Beautiful Virgin Islands

Monday, Sep 01, 2025

Premier Wheatley presents $399.33M Budget for 2023

Premier Wheatley presents $399.33M Budget for 2023

In a Budget Address that lasted for more than 1 hour and 45 minutes, Premier and Minister of Finance, Dr the Honourable Natalio D. Wheatley (R7) presented a conservative budget of $399.33M for 2023, which represented a decrease of $21.17M compared to the revised budgeted expenditure for 2022.
Theme

The National Budget was presented today, November 29, 2022, under the theme ‘Resilience, Revenue, Reform and Recovery: The Virgin Islands in transition’.

Giving his address at the Ninth Sitting of the Fourth Session of the Fourth House of Assembly, (HoA) at Save the Seed Energy Centre in Duff’s Bottom, Dr Wheatley said the budget, “represents a simple but largely comprehensive matrix of what we have accomplished this year and what the priorities and parameters of our mission in the upcoming year and beyond should be, given the international geopolitical and economic climate and the situation closer to home.”

$335.05M Recurrent Expenditure

Of the $399.33M budgeted, $335.08M is for Recurrent Expenditure, $41.59M for Capital Expenditure, $15.52M for repayment of the principal on debts, and $7.15M for contributions to various statutory funds.

The Finance Minister, presenting his first budget since becoming Premier of the Unity Government in May of this year, said the technical experts at the Ministry of Finance projected revenues to be $373. 03M. This he said is an increase of 11.68M over 2022’s actual revenue $361.35M.

He said they anticipate $352.64M of revenues to come from receipts of taxes and 20.39M from other revenue sources.

Capital Expenditure of $41.59M is budgeted to facilitate Development Projects. This Premier Wheatley said will be funded via $21.18M from the Recurrent Surplus, $10.77M in loan funds from the Caribbean Development Bank Reconstruction and Rehabilitation Loan, $2.41M from the Consolidated Fund, $2.22M from the Transportation Network Fund and $5M from insurance proceeds in the Development Fund.

$128.2 M for Employee Compensation

Meanwhile, $128.2M is allocated for Employee Compensation, $85.65M for goods and services, and $81.23M for grants to parastatals, statutory bodies, and other organizations and international bodies based on existing commitments.

He said the Unity Government has also made provisions of $8.55M for property and other expenses; $1.5M for subsidies; $6.6M for interest payments and $22.55M for social benefits.

According to Dr. Wheatley, through prudent financial management, the Ministry of Finance projects a Recurrent Surplus of approximately $36.7M.

He said $21.18 M from the Recurrent Surplus will be transferred to the Development Fund.

More details to follow.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Chinese and Indian Leaders Pursue Amity Amid Global Shifts
European Union Plans for Ukraine Deployment
ECB Warns Against Inflation Complacency
Concerns Over North Cyprus Casino Development
Shipping Companies Look Beyond Chinese Finance
Rural Exodus Fueling European Wildfires
China Hosts Major Security Meeting
Chinese Police Successfully Recover Family's Savings from Livestream Purchases
Germany Marks a Decade Since Migrant Wave with Divisions, Success Stories, and Political Shifts
Liverpool Defeat Arsenal 1–0 with Szoboszlai Free-Kick to Stay Top of Premier League
Prince Harry and King Charles to Meet in First Reunion After 20 Months
Chinese Stock Market Rally Fueled by Domestic Investors
Israeli Airstrike in Yemen Kills Houthi Prime Minister
Ukrainian Nationalist Politician Andriy Parubiy Assassinated in Lviv
Corporate America Cuts Middle Management as Bosses Take On Triple the Workload
Parents Sue OpenAI After Teen’s Death, Alleging ChatGPT Encouraged Suicide
Amazon Faces Lawsuit Over 'Buy' Label on Digital Streaming Content
Federal Reserve Independence Questioned Amid Trump’s Push to Reshape Central Bank
British Politics Faces Tumultuous Autumn After Summer of Rebellions and Rising Farage Momentum
US Appeals Court Rules Against Most Trump-Era Tariffs
UK Sought Broad Access to Apple Users’ Data, Court Filing Reveals
UK Bank Shares Dive Over Potential Tax on Sector
Germany’s Auto Industry Sheds 51,500 Jobs in First Half of 2025 Amid Deepening Crisis
Bruce Willis Relocated Due to Advanced Dementia
French and Korean Nuclear Majors Clash As EU Launches Foreign Subsidy Probe
EU Stands Firm on Digital Rules as Trump Warns of Retaliation
Getting Ready for the 3rd Time in Its History, Germany Approves Voluntary Military Service for Teenagers
Argentine President Javier Milei Evacuated After Stones Thrown During Campaign Event
Denmark Confronts U.S. Diplomat Over Covert Trump-Linked Influence in Greenland
Starmer Should Back Away from ECHR, Says Jack Straw
Trump Demands RICO Charges Against George Soros and Son for Funding Violent Protests
Taylor Swift Announces Engagement to NFL Star Travis Kelce
France May Need IMF Bailout, Warns Finance Minister
Chinese AI Chipmaker Cambricon Posts Record Profit as Beijing Pushes Pivot from Nvidia
After the Shock of Defeat, Iranians Yearn for Change
Ukraine Finally Allows Young Men Aged Eighteen to Twenty-Two to Leave the Country
The Porn Remains, Privacy Disappears: How Britain Broke the Internet in Ten Days
YouTube Altered Content by Artificial Intelligence – Without Permission
Welcome to The Definition of Insanity: Germany Edition
Just a reminder, this is Michael Jackson's daughter, Paris.
Spotify’s Strange Move: The Feature Nobody Asked For – Returns
Manhunt in Australia: Armed Anti-Government Suspect Kills Police Officers Sent to Arrest Him
China Launches World’s Most Powerful Neutrino Detector
How Beijing-Linked Networks Shape Elections in New York City
Ukrainian Refugee Iryna Zarutska Fled War To US, Stabbed To Death
Elon Musk Sues Apple and OpenAI Over Alleged App Store Monopoly
2 Australian Police Shot Dead In Encounter In Rural Victoria State
Vietnam Evacuates Hundreds of Thousands as Typhoon Kajiki Strikes; China’s Sanya Shuts Down
UK Government Delays Decision on China’s Proposed London Embassy Amid Concerns Over Redacted Plans
A 150-Year Tradition to Be Abolished? Uproar Over the Popular Central Park Attraction
×