The estimates of revenue and expenditure for the fiscal year 2022 amounting to one-billion, 329 million, 340 thousand, 860 dollars were presented in parliament today by Minister of Finance Camillo Gonsalves.
He said the figure represents a 9.6 percent increase over the approved budget for 2021.
Minister Gonsalves also noted that the current revenue of 677.5 million EC dollars is a 4.7% or 30.1 million dollars increase over the amount budgeted for in 2021 and the improvement in the revenue performance for 2020 is reflective of what is anticipated to be a strong uptick in real economic activities projected for the year.
He said revenue from tax services is expected to contribute 582.5 million dollars to the consolidated fund in 2022 while non tax revenues are estimated to gross 95 million dollars with increased tax revenue of 5.3%.
The total estimated recurrent expenditure inclusive of amortization and sinking fund contribution is 931.9 million EC dollars which Minister Gonsalves pointed out is 4.1% or 36. 7 million dollars above the amount budgeted for in 2021.
The finance minister said the items which accounts for the budget increase in 2022 include compensation of employees which have been increased by 2.4 % or 8.2 million dollars; other transfers which include social assistance; training; grants and contributions to local, regional and international organizations which have seen an increase of 5.7% or 7.3 million dollars.
Minister Gonsalves noted that the budget for 2022 is concentrated in 4 main functional areas which account for 79.9% of the recurrent estimates. He also pointed out that 144 new positions have been included in the estimates with the majority created in the Ministry of Health, Wellness and the Environment. Of the 61 posts created in the ministry, 22 of the positions are persons who will be added to the staff of the Argyle Isolation Centre to further support the services provided at the facility in light of the continuing challenges of the COVID-19 pandemic.