Cabinet increases 2024 capital budgets by $7.4M

(CNS): Under section 11 of the Public Management and Finance Law, Cabinet has effectively added another CI$7.4 million to the 2024 budget with the approval to increase capital funding for various government projects by CI$7 million. According to brief meeting notes from 14 August, the government’s inner circle approved an equity injection of $3 million for the John Gray High School project, and another $4 million has been allocated to the Ministry of Border Control and Labour for undisclosed projects.

Transfer Payment 51, under the Ministry of Education, has also been increased by $400,000 for training assistance and a one-time grant to Triple C School.

The Cabinet notes do not reflect an equivalent reduction of any line items in the budget, implying that this is additional spending. The most recent public release relating to government finances shows it is currently running a significant surplus of CI$216 million. But its senior accountants have warned that this will decline as the year advances because the government collects most of its revenue from the offshore sector earlier in the year.

The same Cabinet minutes also show that the government is continuing to acquire land, but the details of these latest acquisitions have not been documented. The Cabinet approved the purchase of Block 98D Parcels 124 and Block 75A Parcel 208, both of which include vehicular right of way in favour of the general public. The government also bought Block 72C Parcel 213, Block 101A Parcel 7, and Block 110A Parcels 23 and 28.

The government has also approved the issuance of a coastal works permit for the construction of a private dock and cabana offshore Block 24C Parcel 21 in Patricks Island.