by Kevon Browne
St. Kitts and Nevis (WINN) – “The expenditure budget for the upcoming fiscal year is set at $229 million. We have allocated the amount of $180.9 million to recurrent spending representing 79 percent of the total budget expenditure,” announced The Hon Mark Brantley during his Budget Address for the Nevis Island Administration on December 7.
Brantley promised that 2022 spending for Nevis would not see any additional taxes added to meet the projected spending. The following is expected to supplement the budget.
“We anticipate that funding for our capital budget will be comprised of grant funding from the Sustainable Growth Fund and from developmental partners. In addition, the government received loan funding from St. Christopher and Nevis Social Security Board and from other financial institutions at concessionary rates not exceeding 3.5 percent per annum to complete the funding for these chapter works,” reported Brantley.
“Therefore, Mr President, a summary of resources projected to finance our 2022 expenditure program is outlined as follows: current revenue $131.2 million, projected minimum revenues from CBI $45 million, Social Security loan and other proposed concessionary loans $15.3 million, development partner funding and other grant funding $1.5 million, other financing including increase in overdrafts, additional transfers from the Sustainable Growth Fund and sale of government treasury bills $36 million.”
Brantley then provided a breakdown of the expected spending for 2022, with the Ministry of Finance receiving the highest percentage of the 2022 budget.
“The Office of the Premier is allocated funding in the amount of $7.7 million, representing 3.4 percent of the total budget. The Ministry of Finance is allocated funding in the amount of $82.8 million, representing 36.3 percent of the total budget. The Ministry of Communications and Works is allocated funding in the amount of $32.4 million, representing 14.2 percent of the total budget. The Ministry of Agriculture et al. is allocated funding in the amount of $12.6 million representing 5.5 percent of the total budget. The Ministry of Health and Gender Affairs is allocated funding in the amount of $34 million, representing 14.9 percent of the total budget. The Ministry of Tourism is allocated funding in the amount of $5.2 million, representing 2.3 percent of the total budget. The Ministry of Education, Library Services and Information Technology is allocated funding in the amount of $33.7 million, representing 14.8 percent of the total budget. The Ministry of Social Development, Culture, Youth and Sports is allocated funding in the amount of $15.7 million, representing 6.9 percent of the total budget.”
The projected revenue for 2022 is 131.4 million in recurrent revenue, a 2.5 percent increase from the projected 128.2 million for 2021.
“We expect our current revenue to be augmented by remittance of at least $45 million from the federal government in respect to the share of revenue under the CBI program. Our combined total current revenue for the upcoming fiscal period 2022 is therefore projected at $176.4 million and when compared to the projected recurrent expenditure of $184.9 million provides a deficit under the current budget of $4.5 million.”
The 2022 Budget Presentation for Nevis continues tomorrow (December 8), where the Opposition would be given a chance to address the budget presented by the Premier.
