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:
a. $100M is for the Clean-up of Town Centres
b. $200M is for Community Roads
$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.
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