Numbers don’t reflect ‘realities on the ground’ – First Dist Rep.
Hon. Fahie, in his turn at the budget debate today, December 17, 2012 in the House of Assembly, stated that a true reflection of projected projects puts the Territory as much as $157M in the red.
Making a calculation from the figures presented, Hon. Fahie said, 80% of the budget presented is actually $240M.
“The public debt,” according to Hon. Fahie, “for the want of numbers is $113M… that means out of the $240M that we are allowed to borrow up to, based on the Protocols [for Effective Financial Management]… leaves us with only $127M to borrow.”
Conservatively, Hon. Fahie said, he calculated the Port Project as costing $75M; BiWater in excess of $40M, Sewerage and the Peebles Hospital Projects at $34M; the CDB loan as $15M… with the addition of a few other projects, he noted that a further total of $204M would be added to the public debt.
That conservatively estimated figure, in combination with the already stated $113M, would push the Territory’s national debt to a total of $317M. The deficit he made reference to earlier, came after a deduction of the $240M allocated amount was made from this new figure.
These calculations, Hon. Fahie noted, would only come about if “we borrow the loans as stated in the Premier’s speech.”
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