Government’s Budget, setting out the Estimates of Expenditure and Revenue for the financial year 2013-2014, was today laid in Parliament.
It is estimated that Government’s total expenditure for the financial year 2013-2014, on the accrual basis, will be $3 873.9 million.
When converted to the cash basis, total expenditure is $3 808.6 million, an increase of $227.5 million or 6.9 per cent over the revised figure for 2012-2013. Of the amount approved for 2013-2014, $2,994.0 million represents current expenditure, while $879.9 million represents capital expenditure and amortisation.
Wages and Salaries are expected to increase over the revised amount for 2012-2013 by $14.4 million or 1.8 per cent to $823.8 million. The increase is due to increments.
Expenditure on goods and services is expected to decrease by $54.8 million to $378.0 million. Current transfers are also projected to decrease, declining by $28.9 million or 1.9 per cent to $1,037.0 million.
The repayment of principal and interest on Government’s debt is expected to account for $1.3 billion compared to the revised projection of $1.1 billion.
On the accrual basis, current revenue for the next fiscal year is projected at $2,625.0 million. On the cash basis, current revenue is projected at $2,590.2 million, an increase of 7.0 per cent over the revised revenue of $2,420.7 million for the financial year ending March 2013.
When amortisation of $721.6 million is taken into account, a deficit of $496.7 million on the cash basis is expected, representing 5.3 per cent of GDP.
The Estimates for the 2013–2014 fiscal year include these provisions:
(i) A current subvention of $145.5 million is being provided to the Queen Elizabeth Hospital;
(ii) A subvention of $101.7 million has been provided to the Barbados Tourism Authority to facilitate marketing and promotion;
(iii) Invest Barbados has been allocated the sum of $4.5 million to carry out its operations;
(iv) $10.0 million has been provided to the Barbados Tourism Investment Inc. to carry out work on capital projects;
(v) Grant funding of $26.7 million is expected to be received to assist in carrying out the following programmes:
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.
(vi) A current subvention of $34.7 million and a capital subvention of $3.4 million has been provided to the Sanitation Service Authority;
(vii) An amount of $27.0 million has been provided to the Barbados Drug Service for the purchase of drugs;
(viii) A current subvention of $71.3 million has been provided to the University of the West Indies;
(ix) A current subvention of $21.3 million has been provided to the Welfare Department;
(x) Skills for the future programme under the Ministry of Education has been provided with an amount of $7.0 million; and
(xi) The Low Income Housing Project under the Ministry of Housing has been provided with $4.5 million. (Ministry of Finance and Economic Affairs/BGIS)
