$298, 729, 000 National Budget for 2013 announced
Government’s operating expenditure is estimated to be some $252, 397, 600.
The Premier delivered the Budget Address during the Fourth Sitting of the Second Session of the Second House of Assembly today November 15, 2012.
According to the Premier some $68, 376, 400 has been estimated for investment activities which include capital acquisition for Ministries and Departments and development activities such as the road works, the National Sewerage Project and the completion of the new Peebles Hospital.
Financing for those activities, he said, is anticipated to be thirty three million, nine hundred and ninety five thousand dollars and will be funded from loans to the amount of thirty three million dollars.
Of the $298, 729,000 appropriated in the budget 2.79 percent or the estimated amount of $8.340M will be allocated to the constitutionally established entities such as the House of Assembly, Cabinet, and the Office of the Director of Public Prosecutions.
A transfer of $12M to the Reserve Fund is also expected and according to the Minister of Finance, by the end of 2013 he anticipates a balance in excess of $37M in the Reserve Fund.
The projected revenue collection of $298,729,000 and a net operating expenditure of $252,397,600 for the year 2013 represent a decrease over the projected figures for 2011.
Following the budget address, legislators will convene for meetings of the Standing Finance Committee to discuss budgetary submissions with heads of each ministry, department, unit and statutory board. These meetings are scheduled to begin on Friday, November 16. As is customary, this will be followed by the budget debate in the House of Assembly.
The Constitution Order 2007, Chapter 8, Section 104, states: “The (Finance) Minister shall cause to be prepared and laid before the House of Assembly as soon as practicable before the beginning of each financial year, estimates of the revenues and expenditure of the Virgin Islands for that year.”
It further states, “The heads of expenditure contained in the estimates (other than statutory expenditure) shall be included in a Bill to be known as an Appropriation Bill which shall be introduced into the House of Assembly to provide for the issue from the Consolidated Fund of the sums necessary to meet that expenditure and for the appropriation of those sums to the purposes specified in it.”
Government’s fiscal year begins in January and ends in December of every year.
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