Legislators spent the better part of seven hours at their Tuesday sitting debating a bill that could bring dramatic changes to the way that public funds are spent. And they aren’t done debating yet.
After taking a recess today, ton Thursday they’ll continue considering an amendment to the Public Finance Management Act, which was called for by the Protocols for Effective Financial Management, the agreement signed by Virgin Islands and United Kingdom officials in April.
Premier Dr. Orlando Smith, who is also the minister of finance, said the amendment will bring the territory inline with the protocols as well as with internationally accepted standards for public accounts. It will also create an economic advisory council and require medium-term financial planning, he said.
The bill has been needed for some time, Dr. Smith said, as recent years’ budgets have seen high levels of recurrent expenditure and left “little room for capital projects.”
First District Representative Andrew Fahie agreed that the bill is necessary.
“We have to comply so we don’t make problems with the UK,” he said, but then he spoke at length about his problems with it, starting with the missed deadline. The protocols called for the bill to be enacted by August, subject to the approval of the House of Assembly and the assent of the governor.
But Opposition Leader Ralph O’Neal said legislators “shouldn’t quibble” about the deadlines, adding, “If the premier made undertaking to do so and so, and he didn’t get through, then the premier knows what do.”
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See the Oct. 11, 2012 edition for full coverage.