The budget for the 2014/2015 fiscal year ending June 30, 2015, was passed in the House of Assembly June 19, 2014, with 24 Members of Parliament from the governing side voting in favour, six “nays” from the opposition and seven absentees.

Regarding the prominent features of the budget, for the upcoming fiscal year the government has budgeted Recurrent Expenditure at a level of $1,823 million, just $2 million up from the 2012/2013 fiscal year which was $114 million higher than the 2011/2012 fiscal year.

According to the Prime Minister Perry Christie, this was “in part reflecting a year-over-year $40 million increase in debt servicing costs, $30 million of which in respect of interest expense and $10 million for debt redemption. Another $30 million of the increase reflects a simple re-classification of some expenditure from the capital to the recurrent expenditure budget. The $33 million balance of the increase in Recurrent Expenditure amounts to a rise of 1.9 per cent, significantly less than the projected increase in gross domestic product.”

This analysis was offered by the Prime Minister as he wrapped up the budget debate in the House June 18, 2014.