By Admin. Updated 5:30 a.m., Monday, January 8, 2024, Atlantic Standard Time (GMT-4).
The 2024 Appropriations Bill known as the National Budget will be presented in Parliament today, January 8th, and debated from January 9th to 12th, 2024.
It will be the first time the budget is being presented in Calliaqua at the building that temporarily houses the Parliament of St. Vincent and the Grenadines (SVG).
Traditionally, the budget is presented from the old Court House Building at Kingstown, but the government relocated Parliament from the 200-year-old building in June 2023 due to occupational health and safety issues. A new home for the Parliament will be constructed in Kingstown.
The 2024 Appropriations Bill presentation and debate comes after the December 19 presentation and debate on the 2024 Estimates of Revenue and Expenditure for the 2024 fiscal year.
The 2024 Estimates of Revenue and Expenditure were presented in Parliament on December 19, 2023, by the Minister of Finance, Economic Planning, and Information Technology – Hon. Camillo Gonsalves.
The 2024 Estimates of Revenue and Expenditure amounts to one billion, six hundred and sixteen million, four hundred and ninety-six thousand, five hundred and seventy-four dollars ($1,616,496,574).
This figure represents an 11.8 percent increase over the approved budget in 2023.
The debate on the 2024 Appropriations Bill (the Budget):
In a notice, the House of Assembly said it will meet at the Temporary Parliament Building at Glen on Monday 8th January 2024 at 4:00 p.m. for the commencement of the Budget Session.
Her Excellency the Governor-General, Mrs Susan Dougan GCMG, OBE will deliver the Speech from the Throne and the Honourable Minister of Finance will present his Budget Address, the notice stated.
From Estimates to Appropriations Bill:
According to Finance Minister – Camillo Gonsalves, it is the practice of the House of Assembly, “in conformity with the Constitution and the Standing Orders is to adopt the Estimates first,” after which a longer and more expansive debate is held on the Appropriation Bill following the Budget Speech.
The 2024 Estimates of Revenue and Expenditure attracts a debate “more narrowly focused on drier but more important numbers that undergird the plans for the coming years,” he said. After the Estimates, the Budget Speech is given and then the Appropriations Bill is debated.
We will debate the Estimates today and God willing, we will receive the Budget Speech on January 8 before conducting a debate on the Appropriation Bill from January 9th through 12th, the so-called budget debate
A brief breakdown of the estimates:
The budget for 2024 is broken down as follows:
Recurrent expenditure inclusive of amortization and sinking fund contributions amounts to one billion and forty-five million, nine hundred and eighty-three thousand, nine hundred and sixty-three dollars ($1,045,983,063).
Capital expenditure amounts to five hundred and seventy million, five hundred and twelve thousand, six hundred and eleven dollars ($570,512,611).
How will the budget be financed?
The finance minister said financing for the 2024 budget is expected to come from Current Revenue and Capital Receipts.
Current Revenue amounts to eight hundred and ten million, eight hundred and fifty-five thousand, eight hundred and twenty dollars ($810,855,820).
Capital receipts amount to eight hundred and five million, six hundred and forty thousand, five hundred and seventy-three dollars ($805,640,573).
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