2020 Budget debated & passed in HoA; Presented to Governor
Of the total $414M Budget this year $327,766,149 will be allotted to recurrent expenditure; $65,479,200 on capital expenditures; $6,217,762 in fund contributions; and $14,545,500 towards principal repayments on debts.
According to Premier and Minister of Finance, Honourable Andrew A. Fahie (R1) at the Budget Presentation on November 19, 2019, it is estimated that development expenditure in 2020 will be $65,479,200. This amount comprises $7,987,200 in capital acquisitions and $57,492,000 in infrastructure development across the Territory.
Government is anticipating revenues of $362.9 million in 2020, with about $201.4 million from financial services.
VI now positioned to move forward
Premier Fahie wrapped up the debate following contributions made by Members of the House on Friday, December 13, 2019.
Premier Fahie thanked all members for their contribution on the merits and principles of the bill titled, Appropriation Act, 2020. Contributions to the debate were made by all Members of the House of Assembly, according to a Government press release on December 18, 2019.
It said, with the passage of the 2020 Budget estimates, the Government of the Virgin Islands is now positioned to move forward with its public programmes and key infrastructure projects.
According to the press release, Premier Fahie emphasised that his Government is taking steps to ensure that the Virgin Islands meets its requirements outlined in his budget speech under the theme “Transformation for Resilience and Sustainability: SMART Strategies, Empowered People, and Green Development” by the end of the 2020 financial year.
Hon Fahie affirmed that the Government remains committed to ensuring the most efficient and effective use of Government resources while on its path towards the Virgin Islands going from good to great.
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