2018-2019 Estimates Debate

Minister of Finance Chris Sinckler

The following was extracted from the Government Information Service website:-

Government’s Budget, setting out the Estimates of Expenditure and Revenue for the financial year 2018-2019, was today laid in Parliament, together with a projected forecast for the current financial year 2017-2018, and the Barbados Sustainable Recovery Programme (BSRP). These will form the basis of the Parliamentary Debate to ensue from February 12 to 16, 2018, on the Appropriation Bill.

Revised Fiscal Balance 2017-2018

On the accrual basis, Current Revenue of $3,134.8 million is expected, of which $2,914.5 million is tax revenue and $220.3 million is non-tax revenue and grant income.  Total expenditure is projected to be $4,479.8 million, of which $3,146.8 million is current expenditure, exclusive of amortization, and $361.7 million is capital expenditure. The revised negative net operating balance of $12.1 million represents 0.1% of GDP at market prices.

On the cash basis, current revenue of $2,999.8 million is expected, of which $2,779.5 million is tax revenue and $220.3 million is non-tax revenue and grant income.  Total expenditure is projected to be $4,479.8 million, of which $3,146.8 million is current expenditure, exclusive of amortization, and $206.5 million is capital expenditure.  The revised deficit of $353.6 million, on the IFI basis, represents 3.7% of GDP at market prices. The primary balance for the financial year 2017-2018 is estimated to be a surplus of $410.0 million on the accrual basis and $430.2 on the cash basis.

Overview 2018-2019

It is estimated that Government’s total expenditure for the financial year 2018-2019, on the accrual basis, will be $4,526.2 million. When converted to the cash basis, total expenditure is $4,463.3 million, a decrease of $16.5 million or 0.4% from the revised figure for 2017-2018.  Of the amount approved for the 2018-2019, $3,178.1 million represents current expenditure and $1,285.2 million represents capital expenditure and amortisation.

Expenditure on goods and services is expected to increase by $22.0 million to $413.9 million.  Current transfers are projected to decrease by $74.0 million or 6.2% to $1,116.1 million. The repayment of principal and interest on Government’s debt is expected to account for $1.8 billion compared to the revised projection of $1.9 billion.

On the accrual basis, current revenue for the next fiscal year is projected at $3,233.0 million.  On the cash basis current revenue is projected at $3,098.0 million, an increase of 3.3% over the revised revenue of $2,999.8 million for the financial year ending March 2018.

When amortization of $1,044.3 million is taken into account, a deficit of $321.0 million on the cash basis is expected, representing 3.3% of GDP.

On the accrual basis, the deficit is expected to be $8.5 million or 0.1% of GDP. The primary balance is projected to be a surplus of $478.8 million on the cash basis and $398.1 million on the accrual basis.

The Estimates for the 2018-2019 fiscal year include provision for the following activities:

  • (i) A current subvention of $145.5 million and a capital subvention of $3.8 million is being provided to the Queen Elizabeth Hospital;
  • (ii) Subventions of $87.7 million and $8.6 million have been provided to the Barbados Tourism Marketing Inc. and the Barbados Tourism Product Authority respectively;
  • (iii) An amount of $17.1 million has been provided to enable the preservation of investments made in CLICO International Life Insurance Limited;
  • (iv) $7.0 million has been provided for the CAF Road Rehabilitation Programme as well as $7.0 million for the IDB Road Rehabilitation Programme;
  • (v) Grant funding of $20.0 million is expected to be received as budgetary support and also to assist in carrying out the following programmes:
  • Renewable Energy Program;
  • The Hope Agricultural Training Institute Project;
  • UWI Food Security Project
  • (vi) A current subvention of $26.6 million and a capital subvention of $2.4 million have been provided to the Sanitation Service Authority;
  • (vii) An amount $10.8 million has been provided for the Public Sector Smart Energy Programme;
  • (viii) An amount of $12.2 million has been provided to the Barbados Drug Service for the purchase of drugs;
  • (ix) A current subvention of $71.3 million has been provided to the University of the West Indies;
  • (x) A current subvention of $19.0 million has been provided to the Welfare Department;
  • (xi) Skills for the Future programme under the Ministry of Education, Science, Technology and Innovation has been provided with an amount of $6.2 million;
  • (xii) $15.0 million has been provided for the redevelopment of Sam Lord’s Castle; and
  • (xiii) $15.0 million has been provided to bring to account projects of the Barbados Water Authority funded by the CDB and the Canadian Commercial Corporation.

