Friday, November 05, 2010

Next Year Budget Announced by BVI Premier

On Thursday, the projected revenue budget and fiscal plans for the next year were announced by the Premier of the British Virgin Islands and the Minister of Finance Hon. Ralph O'Neal. He disclosed that the next year budget will be US$287,884,000, while the operational expenditure will be US$260,051,000. The surplus of US$27,832,000 is planned to be spent on development, emergency disaster, pension, contingencies and repairs and renewal funds.

In his speech on the presentation of the budget during the Third Sitting of the Fourth Session of the House of Assembly, Ralph O'Neal spoke about the need to establish a long-term fiscal strategy, and about the increase in fees charged for services and the enhancement of the financial services and tourism project. Since the theme of this year's budget is “From Whence We've Come,” the Premier said that the territory has done well, “meriting the resilience of the people in the face of the devastating effects of the fiscal and economic crisis during the past two years.”

It is expected that the budget will be discussed later this month and early next month before the commencement of the budget debate on December 22 and 23.

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