Estimates of Expenditure and Revenue for 2011 – 2012

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Queen Elizabeth Hospital (FP)

Government’s Budget, setting out the Estimates of Expenditure and Revenue for the financial year 2011-2012, was today laid in Parliament.??

Overview

It is estimated that Government’s total expenditure for the financial year 2011-2012, on the accrual basis, will be $3,557.2 million. When converted to the cash basis, total expenditure is $3,516.9 million, an increase of $304.3 million or 8.0% below the revised figure for 2010-2011.?? Of the amount approved for the 2011-2012, $2,937.6 million represents current expenditure while $579.3 million represents capital expenditure and amortisation.??

Wages and Salaries are expected to increase over the amount approved for 2010-2011 by $7.1 million or 0.8% to $895.1 million. The increase is due to increments.

Expenditure on goods and services is expected to increase by $12.9 million or 3.1% to $433.0 million.?? Current transfers are also projected to increase by $7.1 million or 0.7% to $1,024.7 million.

The repayment of principal and interest on Government’s debt is expected to account for $957.8 million compared to the revised projection of $1.3 billion.

On the accrual basis, current revenue for the next fiscal year is projected at $2,522.8 million.?? On the cash basis current revenue is projected at $2,489.3 million, an increase of 5.7% over the revised revenue of $2,354.7 million for the financial year ending March 2011.

When amortization of $444.4 million is taken into account, a deficit of $583.2 million on the cash basis is expected, representing 6.8% of GDP.??

??The Estimates for the 2011-2012 fiscal year include provision for the following activities:

  • (i) A current subvention of $145.5 million is being provided to the Queen Elizabeth Hospital;
  • (ii) A subvention of $92.3 million has been provided to the Barbados Tourism Authority to facilitate marketing and promotion;
  • (iii) Invest Barbados has been allocated the sum of $12.0 million to carry out its operations;
  • (iv) $6.5 million has been provided to the Barbados Tourism Investment Inc. to carry out work on capital projects;
  • (v) $2.2 million has been provided to the National Sports Council for the resurfacing of the track at the National Stadium. This is be undertaken using grant funding from the Chinese;
  • (vi) $1.7 million has been provided to start the Coastal Risk Assessment Project;
  • (vii) A current subvention of $37.2 million and a capital subvention of $12.1 million has been provided to the Sanitation Authority;
  • (viii) A current subvention of $71.0 million and a capital subvention of $6.0 million has been provided to the University of the West Indies;
  • (ix) A current subvention of $21.5 million has been provided to the Welfare Department;
  • (x) An amount of $35.3 million has been provided to the Barbados Drug Service for the purchase of drugs. Handling fees will no longer be paid to the private pharmacies by the Government;
  • (xi) As per the Financial Statement and Budgetary Proposals 2010, an additional $1.5 million has been provided to Fund Access;
  • (xii) $5 million has been provided for the Small Hotels Investment Fund (SHIF, ‘, ‘, ‘, ‘, ‘, ‘, ‘, ‘, ‘, ‘, ‘, ‘, ‘, ‘, ‘, ‘, ‘, ‘, ‘, ‘, ‘, ‘, NULL, NULL, 0);
  • (xiii) $1.7 million has been provided to start the Coastal Risk Assessment Project which is IADB funded;
  • (xiv) Grant funding of $22.1 million is expected to be received to assist in carrying out the following programmes:
  • ???????????? Global Environmental Facility Pilot Project;
  • ???????? ?? National Information and Communications Technology Plan Programme;
  • ?????????? ??Provision for Services on-line;
  • ???????? ?? Human Resource Sector Strategy and Skills Development;
  • ???????????? Program to Implement the External Pillar of the Medium Term Action Plan for Development (Prodev, ‘, ‘, ‘, ‘, ‘, ‘, ‘, ‘, ‘, ‘, ‘, ‘, ‘, ‘, ‘, ‘, ‘, ‘, ‘, ‘, ‘, ‘, NULL, NULL, 0);
  • ?????????? ??Technical Services to the International Business and Financial Services Sector;
  • ?????????? ??Technical Cooperation Facility and Support to Non-State Actors; and
  • ?????????? ??Technical Assistance to the Office of National Authorising Officer.
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