The Andrew Holness administration is planning to spend almost $853 billion in the upcoming fiscal year.
That’s according to the Estimates of Expenditure tabled in the House of Representatives this afternoon.
It’s actually $7 billion less than the current year’s budget when the supplementary estimates are factored in.
Compared to the original estimates of expenditure tabled in February of last year, almost $50-billion dollars more will be spent in the 2020-2021 financial year.
However, the Andrew Holness administration tabled two supplementary estimates since that time pushing total expenditure up to over $859 billion.
That was an increase of some $55 billion.
That means the projected estimates for the next fiscal year will be below this year’s total, but will most likely be revised up as the financial year goes on.
On the recurrent side, the government is projecting to spend just over $778 billion.
The Ministry of Finance, as usual, has the biggest sum of almost $404 billion compared to the $427-billion to be spent in the current fiscal year.
The Ministry of Education is set to receive the largest increase – moving from $112-billion to just over $117-billion.
That’s a gain of almost $5-billion.
National Security is the third largest line item at just over $78-billion up from $76-billion.
It’s followed by the Ministry of Health, which is projected to spend $74-billion in recurrent expenditure for the next fiscal year, a four billion dollar gain compared to the current year.
On the capital side, the budget moves from $72-billion to just over $74-billion.
The Super Ministry of Economic Growth and Job Creation has received the largest in capital expenditure of just over $22-billion.
However, this is still down from the over $23-billion spent under the supplementary estimates for the current financial year.
This is followed by National Security which is projected to spend almost $16-billion on the capital side.
That’s less than the almost $20-billion to be spent this fiscal year.
However, the government is expecting to bring in just $826-billion in revenue for the 2020-2021 fiscal year which suggests there’s still a gap of approximately $27 billion.
In the meantime, Dr Clarke says public debt at the end of fiscal year 2020-2021, is expected to be 87.3% of GDP.