| Approved budget |
A budget formally adopted by parliament and is the ultimate reference point regarding budgetary concerns and accounting for public funds. The approval takes place before the start of the Government’s fiscal year. |
| Average Time to Maturity (ATM) |
A measure of the weighted average time to maturity of all principal repayments in a portfolio. A longer ATM implies lower financing risk, and vice versa. |
| Average Time to Refixing (ATR) |
A measure of the weighted average time until all principal repayments in a debt portfolio become subject to a new interest rate. |
| Budget Deficit |
The excess of total expenditure over revenue during a single fiscal year. |
| Budget Surplus |
The excess of total revenue over expenditure during a single fiscal year. |
| Budget |
The Government’s main economic policy document that comprises of a comprehensive report of the Government’s financial plans; including, expenditures, revenues, deficit or surplus and financing. |
| Capital Expenditure |
Payments for acquisition of fixed capital assets, land or intangible assets. |
| Citizen’s Guide |
A user friendly summary of the key points in the annual budget and other budgetary related documents. |
| Contingent Liabilities |
Comprises of both Bahamian and foreign currency claims on the public corporations guaranteed by the Government. |
| Direct Charge |
The direct claim on the Central Government by foreign and local holders of the Public Debt. |
| Expenditure Ceilings |
An upper limit on the level of government expenditure. |
| External Borrowing |
Comprises of borrowings sourced from nonresidents in all currencies. |
| External Debt |
The portion of the debt that is owed to nonresidents in foreign currencies. |
| Financing Activities |
Demonstrates how the deficit was financed or a surplus was allocated. |
| Fiscal Year (FY) |
The Bahamas’ fiscal year runs during the period of July 1 to June 30. |
| Government Revenue |
Proceeds from tax revenues, non-tax revenues, grants and capital revenues. |
| Gross Domestic Product |
A monetary value of all the final goods and services produced in the country in a specific time period. |
| Inflation |
A general rise in prices of goods and services in the economy. |
| Internal Borrowing |
Comprises of borrowings sourced from residents in all currencies. |
| Internal Debt |
The portion of the debt that is owed to residents in foreign currencies and Bahamian dollars. |
| Month-over-Month (M-o-M) |
The method used to evaluate and compare the results in the current period with those of a comparable period on a monthly basis. |
| M-o-M growth rate |
Reflects the growth in the current month over the same month of the previous year. |
| Recurrent Expenditure |
All ongoing payments excluding those for capital assets and certain subsidies, but also includes interest payments, subsidies and transfers. |
| Refinancing Risk |
The possibility that a borrower cannot refinance its debt by borrowing to repay existing debt. |
| Reporting Currency |
The local currency of The Bahamas is the Bahamian Dollar. This Dollar is pegged to the United States Dollar at 1:1. |
| Sinking Fund |
A fund established to retire future debt obligations. |
| Supplementary Budget |
Displays modifications or amendments to the approved budget which may arise during the course of the financial/fiscal year. |
| Weighted Average Interest Rate (WAIR) |
The weighted average interest rate on outstanding debts is determined by the value of the debt as a percentage of the total outstanding amount. |
| Year-over-Year (Y-o-Y) |
The method used to evaluate and compare the results in the current period with those of a comparable period on an annualized basis. |
| Year-to-Date (YTD) |
The time period from the beginning of the fiscal year or the calendar year up to the current date. |
| Yield Curve |
A graph that plots the structure of interest rates, at a set point in time, of government securities with different maturities, ranging from the 3-months T-bills to the 30 year bonds. It enables investors to compare yields offered on short, medium and long-term government paper. |
| Y-o-Y growth rate |
Reflects the growth in the current year over the previous year on an annualized basis. |
