The 2012 Budget Debate will commence today March 22, 2012 at 10 a.m.

The debate which will continue tomorrow March 23, 2012, is expected to get the input from Opposition members in the House, the four Virgin Islands Party members headed by Opposition Leader Hon. Ralph T. O’Neal OBE.

At today’s sitting, among several documents that will be laid on the table, the Premier Hon. Dr. D. Orlando Smith will lay the report on the deliberations of the Standing Finance Committee appointed by the House of Assembly of the Virgin Islands to examine the Draft Estimates for the year 2012.

Another important piece of document that will also be laid on the table is the report on the review of the Secondary School Leaving Assessments which will be done by the Minister for Education and Culture. The document will allow the public access to the process of the school leaving examination, one which had come in for criticism from some for the 98 percent pass rate last year under former Minister for Education Hon. Andrew Fahie.

Later on during the sitting will be the debate on the Merits and Principles of the Bill entitled, “Appropriation Act, 2012” and also its third reading.

In January 2012, Premier and Minister of Finance Hon. Dr. D. Orlando Smith presented the 2012 Budget Address to the Territory in which operational expenditure was projected at $258,472,000 against revenues which are projected to be in the vicinity of $287,472,000.

He had explained that the “conservative estimate” of modest increase in revenue collection took into account the slow pattern of growth projected in the US and Europe, as well as slowing growth in the Asian economies this year.

Meanwhile, Government planned to allocate $13M to the development fund, $1M to the pension fund and $15M to the reserve fund. The Premier had also stated his Government is hoping to build the reserve fund to $100M by 2015.

According to Premier Smith, Government is presently carrying a debt of $112,329,244 and projection for the 2012 fiscal year is estimated to be $100,663,023.

Inflation rate for 2012 is projected to be in the vicinity of 2 to 3 percent.

Meanwhile, as part of the HOA’s sitting today which begins at 10 a.m. and will be broadcast live on most radio and television, there will be the introduction and first reading of three bills.

The Minister for Education and Culture is expected to move a motion for the Introduction and First Reading of the Bill entitled, “Recreation Trust (Amendment) Act, 2012”; (ii) The Attorney General is to move a motion for the Introduction and First Reading of the Bill entitled, “Marriage (Amendment) Act, 2011”; and (iii) The Attorney General will also move a motion for the Introduction and First Reading of the Bill entitled “Disaster Management Act, 2011”.