Premier and Minister of Finance Dr. the Hon. Natalio Wheatley presented the BVI’s 2025 Budget in the House of Assembly on Monday, unveiling a projected revenue collection of $407,931,923 for the upcoming fiscal year.
According to Premier Wheatley, the budget represents a nearly $100 million increase in revenue compared to 2015, reflecting resilience and growth in the BVI economy despite natural disasters, global pandemics, and political challenges.
Dr. Wheatley detailed the sources of revenue, with the majority—$379,889,678—coming from taxes. This includes payroll taxes, property taxes, taxes on goods and services, and taxes on international trade. An additional $25,510,245 is expected from other revenue streams such as property income, sales of goods and services, and fees, while grants are anticipated to contribute $2,532,000.
Fund Contributions for Key Sectors
From the total revenue, approximately $5.88 million will be allocated to various special funds aimed at enhancing environmental protection, tourism, and transportation infrastructure. Specifically: Environmental Protection and Tourism Improvement Fund at $2,897,367; Miscellaneous Purpose Fund with $1,690,400; and Transportation Network Improvement Fundat $1,290,005.
Major Allocations for Recurrent Expenditures and Debt Repayment
A significant portion of the budget will go toward Recurrent Expenditure, amounting to $407,374,500, ensuring the operation of public services and administration. Additionally, $14,758,600 has been set aside for principal repayments on the government’s existing debt, indicating a commitment to fiscal responsibility and reducing the national debt burden.
Capital Expenditure Prioritizes Development and Infrastructure
Premier Wheatley also highlighted the Capital Expenditure allocations, with a total of $60,689,000 set aside to support the territory’s development and infrastructure projects. This includes: Development Projects totalling $52,500,200, which will fund various growth initiatives aimed at improving essential services and infrastructure and Capital Acquisitions of $8,188,800, which will cover the purchase of capital assets needed to advance government operations and service delivery.