The uses are generally non-recurring income for the Public Treasury, such as the remnants of the Bank of Mexico (Banxico), transfers by extinct trusts and financial emergency funds such as the FEIF and FEIEP, reports information from México Evalúa and the Secretary of Finance.
There will be no remnants
Today, at a press conference, the Undersecretary of Finance, Gabriel Yorio, stressed that the government does not expect resources to arrive, as it did last year, due to remnants from Banxico, and that if they are reported, they will be delivered in April.
“We are not expected to receive remnants and it is not the expectation of the federal government that there are remnants or that they be transferred to the budget, even the budget does not consider any of these funding lines and we do not expect there to be remnants,” said the undersecretary of the Treasury, Gabriel Yorio at a press conference.
Emergency funds recovering
The decrease in the transfer of resources due to exploitation may also reflect that the government has not used resources from the financial emergency funds. Which were activated in 2019 and 2020 due to the arrival of less income to complete missing resources programmed in the public budget.
Data from the annexes to the report on public finances for the first quarter of the Treasury detail that in the financial emergency funds, there are 24,603 million pesos in the Trust Fund for the Stabilization of Budgetary Income (FEIEP) and 20,578 million pesos in the Fund for the Stabilization of Income of the Federal Entities (FEIEF).
At the end of last year, the FIEEP reported 9,907 million pesos, and the FEIEF 21, 367 million pesos.
And the money from the defunct trusts?
Also in 2020, significant resources were transferred to public coffers by extinct trusts.
The Treasury reports that as of the fourth quarter of 2020, there were 329 trusts, mandates or similar contracts registered, and as of March 2022, 224 current legal acts are reported.
It should be noted that a total of 109 instruments have been deregistered, of which 78 were extinguished in 2021, and 31 during the first quarter of 2022; this list includes 63 corresponding to the universe of the 109 linked to the Trust Decree.
Of the 224 legal acts registered as of the first quarter of 2022, 166 are in operation and 58 are in the process of extinction or termination, so their registration key is in the deregistration stage.
In the aforementioned context, of the 46 legal acts subject to extinction derived from the Trust Decree, an availability of 749.0 million pesos is reported and a decrease of 65,104.54 million pesos is observed with respect to the reported availabilities by the executors of that group at the end of the 2020 financial year.
Total revenues grow 2.2%
The institution reported that public sector budget revenues amounted to 1.7 trillion pesos, a figure 2.2% higher in real annual terms compared to the first quarter of 2021.
This growth is explained by higher oil revenues, derived from increases in the international price of crude oil and higher capital contributions, as well as by the solidity of tax collection.
He highlighted that even considering the granting of various fiscal stimuli, tax revenues remained resilient, standing at 1.1 bp and presenting a real annual increase of 1.9% compared to the first three months of 2021.
IEPS cost
For its part, in order to avoid an inflationary rebound due to the international increase in fuel prices, the federal government granted fiscal stimuli to the IEPS tax on fuels during the quarter, which generated a reduction in collection of 43,462.2 million pesos compared to than expected in the period. Excluding the IEPS tax on fuels, tax revenues grew 6.9% in real annual terms compared to the first quarter of 2021 and exceeded what was forecast in the calendar by 40,741 million pesos.
