House Approves First Supplementary Estimates

The first Supplementary Estimates of Expenditure for fiscal year 2012/2013 was approved by the House of Representatives, yesterday (February 12).

The estimates were tabled in the House by Minister of Finance and Planning, Dr. the Hon. Peter Phillips, on February 5.

For the fiscal year, 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 (House-keeping) 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 (House-keeping) expenses and $237.6 billion for capital (Development) expenses.

The first Supplementary Estimates was discussed by the Public Administration and Appropriations Committee (PAAC) on Wednesday, February 6 and Thursday, February 7, and a report submitted to the Standing Finance Committee.

The report was considered by the Standing Finance Committee of the House on February 12, before the House was asked to approve the revised budget.