Budget report due before election day

| 05/04/2013

(CNS): The interim government has confirmed that a pre-election budget report, currently being completed by civil servants, will be published before 24 April. In accordance with the law, ensuring that everyone who is running for office is aware of the state of the country’s public finances ahead of the national poll, the report cannot be released less than 42 days before the election. As a result, Cabinet members said Thursday that they were unable to reveal how close government is to meeting the whopping $87 million surplus predicted in the 2012/13 budget. However, Deputy Premier Rolston Anglin said they believed government could expect a “healthy” surplus.

There is speculation that, despite significant cost-cutting efforts, government will not reach the target surplus but there has been no indication of how far short the public purse will be when it comes to the year-end result.

The incumbent politicians have no input in the report, which will be released ahead of the election but will still be a projection. With little activity in May and June in terms of government spending and earning, however, Anglin, who is a qualified accountant, said that the figure would give a reasonable assessment of how the year is likely to end.

He said that Cabinet members had not yet seen the report and its projections but, by all other indications, government was confident of what would be a “healthy surplus" by 30 June 2013. The report itself will be gazetted sometime after 10 April but before the 24 April and made public. Anglin stated that the ministers would be in a position to comment on the report at next week’s briefing with the media.

The report will contain predictions regarding the unemployment levels, inflation, bank balances and the budget surplus, and while Cabinet believes the forecasts will be relatively close to the actual performance of government and the economy for this financial year, its accuracy won’t be known until after the year-end and the election.

Arguments persist regarding the final budget of the previous PPM administration and the much discussed $80 million deficit. But question marks remain about the predictions that were given in March 2009 to the government at the time compared to the figures revealed during the election campaign that year. As a result, the deputy premier said efforts were being made by the administration to ensure the predictions were as accurate as possible and that they reflected the true position of government finances, especially where government companies were concerned.

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  1. Anonymous says:

    This will be accomplished by paying all suppliers after June 2013.

  2. Anonymous says:

    Taking away McKeeva's credit card and travel allowance for 5 months would place the last 10 budgets into a surplus position.

  3. Anonymous says:

    Well, if the politicians have no input, and this document turns out to be wrong, I know who can pack their bags for a 4 year vacation on the required leave program lol

  4. Anonymous says:

    Will just one party or group step forward and say this.

    Our goal is to deliver a annual budget on time.

    We will create monthly reports to track performance.

    We will provide quarterly audited financial reports.

    We will make the tough decisions required to balance the budget by the end of our term. 

  5. philo the philopher says:

    Ladies & Gentlemen,

    The following was uttered during a recent appearance on a local radio talk show by a member of the ruling UDP party, when the Deputy Premier said!

    And I quote.

    Efforts are being made by the administration to "ensure" that predictions made are as accurate as possible, and that they reflect the true position of government finances, especially where government companies were concerned. End of quote.

    Now Ladies & Gents, not only do we had a qualified accountant as D.P. but one who is also  a Psychic, one who has the amazing ability to ensure that the predictions made by his Government are as accurate as possible. Now the key word here is ENSURE! So here is my question! How does one accurately predict anything that we have absolutely no control over. The predictions that you speak of Sir , are guesstimates made by your Government based on projected domestic growth in the economy, which is basically a bet "That No One Will Hedge".

    So I for one has little or no faith in anything that I hear being spewed from the mouths of any of these UDP psychics. For they have now finally reached their level of INCOMPETENCE.



  6. Anonymous says:

    If these audits are as good as previous ones, then they're as much use as trying to put out a fire with fuel.

  7. St Peter says:

    A pig just flew by my window towing a long red banner which said "please help me find the whopping $87 million surplus"…

  8. McCarron McLaughlin says:

    I hope the CIG pays all their suppliers to reflect a real figure, otherwise we maybe fooled into believing our finances are on the rise!!

    I've heard a few horror stories on how long the CIG takes to pay out funds.

    • Anonymous says:

      That should not matter in accrual accounting. One of the big problems is the pensions not being accrued for. I imagine it's the same for depreciation. 

  9. Anonymous says:

    A budget projection just before an election is guaranteed to be a work of fiction.

    • Anonymous says:

      Exactly.   Budget report — what good is that?   Give us a complete and vetted audit, so we have at least a clue as to the actual state of the country's finances.    We know it's bad;  we want to know just how bad, and only then can a plan be crafted to more forward in a positive manner.  

      • Anonymous says:

        Is there anything in the budget for the churches that ju ju is friendly with?

  10. Anonymous says:

    Oh yes, we all know about UDP and PPM surpluses!!

    Not being renowned mathematicians their budget reports generally have lots of minuses, in the places where there should be pluses…but that's a surplus, right? Especially if you close one eye and squint into the sun with the other…

  11. St Peter says:

    Well we did save quite a bit since December when Mac was prevented from going back on tour.

    He was unable to do his last 'around the world twice in 90 days excursion'..

  12. Anonymous says:

    ah yes…. its about time we had another pretend budget….