Premier and Minister of Finance Andrew Fahie has announced the territory’s 2020 budget to be $414,008,611.
The 2020 budget, which is legally termed the ‘Appropriation (2020) Act, 2019, was announced during Second Sitting of the Second Session of the Fourth House of Assembly on Tuesday, November 19.
The Ministries of Education and Health has once again received the largest allocations from the more-than-$400 million sum.
Breakdown of budget
The Premier said the total budget will comprise $327,766,149 on recurrent expenditure, “$65,492,000 on capital expenditure, $6,217,762 in fund contributions, and $14,545,500 towards principal repayment on our debt”.
The percentage allocation for each ministry and their statutory obligations are as follows:
Constitutionally established departments will be allocated 2.5 percent of the budget, the Governor’s Group will receive 11.3 percent, the Premier’s Office will be allocated 8.1 percent and the Ministry of Finance will get 12.1 percent of the budget.
The Ministry of Natural Resources, Labour & Immigration has been allocated 2.7 percent, Ministry of Education, Culture, Youth Affairs, Fisheries & Agriculture will receive 15.2 percent, the Ministry of Health & Social Development has been allocated 19.6 percent while the Ministry of Transportation, Works & Utilities will receive 13.8 percent.
Some 14.7 percent of the 2020 budget has been allocated to pensions, public debt and funds contributions.
“As you would notice, the bulk of expenditure continues to be on education and health, two of the most important area in guaranteeing the empowerment, strengthening and development of our people,” the Premier explained.
This 2020 budget is the second to be planned in less than nine months.
The previous budget which was passed in April this year was tailored mainly under the former NDP government before they demitted office.
At the time, the budget estimate was $426 million and will come into effect on January 1, 2020.
The budget debate will commence on Wednesday, November 20.
Copyright 2021 BVI News, Media Expressions Limited. All Rights Reserved. This material may not be published, broadcast, rewritten or distributed.