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PRESS OFFICE |
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APPROVED ESTIMATES 2006/2007 |
REVISED BUDGET 2006/2007 |
DRAFT PROPOSED ESTIMATES 2007/2008 |
TOTAL REVENUES AND GRANTS |
598,648,177 |
626,885,289 |
678,522,913 |
RECURRENT REVENUE |
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TAX REVENUE |
513,901,622 |
528,837,402 |
593,922,989 |
Income and profits |
135,067,420 |
136,279,526 |
170,256,298 |
Taxes on property |
6,115,000 |
5,316,191 |
5,617,722 |
Taxes on international trade and transactions |
170,427,516 |
164,281,950 |
180,138,867 |
Taxes on goods and services |
202,291,685 |
222,959,735 |
237,910,103 |
NON-TAX REVENUE |
49,043,206 |
53,519,944 |
56,998,180 |
Property Income |
4,500,000 |
4,500,000 |
7,700,000 |
Licenses |
11,179,600 |
10,248,700 |
10,423,300 |
Other |
33,363,606 |
38,771,244 |
38,874,880 |
TOTAL RECURRENT REVENUE |
562,944,828 |
582,357,346 |
650,921,169 |
CAPITAL REVENUES: |
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Sale of Crown Lands |
7,172,500 |
5,388,577 |
6,797,524 |
Return on Equity |
- |
4,292,698 |
3,328,909 |
TOTAL CAPITAL REVENUES |
7,172,500 |
9,681,275 |
10,126,433 |
GRANTS & DEBT SERVICE RECEIPTS |
28,530,849 |
34,846,668 |
17,475,311 |
TOTAL EXPENDITURES |
667,901,273 |
702,905,572 |
703,235,731 |
RECURRENT EXPENDITURE |
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Personal Emoluments |
223,564,558 |
220,259,920 |
235,313,278 |
Debt Service – Interest and Other Charges |
145,571,920 |
169,528,568 |
107,938,208 |
Pensions |
39,802,215 |
39,802,215 |
39,019,482 |
Goods Services |
152,746,569 |
159,681,570 |
202,965,322 |
TOTAL RECURRENT EXPENDITURE |
561,685,262 |
589,272,273 |
585,236,290 |
CAPITAL EXPENDITURES |
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CAPITAL II EXPENDITURES |
54,157,460 |
79,948,328 |
49,956,293 |
CAPITAL III EXPENDITURES |
48,850,551 |
30,476,972 |
64,835,148 |
CAPITAL TRANSFER & NET LENDING |
3,208,000 |
3,208,000 |
3,208,000 |
TOTAL CAPITAL EXPENDITURES |
106,216,011 |
113,633,300 |
117,999,441 |
RECURRENT SURPLUS/[DEFICIT] |
1,259,566 |
(6,914,926) |
65,684,879 |
PRIMARY SURPLUS [DEFICIT] |
76,318,824 |
93,508,285 |
83,225,390 |
OVERALL SURPLUS/[DEFICIT] |
(69,253,096) |
(76,020,283) |
(24,712,818) |
AMORTIZATION |
(122,982,893) |
(99,123,682) |
(61,653,891) |
FINANCING |
(192,235,989) |
(175,143,965) |
(86,366,709) |
GDP (in BZbillions) |
2.414 |
2.428 |
2.558 |
Overall Surplus/Deficit (+/-) as a % of GDP |
-2.87% |
-3.13% |
-0.97% |
Primary Surplus/Deficit (+/-) as a % of GDP |
3.16% |
3.85% |
3.25% |
Budget Presentation for Fiscal Year 2007/2008
Introduction
Madame Speaker,
I move the first reading of the General Revenue Appropriation Bill for Fiscal Year 2007/2008.
Last year when we presented the budget proposals we laid out certain policy undertakings which the Government intended to pursue in the course of the year. Ambitious targets were set for fiscal performance. We challenged ourselves to chart a new way forward in order to achieve medium term stability and sustainability.
Overall performance for the year, I am pleased to report, is generally good with the out turn expected to exceed the targets set in most cases.
In this year’s budget proposals, Belizeans will see that we are not only securing the gains we have made in our public finances but also addressing the priority needs of our young growing nation.
It is a Budget that ensures our country continues to grow in a steady sustainable way:
- A Budget that will generate more and better paying jobs;
- A Budget that invests more in the human capital of Belize through education and training for more productive living;
- A Budget that tackles the challenges facing families right now by creating healthier and stronger communities;
- A Budget that invests in our nation’s economic infrastructure; and
- A Budget that still ends the year with a much reduced deficit and another primary surplus.