BVI News

Gov’t announces $402M budget for 2021! Sum less than 2020

Premier Fahie

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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24 Comments

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  1. Earl says:

    Here we go… instead of making cost saving cuts we are starting to dip into the piggy bank !

    Like 12
    Dislike 2
    • Lol says:

      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.

      Like 18
      Dislike 2
  2. geeze says:

    2020 was the year of the unknown, 2021 will be the year of surprises and miracles. I don’t even want to laugh

    Like 6
    Dislike 1
  3. CONCERNED says:

    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!

    Like 16
    Dislike 2
    • Reply says:

      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!!

      Like 21
      Dislike 1
  4. WTF??????? says:

    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!!!!!!!!!!!!!

    Like 15
    Dislike 1
  5. Thoughtful Sailor says:

    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

    Like 9
    Dislike 3
    • Doh says:

      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.

      Like 6
      Dislike 3
  6. Heckler says:

    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.

    Like 6
    Dislike 1
  7. vip heckler says:

    OUR POOR SOCIAL SECURITY NIPPLES

    Like 9
    Dislike 2
    • Lmao says:

      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.

      Like 10
      Dislike 1
  8. Facts says:

    This will be interested to see. 400million in the current and unknown economy wow.

    Like 5
    Dislike 1
  9. 1st district says:

    AS LONG AS THAT BRIGHT MATH DEGREE HOLDER DON’T MESS WITH MY FXXN PENSION, HE CAN GO SWING IN A HAMMOCK! B*****D!!

    Like 6
    Dislike 1
  10. Question says:

    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

    Like 4
    Dislike 1
  11. Pancakes says:

    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

    Like 10
    Dislike 2
  12. Doh says:

    Well when the government loses $250 million in drug sales, then yes, the budget will go down..

    Carry on

  13. VIP says:

    This man will finish all the little money that is left in the treasury
    If ndp win next election sorry for them

    Like 1
    Dislike 1
  14. Artist says:

    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.

    Like 1
    Dislike 1
  15. Schools says:

    Education is empowerment. Fix the Schools..

  16. Mmmmmm says:

    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.

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