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Premier Wheatley presents $399,838,963 Budget for 2024

Under the theme ‘Planning, Priorities & Progress - Building a Sustainable Nation’, Premier and Minister of Finance Dr the Hon Natalio D. Wheatley (R7) has presented a budget totalling &399,838,963 for 2024. Photo: Facebook
The Budget Address was given at the Sixth Sitting of the First Session of the Fifth House of Assembly (HoA) held at Eileene L. Parsons Auditorium, H. Lavity Stoutt Community College campus at Paraquita Bay, today, Tuesday, November 21, 2023. Photo: Facebook
The Budget Address was given at the Sixth Sitting of the First Session of the Fifth House of Assembly (HoA) held at Eileene L. Parsons Auditorium, H. Lavity Stoutt Community College campus at Paraquita Bay, today, Tuesday, November 21, 2023. Photo: Facebook
PARAQUITA BAY, Tortola, VI- Under the theme ‘Planning, Priorities & Progress - Building a Sustainable Nation’, Premier and Minister of Finance Dr the Hon Natalio D. Wheatley (R7) has presented a budget totalling &399,838,963 for 2024.

The Budget Address was given at the Sixth Sitting of the First Session of the Fifth House of Assembly (HoA) held at Eileene L. Parsons Auditorium, H. Lavity Stoutt Community College campus at Paraquita Bay, today, Tuesday, November 21, 2023.

Projected Revenue: $382.67M

Premier Wheatley said the technical experts at the Ministry of Finance projected revenues to be $382.67M and added that some $360.24M is expected to come from receipt of taxes, $5.96M from grants and $16.47M from other revenue sources.

He also emphasised that approximately 41% from every dollar of government revenue raised, or $159.75M, will go towards compensation of Government employees and that approximately 24% of every dollar or $93.94M dollars will towards paying for the goods and services required for running the operations of government.

Recurrent expenditure: $376.95M

Recurrent expenditure, according to Premier Wheatley, is estimated at $376.95M.

He said some $159.75M is allocated for employee compensation, $93.94M for goods and services and $83.66M for grants to parastatals, statutory bodies and other organisations and international bodies based on international commitments.

Dr Wheatley also said that through prudent financial management, the Ministry of Finance projects a recurrent surplus of approximately $15.7 million would be realised and this would be directed to debt servicing.

Capital expenditure: $70.9M

Total capital expenditure is estimated at $70.9M of which $45.45M will be for development projects and 25.45M for capital acquisition.

“Based on the quantum of work that we are aiming to achieve, the government is considering borrowing at least $100m,” Dr Wheatley announced.

Allocations

Regarding allocations, 11.55% or $54.36M will be allocated to the Governor’s Group; 5.02% or $23.62M to the Premier’s Office; $39.52 M to the Ministry of Finance; $7.91M to the Ministry of Financial Services, Labour and Trade; $12.55M to the Ministry of Environment, Natural Resources and Climate Change; $53.39M to the Ministry of Education, Youth Affairs and Sports; $95.92M to the Ministry of Health and Social Development; $74.95M to the Ministry of Communications and Works; $19.16M to the Ministry of Tourism, Culture and Sustainable Development; $16.11m to the Constitutionally established bodies; and $58.17M to pensions, public debt and funds contributions.

The 2022 National Budget for 2023 had totalled $399.33M.

More details to follow.

