As of May 31, the territory’s revenue for this fiscal year was 39 percent less than originally projected, said Premier Ralph O’Neal, who is also minister of finance, during today’s House of Assembly sitting.
During questions and answers, Opposition Leader Dr. Orlando Smith asked Mr. O’Neal to give a recap of the government’s finances, including loans, revenue and expenditures.
The total recurring revenue for the territory as of the end of May was about $75 million, Mr. O’Neal said, adding that this figure is seven percent less than last year’s revenue over the same period.
Although less revenue came in to the territory’s accounts, more was spent than last year, Mr. O’Neal added. Total expenditure was $111 million, a seven percent increase over last year during the same period.
“Even with all the initiatives to control expenditure, this government has implemented actual expenditure exceeding projections,” Mr. O’Neal said. “This was in part due to the works needed to restore the territory’s infrastructure following last year’s floods. Additionally, this was necessary for the continued operations of government, to meet salaries and pensions and as a means of stimulating economic viability.”
See the June 23, 2011 edition for full coverage.