BASSETERRE, St. Kitts – THE 2013 fiscal year for St. Christopher and Nevis is expected to end with somewhat of a bang with the expectation that a surplus would be realised.
Prime Minister and Minister of Finance the Rt. Hon. Dr. Denzil L. Douglas delivered the 2014 Budget yesterday (Nov. 10) and gave insight into the outlook for the 2013 fiscal year in the process.
He explained that it is anticipated that revenue for 2013 would surpass expenditure, with a near 43 percent intake in recurrent revenue over the projected total.
“Based on the information we have to date, we anticipate that Revenue and Grants will be $731.7 million; 38.2 percent higher than the target. Recurrent Revenue will be in the region of $663.6 million or 42.9 percent above the estimate and will comprise of $334.9 million in Tax Revenue and $328.7 million in Non-Tax Revenue.
“We also expect that Recurrent Expenditure will be approximately $427.0 million; 4.3 percent in excess of the Budget. With Recurrent Revenue being higher than Recurrent Expenditure, a Recurrent Account Surplus of $236.6 million is being projected. Capital and Budgetary Grants are expected to amount to $68.1 million, surpassing the estimate by 4.5 percent.”
The Finance Minister projected that the overall surplus would be near $242 million.
“However, Capital Expenditure and Net Lending, which is projected to amount to $63.1 million, will most likely be less than the Budget by 11.6 percent. With projected Total Revenue and Grants exceeding the projection for Total Expenditure of $490.1 million, it is anticipated that we will realise an overall Surplus of $241.6 million and a Primary Surplus of $309.1 million.”
