Government Fiscal Position

'Operating Revenue' excludes the repayment of loans and advances, interest income, investment income and capital receipts.

'Total Expenditure' comprises Operating Expenditure and Development Expenditure. Development Expenditure excludes land-related expenditure from FY2001.

'Special Transfers Excluding Top-ups to Endowment and Trust Funds' refer to discretionary transfers made by the Government and these include one-off direct transfers to businesses and households.

'Top-ups to Endowment and Trust Funds' refer to top-ups to endowment and trust funds created by the Government for specific expenditure objectives.

'Net Investment Income/Returns Contribution' (NIRC) 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.

The Primary Budget Position, defined as Operating Revenue less Total Expenditure, measures the ability of the Government to meet its annual expenditures through its regular collection of revenue (taxes, fees and charges).

The Basic Budget Position, which is the Surplus/Deficit before Top-ups to Endowment and Trust Funds and Net Investment Income/Returns Contribution, gives an indication of the annual impact of Government’s revenue and expenditure on the economy.

The Overall Budget Position shows the Government’s annual overall budget position based on Singapore's Constitutional framework.