12 FY2022 / 2023 BUDGET COMMUNICATION out the pandemic , and continue to do so now with little to no public sector support .
I ’ m sure the whole House will want to join me in thanking Bishop Hanchell and Bishop Rolle ., who , with such little support , fed thousands of people during the pandemic .
However , Madam Speaker , our support to these hard-working NGOs goes even further . Under this new budget , all property owned by religious organizations , trade unions , civic organizations and burial societies will now be exempt from the payment of Real Property Tax . This reduction in taxes will put money back in the pockets of the entities to allow them to further their reach in communities .
Madam Speaker : Coming out of the pandemic , one of the glaring critical national needs which can no longer be ignored , is the need to enhance the level of individual and national healthcare provided .
Madam Speaker , I am extremely pleased to be able to announce that we have allocated $ 10 million for catastrophic health care in this budget . This means that , for the first time , the Government can provide meaningful assistance to longterm dialysis patients , heart patients and others facing serious medical issues .
We have also provided funding to capitalize the Grand Bahama Health Centre Development Company , the entity which will construct the Grand Bahama Hospital . This is being facilitated through a loan for $ 150 million , which is now being finalized .
Subject to agreement with the various unions , Madam Speaker we have also provided funding to increase the salary of teachers , and to pay a retention bonus to teachers and nurses .
EXPENDITURE : OPPORTUNITIES FOR BAHAMIANS
Madam Speaker : In our ‘ Blueprint For Change ’ we detailed a number of initiatives which will expand opportunities for Bahamians , especially in the Orange , Green and Blue Economies .
Our athletes have contributed so much to The Bahamas . Their successes inspire our student-athletes at home and promote our country on the international stage .
Recognizing this , we have restored the funding to the Elite Athletes Programme as part of our effort to enhance support for our athletes and sporting programs .
We have also included a $ 1 million allocation to facilitate the hosting of CARIFTA , funding for our bid to again host the World Relay Games , funding to support the return of The Bahamas Games , and a 10 percent increase in grants for the Ministry of Youth Sports and Culture .
We have increased the allocation to Urban Renewal by an additional $ 500 thousand . This will allow for expanded reach into inner city communities , through more meaningful educational and community programmes , including its world-renowned marching band .
We have provided adequate funding for the activities surrounding the 50 th Anniversary of our independence .
For many years , our creative communities have emphasized the need for a national School for the Creative & Performing Arts . Madam Speaker , this coming year we are taking active steps to make this vision a reality , and in the coming months will be making more specific announcements in this regard .
EXPENDITURE : SECURITY
Madam Speaker : I have already spoken to the increased investment we are making in the national security services .
To make our communities safer , we are also investing in our efforts to combat crime by investing in the construction of a new prison complex , using a Public Private Partnership vehicle .
We are also allocating $ 6 million in funding for the purchase of new vessels for the Royal Bahamas Defence Force . We have also increased our capital allocation for the RBPF to allow them to purchase the necessary crime fighting tools .
Madam Speaker : Turning to wider issues of security : we have increased the funding related to food security and increased our direct support to farmers , because growing a greater share of our own food will dampen the impact of inflation and provides economic benefits and opportunities .
A significant component of this support will be provided through a re-focused Bahamas Development Bank and Small Business Development Agency . These agencies will work with the Ministry of Agriculture and Marine in providing that support .
Madam Speaker : We have allocated 10 percent of overall revenue collected in the Family Islands from property tax and road traffic fees , to the creation of a Family Island Development Trust Fund in the amount of $ 200 million .
This fund will facilitate the Government in making immediate and significant investment in Family Island infrastructure .
This fund would be a sub-fund of the National Infrastructure Fund .
We also propose to leverage the aviation-related revenue to create a fund for aviation infrastructure , which would be another sub-fund of the National Infrastructure Fund .