Wed | Sep 26, 2018

Phillips: Going forward, Jamaica's budgets will be passed before fiscal year begins

Published:Wednesday | September 17, 2014 | 2:24 PM
Finance Minister Dr Peter Phillips. - File

Finance and Planning Minister, Dr Peter Phillips says going forward, all of the country’s budgets will be passed before the beginning of the fiscal year on April 1.

Estimates of expenditure are typically passed in April.

However, for the last two years, the estimates have been passed in May.

According to Phillips the requirement is included in the fiscal rules which were recently incorporated into the Financial Administration and Audit Act.

He says the measure is also good sense.

As a result of the requirement, Phillips says the supplementary budget will have to be passed before the end of the calendar year.

The Finance Minister was speaking at a Jamaica House Media Briefing this morning.

The briefing was held to update journalists on a recent two day cabinet retreat which was held earlier this week in part to plan the upcoming budget.

Phillips says during the retreat, cabinet members took stock of recent economic developments and charted the course for the rest of the financial year.

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