The recurrent expenditure originally projected for the 2024 Budget is expected to increase by $6 million following the recently concluded Standing Finance Committee meetings.
Premier and Minister of Finance Dr. the Honourable Natalio Wheatley confirmed the increase in the House of Assembly on Monday, stating that amendments were made to the budget following the meetings.
This will result in the total recurrent expenditure increasing from the previous $376.95 million to approximately $383 million.
Premier Wheatley revealed his government’s source of funding for the additional monies that will be allocated.
He said some of the funds received from the Caribbean Catastrophe Risk Insurance Facility (CCRIF) will go towards the additional $6 million.
This includes a payout of over $849,000 that the territory received following a recent earthquake.
In addition, the premier referenced the $552,297 payout that the BVI received for the damage caused to the territory following the floods of Tropical Storm Philippe.
Premier Wheatley said the balance of the monies will derive from the Stamp Duty Tax fund.
He said this will amount to $5.3 million.