2024 Budget Address: Nevis Island Assembly Achieves Fiscal Improvements

The Honourable Mark Brantley, Premier of Nevis and Minister of Finance, presented these achievements during the 2024 Budget Address delivered on December 3, 2024, in the Nevis Island Assembly.

Fiscal Position Improves

“Our fiscal position as of October 31, 2024, has most certainly improved, and our revenue performance for the fiscal year 2024 thus far has been very favourable. Continuing to chart this course, we believe that we can achieve our revenue targets while remaining within our outlined expenditure parameters,” he noted.

Revenue Performance

For the period ending October 31, 2024, the NIA generated $127.58 million in recurrent revenue, an increase of 7.31 percent compared to the same period in 2023. When combined with $60 million from development aid and Citizenship By Investment (CBI) revenue, the total revenue reached $187.59 million, representing a 4.42 percent increase over 2023 figures.

Expenditure Decreases

Simultaneously, the total expenditure for the period decreased by $18.63 million or 8.46 percent to $203.22 million, compared to $221.85 million in 2023. This prudent financial management has led to a significant improvement in the NIA’s overall fiscal balance, which moved from a deficit of $29.48 million at the end of October 2023 to just $3.11 million as of October 31, 2024.

VAT Performance

“The excellent financial performance for the year thus far, despite the challenges encountered, has pushed the Administration into a stronger position than initially anticipated,” he said.

The main components of recurrent expenditure for the period under review were personal emoluments which accounted for 46.86 percent and goods and services which accounted for 21.65 percent. Debt service payments consisting of both principal and interest repayments amounted to $28.93 million or 18.13 percent of recurrent expenditure. The recurrent budgetary allocation for the period ending October 31, 2024 was projected at $165.15 million.

Conclusion

The Premier emphasized the broader implications of these achievements, noting, “This positive outcome shows that our economy continues to experience incremental growth. Despite challenges, the NIA’s fiscal management has positioned the island for a more stable and prosperous future.”

FAQs

Q: What is the current fiscal position of Nevis?
A: The fiscal position of Nevis has improved, with a significant decrease in expenditure and an increase in revenue.

Q: What is the current revenue performance of Nevis?
A: The NIA has generated $127.58 million in recurrent revenue, an increase of 7.31 percent compared to the same period in 2023.

Q: What is the current expenditure of Nevis?
A: The total expenditure for the period decreased by $18.63 million or 8.46 percent to $203.22 million, compared to $221.85 million in 2023.

Q: What is the current fiscal balance of Nevis?
A: The NIA’s overall fiscal balance has improved, moving from a deficit of $29.48 million at the end of October 2023 to just $3.11 million as of October 31, 2024.