Budget up $1.5 billion
GOVERNMENT yesterday announced a further $1.5 billion in expenditure for the current fiscal year, raising the 2002/2003 budget to $225 billion.
At the start of the fiscal year, which closes at March 31, Parliament had approved a budget of approximately $210 billion. But in the first supplementary estimates last December, the budget went up by $13.5 billion, pushing the budget to $223.5 billion.
However, despite the overall increase in the budget, the administration indicated a $2.6 billion reduction in the recurrent estimates, bringing the amount down to $137.88 billion. On the other hand, capital spending went up by $4.17 billion, and will end the year at $87.1 billion.
Yesterday, the finance minister, Omar Davies, brought the further $1.5 billion in spending to the House.
Minister Davies also requested, and received, House approval for a sum of $29.193 billion to be allocated for the carrying on of the Government’s business from the end of the current financial year until the end of this July, at which time the Appropriation Act for the next financial year will come into force.
He tabled a ministry order for the withdrawal of $1.437 billion from the bauxite levy’s capital development fund to be paid into the consolidated fund to provide budgetary support.
