THE THA will meet this month to reprioritise its projects and programmes in accordance with its $2.229B allocation for Fiscal 2019. In June, the Assembly, through Finance and the Economy Secretary Joel Jack, requested $4.7B. At the national budget, however, Finance Minister Colm Imbert's allocation fell short of the THA's request.
Jack, addressing Thursday’s weekly post Executive Council media briefing at the Victor E Bruce Financial Complex in Scarborough, told reporters the Assembly will be having a special sitting to debate their allocation and make necessary adjustments.
“In view of the budgetary allocation to the Assembly for this year, and has been the tradition since 2013 coming into office, over the last six years of my tenure as Secretary of Finance, I have the pleasure of leading the debate, and as we return to the house to reprioritize our projects and programmes and outline in detail the strategy to manage the affairs of the island, as we continue to advance Tobago’s socio economic development agenda,” he said.
Jack said the motion aims to sensitise all of Tobago and the national public on the various initiatives of the Assembly over the next financial year.
“We would outline our priority projects and programmes, we would also outline in detail how we propose to mobilise recurrent resources, how we propose as well to deploy contingency resources and also an update as we propose to roll out our alternative financing mechanisms programme as we try to utilize bond financing and public private partnerships or P3 mechanisms to supplement our shortfall,” he said.
He added, “We would treat with some revenue enhancement measures as we seek to increase Tobago’s revenue potential. This administration is committed to ensuring that Tobago’s developmental momentum continues not withstanding our budgetary resources for this fiscal year, and the motion as well will highlight this in greater detail,” he said.