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VI’s Budget Day is November 15, 2012!

- This will be the second Budget of the Orlando Smith Administration
Minister of Finance Dr. the Honourable D. Orlando Smith will deliver his second budget address on November 15, 2012. It comes months after the UK Government forced him to signed the Protocols for Effective Financial Management, a document heavily criticised by the Virgin Islands Party (VIP) Opposition. The VIP claimed that the document is a sell out of our financial control. Photo: GIS/File
ROAD TOWN, Tortola, VI- The fourth sitting of the second session of the House of Assembly (HOA) of the Virgin Islands will be held on Thursday November 15, 2012. The highlight of the sitting will be the Budget Address by the Virgin Islands’ Minister of Finance and Leader of Government Business Dr. the Honourable D. Orlando Smith.

Premier Smith will be reading his second budget as the Minister of Finance and that of the National Democratic Party (NDP) Government since the 2011 elections.

This will also be the first budget since the Premier was forced by the United Kingdom (UK) Government to sign the Protocols for Effective Financial Management, a document heavily criticized by the Opposition Virgin Islands Party as a sellout of our financial control. The document was signed on April 23, 2012.

At Thursday’s sitting, the Premier and Minister of Finance will move a motion for the Introduction of the First reading of the bill entitled ‘Appropriation (2013) Act 2012’.

The next step after the delivery of the budget address is for at a later time for the Bill to go into committee where Departments and some statutory bodies will have to appear before the Standing Finance Committee to answer questions from all 13 Members and defend their budget request.

Another demand made by the UK Government on the NDP Administration was that the Financial Protocol is placed in the Territory’s laws. It resulted in the Minister of Finance adding it to the Public Finance Management (Amendment) Act, 2012. This bill was debated and passed in October 2012.

Many will now be looking to see in Premier Smith’s Budget document if there is a Medium Term Fiscal Plan (MTFP); a Budget Policy Statement; and a Multi-year Budget Document, all requirements of the law. It is unclear if the amended Public Management Act was signed by the Governor, or if there are regulations to give effect to many of the requiments of the amendments. There is also a six months requirement of some of the provisions to take effect.

In January 2012, during Dr. Smith’s very first budget address under the theme ‘Austerity Today Secures Economic Recovery Tomorrow’, He had said his Government hopes to build the Territory’s reserve fund to $100M by the year 2015.

20 Responses to “VI’s Budget Day is November 15, 2012!”

  • zoe (11/11/2012, 10:02) Like (0) Dislike (0) Reply
    I hope this is not another rambling, incoherent and unfocussed speech.
    • talk girl talk (11/11/2012, 12:05) Like (0) Dislike (0) Reply
      what else you expect if you can understand what doc is sayin
      • fan (11/11/2012, 17:00) Like (0) Dislike (0) Reply
        Leave Dr. Smith Alone!

        • perisa (11/11/2012, 21:33) Like (0) Dislike (0) Reply
          I just hope after he speech on Thursday me aint now have to dig deep in my pockets to pay more for things
          • Voter (11/11/2012, 23:27) Like (0) Dislike (0) Reply
            you know they coming with a health tax to pay for that monstrosity in Road Town
  • civil servant (11/11/2012, 10:11) Like (0) Dislike (0) Reply
    The NDP cut my increments but hired their cronies and consultants with lucrative contracts. He let Mark spend close to 8 million dollars in Town on concrete... hope he address that if he knows what is good for he!!!

    Dem continue to give them supporters all kind of free bees through the assistant grants, something is wrong here Dr. Smith! can you please answer to your people?

