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Last Year Capital Works money rolling over to 2015/16 Budget

imageProvidenciales, 09 Feb 2015 – When government begins spending in the new financial year, it will have an additional 6.6 million dollars to work with for capital projects. Finance Minister Washington Misick in a report on Quarter Three performance shared this with media; dubbing it ‘good news’.

“The monies in the capital budget that was not spent in 14/15 is being rolled over into next year and that is something like, I think the overall budget was something like over $15 million and some $6 million of that is gonna be rolled over into 15/16 so that money will not be lost; that will be added to our capital expenditure or development fund budget up to somewhere around $20 million dollars within 15/16.”

Media asked why the resources are not being spent within the allotted time; the Minister admitted the late starts to the budget year hampers momentum on these vital projects.

“What has happened as a result of that, the absorption rate of spending could not be ramped up fast enough in every case to draw down fully on the appropriation. One of the things we are looking at doing in the upcoming budget is make provision for the establishment of a Project Management Team…”

It is expected that the 2015-2016 budget year will be around $230 million dollars.

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