Ministry of Finance & Economic Affairs

101 comments

  • Well Well & Cut N' Paste At Your Service

    Fractured Yardfowl..lol…the failed government is on its way out, you sound sour.

    The ministers and senators cannot even hide their failures, incompetence and corruption anymore, may as well start confessing to the people.., lol, lol.

    What a bunch of failures who were incapable of doing even the bare minimum for their own people and country for 10 long years.

    Like

  • You know that you are between a rock and a hard place when your leaders keep telling you that it could be worse; …that it is not as bad as their political enemies had predicted; ..or that there are other cities in this world with shit flowing in the streets..

    Only a sick mind could seriously see such an approach coming from a prime minister as viable.

    Leaders INSPIRE….. they don’t mourn.
    They look UP, and aim for improvement and betterment, …not down and grumble.
    Who compares themselves with failures and drop-outs for inspiration?

    Steupsss
    That they built that monument …with the pitchfork, is telling…..
    Tron is on point.

    Like

  • Well Well & Cut N' Paste At Your Service

    Bushman…lol…that damn monument will have every knee bowing and every tongue confessing, they think Karma is a lightweight, even I bow to Karma.

    And to think Friendel & Co are the ones built it and buried the dan pitchfork THEMSELVES, without any promoting …and with taxpayers money, lol.

    Look at the corrupt transport minister privatizing transport board on the sly, not openly…. and he thinks no one is noticing, he had 5 years to fix the bus service….5 years and what did he do instead, fill his pockets…

    … between him and CGI insurance, the government bus service now up in the air….I bet the sharks are already circling with Pandor as their spokesperson.

    Like

  • Have to agree with you Bush Tea, listening to the Prime Minister yesterday was uninspiring?

    Like

  • millertheanunnaki

    @ Talking Loud Saying Nothing February 15, 2018 at 3:04 AM

    The man speaks with a mouthful of contradictions.

    Just a ‘couple’ of weeks ago he said the idea of sending home public sector workers and making them the scapegoat for the country’s economic woes was like stench to his nostrils (equivalent to the South coast sewage).

    Can those 3,000 odd public sector workers expect their jobs back now that the economic growth created under his administration as a result of the 7 versions of their recovery plan is like perfume in the electioneering air?

    Now he is telegraphing the government’s intention to cut back on social entitlements available to not only these same public workers but also the wider overtaxed society.

    Isn’t the government the supplier of the same social entitlements which, by and large, involved a large workforce?

    So, a fortiori, less social services to be provided by the public sector workforce must result in a reduced workforce.

    Any other outcome would mean that many public sector workers would be retained on a system of payroll welfare; that is, getting free milk from the sore nipples without having to feed that taxpayers’ cow.

    If he and his party strongly believe in the mantra about Barbados being more than an economy then let them retain the ‘good’ society by outsourcing the provision of many of those social entitlements to the private sector. Let’s start with the low-hanging fruits like subsidized public transportation, water and the cleaning and maintenance of the roads and public places.

    Many of those earmarked for retrenchment under the imminent IMF public sector restructuring programme might just find work in the expanded private sector whose mantra would be summed up in one phrase: “Produce or Perish”.

    Like

  • Well Well & Cut N' Paste At Your Service

    What they are not saying and they all deserve a hard slap for not saying it, in McClean style…is…the present governance model has to be dismantled and restructured if the island is to survive….all that yardfowling to get votes. ..read…hiring public servants and packing them up like sardines at taxpayer’s expense to be lazy and just to vote in a particular government every 5 years, will also be a thing of the past, it has been overused and abused and the island will not be able to afford it going forward.

    Giving away everything from the treasury and pension fund to certain people on the island to collect bribes will also be a thing of the pass…no lender of last resort will tolerate that going forward…

    ,….the party is also over for corrupt governments going forward….but they will never mention that.

    Like

  • Well Well & Cut N' Paste At Your Service

    The problem with ALL politicians, ministers senators etc is their inability to articulate intelligently and truthfully realities to the public, this is a decades old problem, so they continue to condescend to and insult the public’s intelligence with contrived half truths and lies, even in the face of the highly enlightened information age and despite the existence of the information highway.

