Finance Minister Tables First Supplementary Estimates
By: , February 26, 2014The Key Point:
The Facts
- The budget has been revised downwards from $520.886 billion to $500.7 billion, a reduction of $20.15 billion.
- The Estimates show a decrease in the recurrent or housekeeping expenditure, from $370.4 billion to $358.2 billion.
The Full Story
The first Supplementary Estimates for the 2013/14 financial year was tabled in the House of Representatives, on February 25, by Minister of Finance and Planning, Dr. the Hon. Peter Phillips.
It reveals that the budget has been revised downwards from $520.886 billion to $500.7 billion, a reduction of $20.15 billion.
The Estimates show a decrease in the recurrent or housekeeping expenditure, from $370.4 billion to $358.2 billion, with savings of $12.2 billion, and reduction in the Capital budget from $150.40 billion to $142.43 billion, reflecting $7.96 billion in savings.
The 2013/14 Estimates of Expenditure were approved in May in the House, which showed that $370.5 billion was allocated for Recurrent (House-keeping) expenses and $150.38 billion for Capital (Development) spending.
Members of the Public Administration and Appropriations Committee (PAAC) will deliberate on  the Supplementary Estimates on February 27. It will then be debated in the House of Representatives for its approval.