BVI News

Nearly $190 million in gov’t coffers

Up till June 3 this year, government had almost $190 million scattered across multiple bank accounts.

Premier Andrew Fahie gave that indication while responding to questions from Opposition Leader Marlon Penn in the House of Assembly on Friday.

He said the government had a total net balance of $187,242,555. This represents $9.3 million less than the $196,611,354 the VIP government met when they took office back in February 2019.

Consolidated and Reserve Fund comparisons

Of the June total presented, $50,092,918 came from the territory’s Consolidated Fund, $72,073,912 was derived from the Reserve Fund, and $30,701,146 from the Development Fund.

The Consolidated Fund was $19.3 million less than the $69,407,654 recorded in February 2019. The Development Fund decreased by $5.2 million from the $35,962,19 available around the corresponding period last year. However, the Reserve Fund has seen an increase of $12.3 million from the $59,750,558 presented for late February.

Consolidated Fund fluctuates

Prior to announcing the figures, Premier Fahie reiterated on several occasions that the Consolidation Fund total often fluctuates.

“This means that as revenue come in, monies are taken out from those revenues to pay government’s outstanding bills,” Fahie said.

“Remember, the balance always only reflect a specific time frame hence why it is always difficult to accurately compare the balance of one financial period to a next, because although the revenues may slightly differ, the expenditures are usually significantly different,” he added.

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6 Comments

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  1. Yum says:

    Now that all the politicians know how much money is in the coffers they will be staying up at night scheming to figure out how to get their hands on the money. Watch and see new announcements being made shortly.

    Like 15
  2. Earl says:

    So I guess the BVI wasn’t broke as he said before election !

    Like 14
    Dislike 1
  3. The Truth says:

    That’s nothing if a disaster strikes again causing billions in damages. Be wary of the spend spend spend folk. The economy is uncertain around the world. Be mindful.

  4. BS! says:

    “ Remember, the balance always only reflect a specific time frame hence why it is always difficult to accurately compare the balance of one financial period to a next, because although the revenues may slightly differ, the expenditures are usually significantly different,” he added.”

    NONSENSE. Any 1st grader knows that if I start off with six mangoes from yesterday and pick 10 more mangoes today but ate 3 and give away 9, I am left with 4 mangoes when I go to bed to carry over tomorrow.

    So, if 1 January 2018, I start off with $M received $M and spent $M in calendar year 2018, I will left with $M at 31 December 2018. I do the same calculations with the same period and period end dates for calendar years 2019 and 2020. Tell me please, where is the difficulty in providing the information from one period to the next, once each year’s revenues and expenditures are properly classified?

    Like 5
    Dislike 1
  5. hmmm says:

    All board stipends were increased, Almost all of the failed VIP candidates were given high level jobs. New vehicles. Un-necessary court cases. Unwarranted security bill, etc…… While revenue in financial services continue to decline. No surprise at all.

    Like 10
    Dislike 1
  6. Tax payer says:

    How much is in the payoff, kickback, embezzlement, pocketing fund ?

    Like 6
    Dislike 1

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