The BVI Beacon quoted Premier Ralph O’Neal saving, ‘Government will have to trim expenditure in the coming year, as a downturn in the local economy has forced cutbacks in spending. Departments are being asked to cut back recurrent expenditure by as much as 3.25 percent, from last year’s spending. In 2008, the government projected an estimated $284.6 million in recurrent expenditure, but approved an additional $17.4 million in supplementary spending late in the year.’
Mr. O’Neal said the government may have to borrow funds this coming year. The new budget will be presented next Thursday to the House of Assembly. Read the entire article at the BVI Beacon.