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UPDATE: Airport, Cruise Port caused increase in expenditure – Premier Smith
“The expenditure has increased because we have been engaged in more activities in order to try to stimulate the economy of the country,” Premier and Minister of Finance Dr the Honourable D. Orlando Smith told reporters yesterday June 26, 2014 as he sought to defend the increase of expenditure by 12% for the period April – May 2014 when compared to the same period for 2013.
The figures were released in the House of Assembly during the Seventh Sitting of the Third Session of the Second House of Assembly on Friday June 13, 2014.
The question was put to the Premier yesterday by this news site when he responded by throwing the blame at the feet of the controversial projects. “That is the activities surrounding the airport development, activities surrounding the cruise port development, activities on the road rehabilitation and many things including salaries and so,” said Premier Smith.
He further said that as a result of all the stresses and challenges in the financial services there was not quite as much revenue coming into that area. “The decline is actually very little, almost insignificant and we cannot at this point, as for this first quarter, when it comes to financial services we cannot say, use what happen in the first quarter as indication what will happen throughout the rest of the year,” said Premier Smith.
He said that he expects the revenue to increase by the end of the year.
See previous story published on June 23, 2014:
Premier Smith says Revenue down 3%; Expenditure up 12%
-for April & May 2014 over same period last year
ROAD TOWN, Tortola, VI – Premier and Minister of Finance Dr the Honourable D. Orlando Smith announced in the House of Assembly that for the period April to May 2014, the Territory's revenue slid 3 percent while expenditure increased by 12 percent over the same period last year.
He was responding to questions in the Seventh Sitting of the Third Session of the Second House of Assembly held on Friday June 13, 2014.
The questions came from Third District Representative Hon Julian Fraser RA and had sought to find out the revenue and expenditure for the months of April and May 2014, and whether “we are on par with budget projections for 2014?”
Hon Fraser also wanted a comparison of the same figures for 2014 with those of 2013.
In response to Hon Fraser, Premier Smith said, “Madam Speaker when 2014 figures for the period April and May are compared to that of 2013, revenue was down in 2014 by three percent while expenditure was increased by approximately 12 percent.”
“Revenue in May for 2013 was $90,618,818 and expenditure was $36,321,045,” said the Hon Premier. He said too that total revenue for the period April and May 2014 was $88,160,699.
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