Exchequer figures for the first five months of the year show that the Government had a surplus of €266.5m of unspent money at the end of May. This is significantly lower than the surplus of €1.84 billion this time last year but it was well in line with the Budget target for the year.
The decline in the surplus was a result of Government spending growing more than twice as fast as revenue.
The figures show that during the five months before the election overall Government spending rose by 23% while tax receipts rose by just under 10%.
But these increases were very close to the targets outlined on Budget day and overall the public finances remain firmly on target.
The breakdown of the figures shows overall tax receipts for the first five months came in just €19m short of their target of €18.62 billion. At the same time overall Government spending was running about €88m ahead of target.
Strong receipts from corporation taxes - which are running €221m above expectations - more than compensated for relatively small shortfalls of €56m in income tax receipts, €120m in excise duties, €79m in capital gains tax receipts, and €28m in VAT.
Receipts from stamp duties are running €16m below target. On the spending side, day-to-day spending by Government departments was €72m below target for the first five months.
But capital spending on infrastructure and other investment projects was €160m above target in advance of the election with significant progress on transport, environment, education, and agriculture projects as a result of good weather.
