Barbados government estimates debate starts today

Salaries bill to increase in next financial year.

BRIDGETOWN, Barbados, March 12, 2012 – Wages and salaries in Barbados are expected to increase by $22.9 million to $818.6 million as a result of increments.

These will be among issues being debated during the Estimates of Expenditure and Revenue for the financial year 2012 to 2013 which gets underway in the Lower House today from 10 a.m.

Government’s total expenditure for the financial year 2012 to 2013 is expected to be $3, 645.9 million, representing a $295.9 million increase over the revised figure for 2011 to 2012.

The Estimates for the 2012 to 2013 fiscal year will also include a $145.5 million subvention to the Queen Elizabeth Hospital, a subvention of $94.5 million to the Barbados Tourism Authority to facilitate marketing and promotion and $4.0 million to invest Barbados to continue its operations.

The debate which will be led by Minister of Finance Chris Sinckler will also see $1.8 million being allocated to the National Sports Council for the resurfacing of the stadium track at the National Stadium.

Meanwhile, expenditure on goods and services is expected to decrease by $0.2 million to $432.8 million. Current transfers are also projected to decrease, declining by $9.2 million or 0.9% to $1 017.5 million.

The repayment of principal and interest on Government’s debt is expected to account for $1.1 billion compared to the revised projection of $984.4 million.

On the accrual basis, current revenue for the next fiscal year is projected at $2 656.1 million. On the cash basis current revenue is projected at $2 620.1 million, an increase of 8.8% over the revised revenue of  $2 408.6 million for the financial year ending March 2012. Click here to receive free news bulletins via email from Caribbean360. (View sample)