Budget’s performance for 2009 to 2010 was poor
There’s a packed newscast tonight and we start with the budget presentation in the House today. The fiscal year closes at the end of March and the budget’s performance for 2009 to 2010 was poor, and don’t hold your breath because the coming year promises to bring new and additional taxes. In the current financial year, the projected decline in recurrent revenues fell by ten point three percent below the approved budget. Approved estimates for total revenues and grants were eight hundred and seven point three million dollars but the projected outturn is seven hundred and eighteen million point two dollars. That’s almost a hundred million dollars short in expected revenues. For the fiscal year which ended March thirty-first 2010, the government initially projected a primary surplus equal to zero point eight percent of GDG and an overall deficit equivalent to two point eight percent of G.D.P. But the major indicators of fiscal performance are projected one percentage point lower than the budgeted estimates. Prime Minister Barrow blamed it on the global recession.
Prime Minister Dean Barrow
“The impact of the recession was very much pronounced on government’s revenue collections. Total revenue is projected at $678.8 million or 10.3% below budget as both recurrent revenue and capital revenue underperformed. The projected decline in recurrent revenue to $674.6 million is 10.2% below the approved budget and is attributable to shortfalls in both tax revenue and non-tax revenue. On the other hand, the projected total inflow of $45.0 million from the local petroleum sector, as made up of royalties, income tax, working interest, production sharing, surface rental and environmental monitoring fees, has been a boon.”
“In the context of the limited resources available to us and based on the information gathered from the two previous years’ budget consultation processes, we will continue to emphasize education, health and physical infrastructure. We believe the progress already made in all three areas is undeniable, and of that we are immensely proud. Added to this priority list, will now be a heightened emphasis on domestic security and the maintenance of Law and Order.”
Need independent organization or expert to either defend or oppose the budget. This crucial issue should not be left to the politicians, since these decisions will affect the life of every Belizean for up to ten years into the future.
The attitude that the Prime Minister showed at the Budget’s Presentation is shameful. It only shows the lack of professionalism and poor leadship that this government has. Instead of wasting time in blaming external factors, why don’t they invest more time in coming up with better alternatives that will affect less the working class. Everything said was just a disguise to cover for all the corruption that has been going on….
If they are so desperate in trying to find more sources of revenues, why don’t they start with placing a system that will end all the stealing (and mishandling of public money) … at customs for example… millions that should be collected as revenues for the government are going to their pockets… you don’t have to be that smart to know that the real business is there….
We have to stand for what is right… and the P.M’s behaviour has fallen short…..
This government should copy Chile who is an exemplary country that can fend for itself financially. For example in these past days when they had the terrible temblor they did not ask for any int´l help immediately bec the country was self sufficient to help itself.
In response to Dominique, I agree with your opinion and would also suggest implementing the new term “lifestyle Audits”. It would be interesting to see why certain people have a lot more money that can be legally accounted for. I know this is an idea that could never be implemented, because it is too politically charged, but who knows.
you said it ‘Dominigue’. all both parties ever do, is blame everybody and everything on our ongoing money issues, instead of coming up with and implementing cost saving programs and cutting down or even attempting to elliminate corruption
My input on this year’s budget speech is that the Prime Minister simply clouds the mind with all his language only him could understand, and not getting his message entailed in the budget across. He says he fights for the integrity of the poor but yet majority of the poor don’t even understand his terminology. (We are in Belize not your firm) You Prime Minister represents the people, but yet ordinary Belizean don’t speak your language, you need to be grass roots.
However, what I will note, and note for a the years to come is that he is unfair and prejudice against the working class Belizeans. He wishes to tackle the income tax threshold, and in so doing he should maintain the $24,000.00 across the board, not just the poor (I am poor too, I have liabilites not like yourself in the intergrity declaration). I understand he is doing it for the poor, but we must put a light on in his head, that overall Belizeans are living in a poor country. If you talk about fair and just for the Belizeans, then you must be fair across the board. $24,000.00 across the board.
Here is where we need the opposition party to oppose any tax increase which will affect the poor people of Belize. The government should increase taxes such as in the Petroleum Industry, the Banks, etc.
PM can u not come with another solution to bridge the economy we are going trough.
Shamful mein!
I like the lifestyle audit idea from Elena. Perhaps the Integrity Commission should be given more power to investigate corrupt public officers.