ROADTOWN Tortola BVI, November 14th, 2012 - Premier and Minister of Finance, Dr. the Honourable D. Orlando Smith, OBE will announce Government’s revenue and expenditure estimates tomorrow when he delivers the Budget Address during the Fourth Sitting of the Second Session of the Second House of Assembly.
Finance Minister Smith will outline Government’s fiscal plans for 2013 during his budget address, which will broadcast live on CBN Channel 51 and ZBVI Radio 780AM. The session begins at 10:00 am.
Following the budget address, legislators will convene for meetings of the Standing Finance Committee to discuss budgetary submissions with heads of each ministry, department, unit and statutory board. These meetings are scheduled to begin on Friday, November 16. As is customary, this will be followed by the budget debate in the House of Assembly.
The Constitution Order 2007, Chapter 8, Section 104, states: “The (Finance) Minister shall cause to be prepared and laid before the House of Assembly as soon as practicable before the beginning of each financial year, estimates of the revenues and expenditure of the Virgin Islands for that year.”
It further states, “The heads of expenditure contained in the estimates (other than statutory expenditure) shall be included in a Bill to be known as an Appropriation Bill which shall be introduced into the House of Assembly to provide for the issue from the Consolidated Fund of the sums necessary to meet that expenditure and for the appropriation of those sums to the purposes specified in it.”
Government’s fiscal year begins in January and ends in December of every year. This Government’s mantra is to improve the quality of life and the standard of living for the people of the Virgin Islands.
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