MPG expects to pass SBD$25m budget next week

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MALAITA Provincial Assembly expects to pass its provincial budget for 2021/2022 financial year next week as a full assembly meeting is still underway in Auki.

The proposed budget prepared was estimated at SBD25, 442,574, a drop of SBD12, 267,998.31 from $37, 710,572.31 budgeted for under the 2019/2020 financial year.

The budget drop was due to cuts in provincial grants under the national budget that will affect all provinces in the country.

Minister for Finance and Treasury under the MARA government, Nelson Lenty in his 2021/2022 budget speech, highlighted that the total revenue budget summary 2021/2022 financial year is estimated at SBD$25, 442,574.

He said the total expenditure budget summary is estimated at SBD$25, 442,574 and the total recurrent revenue for 2021/2022 at SBD$18, 872, 285.

He said of this total recurrent revenue, it is estimated that the local revenue will contribute around SBD$6, 909, 288, the national government through service grant to contributes SBD$11,636, 456, Second Appointed Day grants of SBD$30, 000, timber rights of SBD$180, 000 and the UN Market grant of SBD$116, 541.

“From the difference of total recurrent revenue (SBD$18, 872, 285) less total recurrent expenditure (SBD$15, 042, 785) we expect a surplus of SBD$3, 892, 500 to cover the Ward Development Projects in the capital expenditure.

“We have been marginalized to co-fund our own developments due to the significant slush of FSG budget of around SBD$3.9 million and the priority budget requirements under the 2021/2022 planning and budgeting framework.

“The administration shall monitor our financial situation and fiscal discipline, and any proposed co-funding will include into our budget revisions in October 2021,” Lenty said.

He said for the total recurrent expenditure for 2021/2022, it is estimated at SBD$15, 042, 785. The disbursement of this expenditure covers core expenditure levels of the provincial government include.

On that note, Lenty thanked the provincial administration office for drafting the budget ensuring the figures are accurate and closest to the proponent truth.