12 Responses to “Premier Wheatley presents $399,838,963 Budget for 2024”

  • rattie (21/11/2023, 16:26) Like (1) Dislike (1) Reply
    Hope we get an eat
  • … (21/11/2023, 16:35) Like (2) Dislike (1) Reply
    They need to re-evaluate the small amount for capital spending
  • ccc (21/11/2023, 17:26) Like (2) Dislike (1) Reply
    There is no longer unmatched expertise in the ministry of finance like the days of Robert and Allen so these budgets does not allows us to expand our offerings to the people and remain on the cutting edge of the most important industries
    • controversial (22/11/2023, 18:43) Like (1) Dislike (0) Reply
      @ccc - you should leave your comment at only Robert. There was no unmatched expertise with Allen, only arrogance.
  • Fiscal responsibility (21/11/2023, 17:28) Like (21) Dislike (1) Reply
    The goverment is too bloated to be this inefficient. To much money is being spent on just paying government employees, some of which dont produce enough to be taking so much. Although I understand that governments are expensive to run, I would of appreciated a bigger push to reduce government cost and increase efficiency. For example to much government money is being spent on office rent going directly into some individuals connected to the government. Money is going from government straight into the pockets of wealthy VI islanders. When that money can go to teachers and educators investing into the youth. After bombshell leaks of wasted money. A statement stating how we would prevent this wouldve been great but nope
  • gone with the wind (21/11/2023, 18:05) Like (8) Dislike (0) Reply
    How much money allocated to infrastructure maintenance? Or is it solely for traveling and petty contracts? This is alot of money to be gone with the wind.
  • YES SIR (21/11/2023, 19:17) Like (1) Dislike (4) Reply
    WITH DAH KINDA BREAD LETS GET THIS PARTY STARTED IN DECEMBER FREE JAMS FROM THE 25TH AND LEH WE START THE CELEBRATION FROM THEN TO BRING IN THE NEW YEAR WITH CONSTANT JAMMING * ALL DAY & ALL NIGHT , WE GINE PARTY LIKE WE NEVER DID BEFORE AND WE WILL CALL IT FREEEEEEEEDOMMMMMMMMMM????????????????????‍♂️????‍♀️???????????????????????????????????????????????? OH , NOT FORGETTING - FREE WEED - HOME GROWN ONLY ???????????? WHO DEAD - DEAD
  • Dancing with the Stars (22/11/2023, 07:36) Like (0) Dislike (1) Reply
    The national budget is very interesting and balanced with priorities given the two essential ministries, that is education and health. Without a healthy population, we will have low productivity and the health services will be challenged to rehabilitate the population. The allotment to the ministry of education will assist to build a solid foundation of intellectual base. There is need for more individuals to be trained in several professions such as teachers, nurses, skilled workers and the list goes on. I trust that members of the public will take a careful look at the budget and make personal adjustments to their expenditures and practice austerity measures, so that they will be able to sustain themselves.

    I would like to urge the general public to take a careful look at their lifestyles so that they will be able to navigate this turbulent time. Both the government and the public should be very prudent in their spending. Mybe it is time to consider the number of visits to the non-essential and extracurricular activities and conserve their scarce financial resources to educate their children. There is a time and season for eveerything. Good luck.
  • Cindy (22/11/2023, 07:58) Like (1) Dislike (0) Reply
    This government is simply unable and unwilling to do what it takes to get the BVI back on track. The 2024 budget is all talk and we can expect zero action. There is a long list of priorities of which I don’t see but should be feature. Even raising this right now should show how not serious they are about change because it's a distraction we just don't need. Its all so tiresome now. Maybe that's the point to just wear us all down?
  • Outsider (22/11/2023, 09:58) Like (4) Dislike (0) Reply
    Almost the same budget each year and the infrastructure deplorable. Country is a business not to dress up and have meetings with no action. Trinidad has the same budget with that size of population compared to us. Get to work people are fed up.

  • Melchizedek (22/11/2023, 10:09) Like (0) Dislike (0) Reply

    It is not what he can or cannot do, when you play with the wrong person you get blocked

    and when you keep your hands clean and your heart pure they cannot touch you so travel to the ends of the earth it makes no difference.

    keep XYZ abcdaefghijk..........release everything else


  • Lb (23/11/2023, 13:05) Like (0) Dislike (0) Reply
    Trash!!! Not even 2 miles of road rehabilitation in that budget.


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