    They are all still living in the 1950s era…and exoect everyone to continue residing there with them, if ever there was a reason outside their incompetence, failures and corruption to arrest them all…that is right up there among the top five.

    Like

  • millertheanunnaki

    @Fractured BLP February 15, 2018 at 1:36 AM

    Fractured, where are your fellow yard-birds Alvin Boots Cummins and Angela the ac’ Skeete?

    Have they contracted a fatal case of the South coast strain of “Sewagitis” from dipping their yard-fowl beaks too often in the DLP cesspool on George Street?

    Is it true that your administration is planning to privatize the Transport Board through the backdoor as a prerequisite for the upcoming IMF bailout before and funds can be made available.?

    Since you are OSA’s personal aide in wiretapping is it true he plans to run ‘vicariously’ on an UPP ticket along with the Pitbull Estwick as he will never fulfilled his lifelong dream of becoming a MoF under a Stinkliar-controlled DLP dispensation?

    Enquiring on behalf of your ‘friendly BU blogger, the Prophet of the coming DLP Doom & Gloom.

    Like

  • Well Well & Cut N' Paste At Your Service

    The upcoming extinction of the yardfowl on Barbados’ landscape…will be a thing of beauty.

    Like

  • Well Well & Cut N' Paste At Your Service

    Waiting to see how and why Adriel Nitwit is being “unfaired” now.

    “AG knocks US authorities for unfair reporting on human trafficking.”

    These ministers are some of the most harsh and brutal, uncaring beasts to their own people, outside of the likes of that savage Lionel Craig and his ilk who paraded in Barbados in the 70s and 80s….and who deserves to be treated the same way in kind.

    Yesterdays shootings in the US was the direct result of an uncaring, hateful and jealous president who rolled back the laws which Obama signed and which would have aided in gun control, possibly keeping that assault rifle out of the hands of that disturbed little psychopath….he rolled back everything to spite Obama…., now some are saying not only should he too be charged with all the murders, but a twitter commenter posted how many millions of dollars he took from the NRA to not put gun controls in place.

    A list of names of all the hypocrite repugnants now mouthing empty platitudes at the families of those killed and alll the millions they took from NRA not to put gun controls in place and roll back Obama’s attempts to prevent wholesale slaughters in the schools and everywhere else was pisted lnline.

    That is what you do with brutal, vicious politicians, you make sure that people know they refuse to do their jobs, refuse to legislate real laws to protect those who pay their salaries or pritect the young and vulnerable, but instead indulge their bribe masters’ every whim to break laws, commit crimes and suffer or kill people, that is the lowlife nature of politicians.

    All these repulsive politicians take bribes outside of their salaries not to do their jobs, they are brutal, selfish and vicious and should be treated accordingly.

    Like

  • Talking Loud Saying Nothing

    @ millertheanunnaki February 15, 2018 at 7:30 AM,

    Stuart and his cabinet of misfits are the equivalent of home grown domestic terrorists. They have terrorised both the economy and the life chances of her people. What further acts does this government have to commit before the masses decide that Stuart must step aside. The cancer of corruption has eaten away at the skeletal frame of this government. The country is broke and the government is incapable of managing the country’s shrinking and decaying infrastructure.

    In the near future the life support machine will be switched off leaving the masses to die a painful and slow death. Our Southern African brothers have shown as a clear way how to ditch an unstable and a morally bankrupt leader. Who amongst us (Bajans) will encourage him to do the decent thing and step down for the good of the country?

    Like

  • @enuff

    What Grenville do you? Tell us!

    Like

  • David
    Besides disappoint, nuffin. Why you don’t ask Pachamama what he did to him? 🤣🤣🤣

    Like

  • Talking Loud Saying Nothing

    Well, well, well,

    I smell a rat. The CIBC First Caribbean bank is offering mortgages up to the value of 100%. This is going to end badly.

    “……..In an effort to get more Barbadians to borrow from a highly liquid banking system, commercial banks have been offering, in some cases, up to 100 per cent financing, with interest rates as low as six per cent.

    Whitelaw said CIBC would continue to go aggressively after this business.

    “So we are out there . . .[and] the response has been very good. We reach out to not just our existing clients but new clients as well,” she said in a brief comment to reporters on the sidelines of the bank’s Celebrate Love and Celebrate Home Ownership promotion today at its banking centre at the Dome Mall in Warrens, St Michael.

