KINGSTON, Jamaica, CMC – Finance and Public Service Minister Dr. Nigel Clarke has tabled the Third Supplementary Estimates for the fiscal year 2023/24, providing for a total expenditure of J$1.094 trillion (One Jamaica dollar=US$0.008 cents).
The estimates represent an increase of J$58.2 billion over the second supplementary estimate. Clarke told legislators that financing of the forecast is programmed from a projected J$ 43.1 billion increase in revenues and grants.
He said this would primarily comprise increased tax revenues of J$35.8 billion, non-tax payments totaling J$6.1 billion, and grants amounting to one billion dollars.
Clarke said the estimates reflect, among other things, allocations to facilitate second-year implementation of the compensation restructure for ministries, departments, and agencies (MDAs) not accommodated in the second supplementary estimates.
He said that provisions had been made for the non-debt recurrent expenditure of J$719.4 billion and included below-the-line sums, representing an increase of J$39.1 billion over the second estimates; capital expenditure of J$66.6 billion, representing a J$8.7-billion reduction on the previous allocation.
He said debt service of J$308 billion, comprising interest payments of J$170 billion, representing an increase of J$14.9 billion, and amortization payments of J$138 billion, amounting to an increase of J$12.9 billion.
The additional J$39.1 billion in non-debt recurrent expenditure comprises J$1.4 billion to recurrent programs, J$37.2 billion for compensation of employees, and J$0.6 billion to other outflows, consisting of loans to public bodies.
“These indicated increases represent the net changes in each category as the overall adjustments to the prior budget involve reallocation, reductions, and additions to various activities.”
The Finance Minister said the net increase of J$1.4 billion on recurrent programs is, therefore, the result of adjustments inclusive of J$1.7 billion allocated for holding local government elections within the fiscal year.
Clarke said that J$480 million has been allocated to the Ministry of Economic Growth and Job Creation, of which J$400 million is for social housing and J$80 million to support water trucking by the National Water Commission (NWC) to drought-stricken areas.
He said that $420 million had been allocated to the Ministry of Local Government and Community Development, of which $100 million is programmed for the cleanup of town centers, $200 million for community roads, $120 million for disadvantaged housing, and $60 million for the trucking of water.
The Finance Minister said J$200 million had been budgeted for the Ministry of Labour and Social Security to provide compassionate grants; J$260 million will go to the Ministry of Agriculture, Fisheries and Mining for farm roads; J$126 million to the Ministry of Culture, Gender, Entertainment and Sport, including J$31.5 million to support the development of sports and cultural programs for youth.
The government said that J$1.6 billion had been allocated to support compensation restructuring payments for central government agencies as well as the Jamaica Urban Transit Company (JUTC), which will receive J$472 million, as well as J$345 million to the University Hospital of the West Indies and J$395 million to the Caribbean Maritime University.
The House’s Public Administration and Appropriations Committee (PAAC) will consider and report on the Estimates on October 4.
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