Already late for the year, compared with earlier times, the 2020 budget, to finance the public services in Anguilla, is scheduled for presentation in mid-March, a month from now. The figures and allocations are currently under discussion involving Ministers of Government, Permanent Secretaries, Heads of Departments and other senior officials, with the talks being led by persons in the Ministry of Finance.
Premier Victor Banks, who has responsibility for Finance, spoke to The Anguillian newspaper about the progress of the budgeting arrangements: “Right now, we are in the preliminary stage of deciding on the various estimates for revenue and expenditure,” he explained. “The original calls came in pretty high in some areas and we are adjusting, as we go along, as to where we can make expenditure cuts and where we can realise future revenues. That is an exercise that goes on every year. Once that’s done, the estimates will be collated and will come to Executive Council for further approval. Right now we are meeting with all the Permanent Secretaries, Heads of Departments and other persons who are responsible for the particular areas. They are coming up with assumptions on where there will be increases in revenue and this is based on actual expectations in transactions that will take place in the economy.”
Premier Banks continued: “Last year the revenue from the accommodation sector grew close to about 30% over what was budgeted for. Of course that involved an increase in Accommodation Tax. The domain name [.ai] is performing very well and we have a number of transactions taking place in the real estate sector that will assist with the budget. Generally speaking, there is an increase in economic activity and, as a consequence, we expect a good year in 2020 – but we have to be very conservative in our approach.”
Asked for a date by which the 2020 budget will be completed and ready for service, the Premier replied: “We are hoping for mid-March.”
Earlier, Mr. Banks publicly said that there would be no new taxes to support the 2020 budget which would rely on current taxes, fees and levies. One of those measures is the continuing Interim Stabilisation Levy which contributes some 14 million dollars to the annual budget.