    During the month of February the bank is celebrating a “month of love” with clients through the promotion, which is designed to get more Barbadians interested in accessing mortgages, taking advantage of today’s observance of Valentine’s Day to showcase various concepts of home ownership and furnishing.

    “The message for our clients is that in this month of love we want to hold your hands to achieve that wonderful dream of owning your home,” Whitelaw said.

    https://www.barbadostoday.bb/2018/02/14/demand-for-mortgages-still-high-cibc-says/

    Like

  • Talking Loud Saying Nothing February 15, 2018 at 9:13 PM #
    .
    The CIBC First Caribbean bank is offering mortgages up to the value of 100%. This is going to end badly (Quote)

    I have said before, banks never learn. Just go back to the sub-prime crisis of 2008 to see how this could end. The banks’ business model is a Mafia model, they are laws unto themselves.
    The real problem is that if borrowers default they will repossess the homes and sell them on at cut-prices to their gangster friends. Where is our government? Where are our regulators?

    Like

  • Well Well & Cut N' Paste At Your Service

    If true, this is a very nasty move by government, once again willing to take bribes from the private sector to destroy the country and sell a taxpayer funded state owned entity fir very little to line their own pockets…

    …., it does not matter if the entity is not sold in the next 12-15 weeks…..it is after the election is when that matter should be addressed.

    “DLP plot’
    Symmonds accuses DEMS of secret move to complete BNTCL sale

    Added by George Alleyne on February 15, 2018.

    The Opposition Barbados Labour Party (BLP) is accusing the Freundel Stuart administration of plotting to bypass the ruling by the Fair Trading Commission (FTC) on the sale of Barbados National Terminal Company Ltd to the Sir Kiffin Simpson-led Sol Group.

    The BLP’s Kerrie Symmonds said in Parliament yesterday that he had evidence Government was contemplating changing the law so the sale could proceed, despite the FTC’s ruling on November 28 last year that the deal could not go through in its current form because it was “anti-competitive, restricts competition or potential competition”.

    In fact, during debate on the Estimates of Revenue and Expenditure for 2018 to 2019 Symmonds claimed to have had a copy of a January 19, 2018, letter from Sol to the ministries of Finance, Energy, and Industry and International Business, seeking confirmation on a draft legislation.

    According to Symmonds that letter also asked about confirmation on implementation of a moratorium, something the FTC had rejected.”

    Like

  • “The CIBC First Caribbean bank is offering mortgages up to the value of 100%.”

    For the Diaspora, this is one of the few ways to short the $BDS. If you buy realestate, with a 100% mortgage, and the dollar devalues, the cost of repaying your mortgage in your base currency, decreases proportional to the devaluation. It is a gamble.

    Like

  • NorthernObserver February 16, 2018 at 3:50 PM #

    There is no free lunch in this town. In Barbados to get a mortgage you have to take out a mortgage indemnity guarantee (with the lender as the beneficiary). This kind of insurance is outlawed in the UK.
    It means that if you default, for whatever reason, with poor consumer protection and a total absence of intervention by the courts, the banks repossess their property and offer it for sale at auctions to groups are operational gangs.
    The homes are sold at the market value; in the meantime the banks claim on the MIGs, usually valued at about 75-80 per cent of the market value. In any decent society, the lenders would take back their 20-25 per cent and hand the rest of the sale money over to the borrower. In Barbados they do not do this. It is a win win for the dishonest lenders.
    We are so good at talking that we get robbed and do not even notice: The Mutual, mortgage lenders, motor insurers, home insurers.
    Where are our regulators? Where are our ethical politicians? Where are our informed journalists? Where are our campaigning consumer groups?

    Like

  • Talking Loud Saying Nothing

    @ NorthernObserver February 16, 2018 at 3:50 PM,

    Only an economic illiterate member from the diaspora would now be prepared to invest their hard-earned money in Barbados. The country is highly unstable and we could say that of the whole Caribbean region. My parents, unfortunately, returned to Barbados, which was in hindsight a terrible mistake. Little did they know that they were going to return to a blighted and a corrupt country.

    The vast majority of UK blacks with a disposable income would prefer to invest their money in european countries or in the continent of Africa which appears to have a brighter future than the Caribbean region.

