Estimates Of Expenditure And Revenue For 2012 – 2013 Laid In Parliament

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Government’s Budget, setting out the Estimates of Expenditure and Revenue for the financial year 2012-2013, was today laid in Parliament.??

It is estimated that Government’s total expenditure for the financial year 2012-2013, on the accrual basis, will be $3,645.9 million. When converted to the cash basis, total expenditure is $3,603.8 million, an increase of $295.9 million or 8.9% over the revised figure for 2011-2012.?? Of the amount approved for the 2012-2013, $2,933.1 million represents current expenditure while $712.8 million represents capital expenditure and amortisation.??

Wages and Salaries are expected to increase over the revised approved for 2011-2012 by $22.9 million or 2.8% to $818.6 million. The increase is due to increments.

Expenditure on goods and services is expected to decrease by $0.2 million to $432.8 million.?? Current transfers are also projected to decrease, declining by $9.2 million or 0.9% to $1,017.5 million.

The repayment of principal and interest on Government’s debt is expected to account for $1.1 billion compared to the revised projection of $984.4 million.

On the accrual basis, current revenue for the next fiscal year is projected at $2,656.1 million.?? On the cash basis current revenue is projected at $2,620.1 million, an increase of 8.8% over the revised revenue of $2,408.6 million for the financial year ending March 2012.

When amortization of $571.6 million is taken into account, a deficit of $412.1 million on the cash basis is expected, representing 4.4% of GDP.?? This figure would be 0.3% better than the projected Medium Term Fiscal Strategy’s deficit figure of 4.7% for 2012-2013.

??The Estimates for the 2012-2013 fiscal year include provision for the following activities:

  • (i) A current subvention of $145.5 million to the Queen Elizabeth Hospital;
  • (ii) A subvention of $94.5 million to the Barbados Tourism Authority to facilitate marketing and promotion;
  • (iii) Invest Barbados has been allocated the sum of $4.0 million to carry out its operations;
  • (iv) $6.5 million to the Barbados Tourism Investment Inc. to carry out work on capital projects;
  • (v) $1.8 million to the National Sports Council for the resurfacing of the stadium track at the National Stadium;
  • (vi) Grant funding of $20.5 million is expected to be received to assist in carrying out the following programmes:
  • National Information and Communications Technology Plan Programme;
  • Provision for Services on-line;
  • Human Resource Sector Strategy and Skills Development;
  • School Plan Enhancement & Refurbishment Programme;
  • 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.
  • (vii) $3 million has been provided for the Small Hotels Investment Fund (SHIF, ‘, ‘, ‘, ‘, ‘, ‘, ‘, ‘, ‘, ‘, ‘, ‘, ‘, ‘, ‘, ‘, ‘, ‘, ‘, ‘, ‘, ‘, NULL, NULL, 0);
  • (viii) $7 million has been provided for work to continue at the St. John Polyclinic;
  • (ix) $15.0 million has been provided to start the Coastal Risk Assessment Project which is IADB funded;
  • (x) A current subvention of $36.2 million and a capital subvention of $3.4 million has been provided to the Sanitation Service Authority.
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