2005
projected: $0.2b
actual: $1.5b 2006
projected: -$2.9b
actual: -$0.1b 2007
projected: -$0.7b
actual: $7.7b 2008
projected: -$0.8b
actual: $0.2b 2009
projected: -$8.7b
actual: -$0.8b 2010
projected: -$3.0b
actual: $1.0b 2011
projected: $0.1b
actual: $4.0b 2012
projected: $1.3b
actual: $5.8b 2013 (revised)
projected: $2.4b
actual: $4.0b 2014 (budgeted)
projected: -$1.2b
actual: -$1.2b
0
0

Overall Budget Balance1

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
1 Overall balance = (operating revenue + net investment returns contribution) - total expenditure - special transfers, including top-ups to endowment and trust funds

Primary Balance1

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
1 Primary balance = operating revenue - total expenditure

Basic Balance1

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
1 Basic balance = operating revenue - total expenditure - special transfers, excluding top-ups to endowment and trust funds

Net Investment Income Contribution/ Net Investment Returns Contribution1

1 Net Investment Returns Contribution (NIRC) refers to investment returns on Singapore's reserves. Comprises up to 50 per cent of the expected long-term real rate of return on net assets managed by GIC and the Monetary Authority of Singapore and up to 50 per cent of the Net Investment Income (NII) from remaining assets, which includes those managed by Temasek Holdings. Before FY2009, only the NII component could be included in the budget.
There are a number of ways to measure the budget balance. In general, a surplus means the government receives more than it spends and a deficit is the reverse. The overall balance is the most comprehensive measure of the balance, and it must not be in deficit over each term of government. Take away returns from investing Singapore's reserves and what is being set aside for the future in endowment and trust funds, and you get the basic balance, which reflects the direct impact of the budget on the economy in the coming year. Going a step further, excluding discretionary special transfers leaves the primary balance, which measures the government's ability to run its operations.
Source: Accountant-General's Department
BTGraphic: Deborah Mak, Low Jin Hui, Kenneth Lim, Teh Shi Ning