BVI Legislative Council passes 2004 budget

Saturday, February 14, 2004

ROAD TOWN, BVI: The 2004 British Virgin Islands budget was successfully passed following a lengthy debate in the Legislative Council on Thursday. Minister of Finance Ronnie W. Skelton had presented Government's budget for this year under the theme, "Empowering Our People". 

According to the budget estimates, anticipated revenue collection for 2004 is $198,443,000, with expenditure to cover the recurrent operations estimated at $186,562,500. The budget therefore estimates a recurrent surplus of $11,880,500.

However, Government intends to contribute $9,586,700 towards financing capital programmes for 2004. In addition, $1,193,800 will be committed to the reserve fund which will be systematically built up over the next three years to serve as a cushion or temporary safety net in the event of adverse shocks to the local economy.

There will also be a $1M contribution to the emergency fund to facilitate quick access relief financing in the event of natural or man-made disasters.

Some of the programmes and policies on the priority list reflected in the budget are education ($46.7M), health and welfare ($37.3M) and youth development ($1.02M).

In the area of natural resources, Government plans to purchase new lands for a home ownership programme, assist farmers and fishermen, provide funds for a new poultry processing unit and complete a new nursery at Paraquita Bay.

Government also intends to embark on fishermen training with a view towards developing the pelagic fishing industry.

The BVI Tourist Board will receive $10M to assist with resources needed to launch an aggressive plan for expanding the sector.

Efforts to diversify the Territory's financial services sector and to enhance attractiveness to the BVI as a major offshore centre will be intensified during the course of the year.

In this regard, the Financial Services Commission will utilise approaches, such as surveys, consultative papers and aide memoirs to establish a robust consultative programme on legislation and policy initiatives.

With effect from January 1, 2004, Government lifted the ceiling of tax-exempt income from $3,000 to $7,500 per annum.

Another priority area for Government is the rehabilitation of the Territory's capital Road Town. The programme entails completing parking lots, developing roads to allow for smoother traffic flow, beautifying streets and buildings and constructing sidewalks.

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