The government announced on Tuesday its net revenue in the 2022 fiscal year exceeded its target by more than 151 billion baht.
Government spokeswoman Rachada Dhnadirek said the cabinet, at its weekly meeting on Tuesday, acknowledged the Finance Ministry's report on revenue and expenditure for the period covering Oct 1, 2021 to Sept 30, 2022.
State agencies collected public revenue of 2.5 trillion baht during the period, exceeding the target by 151.2 billion baht. The higher revenue was due to an increase in tax income, earnings from sales of products and services and gains from state enterprises.
Public receipts from borrowing stood at 652.6 billion baht, which was 47.5 billion baht below the planned borrowing of 700 billion baht to offset the budget deficit.
Public spending stood at 2.9 trillion baht, which was 8.7 billion baht below the estimated spending of 3.1 trillion baht. Of the total state budget for the 2022 fiscal year, 33.7 billion baht was used to pay the treasury balance.
She said spending was below target due to the impacts of the Covid-19 pandemic that caused slow disbursement of funds by state agencies.
Ms Rachada said the cabinet also approved in principle a framework for the allocation of budget for the 2024 fiscal year which was in line with the national strategic plan.
Initially, a total of 1,026 projects were proposed for funding in the 2024 fiscal year, she added.
According to the spokeswoman, the budget planning for the 2024 fiscal year will begin next month when state agencies draft their spending plans.
The details will be discussed during January-March before they are put up for opinions from March to May.
The budget bill is expected to be submitted to the House for consideration during May-June.