By Mona Sheshtar KUWAIT, June 29 (KUNA) -- Projected deficit of the State budget for the 2011-2012 fiscal year stood at KD 7.334 billion, as a result of hike of expenditure, as compared to the revenues. Oil income alone was forecast at KD 12.307 billion, roughly 91 percent of the country's overall revenues. The relevant bill, included in a report prepared by the parliamentary committee of budgets and final account, showed that the estimated expenditure amounted to KD 19.435 billion, and revenues KD 13.445 billion, showing a projected deficit of KD 7.334 billion, with deduction of 10 percent for the fund of the next generations' reserves -- equivalent to KD 1.345 billion. The report showed that estimates of the oil revenues in the budget were based on a volume of crude output amounting to 2.22 million barrels per day, with the price at USD 60 per barrel and the rate of the US dollar vis a vis the dinar at 288 fils. Oil income of the fiscal year stood at KD 12.307 billion, some 91.5 percent of the overall revenues, while the non-oil income did not exceed 8.5 percent of the total revenues, amounting to KD 1.138 billion. Expenditures were classified into five categories; salaries KD 4.428 billion, commodities and services KD 3.035 billion, transports and machinery and equipment KD 385 million, construction, maintenance and public acquisitions some KD 2.431 billion, miscellaneous expenditures and transfer payments KD 9.156 billion. (pickup previous) kt.rk KUNA 291241 Jun 11NNNN

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