The first Supplementary Estimates of Expenditure for fiscal year 2012/2013 was tabled in the House of Representatives on Tuesday, February 5, by Minister of Finance and Planning, Dr. the Hon. Peter Phillips.
It reveals that the budget has been revised downwards from $612.4 billion to $602 billion, a reduction of $9.89 billion.
The Estimates show a decrease in the recurrent, or housekeeping, expenditure from $374.7 billion to $367.7 billion, with savings of $7.03 billion, and reduction in both Capital A and Capital B from a total of $237.6 billion to $234.8 billion, reflecting $2.85 billion in savings.
In the 2012/2013 Estimates of Expenditure tabled in the House on May 10, 2012, it was outlined that $374 billion was allocated for recurrent expenses and $237.6 billion for capital, or development, expenses.
The first Supplementary Estimates will be discussed by the Public Administration and Appropriations Committee (PAAC) on Wednesday, February 6 and Thursday, February 7.
The report will be considered by the Standing Finance Committee of the House, which will deliberate on February 12, before the House is asked to approve the revised budget in the afternoon.