B.V.I. Monday, April 20 – Government is now ready for the next step of the budget process with the debate of the 2009 Appropriation Bill scheduled for April 27-28 to be held at the House of Assembly beginning at 10:00 a.m.

Between March 3rd and 31st, permanent secretaries, heads of departments and other top managers appeared before the Standing Finance Committee to defend their projected revenue and expenditure submissions.

Members of the House of Assembly are now meeting to complete the final report on the deliberations of the Standing Finance Committee ahead of next week’s budget debate.

Minister of Finance Honourable Ralph T. O’Neal will table the report.  After the Appropriation Bill is debated, once passed, it will become the 2009 Appropriation Act.

Subsequently, the Minister of Finance will sign a warrant authorising the Accountant General to spend monies contained in the Appropriation Act.  In the Public Finance Management Act, 2005 the Appropriation Act is defined as an act to apply a sum out of the Consolidated Fund to the service of a financial year and includes a Supplementary Appropriation Act. 

By law, the annual budget must be passed by the House of Assembly no later than April 30.The Minister of Finance presented the 2009 budget address on February 26th and the proposed budget was referred to the Standing Finance Committee for deliberation.  

The theme of the 2009 budget address was Facing Threats and Capitalising on Opportunities.  Government’s projected revenue for 2009 is $279,841,000 with an operational expenditure $252,465,400. The public is invited to listen to the budget debate as Government has made arrangements for live coverage of the proceedings to be aired on radio station ZBVI and CBN Channel 51.