    @ Alvin,
    This reminds me of the Northern Rock bank and as you have stated the sub-prime market in America where the African American community was targeted. That something similar is about to unfold in Barbados is a terrible sign that things are about to get real ugly over there.

    Like

  • @TLSN
    I wasn’t referring to “investing”, it is gambling.
    Unfortunately, for all of us, we only live once [YOLO]. And finding a non-corrupt and unblighted location in our retirement years is not easy.

    Like

  • Talking Loud Saying Nothing February 16, 2018 at 4:32 PM #

    Once again, talking Loud, very perceptive. Barbadians do not realise the full extent of how poverty-stricken the country is, most of all, it is crippled by a poverty of ideas.
    Northern Rock used to give mortgages of 125 per cent of the value of the property. Look what happened to them.

    Like

  • Talking Loud Saying Nothing

    Sorry Hal, I mixed up your name up with Alvin!

    Like

  • Hal Austin February 16, 2018 at 3:59 PM #

    …”We are so good at talking that we get robbed and do not even notice…

    The root of the robbery is in the written language format of the contract.

    For the claims of the illegality of the contract, these grounds (below) can be successfully challenge in any court of Law with greater effect in a class action lawsuit for not establishing facts written in the correct quantum parse syntax grammar language by lawyers who have been trained to do just the opposite to harvest the economies of clients.

    FALSE and MISLEADING INFORMATION via advertising/statements.
    FALSE and FICTICIOUS CONVEYANCE OF GRAMMER as an illusion written in adverb verb and not in the correct parse syntax grammar.
    DEPRIVATION OF RIGHTS under the color of law.
    CONDUCTING CRIMINAL ACTIVITY HAVING KNOWLEDGE and making no effort to modify or disclose.
    FOR THE REFUSAL, DELAY OF THE EQUAL PROTECTION OF THE LAW.
    FOR NOT CONVEYING LEGAL DOCUMENTS in the correct Quantum Parse Syntax Grammar.
    JUDGEMENTS made by impersonators. PERJURY (having knowledge of a fact but tells a lie TO TWIST/SPIN IT).
    MISAPPROPIATION. Failing to carry out ones’ legal duties.. monetizing other than that intended.
    MAIL FRAUD by non affixing or photocopying of stamps and issuing AS supposedly/SUPPORTING LEGAL documents.
    MISREPRESENTATION. (ANYTHING within a box cannot be considered).
    UNILATERAL CONTRACTS (Contracts with one signature, not signed by the other party).

    …”Where are our regulators? Where are our ethical politicians? Where are our informed journalists? Where are our informed journalists?”….

    The regulators, ethical politicians, informed journalists and campaigning consumer groups
    are statured in the understanding and enforcing of the proper use of factual language written in the correct QUANTUM PARSE SYNTAX GRAMMER to correct the ills of all countries by documentation/vessels.

    Like

  • How amusing and amazing to see how the shady BLPites is now trying to ridicule the UPP team that the said BLPites…….spawned !!

    Hinkson cussed George Payne for being a BIG …..THEIF !

    George Payne cussed Mia Mottley……calling her a BIG Crook !

    George Payne cussed Mia Mottley for expelling Maria Agard !!!

    George Payne then turn around and accuses Maria Agard of getting financial support from the Dems !!

    Trevor Prescod cussed the members of the UPP !!!

    Poor BLP !!

    https://www.barbadostoday.bb/2018/02/17/agard-upp-not-funded-by-ruling-party/

    Like

  • Every taxi driver in this country will tell you all the horrible stories. For example, the story of some rich patrons from Sandy Lane villa resort who offered government a gift of 5 mill. USD to rebuild the sewage plant – but the local elite in power refused the offer.

    So what, Fractured? Guess why? Donors will never bribe.

    In ten years, so many African nations will overtake Barbados that the local elite will wish to get a job as maid and cleaner there.

    Like

  • Can Lynette Eastmond confirm or deny that she has been promised a Senate seat if the DLP wins? Hence her constant attacks on the BLP and not on the DLP who is the party in power destroying Barbados!

    Did anyone hear the finance minister idiot talking about people not getting back tax refunds on time? This man has to be off his meds………..I wonder who has been the minister for 8 long years………….

    We are doomed with these morons.

    Like

Join in the discussion, you never know how expressing your view may make a difference.

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

w

Connecting to %s