THE HOUSE OF ASSEMBLY WILL CONVENE ON APRIL 10, WHERE THE ESTIMATES OF REVENUE AND EXPENDITURE WILL BE DEBATED.

The House of Assembly will begin the debate on the Estimates of Revenue and Expenditure 2019/2020, this week.

The Estimates of Revenue and Expenditure signals the presentation of the Appropriations Bill, commonly referred to as the Budget. The Budget process is a lengthy financial plan that details the country’s projected income and expenditure.

Revenue and expenditure is normally estimated to determine whether there is a surplus or deficit. Typically, revenue would be derived from taxes imposed on citizens as well as grants given by friendly governments or donor agencies. Critical for government is its expenditure which can be current or capital expenditure. The Acting Budget Director, Paula Joseph, said current expenditure involves normal operations like payments of wages and salaries, utility bills, debt servicing, subsidies given, grants and contributions. Capital expenditure however entails asset acquisition.

While the budget is presented every year, the process is actually a 24-month cycle.

“Once the Appropriations Bill is passed, government issues a general warrant which allows ministries to be able to spend against a consolidated fund, although there are provisions that would allow spending prior to that,” Ms. Joseph said. “Once that is done, government will begin to execute and plan for the next fiscal year.”

The Throne Speech will be delivered on April 9.