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$483,738,163.00 Budget passed for 2024; Opposition got $200,000 for HoA works
The Budget was passed following two days of debate in which the Government defended their spending plans and their hard work after eight months in office, while the Opposition, with their usual role, said the spending plans lacked money for critical programmes.
One Opposition Member even claimed that there was an issue because the Minister of Finance Dr the Hon Natalio D. Wheatley (R7) missed a few days during the Standing Finance Committee (SFC) meetings while overseas on official business. This is not the first time in the last 12 years that a Minister of Finance has missed a few days during the SFC.
The Budget has increased from the $399,838,963 announced by Premier Wheatley in the HoA on November 21, 2023.
Opposition raked in $$$ for their HoA works
Passed last evening by the Legislative body was Recurrent Expenditure to the tune of $384,389,600.
Principal Payment on all Government loans stands at $15,693,100, and Fund Contribution to different special funds is at $6,697,163.
The Capital Expenditure in the 2024 Budget is $76,958,300 with a total 2024 Budget of $483,738,163.00.
The Leader of the Opposition Hon Ronnie W. Skelton (AL) pleaded for funds to carry out the work of the Opposition legislators in the HoA and the Minister of Finance Dr Wheatley awarded some $200,000.00 to provide support for the work of the Opposition Legislators.
The Ministry of Finance headed by Financial Secretary Mr Jeremiah G. A Frett is the principal agency responsible for the coordination of the Budget process.
The 2024 Budget will take effect on January 1, 2024.
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33 Responses to “$483,738,163.00 Budget passed for 2024; Opposition got $200,000 for HoA works”
A matter of facts, I know that since many years before now. God sees for us all
Nevertheless, while the BVI public debt is approx $16M , Bermuda’s is approximately $3.1B and CI is approx $230M. And though low debt is good, the BvI has a low debt to GDP and a great need for both hard capital infrastructure soft capital infrastructure investment, but lacks the capital reserve to fund the need. Consequently, it must prudently borrow to meet its infrastructure and other needs
Residents are increasingly demanding more services but displaying a disdain for any additional taxes or fees to pay for the increased services. Singapore, a small former British(UK has little to do with its economic success) and resource-poor country, has a thriving and competitive economy, but has one of the highest debt to GDP in the world, ie, 173% (2023). The reality is that the BVI is a resource -poor country and must borrow to meet its needs or stay a little sleepy hollow. Regardless of what it does, it must exercise budget maximizing efficiency with the current $484M , etc.
By the way, what are Bermuda’s and CI’s primary revenue streams? Are they different from the BVI’s , if any?
Disclaimer: Numbers noted have not be authenticated through multiple sources.
Clean Roads, void of sewage a consistent supply of electricity and water. Sad with all the doe. The expectations are the opposit..
I can tell you one thing, VIP not going anywhere
On the low debt issue, I have a different view. No country or individual like debt ( well the wealthy like debt for the tax breaks ( US)). However, when you are resource-poor and cash starved and to expedite economic progress both countries and individuals prudent use( borrow) OPM (Other People Money). Of course, wealthy companies, etc also borrow, ie, Nikki, etc. Nonetheless, the options for the BVI are 1) it can pay as you go. But how long will that take ? A long time and competitors will get farther down economic growth and development road, or 2) it can prudently borrow. The VI has a very low debt to GDP ratio. The experts metric for developing countries prudent debt to GDP ratio is approximately 40-50%. The VI is well below that number; therefore, it has the capacity and capability to prudently borrow. The pay as you option will keep the VI as a little sleepy hollow, trailing its competitors. Let’s prudently take some sensible risks, should we not?
Several decades ago most Virgin Islanders saved to build their homes.Today those who qualify for loans borrow to build their homes, getting in and enjoying their homes much, much faster.
You mention the 5 Whys so let’s give the old college try. Bermuda and Cayman have larger budgets.
1. Why
A. Because Bermuda and Cayman have better economic planners
2. Why Bermuda and Cayman have better planners?
A. They are more forward looking.
3. Why are they more forward looking?
A. They invest in the education and training in their economic planners
4. Why is investing in the education and training of their planners important?
A. To maximize revenue streams?
5. Why is maximizing revenue streams important
A. To generate the revenue needed to deliver goods and services to the public.
Clearly, this is just an imaginary exercise that demonstrate the process to getting to the root cause of issues. The process don’t have to stop at 5 iterations.