10 FY2022 / 2023 BUDGET COMMUNICATION
» Improvements in departure tax collections of $ 42.8 million to $ 48.7 million .
Revenue from the sale of goods and services rose by $ 58.7 million to $ 170.5 million . Increased revenue collections were attributed to :
» Increases in immigration related receipts of $ 43.6 million to $ 99.8 million
» Customs fee collections increased by $ 8.7 million to $ 36.9 million and 61.5 percent of budget
Madam Speaker : During the nine-month period of the FY2021 / 2022 , outlays for recurrent expenditure expanded by $ 80.7 million or 4.2 percent to total $ 2,021.5 million as compared to the same period in the prior year - representing 70.2 percent of the targeted spend .
» Compensation of employees increased by $ 24.4 million to $ 538.3 million largely owing to the resumption of promotions , staff reclassifications , payment of increments and other employee costs which were delayed in the past year .
Spending on the use of goods and services widened by $ 21.8 million to $ 403.0 million , relative to the same period in the previous year :
» Rental costs rose by $ 7.0 million , driven by the payments of arrears to private sector landlords of $ 2.9 million , and to the National Insurance Board of $ 5.3 million .
» Spending on services were elevated by $ 34.1 million due to unbudgeted expenses related to the COVID-19 response , and outstanding health insurance premiums .
» Conversely , finance charges contracted by $ 37.4 million to $ 15.4 million , primarily due to reduced outlays related to Government debt financing and foreign exchange hedging activities .
Public debt interest payments widened by $ 69.7 million to $ 333.8 million ; reflecting from the elevated levels of borrowing since the onset of the COVID-19 pandemic .
Government subsidies , which include transfers to Government-owned and / or controlled enterprises that provide commercial goods and services to the public , also increased by $ 21.3 million to $ 351.3 million .
Subsidies to public non-financial corporations were higher by $ 25.3 million at $ 335.9 million , owing to the unwinding of certain COVID-19 support programs .
Pension and gratuity payments increased by $ 17.8 million to $ 120.9 million , and 70.9 percent of the budget , due to the government ’ s promised cost-of-living adjustment for pensioners , as outlined in the FY2021 / 22 Supplementary Budget .
Madam Speaker : During the first nine months of the fiscal year , capital spending contracted by $ 7.8 million to $ 160.1 million , mainly reflecting the reduction in the extraordinary COVID-19 related support to small and medium sized businesses .
Based on the revenue and expenditure activities , the overall fiscal position for the nine months to March 2022 recorded an estimated deficit of $ 334.3 million , which was $ 544.8 million below the same period of the year prior and only 38.9 percent of the forecast deficit .
To finance operations , government net debt increased over the 9 months by $ 677.4 million , resulting in a total Direct Charge , or direct claims on government at end-March 2022 of just over $ 10.5 billion , or 87.5 percent of GDP .
This represents a significant decline from the position at the end of June 2021 , when the government ’ s debt was 101.0 percent of GDP .
I ’ ll say that again : at the end of June 2021 , debt were at 101 percent of GDP and now we are at 87.5 percent of GDP .
Madam Speaker : I am pleased to report that , based on current projections , we anticipate revenue collections for the full fiscal year to total $ 2,455.1 million .
This equates to $ 208.6 million above the revenue targets established in June 2021 .
On the expenditure front , current trends suggest total recurrent expenditure will settle at an estimated $ 2,731.7 million , and capital expenditure at $ 230.6 million .
Madam Speaker : A few short weeks ago , during my mid-term budget contribution , I reported to the House that , upon coming to office , we encountered an estimated $ 1 billion in unsettled claims , unpaid bills and arrears .
Madam Speaker , I am now happy to report that , over as many months , we have conducted an extensive exercise to pay down arrears , and reconcile outstanding balances .
However , we still have a number of inherited arrears which we believe it is important to liquidate .
In this regard , we will be seeking Parliamentary approval for a Supplementary Budget for additional recurrent expenditure of $ 216,928,017 and capital expenditure of $ 34,491,123 .
These balances are owed to hardworking women and men , who have given their time , energy and resources , to contribute to the development of this nation , and months later , still haven ’ t been paid .