Figures posted by the department of Finance this evening reveal an Exchequer surplus of €33 million. On Budget Day 2003 the Government projected a deficit of €2.8 billion.
Tax receipts for 2004 increased 10.8 per cent to €35,581 million compared to last year's targets of 4 per cent.
Fine Gael Finance spokesman Richard Bruton
Total net spending, at €32.5 billion, increased by 5.9 per cent compared to the 7 per cent target predicted on Budget Day 2003.
The Minister for Finance Mr Brian Cowen welcomed the figures and said the improvement was due "to tax receipts being well ahead of expectations and spending coming within target."
"This better economic performance meant more tax revenues, especially from Capital taxes, Stamp Duty and VAT," the Minister said.
"The Revenue Special Investigations also added a significant once-off contribution to tax receipts last year," Mr Cowen added.
Responding to the Exchequer returns Fine Gael's finance spokesman Mr Richard Bruton criticised the rise in stealth taxes. "Since the general election in 2002 the average cost to the typical family in increased stealth taxes has now reached €2,250 per year," he said.
"In the space of just two years, households will be paying an extra €4,050 in taxes by the end of the 2005," he added.
Labour Party spokeswoman on finance, Ms Joan Burton criticised the Government's record on capital spending.
"This Government can't deliver economic infrastructure, and won't deliver decent public services," she said.
"Capital spending has now fallen by 18 per cent or some 1 billion in real terms in the last two years. Once again, the Government has shown itself to be incompetent in the delivery of vital capital infrastructure," Ms Burton said.