Gov’t doing well! Premier rejects Opposition’s Q1 deficit claims
Premier Dr Natalio Wheatley has rejected claims by Opposition Leader Myron Walwyn that the government is running a significant first-quarter budget deficit.
Walwyn questioned the government’s fiscal position after hearing the Premier’s report on first-quarter finances. He pointed out that recurrent expenditure at the end of the first quarter totalled $86.8 million, while recurrent revenue stood at $73.8 million.
“You’re saying that the current expenditure for the period of the first quarter was $86 million, and the recovered revenue is $73 million, which means … you’re running a deficit in the first quarter of $13 million,” Walwyn stated. “That is a very worrying trend, I would imagine, having regard to the fact that we’ve already indicated that for 2025 your recurrent revenue will be less than your current expenditure.”
Walwyn further asked, “Now you are $13 million off in the first quarter. What is your plan to address this?”.
In response, Dr Wheatley argued that the Opposition Leader’s assessment was misleading due to the seasonal nature of government revenue flows.
“For those who may not know, government would get the great bulk of its revenue with the financial services in May. It would come into government by June, and the same thing in November where it comes in in December,” Premier Wheatley explained. “So [it is] somewhat misleading to say we’re in a deficit.”
He continued, “Actually, we’re doing well because generally, we try to have some money from the year before that can take us through the first two quarters. And we actually have been going quite far without touching the money that was transferred from 2024 to 2025, which… over $20 million was put in a CD [account]. And we haven’t had to touch it as yet.”
Dr Wheatley said the government would assess financial services revenue in the coming weeks to inform future fiscal management.
According to the Premier, financial services remained the largest contributor to government revenue in the first quarter, providing $29.5 million. Grants to statutory bodies accounted for the largest expenditure item outside of personal emoluments, totalling $22.9 million.
Premier Wheatley’s remarks also followed his broader statement earlier in the sitting, when he described the government’s overall financial performance as “encouraging,” citing strong payroll tax collections and disciplined spending.
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Natalio does not understand money. He was asked about the first quarter performance. The country ran a deficit of 13M for the first quarter. The money you brought over from 2024 does not factor in here. The question was about performance for the first three months of this. We are sorting more money than what we are bringing in.
S!0wW@nde time after time shows that all he knows to do is spend money on concerts travel and increase salaries and pensions for himself and others in the political class.
Long john still trying to be relevant. We still don’t want him leading our country. He will understand.
At the rate things are going England need to come take over their territory and all who don’t like it can take their us passports and green card and go back to where they born.
$20 Million we have not touched yet????!!!! When the nation desperately needs money to be spent on its infrastructure!!!
All this money being put aside for the airport folks.
The airport plan the people have not signed up for and can’t even have opinion on until they see the reports will leave the VI infrastructure underfunded for a century.
Myron is trying to file up the masses against the Premier and it won’t work. He knows better and should do better.
You have any kind of sense at all?
I surely hope that sign has been replaced. It should say, “Government of the Virgin Islands”. Not “Government of the British Virgin Islands”.
If that DeCatro didn’t move back to Tola after retirement in Stthomas, it will still be and always recognized as the British Virgin Islands. I don’t see a darn thing wrong in distinguishing the label to British Virgin Islands and United States Virgin Islands. It’s a great understanding to visitors in terms of knowing where they are going and requirements.
First of all, this territory has never been named the “British Virgin Islands.” It’s simply the Virgin Islands. The U.S. Virgin Islands were formerly the Danish West Indies, and after the U.S. bought them, they were renamed. This is the example of U.S. imperialism, where names and identities get taken or repurposed without much thought to the history or the people they originally belonged to.
As for the British, let’s be clear: they were colonizers who enslaved African people in these islands. Given that history, why would anyone want their country to be labeled “British,” especially when it was never the rightful name in the first place? The British name carries a legacy of pain, blood and oppression. That shouldn’t be erased or ignored.
Those are. the true facts that they the UK and 90% of most wyt people cannot face but have a natural aversion to.
Of course it is not BVI and there has been no Government in their since 2017, so better would be.
“Derelict relic of Government Building – Virgin Islands – UKOT.”
Maybe more accurate.
Not qualified to comment on the health of the patient, but will soon be able to help with it’s last rites.
We be fine. Just lost 5 million to the Chinese but they our buddies. Hope UK taking notes
Why are people on this New site commenting about the fiscal position of the island? Isn’t there an Audit Department that is obligated to audit, review and make necessary recommendations or comments in all of this debacle? It’s not rocket science to have an internal or external agency look into the Governments accounts and give a comprehensive outlook on those grounds.