Gov’t announces $402M budget for 2021! Sum less than 2020
Premier and Minister of Finance, Andrew Fahie has announced the territory’s 2021 budget to be $402,132,046.
This figure is some $12 million less than the 2020 budget, which was $414,008,611.
Giving a breakdown of the allocations in the House of Assembly on Thursday, Premier Fahie said the territory’s recurrent expenditure is $325,220,829. This is the money that will be used to take care of the government’s day-to-day costs such as paying civil servants.
The 2021 recurrent expenditure is a little less than last year’s $327,766,149 allocation.
Meanwhile, the 2021 capital expenditure is projected at $62, 526,065. Capital expenditure is money the government plans to spend to maintain public infrastructure.
The government has further allocated $12,495,400 towards the repayment of the BVI’s debt.
How the budget will be funded
Premier Andrew Fahie said the government is expecting to get money to fill the 2021 budget from sources including loans from CDB, the Consolidated Fund, insurance sources, among other areas.
Premier Fahie also said $1 million is expected from ships doing warm layups in the BVI’s waters.
A deficit of $69.8 million is projected and Premier Fahie said the government plans to fill this shortfall by taking $34.7 million from the Consolidated Fund, $8 million from the Social Security Fund, $13 million from the Development Fund, and another $14 million from loans.
Percentage allocated to ministries from $325.2M Recurrent Budget
• Natural Resources, Labour & Immigration — 15.04%
• Health & Social Development — 8.84%
• Ministry of Education, Culture, Youth Affairs, Fisheries & Agriculture — 13.8%
• Ministry of Transportation, Works & Utilities 12.92%
• Finance — 8.71%
• Premier’s Office — 10%
• Governor’s Group — 11.42%
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Here we go… instead of making cost saving cuts we are starting to dip into the piggy bank !
There is no piggy bank. This is the end. The Foy is assuming too much in the amount of revenue projected to come in. He won’t cut the civil servants both in salary and eliminating the useless as it will affect his voting base. This man needs to go and soon. There won’t be a BVI left when he’s done. Just remember the body guards are getting paid while others starve.
2020 was the year of the unknown, 2021 will be the year of surprises and miracles. I don’t even want to laugh
A deficit of $69.8 million is projected and Premier Fahie said the government plans to fill this shortfall by taking $34.7 million from the Consolidated Fund, $8 million from the Social Security Fund, $13 million from the Development Fund, and another $14 million from loans.
SO WHEN YOU RUN OUT OF MONEY YOU JUST TAKE IT FROM YOUR STATUTORY FUNDS AS OPPOSED TO REDUCING COSTS!
Seems to me the budget is being made up by robbing Peter to pay Paul. I am very concerned about the Social Security Fund being used in this way.
Past and present governments are always taking from the Social Security Fund to either make up revenues or carry out some project. In my view, that is not what the Social Security fund was set up for.
That fund should be there for retirees when they need it the most upon their retirement. The remittance is already small to begin.
I am left to wonder will future retirees ever see a penny of their Social Security benefits when it come time to collect?
I wish politicians would keep their bloody sticky fingers off our Social Security!!
Another why he installed Aunty on the board. “The family that prays together stays together ” witches!!
@ west
The family that PREYS together stays together.
Giving a breakdown of the allocations in the House of Assembly on Thursday, Premier Fahie said the territory’s recurrent expenditure is $325,220,829. This is the money that will be used to take care of the government’s day-to-day costs such as paying civil servants.
REALLLY???????????????????????? WOW!!!!!!!!!!!!!
Show me a country in world not struggling due to Covid-19. The BVI must be commended. All some of you do is find fault.
That means that every man, woman and child, belonger or expat, pays $10,000 per person, per year, for day to day costs, including salaries. Hmmm
Belongers never pay. And that’s the problem.
It’s tax the tourist with fees, taxes and such to pay for everything. Oh wait. No tourists.
Oops
Carry on.
We all know that the SSB raid will be a helluva lot more than 8 million dollars. Have they finally put the unmet civil service pension liability on their books as yet? The balance sheet will look splendid when they do.
OUR POOR SOCIAL SECURITY NIPPLES
Do you really believe that they were ever going to give you Social Security when you reach retirement. Lmfao. Don’t you know where you live. Social Security is a fund for projects of the wealthy and politicians to use in lieu of banks or their own money.
This will be interested to see. 400million in the current and unknown economy wow.
AS LONG AS THAT BRIGHT MATH DEGREE HOLDER DON’T MESS WITH MY FXXN PENSION, HE CAN GO SWING IN A HAMMOCK! B*****D!!
Did he talk about education and schools in the ambitious address? He could have said something one of the times I had to go take a rest from getting giddy while he was talking
At least read or listen to the speech and get your answer before blogging. You would have had your answers.
Keep on dreaming big Andrew fahie
I want to know where you will get all that money your talking about
Like you forget you chasing the expats away most of the already gone you are loosing out on the work permit, immigration time, tax, social security and nhi money
Also you destroy tourism industry
Soon you won’t afford to pay government workers
And all the wicked landlords will left alone in there house/apartment building
You have no common sense
Well when the government loses $250 million in drug sales, then yes, the budget will go down..
Carry on
This man will finish all the little money that is left in the treasury
If ndp win next election sorry for them
Don’t be too alarmed people….This is a usual symptom of societal collapse – delusional leadership and a complicit elite contriving impossible plans for engrandizment – way beyond our needs, capabilities or financial and environmental feasibility. We are a microcosmic version of the macrocosmic global system…. It’s not easy- but we should remain calm and prepare ourselves for a different future.
Education is empowerment. Fix the Schools..
Hold on. Most of you action plans were initially NDP’s didn’t Bevis put forward a plan for mega yachts at the cruise ship dock? Man dont get me started.