Premier and Minister of Finance, Dr Natalio Wheatley has announced the estimated fiscal budget for 2023 to be $399.33 million.
According to Dr Wheatley, this figure is a decrease of $21.17 million when compared to the total revised expenditure of $420.5 million seen in the previous year.
Giving a breakdown of the figures in the House of Assembly on Tuesday, November 29, Premier Wheatley said $335.08 million will go towards recurrent expenditure while $41.59 million has been allocated for capital expenditure.
Within the recurrent expenditure allocation, Dr Wheatley said $128.92 million is allocated for employee compensation, $85.65 million is for goods and services, $81.23 million will go towards grants, $8.55 million is for property and other expenses, $1.5 million is for subsidies, $6.6 million is for interest payments, and $22.55 million will be for social benefits.
The Finance Minister further noted that $22.19 million will go towards debt servicing in 2023.
Estimated revenues for 2023 is $373.03 million. Some $352.64 million of this amount will come from taxes while $20.39 million will come from other revenue sources.
What each Ministry will receive
Premier Wheatley said the Health Ministry will receive the largest share of the recurrent allocations with $73.07 million or 18.3 per cent.
The second-largest share of the recurrent budget goes to the Ministry of Communications and Works which will receive $62.51 million or 15.65%.
The Ministry of Education, Culture, Youth Affairs, Fisheries & Agriculture will receive 13.95 per cent or $55.7 million.
The allocation to the Governor’s Group is $52.3 million or 13.09 per cent while the Premier’s Office has been allocated $43.3 million or 10.84 per cent.
The allocation to the Ministry of Finance is $37.18 million or 9.31 per cent. The Ministry of Natural Resources and Labour is set to receive $7.77 million or 1.95 per cent.
A further breakdown of the budget will see $54 million being allocated to pensions, public debt and various contributions, while $8.67 million will be given to constitutionally established departments. Some $4.61 million will go towards miscellaneous recurrent expenses.
BVI News will provide more details in a subsequent publication.