HoA Approves $28.9M 'Adjusted Budget'

No Image Found!
Ahreefa Bacchus/BVI Platinum News
Premier and Finance Minister Hon. Andrew Fahie and Speaker of the House of Assembly Hon. Julian Willock

(PLTM) - The House of Assembly approved a $28.9M Supplementary Appropriation Provision (SAP) late last evening, Wednesday September 22.

Supplementary Budget is the request for additional funds by Ministries and Departments during the course of the year.

The Motion was tabled by Premier and Finance Minister Hon. Andrew Fahie.

“This SAP is what we would refer to as the adjustment budget to make sure that we do not put our country through deficit spending given the challenges of the ongoing pandemic where we have seen it is very rare to find any country right now not in deficit spending,” the Premier said as he presented the Motion.

He added, “and we want to continue to ensure that we are resolute in our actions to be as prudent as possible without stopping the functioning of our territory.”

According to the Motion, it seeks to have the House of Assembly of the Virgin Islands approve the supplementary estimate set out in the Schedule which represents monies to be expended under their respective heads in variation or excess of the amount appropriated by the Appropriation (2021) Act, 2020 (No. 27 of 2020) as follows, recurrent Expenditure of $28,950,428 to be expended in excess of the appropriated amount from the Consolidated Fund of the Territory.

This include the sum of $840,000 to be transferred to the Environmental Protection and Tourism Improvement Fund; and $2,313,103 to be transferred to the Miscellaneous Purposes Fund.

Further, for $892,047 to be transferred to the Transportation Network Improvement Fund; $5,431,628 to be transferred from the Reserve Fund; $600,000 to be transferred from the Miscellaneous Purposes Fund for Foreign Scholarships; and Capital Acquisition Expenditure of $4,804,100 to be expended in variation of the appropriated amount.

Also, capital Expenditure of $16,146,800 (which includes the sum of $70,000 from the Asset Seizure and Forfeiture Fund; and the sum of $8,556,555 from the Development Fund) to be expended in variation of the appropriated amount.

The SAP also covers increments payment for public servants at the tune of $6M.

Members of the House spent hours combing through the Motion which was later passed with amendments.

-----
Copyright 2023 by Virgin Islands Platinum News. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Reader Opinion
Please note that the opinions posted are the opinions of its author and does not in any way reflect the views of the management, staff, parent company or sponsors of Virgin Islands Platinum News.
There are no comments to show at this time.
Cruise Schedule
IN PORT - TODAY ( 29 March )
We have no cruise ship in port on this day!
IN PORT - TOMORROW ( 30 March )
We have no cruise ship in port on this day!