Prime Minister and Minister of Finance Dr. Ralph Gonsalves presented the Estimates of Revenue and Expenditure for the fiscal year 2017 in Parliament this morning, which amount to 976-million, 943-thousand 437 dollars.
The Prime Minister said this year’s budget is some seven percent increase over the amount budgeted for 2016.
He said the 2017 Budgetary Estimates comprises Recurrent Expenditure inclusive of Amortization and Sinking Fund Contributions of 747 million, 376 thousand, 387 dollars, and Capital Expenditure of 229 million, 567 thousand and 50 dollars.
Dr. Gonsalves said the 2017 Budget is financed by Current Revenue of 590-million, 740-thousand, 680 dollars and Capital Receipts totaling 368 million, 202 thousand, 757 dollars. The Current Expenditure is 601.747million.
According to the Finance Minister, the Current Revenue estimate for 2017 is 4.6 percent or 26.1 million dollars higher than the budgeted Current Revenue for 2016.
He said there is a budgeted current account deficit of eleven million, seven thousand two hundred and ninety one dollars.
The Prime Minister noted that revenue from tax sources is expected to yield 505.6 million dollars, while non-tax revenue is estimated at 85.2 million dollars.
”The improvement in the revenue estimates for 2017 is reflective of the continued real economic growth projected for this year,” Dr. Gonsalves said.
He disclosed that in 2016, actual revenue collections amounted to 589.4 million dollars or some 4.4 percent above the budgeted revenue for that year.