More $$ for revenue fund

Minister in the Ministry of Finance Conrad Enill revealed that Government was putting $2.4 billion into the (“Rainy Day”) Revenue Stabilisation Fund, which represents 91 per- cent of surplus oil revenue for fiscal 2006. Legally the Government is required to put 60 percent of the surplus oil revenue into the Fund, which would have been, 1.6 billion, Enill explained.

But, he said, Government’s “strong commitment to the Fund,” drove it to a higher percentage.

Noting that at the time of the delivery of the 2006 Budget last September, the Minister of Finance forecasted a surplus of $9.8 million, Enill said, “When the supplementary resources proposed are taken into consideration, along with the estimated increases in Government revenue, an improved fiscal surplus of $102 million is projected.”

He was speaking in the debate on the Supplementary Appropriation Bill in which Government was asking the approval of the Parliament to increase expenditure in 2006 by $4 billion.

Enill said of his ($4 billion figure) $600 million was being sought in order to facilitate the transfer to the Revenue Stabilisation Fund.

The bulk of the supplementary appropriation is going to the Ministry of Finance — $2.2 billion. It would be allocated as follows: $750 million to Infrastructure Works; $283 million to T&TEC; $630 million to BWIA and $600 million to the Fund.

He said T&TEC needed money to service its debt obligations and BWIA for its recapitalisation.

Enill said Government also had to increase the allocation to the Ministry of Energy by $630 million, required by National Petroleum to meet a shortfall in subsidy payments to Petrotrin. The Ministry of Public Utilities received an additional $308 million to assist WASA in meeting its operating deficit, he said.

Enill explained that the Ministry of Works got an increase of $321 million to “continue government’s programmes to deal with our transportation challenges” as well as for drainage works, flooding alleviation and payments for contractors. He said the supplementary funds for the Ministry of Works included $30 million to meet the cost of Phase 111 of the Mass Transit System Study, $86 million to hire the Malta Express for the inter-island route and $24 million for the Port Authority and $39 million to meet payments to the contractor on the Diego Martin Highway Extension.

The two main areas where money which was allocated in the Budget was not used were the Ministry of Health and the Ministry of the Attorney General.

He said in the AG’s Ministry the savings materialised as a result of the timely completion by the Arbitral Tribunal of the delimitation of the maritime boundary/fishing dispute between Trinidad and Tobago and Barbados. In Health, Enill said the planned transfer of public service staff to the Regional Health Authorities is not expected to be completed by the end of this fiscal year.

He said some funds allocated for the construction of some district health facilities were now available.

Enill noted that $371 million of the supplementary resources were earmarked for the PSIP (Public Sector Investment Programme).