Supplementary Estimates For 2017/2018

[Updated] The Supplementary Estimates No. 3 for Financial Year 2017/2018 was tabled in the House of Assembly today [March 18].

Update 5.11pm: Speaking in the House today, Minister of Finance Curtis Dickinson said, “Mr. Speaker, I rise today to provide Honourable Members with background information on Supplementary Estimate No. 3 for 2017/18 which was tabled in this Honourable House earlier today.

“Initially I would like to state for the record that the tabling of this supplementary does not alter the actual performance for fiscal year 2017/18 that has already been reported in the Pre-Budget Report and other Government documents.

“For the record I would like to remind Honourable Members that total capital and current account cash expenditure for 2017/18 was $1.129 billion, which was $47.5 million or 4.1% lower than the original budget estimate of $1.177 billion.

“This Government came into office in July 2017 and skillfully managed Bermuda’s finances and exceeded all of the 2017/18 budget targets despite offering public officers a 2.5% pay award backdated to April 2017. The need for tabling this supplementary is purely for procedural purposes.

“In order for Honourable Members to have a better understanding for the reason why this Supplementary has to be presented, it may be useful for me to highlight the procedures in the Ministry of Finance for Ministries to seek supplementary estimates.

“The Ministry of Finance procedures in place require all Ministries to seek Supplementary Estimates before the actual overspend. This is typically done towards the end of the fiscal year via Supplementary Estimate #1. At this time Ministries should have a reasonable indication of what their spending level for the fiscal year will be. Although it should be noted that in some instances Ministries may not be able to estimate accurately the potential overspend.

“Once the Financial Statements have been completed and audited, Ministries will know what their final spend is and if this amount is above the original estimate plus any approved Supplementary Estimate than an additional and final Supplementary Estimate is required.

“This is exactly why this supplementary is being tabled now. The Financial Statements of the Consolidated Fund are now audited and all Ministries are aware of their final expenditure appropriations. In accordance with the Ministry’s established procedures these final supplementaries are tabled during the Budget session.

“Considering that these items will be debated in detail including input from the relevant and accountable Ministries and Minister at a later date, it would be inappropriate for me to comment now on the specific supplementaries.”

The full Supplementary Estimates No. 3 for Financial Year 2017/18 follows below [PDF here]:

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