It’s time for austerity in the Virgin Islands, Premier Dr. Orlando Smith said in today’s budget address, calling for all ministries to “do more with less.”
Dr. Smith said the 2012 budget will cut the territory’s operations budget by seven percent. After that and other cuts, government expects to spend $258,472,000 in 2012, he said.
Revenue is projected to be $287,472,000 for the year, he added, calling this a “conservative estimate of modest increase in revenue collection.”
The plan leaves a surplus of $29 million.
Legislators will “lead by example” and give themselves a pay cut, Dr. Smith added.
“We are each subject to a $6,000 per annum reduction on our total remuneration package,” he said.
See the Jan. 19, 2012 edition for full coverage.