The Government’s Budget, setting out the Estimates of Recurrent Revenue and Expenditure for 2006, is being finalised for presentation in the House of Assembly on Tuesday, December 13. On that day, the Budget Address will be presented at 3.00 p.m. by Minister of Finance, Economic Development and Tourism, Victor Banks.

The Honourable Minister of Finance, Victor Banks

According to Mr. Banks, the budget is estimated to be in the region of EC$140,000,000 in Recurrent Revenue with EC$125,000,000 in Recurrent Expenditure, resulting in a surplus of just over EC$14,000,000.

There will be a Capital Budget of EC$23,000,000 to be financed from the recurrent surplus as well as a locally-obtained loan of EC$13,000,000. The available funds will be used to finance the continuation of the road expansion project in the eastern end of the island. There will also be some borrowing for port development and for land acquisition for that development as well as for road expansion.

Last year the budget was estimated at EC$102,000,000 and revenue was in the region of EC$120,000,000.

Asked what accounted for the much higher 2006 budget, Mr. Banks explained that there were significant increases in expenses for personnel emoluments, a general increase in the public service establishment and there were additional subventions for statutory bodies such as the Anguilla Tourist Board and the Health Authority.

The budget debate is set for December 15.
Meanwhile, at a meeting of the House of Assembly on Tuesday this week, approval was given for Government to borrow a sum of money not exceeding EC$7.5 million for a period of one year from January1, 2006. Mr. Banks said this was the usual overdraft facility obtained locally.

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