GOVERNOR-GENERAL SIR Howard Cooke will deliver the throne speech today in a combined sitting of Parliament at Gordon House, signalling the start of a new legislative year.
Sir Howard will outline the broad social and economic plans and programmes of the Government in a morning sitting of the House, usually occasioned by a ceremonial inspection of the guard, other pomp, pageantry and fashion, and attended by officials of government, the judiciary and diplomatic corps, alongside House members.
After the throne speech, Finance Minister Dr. Omar Davies will table the Estimates of Expenditure for fiscal year 2004/05, which officially begins April 1, outlining the national budget.
Analysts have predicted total expenditures of over $300 billion, with education likely to get the largest chuck of the budget outside of debt servicing, as was the case last year.
John Jackson, financial analyst, making a call on the recurrent spending only, said he expects that it will come in at just under $200 billion, excluding principal debt payments.
The budget last April was just under $262 billion, which was revised to $279 billion in supplementary estimates tabled in the House on March 2.
SPENDING CONCERNS
In mid-April, the Finance Minister will present the budget to Parliament, and later outline how he plans to finance expenditures. Government has indicated that there will be a more concise budget presentation this year.
Dr. Davies has already signalled that he needs to collect more from property taxes to cover the financing shortfalls for local government services, but he has also indicated that no heavy tax package will be imposed this year.
Last year, in the face of a deepening fiscal problem that has worsened over the past 12 months, the Minister had introduced new taxes aimed at raising $14 billion, one of which an environmental levy to garner $192 million was never implemented.
The fiscal deficit, that is, the shortfall between what government earns and what it spends, stood at $36 billion, according to January data published by the Ministry.
