Goa's fiscal position declined in FY ending 2016: CAG report

The fiscal position of Goa had declined in terms of key parameters in the financial year ending March 31, 2016 indicating overall imbalance in the finances of the state government, the CAG report has said.

The Comptroller and Auditor General (CAG) report was tabled on the floor of the Goa assembly on Monday.

It has recommended fiscal correction to the state's finances.

"The fiscal position of the state had declined in terms of key parameters as compared to the previous year. The parameters like revenue, fiscal and primary deficits indicate the extent of overall fiscal imbalance in the finances of the state government during the specified period," mentions the CAG report which has audited state's finances ending March 31, 2016.

The audited report has said that during 2015-16, revenue surplus was Rs 132 crore less than the previous year's surplus of Rs 279 crore due to reduced growth of receipts as compared to the expenditure.

"Fiscal deficit during 2015-16 increased to Rs 1,483 crore from Rs 948 crore in 2014-15. Due to increase in the fiscal deficit by 56.43 per cent and interest payment by 6.64 per cent, the primary deficit increased to Rs 408 crore in 2015-16 from a primary surplus of Rs 60 crore in 2014-15," the CAG has noted in its report.

In the financial year 2015-16, the state was governed by Laxmikant Parsekar-led government with chief minister himself holding the finance portfolio.

The CAG has pointed out that the state managed to keep fiscal deficit relative to GSDP to 2.44 per cent which was within the limit of three per cent fixed by the Goa Fiscal Responsibility and Budget Management Act (first amendment) Act, 2014.