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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