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Home | March 2013 Please tell us what you think of this article. Tell a friend Print Friendly

St Helena : St Helena Announcement BUDGET SPEECH, March 2013
Submitted by Saint Helena Herald (Public Relations Information Office) 24.03.2013 (Article Archived on 21.04.2013)

Financial Secretary Colin Owen today delivered his first Budget Speech to Legislative Council, including Estimates of Recurrent Revenue, Expenditure and Capital Expenditure. He said that:

BUDGET SPEECH, March 2013


 


Financial Secretary Colin Owen today delivered his first Budget Speech to Legislative Council, including Estimates of Recurrent Revenue, Expenditure and Capital Expenditure.  He said that:


 


‘In terms of financial results, SHG has performed well in 2012/13, with expenditure coming in as expected and revenue streams exceeding expectations.  Further, we have overachieved on our capital programme. From an economic perspective, the population is increasing with more Saints of workable age returning to the Island, new businesses starting up and virtually no unemployment.


 


‘The settlement is an excellent result for St Helena against an extremely difficult economic climate in the UK and the rest of the world, with the UK predicting just 0.6% growth in 2013, and further budget cuts.’


He continued: ‘February’s DAPM settlement confirms grant in aid to cover recurrent expenditure of £13.4m, an RMS shipping subsidy of £5m (with half a million set aside for capital expenditure, including improvements to life boats), and a further £5 million to fund the capital programme.  Further I can announce today that DFID have agreed to provide £1.2m to cover Short Term Technical Co-operation.  This is great news for St Helena.


 


But we cannot and must not be complacent.  We must strive, not just as a Government but as a nation, to further invest in the Island and its people in order to reap the benefits that the future will bring.’


 


Key Budget messages included:


 


Budget has been led by Members who have taken ownership of process


 


Positive news in how SHG has used its resources, including improvements in services, efficiency savings and capital expenditure


 


St Helena has virtually no unemployment – 1.5 % of the population are unemployed 


 


Over 250 Saints are now working on the Airport project


 


The predicted increased in revenue streams from Customs Duties has been achieved for this financial year


 


Population growth continues and at the end of February 2013, the St Helena population stood at 4,274, which is the highest population since 2008


 


£50,000 set aside for Community Development Fund for 2013/14


Higher private sector activity, with PAYE receipts up by 35% in 2012/13


 


Expenditure broadly in line with budgeted figures, whilst income collection is above expectation.  We will achieve a near balanced budget for 2012/13


 


For the first time in many years, SHG has spent its allocated Capital budget. On the back of this, DFID has reaffirmed a £5m allocation for 2013/14


 


SHG has implemented a new Programme Board and Project Management Unit to oversee capital expenditure and this will be operational from the 1 April.  SHG will appoint an experienced Programme Manager and two Project Managers to drive the Capital Programme


 


DAPM settlement has been confirmed - grant in aid of £13.4m to cover recurrent expenditure, an RMS shipping subsidy of £5m, £5 million to fund the capital programme and £1.2m to cover Short Term Technical Corporation


 


SHG plans to spend nearly £29 million and plans to raise £7 million in local taxation and customs, plus £1.1 million in fees and charges in 2013/14


 


Minimum Wage set at £2.30 for over 18s and £1.45 for ages 16 and 17, from       1 June 2013


 


New financial incentive package for major investors to be implemented


 


Specific duties on alcohol and tobacco will increase from today by 6.8%


 


Duty on diesel will rise more slowly than predicted, by 5p to 22p per litre and duty on petrol will be unchanged at 39p per litre


 


Excise duty to be introduced


 


SHG


22 March 2013


 

 

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