Found at: http://www.anguillaguide.com/article/articleprint/4182/-1/135/
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BUILDING ON ANGUILLA'S SUCCESSES IN 2007 25% More In Revenue, 25% More in Spending
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The Anguilla Government, through the Ministry of Finance, is hoping to raise up to 174 million Eastern Caribbean dollars in recurrent revenue in 2007 from which to finance the island’s public services.
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Honourable Victor Banks
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In presenting the 2007 Budget Address on Tuesday, December 12, Minister of Finance, Victor Banks, told the House of Assembly that the above figure was 25% more than the revenue budgeted for in 2006.
Correspondingly, the Government plans to spend 25% more than in 2007 on the recurrent expenditure side of the budget than the amount budgeted for in 2006. The expenditure will therefore increase from $125.126 million to $157.101 million.
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Section of the invited guests at the Budget presentation
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Banks noted that the Government was not in the habit of spending frivolously and that “expenditure, recurrent and capital, ultimately is geared towards enhancing the lives of the people” of Anguilla.
The Government has made provision for $33.18 million in capital expenditure in 2007 – a reduction from the projected figure of $45.6 million. Three main new projects have been listed for financing: the National Community College, a Juvenile Centre and a new Prison.
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The Goverment side of the House of Assembly
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The cost of land acquisition will be met from a loan of $8 million. Other borrowed funds will cover road development through the eastern end of the island and the North Hill to Sachasses road to the tune of $7 million. Another $5 million will fund the completion of the new piers at Blowing Point and a Master Plan for the proposed deep water container port at Corito (including the current landfill in that area).
According to Mr. Banks, of the $33.18 million for capital expenditure, $20 million will be financed through borrowing. . The remaining $13.18 million will be provided from recurrent surpluses and capital grants and contributions.
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Opposition Members Hubert Hughes and Edison Baird
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The Finance Minister stated that the revenue budget was based on realistic projections with revisions in tax rates and some small increases in a few revenue sources. He said the Government would “continue to build on our successes in revenue collections to fund…social development and other objectives to build the architecture of Anguilla’s future.”
Banks noted that, as in previous years, the 2007 budget would be primarily supported by the strong performance of Import Duty (Other). “This is expected to continue as a result of the rapid economic growth we are experiencing with the increase in foreign and domestic direct investment,” he explained. “The major hotel projects are fuelling the economy, resulting in local investment in services, trade and commerce as well as private home construction, further contributing to the robust performance of customs duty.”
Other top revenue earning sources are expected to include Stamp Duty, Accommodation Tax, Motor Vehicle Licences, Bank Deposit Levy and Property Tax.
Mr. Banks said the theme of the 2007 Budget Address, “Building on Our Successes”, was a progression from last year’s theme which was “Managing the Challenges of Success.”
He went on: “It is not sufficient to simply ‘manage’ our successes but to ‘build’ on them as well to actively determine and shape the way forward for Anguilla. This is something that the general public has made clear and, like any good government, the Anguilla United Front government endeavours to be in tune with the will of the people.”
The Anguilla House of Assembly debate of the 2007 Budget Address and the Appropriation Bill incorporating the estimates of revenue and expenditure for the ensuing year commenced on Thursday, December 14.