Premier and Minister of Finance Dr. the Honourable Natalio Wheatley has announced a 2023 budget totaling $399.33 million with the Ministry of Health to receive the largest percentage of the recurrent allocations.
Premier Wheatley made the announcement during the 2023 Budget Address in the House of Assembly this morning.
He said the numbers display a conservative projection, adding that it shows a healthy level of performance of the territory’s economy with expenditure figures that represent a decrease from the 2021 budget.
“The 2023 total budgeted expenditure of $399.33 million is a decrease by $21.17 million over the total revised expenditure for 2021 of $420.5 million. With 2023 recurrent revenues projected at $373.03 million, this is an increase of $11.68 million over 2022’s actual revenues of $361.35 million. Should be noted that 2022 revised revenue estimates are just above 1.3 percent or $4.7 million more than what was initially projected when the 2022 budget was passed last year,” he stated.
Ministry of Health receive 18.3 % of budget
Premier Wheatley also revealed that the Ministry of Health and Social Development is the recipient of the largest percentage of the total budget allocations, receiving some $73.07 million or 18.3 percent of the budget.
He said $71.43 million of that sum is for recurrent expenditure while $1.46 million will go towards development initiatives.
The Ministry of Communications and Works will receive the second largest percentage of 15.65 or $62.51 million, with $48.66 million accounting for recurrent expenditure and $13.85 million for development projects.
Receiving the third largest portion is the Ministry of Education, Culture, Youth Affairs and Sports with $55.7 million or 13.95 percent. $7.38 million will go towards development and $47.87 million for recurrent expenditure.
The other beneficiaries of the budget include the Governor’s Group which will receive $52.3 million, the Premier’s Office with $43.3 million, the Ministry of Finance with $37.18 million and the Ministry of Natural Resources and Labour with $7.77 million.
Premier Wheatley also said that a $36.7 million recurrent surplus is projected.