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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