The Government's budget surplus/deficit is defined and presented as follows:

Operating Revenue (collections from taxes, fees and charges and others)

(Less) Total Expenditure

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Primary Surplus/(Deficit)

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(Less) Special Transfers excluding Top-Ups to Endowment and Trust Funds

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Basic Surplus/(Deficit)

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(Less) Top-Ups to Endowment and Trust Funds

(Add)Net Investment Returns Contribution (NIRC) [1]

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Overall Budget Surplus/(Deficit)

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Footnote:

[1] The Net Investment Returns Contribution (NIRC) comprises up to 50% of the Net Investment Returns on the net assets managed by the Government of Singapore Investment Corporation (GIC) and the Monetary Authority of Singapore (MAS), and up to 50% of the investment income from the remaining assets (which includes Temasek Holdings).

For more information on the rules governing how investment returns from Past Reserves can be taken into each years Budget for spending, please refer to http://www.mof.gov.sg/Policies/OurNationsReserves/SectionIIWhatisthePresident%E2%80%99sroleinsafeguardingthereserves of Our Nation's Reserves.

What happens to the Government's budget surplus?

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