ROADTOWN Tortola BVI, March 29th, 2012    –   With the passing of the 2012 budget on Friday, Government is now tasked with being financially prudent, while finding creative ways to improve economic activity in the Territory.
 House of Assembly passed the bill titled, Appropriation Act, 2012, more commonly known as the budget, which reflects projected revenues of $289,545,000 and operational expenditure being $259,383,900. The figures show decreases when compared to the 2011 budget, which had projected revenues of $$287,884,000 and an operational expenditure of $259,807,800.

In his 2012 Budget Address titled, “Austerity Today Secures Economic Recovery Tomorrow”, Premier and Minister of Finance, Dr. the Honourable D. Orlando Smith, OBE explained that the Territory has faced reduced economic activity due to global events of the last four years. He indicated that 2012 is projected to be one of slow growth worldwide.

Financial Secretary Mr. Neil Smith told the Department of Information and Public Relations, “The Government of the Virgin Islands is focusing its attention on revitalising the local economy by developing and implementing policies and completing infrastructural developments that will enable further economic development through the facilitation of improved economic activity.”

Mr. Smith added, “In the process and in this new paradigm, Government is relying on the meaningful and active participation of the Virgin Islands’ people and the programmes being pursued are meant to empower them to realise this goal.”

According to Mr. Smith, he anticipates firm, yet fair decisions will be made in the Territory’s best interest, adding, “Our ultimate goal is to raise the standard of living for the people of the Virgin Islands now and for future generations to come.”

The financial secretary also said Government is expecting higher levels of investment, and the economy overall will benefit from more precise and longer term fiscal and economic planning.

Government’s renewed focus on fiscal planning is shown in its recently implemented austerity measures which include a $6,000 reduction on the remuneration package for all elected legislators, a seven-percent cut in operational funds and a 50-percent cut on increments on public officers’ salaries.

Now that the Appropriation Bill has been passed, the Finance Minister will sign a warrant authorising the Accountant General to spend monies in accordance with the provisions of the Appropriation Act.

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