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BRIDGETOWN, Barbados, Feb 13, CMC – The Barbados government says it intends to spend an estimated BDS$3.18 billion (one Barbados dollar=US$0.50 cents) ahead of the debate on the Estimates on Monday next week.
Government on Tuesday night tabled the 714-page document that shows it intends to receive BDS$3.14 billion in revenues during the upcoming fiscal year.
Prime Minister Mia Mottley, who is in the United States, was not present when the Estimates were tabled for the new fiscal year which begins on April 1.
The government figures show a deficit of BDS$32.3 million
According to the document, “Current Revenue collected to December 31, 2018 increased by 0.2 per cent from current revenue for the same period in fiscal year 2017-2018”.
It noted that Current Expenditure to December 31, 2018 decreased by 26.9 per cent from current expenditure for the same period in fiscal year 2017-2018, while Capital Expenditure for the same period 2018 decreased by 52.8 per cent from capital expenditure for the same period in fiscal year 2017-2018.
The Mia Mottley government, which came to office in May last year, said that it anticipates that the majority of its income will from tax revenues, estimated at BDS$$2.8 billion.
The Estimates indicate that the government is expecting to receive BDS$1.48 billion in revenue from goods and services, one billion dollars from taxes on income and profits, BDS$216.5 million from taxes on international trade and BDS$186.7 million from taxes on property.
The Estimates show that the government will spend BDS$1.02 billion on general public service while Capital expenditure is estimated at BDS$199.9 million.
“Before I beg to move for the adjournment of the Honourable House, let me just remind members that given the recent amendments to the Standing Orders, the Appropriation Bill on Monday will stand referred to the Standing Finance Committee when the House resumes on Monday,” said the Minister of Health and Wellnes, Lieutenant Colonel Jeffrey Bostic.
“The House will be dissolved immediately into committee for consideration of this bill, that consideration will continue throughout Monday, Tuesday and on Friday. Further consideration, the dates will be given on Friday next week,” Bostic added.
The government said that it intends to spend BDS$711.8 million on servicing its debt of which BDS$333.9 million will go towards interest expense, BDS$4.569 million for expenses of loans and BDS$373.386 million for debt amortization.