The Third Supplementary Estimates allocates funds for a total expenditure and payments of $1,094.387 billion, representing an increase of $58.2 billion compared to the Second Supplementary Estimates. The Finance Minister went on to share more details, breaking down the proposed spend of the figure quoted. Read:
Financing of the Third Supplementary Estimates
Financing for the Third Supplementary Estimates is programmed from a projected increase in Revenue and Grants by $43.1 billion comprised primarily of increases in tax revenue of $35.8 billion, Non-tax Revenue of $6.1 billion and Grants of $1.0 billion. Additional loan receipts will provide financing for the increases below the line.
The Third Supplementary Estimates provides for:
A. Non-Debt Recurrent Expenditure of $719.4 billion inclusive of below-the-line amounts which represents an increase of $39.1 billion over the Second Supplementary Estimates.
B. Capital Expenditure of $66.6 billion which represents a reduction of $8.7 billion on the prior allocation for capital programmes; and
C. Debt Service of $308.3 billion comprised of interest payments of $170.1 billion (an increase of $14.9 billion) and amortization payments of $138.3 billion (an increase of $12.9 billion).
Non-Debt Recurrent Expenditure
The additional $39.1 billion in Non-Debt Recurrent Expenditure is allocated as:
$1.4 billion to Recurrent Programmes;
$37.2 billion to Compensation of Employees; and
$0.6 billion to Other Outflows which consist of loans to public bodies.
These indicated increases represent the net changes to each of the categories as the overall adjustments to the prior budgets involve reallocations, reductions, and additions to various activities.
The net increase of $1.4 billion on recurrent programmes is therefore the end result of adjustments that include:
- $1.7 billion allocated for the holding of Local Government elections.
- $480 million to the Ministry of Economic Growth and Job Creation of which $400m is for Social Housing and $80M is to support the trucking of water by the NWC to drought stricken areas;
- $420 million to the Ministry of Local Government of which:
a. $100M is for the Clean-up of Town Centres
b. $200M is for Community Roads
- $120M is for Indigent Housing
- $60M is for the trucking of water.
- $200 million to the Ministry of Labour and Social Security for the provision of compassionate grants;
- $260 million to the Ministry of Agriculture and Fisheries for Farm Roads and trucking of water;
- $126 million to the Ministry of Culture, Gender Entertainment and Sports including $31.5 million to support the development of sports and cultural programmes for youth;
- $50.9 million to support the establishment of a JIS Regional Office in St Thomas;
- Provision of $1.6 billion to support compensation restructure payments for Central Government agencies and the JUTC, which includes:
$472 million to JUTC
$345 million to UHWI
$395 million to Caribbean Maritime University
$120 million to the Tourism Enhancement Fund and
$107 million to MOHW Agencies.
This story will be updated subsequent to our newscast.