September 1, 2008

Japan Govt FY ’07 Special-Account Surplus Tops 42 T. Yen

Tokyo, Sept. 1 (Jiji Press)--The surplus at the Japanese government's 28 special accounts in fiscal 2007 that ended last March amounted to 42.6 trillion yen, 15.0 trillion yen more than initially estimated, Jiji Press learned Monday.

The Finance Ministry disclosed the figure to the news agency in response to its request for information disclosure.

Of the surplus, only 1.8 trillion yen was transferred to the government's fiscal 2008 general account as initially planned.

All the 15-trillion-yen portion representing the gap between the actual surplus and the initial estimate was believed to have been built up as reserves or carried over into fiscal 2008 for the special accounts.

An official of the ministry's Budget Bureau said that a supplementary budget had to be compiled by the end of July to increase the transfer of surpluses from the special accounts to the fiscal 2008 general account.

The fiscal 2007 special-account surplus thus cannot be used to finance the economic stimulus package the government compiled last week, according to the official.

Combined revenue at the special accounts totaled 395.9 trillion yen in fiscal 2007, 6.4 trillion yen more than the initial estimate, while expenditures totaled 353.3 trillion yen, 8.6 trillion yen less than the estimated level.END

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