Opening Presentation of the 2015/2016 Budget Debate

Photo: JIS Photographer Leader of the Opposition, Dr. Peter Phillips.

Story Highlights

  • This year the Budget Debate discussions can be safely described as ground-breaking.
  • Under the enhanced fiscal governance framework the annual Estimates of Revenue and Expenditure must be tabled at the same time.
  • The Auditor General’s review of the Fiscal Policy Paper must be completed within two weeks and submitted to the Speaker of the House for the meeting of the Standing Finance Committee.

  • This year the Budget Debate discussions can be safely described as ground-breaking. For the first time we have carried out the functions within the context of the recently updated fiscal governance framework. The enhanced framework, established through amendments to the Financial Administration and Audit (FAA) Act and the Public Bodies Management and Accountability (PBMA) Act and Regulations in March 2014 and January 2015, has created a new budget cycle which strengthens the rules governing preparation and approval.

 

  • Under the enhanced fiscal governance framework:
  1. the annual Estimates of Revenue and Expenditure must be tabled at the same time, and in time for their approval by both Houses of Parliament no later than March 31st of the year preceding that to which the estimates relate;

 

  1. all the supporting documents are to be tabled with the Estimates of Revenue and  Expenditure. These include the Fiscal Policy Paper, the Public Bodies Report, the Debt Management Strategy and the Tax Expenditure Report;

 

  1. the Auditor General’s review of the Fiscal Policy Paper must be completed within two weeks and submitted to the Speaker of the House for the meeting of the Standing Finance Committee; and,
  2. the tabling of the Appropriations Bill must take place no later than one week after the Standing Finance Committee has completed its examination of the Estimates of Revenue and Expenditure.

 

  • Mr. Speaker, I am particularly pleased that this new process has been successfully implemented despite the few challenges. Mr. Speaker, I also wish to thank the many persons, including those  from  within  this Honourable House, who have offered suggestions and to advise them that discussions have already begun with a view to further strengthen the process…READ MORE

 

Download Opening Presentation of the 2015/2016 Budget Debate 

Download Revenue Measures – FY 2015/16

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