Operating Revenue refers to Government receipts credited to the Consolidated Revenue Account and Development Fund Account, excluding Investment and Interest Income, and Capital Receipts (lumpy and less regular in timing). The main components are Corporate Income Tax, Personal Income Tax, and Goods and Services Tax.

Total Expenditure comprises Operating and Development Expenditure. Operating Expenditure refers to Expenditure on Manpower, Other Operating Expenditure Grants, Subventions and Capital Injections to Organisations, and Transfers. Agency Fees on Land Sales, Investment Expenses, SINGA-related Outlays and Net Disbursements of Advances are excluded. Development Expenditure excludes land-related expenditure from FY2001.

Special Transfers Excluding Top-ups to Endowment and Trust Funds refers to discretionary transfers made by the Government and include one-off direct transfers to businesses and households.

Top-ups to Endowment and Trust Funds refer to resources set aside in funds for specific expenditure objectives.

Net Investment Income/Returns Contribution (NIRC) is the sum of: (1) up to 50% of the expected long-term real return on the relevant assets specified in the Constitution; and (2) up to 50% of the net investment income on the remaining assets.

The Primary Budget Position is defined as Operating Revenue less Total Expenditure.

The Basic Budget Position is defined as the Surplus/Deficit before Top-ups to Endowment and Trust Funds, Net Investment Income/Returns Contribution, Interest Cost and Loan Expenses and Capitalisation and Depreciation of Nationally Significant Infrastructure.

The Overall Fiscal Position is defined as the Surplus/Deficit after Top-ups to Endowment and Trust Funds, Net Investment Income/Returns Contribution, Interest Cost and Loan Expenses and Capitalisation and Depreciation of Nationally Significant Infrastructure.