Secretary of Finance and Enterprise Development in the Tobago House of Assembly, Joel Jack, yesterday presented a $5.3 billion budgetary estimate for the fiscal year 2016/2017.
In his fourth and final budget statement under the current THA executive, under the theme “Maximising Opportunities in a Challenging Economic Environment,” Jack’s presentation included overall recurrent estimates of $3.209 billion and a decrease of $143.8 million under the fiscal 2015/2016.
Jack said the package included:
• Personnel expenditure—$876 million
• Goods and services—$1.12 billion
• Minor equipment purchases—$136.3 million
• Transfers and subsidies—$1,086 billion.
He also noted that 2017 estimates for development programmes totalled $2.03 billion, a decrease of $269.1 million from the fiscal 2016 request from the Central Government.
They included:
• Pre-investment—$5.0 million
• Productive sectors—$8.2 million
• Economic infrastructure—$690.2million
• Social infrastructure—$866.1 million
• Multi-sectoral and other services—$470.3 million.
Jack said the THA Executive found it prudent to reduce its request in the light of the current economic climate
“Our 2017 budget is fully cognisant of the current geopolitical and economic outlook. It also considers our need to maximise opportunities in these challenging times,” he told the Assembly.
“In light of this and the feedback from our annual budget survey, as well as extensive consultations with key stakeholders, we have identified seven fiscal priorities: economic expansion and job creation, support for critical economic sectors—tourism and agriculture, social sector development, education, health and housing, human capital development with a focus on youth development, environmental sustainability, community empowerment and strategic investment in physical infrastructure.”
The biggest allocation will go to the Division of Health and Social Services at $793.9 million, followed by Education, Youth Affairs and Sport with $563.8 million.
He also stated that more focus would be placed on saving for the “rainy day” on the island with the introduction of a Tobago Savings Plan.
“The report from the annual Trinidad and Tobago IMF Article IV 2016 Consultation stated that as a country we have under-saved and under-invested in our future. The IMF went on to explain that nationally we are not currently in crisis, but without mitigating measures we may find ourselves in a more precarious economic position in the near future,” Jack said.
“If we are serious about investing in our development, the THA is ready to consider the establishment of a Tobago Savings Fund or some similar vehicle to save for future generations. This investment vehicle will focus on long-term growth rather than immediate returns.
“Despite the current national economic challenges, as an island we cannot afford to wait for greater prosperity to begin to save and invest. As we say in Tobago ‘drip, drip does full bucket’; and so the time to begin this process of saving for the future is now.”
Jack noted though that the Development Programme Estimates for 2016/2017, while reduced, would still cater for a massive improvement in physical infrastructure on the island.
Among the key projects are:
• Improvement to the Plymouth/Arnos Vale Road—$15m
• Improvement to the Milford Road Bypass to Smith Field—$15m
• Improvement to the Milford Road Bridges—$50m
• Land Development at Adelphi Estate—$7.7m
• Development of Belle Garden Estate Phase II—$6.5m
• The Upgrade of Belle Garden Community Centre—$11m
• The Upgrade of Pan Theatres—$6m
• The Enhancement Programme for Communities—$5m
• The Construction of Scarborough RC—$75m
• The Improvement of Primary Schools—$25m
• The Establishment of Early Childhood Centres—$6m
• Land Development at Courland Estate—$60m
• Land Development at Friendship Estate—$28.6m
• Housing Development at Mt Irvine—$8.3m
• Land Development at Shirvan Road—$8.3m
• The Agricultural Access Roads Programme, Tobago—$60m
• The Construction of the Scarborough Abattoir—$20.5m
• The Construction of the Scarborough Market—$20.2m
• The Improvement to Beaches and Landing Facilities —$10m
• The Development of an Agro-Park at Friendship Estate —$5m
• URP —$80.3m
• CEPEP —$45m
Distribution for Divisions:
1. Assembly Legislature—$26.2m
2. Office of the Chief Secretary—$175.2m
3. Finance and Enterprise Development—$274.7m
4. Tourism and Transportation—$296.7m
5. Education, Youth Affairs and Sport—$563.8m
6. Community Development and Culture—$196.8m
7. Infrastructure and Public Utilities—$529.4m
8. Agriculture, Marine Affairs, Marketing and the Environment—$287.6m
9. Health and Social Services—$793.9m
10. Settlements and Labour—$40.8m
11. Planning and Development—$34.3m