The Government is projecting earnings of $337.9 billion in revenue and grants this financial year.
This was revealed by Minister of Finance and Planning, Hon. Dr. Peter Phillips, on Thursday (May 24), as he opened the 2012/13 Budget Debate in Gordon House.
Dr. Phillips informed that the figure, which is before tax, represents a 4.9 per cent increase over the $322.1 billion garnered in the last financial year.
It is expected that $313.8 billion will be earned from tax revenue, an increase of 8.2 per cent over last year’s figure at $289.9 billion; while $17.1 billion is expected from non-tax revenue, reflecting an increase of 2.1 per cent over last year’s $16.7 billion.
The Government is also anticipating earnings of $1.7 billion from the bauxite levy this financial year, up by 10.3 per cent from last year’s figure of $1.5 billion. Additionally, capital revenue should see earnings of $1 billion; while $4.2 billion is anticipated to be earned from grants.
In the meantime, the Minister revealed that of the $612.4 billion budgeted for total expenditure, priority areas for capital expenditure will receive an increase of 38.9 per cent to $25.0 billion compared with $18.0 billion in 2011/12.
Providing a breakdown of the allocation, the Minister informed that the area of social protection and empowerment will receive a sum of $14.5 billion; resilience to natural hazards and climate change, $5.4 billion; improved business environment, $2.6 billion; and energy cost reduction, $1.2 billion.
Dr. Phillips said the capital expenditure programme being undertaken in the priority areas is being augmented by other initiatives from public bodies.
“During this fiscal year, investments by public bodies in these priority areas will show an increase of 26.4 per cent, with expenditure projected to total $41.4 billion relative to $32.7 billion in the last fiscal year. Of particular note is infrastructure works to be undertaken by the National Water Commission (NWC), which show an increase of 124.6 per cent to $9.1 billion over last year; and a 57.7 per cent increase in projects to be done by Petrojam,” he said.
By Alecia Smith-Edwards, JIS Reporter