Beautiful Virgin Islands

Sunday, Sep 14, 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
French Debt Downgrade Piles Pressure on Macron’s New Prime Minister
US and UK Near Tech, Nuclear and Whisky Deals Ahead of Trump Trip
One in Three Europeans Now Uses TikTok, According to the Chinese Tech Giant
Could AI Nursing Robots Help Healthcare Staffing Shortages?
NATO Deploys ‘Eastern Sentry’ After Russian Drones Violate Polish Airspace
Anesthesiologist Left Operation Mid-Surgery to Have Sex with Nurse
Tens of Thousands of Young Chinese Get Up Every Morning and Go to Work Where They Do Nothing
The New Life of Novak Djokovic
The German Owner of Politico Mathias Döpfner Eyes Further U.S. Media Expansion After Axel Springer Restructuring
Suspect Arrested: Utah Man in Custody for Charlie Kirk’s Fatal Shooting
In a politically motivated trial: Bolsonaro Sentenced to 27 Years for Plotting Coup After 2022 Defeat
German police raid AfD lawmaker’s offices in inquiry over Chinese payments
Turkish authorities seize leading broadcaster amid fraud and tax investigation
Volkswagen launches aggressive strategy to fend off Chinese challenge in Europe’s EV market
ChatGPT CEO signals policy to alert authorities over suicidal youth after teen’s death
The British legal mafia hit back: Banksy mural of judge beating protester is scrubbed from London court
Surpassing Musk: Larry Ellison becomes the richest man in the world
Embarrassment for Starmer: He fired the ambassador photographed on Epstein’s 'pedophile island'
Manhunt after 'skilled sniper' shot Charlie Kirk. Footage: Suspect running on rooftop during panic
Effective Protest Results: Nepal’s Prime Minister Resigns as Youth-Led Unrest Shakes the Nation
Qatari prime minister says Netanyahu ‘killed any hope’ for Israeli hostages
King Charles and Prince Harry Share First In-Person Moment in 19 Months
Starmer Establishes Economic ‘Budget Board’ to Centralise Policy and Rebuild Business Trust
France Erupts in Mass ‘Block Everything’ Protests on New PM’s First Day
Poland Shoots Down Russian Drones in Airspace Violation During Ukraine Attack
Brazilian police say ex-President Bolsonaro had planned to flee to Argentina seeking asylum
Trinidad Leader Applauds U.S. Naval Strike and Advocates Forceful Action Against Traffickers
Kim Jong Un Oversees Final Test of New High-Thrust Solid-Fuel Rocket Engine
Apple Introduces Ultra-Thin iPhone Air, Enhanced 17 Series and New Health-Focused Wearables
Macron Appoints Sébastien Lecornu as Prime Minister Amid Budget Crisis and Political Turmoil
Supreme Court temporarily allows Trump to pause billions in foreign aid
Charlie Sheen says his father, Martin Sheen, turned him in to the police: 'The greatest betrayal possible'
Vatican hosts first Catholic LGBTQ pilgrimage
Apple Unveils iPhone 17 Series, iPhone Air, Apple Watch 11 and More at 'Awe Dropping' Event
Pig Heads Left Outside Multiple Paris Mosques in Outrage-Inducing Acts
Nvidia’s ‘Wow’ Factor Is Fading. The AI chip giant used to beat Wall Street expectations for earnings by a substantial margin. That trajectory is coming down to earth.
France joins Eurozone’s ‘periphery’ as turmoil deepens, say investors
On the Anniversary of Queen Elizabeth’s Death: Prince Harry Returns to Britain
France Faces New Political Crisis, again, as Prime Minister Bayrou Pushed Out
Murdoch Family Finalises $3.3 Billion Succession Pact, Ensuring Eldest Son’s Leadership
Big Oil Slashes Jobs and Investments Amid Prolonged Low Crude Prices
Court Staff Cover Up Banksy Image of Judge Beating a Protester
Social Media Access Curtailed in Turkey After CHP Calls for Rallies Following Police Blockade of Istanbul Headquarters
Nayib Bukele Points Out Belgian Hypocrisy as Brussels Considers Sending Army into the Streets
Elon Musk Poised to Become First Trillionaire Under Ambitious Tesla Pay Plan
France, at an Impasse, Heads Toward Another Government Collapse
Burning the Minister’s House Helped Protesters to Win Justice: Prabowo Fires Finance Minister in Wake of Indonesia Protests
Brazil Braces for Fallout from Bolsonaro Trial by corrupted judge
The Country That Got Too Rich? Public Spending Dominates Norway Election
Nearly 40 Years Later: Nike Changes the Legendary Slogan Just Do It
×