.
12 SINGA Interest Costs and Loan Expenses include the annual effective interest costs (which is computed based on the yield to maturity multiplied by the face value of the bond) and other ancillary loan expenses incurred in connection with the SINGA. It excludes principal repayment and transfer of loan discount to Development Fund. It is different from the Debt Servicing and Related Costs presented in the Expenditure Estimates and Annex to Expenditure Estimates for Head Y. In FY2021, SINGA Interest Costs and Loan Expenses was positioned above the Overall Budget Surplus/Deficit in the Fiscal Position Table. It has been shifted below the Overall Budget Surplus/Deficit together with the other items that are also associated with the SINGA.
13 There are two key categories of domestic debt instruments.  The first category of domestic debt instruments are issued under the Government Securities (Debt Market and Investment) Act for non-spending purposes.  Borrowing proceeds raised under this Act are invested and cannot be spent.  The debt instruments under this Act are issued for specific purposes including:

-   Publicly held domestic debt instruments comprising: (a) Singapore Government Securities (Market Development) and Treasury Bills, which are issued to develop Singapore's debt markets; (b) Cash Management Treasury Bills, which are issued on an ad-hoc basis as a contingency cash management tool to manage the Government's short-term cashflow mismatches; and (c) Singapore Savings Bonds, which are issued to provide individual investors with a long-term savings option.

-  Non-publicly held domestic debt instruments comprising: (a) Special Singapore Government Securities, which are primarily issued to meet the investment needs of the Central Provident Fund; and (b) Reserves Management Government Securities, which are only issued to the MAS to facilitate existing practice of transferring Official Foreign Reserves above what MAS requires to the Government for longer-term investment.

The second category of domestic debt instrument are issued under the Significant Infrastructure Government Loan Act for spending purposes.  These comprise Singapore Government Securities (Infrastructure) and Green Singapore Government Securities (Infrastructure), which are publicly held.  Borrowing proceeds raised under this Act are used to finance spending on nationally significant infrastructure.  For Green Singapore Government Securities (Infrastructure), borrowing proceeds raised are used to finance nationally significant infrastructure that qualify as eligible green expenditures under the Singapore Green Bond Framework.