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Government to table Supplementary Budget next week

Published:Tuesday | November 18, 2014 | 3:22 PM
Finance Minister Dr Peter Phillips. - File

Daraine Luton, Senior Staff Reporter

KINGSTON, Jamaica:

Parliament will on December 9 consider the first Supplementary Budget for the 2014/2015 fiscal year.

Finance Minister Dr Peter Phillips announced in the House of Representatives today that the Supplementary Estimates will be tabled next week.

A Supplementary Estimate is tabled whenever it becomes obvious that previously approved budgets is no longer credible.

Parliament had approved a $539.3 billion budget  to carry out the activities of the country.

In the 2014-2015 Estimates of Expenditure, some $233 billion or 43 cents out of every dollar, go towards servicing the debt, while $160 billion has been earmarked for the payment of wages.

But with lower than projected revenues from taxation,  the government has had to cut back on spending.  

It is expected that spending could be $7 billion below projection this year.

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