Gumbs lays out where the money comes from and where it goes in 2027 budget

GREAT BAY--Minister of Finance Marinka Gumbs has released a public breakdown of the draft 2027 national budget, showing projected Government revenue of XCG 670 million and expenditure of approximately XCG 662 million as Parliament prepares to begin its handling of the budget.

The draft 2027 budget was formally submitted to Parliament earlier this month as part of the annual budget process. According to the information shared by the Minister, approximately XCG 497 million, or nearly three-quarters of projected Government revenue, is expected to come from taxes.

Other projected revenue includes XCG 65 million from fees and concessions, XCG 25 million from permits and XCG 84 million from other revenue. The main tax sources identified are wage tax, income tax, profit tax and turnover tax.

On the expenditure side, the Ministry of Education, Culture, Youth and Sport receives the largest allocation at XCG 133 million, representing approximately 20 per cent of the XCG 662 million total. The Ministry of Justice follows with XCG 114 million, or 17 per cent, while the Ministry of Public Health, Social Development and Labour is allocated XCG 104 million, or 16 per cent.

The Ministry of General Affairs is allocated XCG 101 million, the Ministry of Finance XCG 98 million, the Ministry of Tourism, Economic Affairs, Transport and Telecommunication XCG 44 million, and the Ministry of Public Housing, Spatial Planning, Environment and Infrastructure XCG 40 million. Parliamentary and other high councils and special entities account for approximately XCG 28 million.

Gumbs said the intention is to give the public a clearer understanding of how Government raises and spends public funds.

“The national budget is about more than numbers, it is about our people, our families and our future,” the Minister stated in the information released with the budget breakdown.

She said the 2027 budget outlines how resources will be used to support areas including education, healthcare, public safety, infrastructure, social support and the continued development of the country.

Under General Affairs, priority areas identified include legal affairs and legislation, personnel and organisation, Government facilities, Government communications, central services, foreign relations and Kingdom relations.

TEATT priorities include tourism development, support for micro, small and medium enterprises, investment promotion, economic diversification, ICT development and telecommunications. Finance priorities include tax administration reform, public financial management, revenue collection, financial accountability and ICT development.

Justice priorities include prison modernisation, crime prevention, youth intervention programs, victim support, digital justice services, immigration and public safety.

Education's XCG 133 million allocation includes study financing, school transportation, public education, culture and arts, youth and sports and other education-related programs.

VSA priorities include mental health services, vaccinations and preventive care, shelters and community support, disability support and other social and health programs.

VROMI's XCG 40 million allocation includes housing policy, affordable housing, environmental management, spatial planning, the New Belvedere Cemetery and other infrastructure programs.

According to the Minister's presentation, the budget is intended to give residents a more understandable picture of both sides of Government finances, what the country expects to collect and where those resources are intended to go.

The draft budget now moves through the parliamentary process, where Members of Parliament will have the opportunity to scrutinise the proposed revenues, ministry allocations, policies and spending priorities. The 2027 budget was submitted to Parliament on September 8 in accordance with the annual budget submission process.

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