    • open wide (11/11/2012, 21:36) Like (0) Dislike (0) Reply
      Steups, that is all I have to say in response to this budget date...
  • ccc (11/11/2012, 10:19) Like (0) Dislike (0) Reply
    now now now did the budget go to the UK for approval????
    • history teacher (11/11/2012, 12:53) Like (0) Dislike (0) Reply
      over the years something that has not been address by NDP or VIP is access to credit, access to financing for local business!!
  • To ccc (11/11/2012, 11:46) Like (0) Dislike (0) Reply
    The budget didn't go to the UK becuase the NDP signed a document that force them(NDP) to cut & not the UK. The UK got even more than they wanted from these jokers so that's why it didn't have to go to the UK for approval. This is the start of hard times due to incompetent negotiations with the UK on behalf of the people of the BVI by the NDP. Now they coming with a nice Glover PArk Budget speech to make us feel good with words when in reality they have us suffering greater than ever. The Lord see for us.
  • wow (11/11/2012, 12:02) Like (0) Dislike (0) Reply
    The NDP is coming with a lot of spectacular plans & talk but while I can see how good they might be I can't see where the average man can benefit from their plans & that's a weakness of theirs that I don't think they have the capacity to adequately address.
    • weed (11/11/2012, 13:03) Like (0) Dislike (0) Reply
      wow good article VINO but the last portion on $100 M by 2015 is so foolish when so many B V I residents are struggling financially..wake up NDP
  • lil man's cry (11/11/2012, 12:43) Like (0) Dislike (0) Reply
    Instead of the automatic and arbitrary spending cuts like th USA Republican party and some Austerity measures like some European counties Dr. Smith need to put something in the budget for the lil man..we need some $$$$$ in our local economy so the banks do not continue to take our land, house and cars...NDP our cry!!!! people are hunting!!!
  • Shara Parlin prays (11/11/2012, 21:42) Like (0) Dislike (0) Reply
    I pray after Thursday I will not experience financial asphyxiation!!!
    I pray I do not feel a tenseness in my brain every time I go for that purse or wallet
    I pray I will not find myself making difficult choices between my favorite foods
    and with the clothes I wear among other things .
    If that happens then I will start counting down the time to the next election and I will know I have had enough!!!!
  • Eagle and Buffalo (11/11/2012, 22:55) Like (0) Dislike (0) Reply
    The BVI cannot continue the same budgetary process year in and year out and expect different outcomes. The incremental budget process, ie, adding or subtracting a percentage to last year's budget is a ineffective, wasteful and non-value adding process. Further, the process of rewarding departments for just spending all their budget and penalizing departments for less than full expenditure should be retired. Instead, departments should be rewarded for efficiency.

    Morever, these are challenging economic times and every effort must made to make the best use of available. resources. The government must create an urgency for ministries and departments to employ less resources to deliver higher customer value. There must be an urgency to reduce/root out waste, to enhance value and to improve performance.

    Further, the BVI has a myriad of critical needs but not enough money to fund them all. Additionally, it also has a growing list of wants. But needs must take priority over wants; wants must be put on backlog until needs are met and additional funding becomes available. As such needs need to be prioritized. Furthermore, the Premier needs to educate the territory about the territory ' s bank book and be sober about what it can afford.

    • apple pie (12/11/2012, 01:40) Like (0) Dislike (0) Reply
      Ladies and Gentlemen whatever Dr. Smith comes with he should bear in mind that his budget proposed for 2013 should achieve launching the BVI on a new path of inclusive development and societal transformation, where the benefits of growth are not merely recorded in dry statistics but felt tangibly by all BVI residents in all areas that directly affect their material well being and those of their families.
  • Voter (11/11/2012, 23:28) Like (0) Dislike (0) Reply
    you think we could get some consumer protection?
  • bbc (12/11/2012, 08:28) Like (0) Dislike (0) Reply
    hope the budget speech is just not spin or an effort to impress and smoke screen us at the same time. Not working this time!

    • george w. touch (12/11/2012, 12:58) Like (0) Dislike (0) Reply
      Dr. Smith adn the NDP needs to understand that Tourism and Fin Services alone cannot sustain the growing population in the VI.We have to move with the times, to get things done, and the dependency syndromes of long ago must stop. The time is ripe for a new vision of thinking to take place in the this place. Forward ever backward never. nuff said.

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