[UPDATED] THA budget on June 23, finance secretary eyes 'something positive'

THA Secretary of Finance, Trade and the Economy Petal-Ann Roberts has expressed hope that good relations with central government will augur well for the island ahead of the THA's 2025-2026 budget request on June 23.

Speaking on the Tobago Updates morning show on June 9, Roberts said she had already met Minister of Finance Davendranath Tancoo. Chief Secretary Farley Augustine and Prime Minister Kamla Persad-Bissessar met on May 27 to discuss Tobago's development, autonomy and other matters. A statement on the latter meeting stressed the importance of mutual respect and co-operation.

Roberts said, “I am excited. I am actually hopeful. I feel a sense of promise. I feel a sense that with this new government that Tobago will advance in its cause in becoming the greatest little island on the planet...

“I feel more confident than ever before. I’ve not only met in these conversations as secretary of finance but as a technocrat. I’ve been in the room with Orville London when he was chief secretary, the former secretary of finance Joel Jack and this meeting, to me, the mutual respect and the attitude to seek Tobago’s interest, I felt that more than ever before.

"I am hopeful that it will materialise into something positive for Tobago.”

The presentation is set for 10 am. She said her team had already sent circulars to the various divisions, which would guide the budgetary process. There have also been consultations with the agriculture, tourism and banking sectors, along with the THA companies. An online platform, she said, is also available where people can participate in the process.

'Back-to-front' budget

Additionally, she said, technical assistance was requested from the Caribbean Regional Technical Assistance Centre (CARTAC) following a meeting with the International Monetary Fund. She said CARTAC had urged the THA to reform its budget process.

Roberts said she agreed with one of the observations, which noted that the presentation was too lengthy. As a result, she said, it will be done differently this time around. The presentation usually lasts up to three and half hours, but Roberts said it would be condensed to between one or two hours.

“They have indicated that we have such a complex process, they think that it’s back to front; so we outline all our priorities in detail in June and in October/September that is when we reprioritise.

"We would do it a little differently. This budget will outline the broad areas of focus for Tobago and in September/October, we would elaborate further on that because we’ll now know what the allocations are.”

She said this year's presentation would be based on stimulating the economy and accelerating growth. The focal points, she said, will be tourism, agriculture, human capital development.

“I will be making an intentional and deliberate investment in training entrepreneurs. We have been giving entrepreneurs grants and loans and we’re not seeing the sustainability of businesses and businesses life not being extended. It’s not only money, it’s the know-how.”

Mid-year request adjustment

With the mid-year review on June 18, she recalled that in the 2024/2025 presentation, the island was allocated 4.35 per cent of the budget: $2.376 billion for recurrent expenditure, $205 million for development, and under URP and Cepep $18 million and $9.2 million respectively.

She said that allocation was also discussed with Tancoo.

“The conversation, there was mutual respect, there was that sense of co-ordination and commitment to meeting these needs that Tobago has. The minister in his preliminary conversation started with a caveat of the government’s position – it is not very good.

"Basically, he gave a general overview of where we are at as a government, and it is in that context where I had to pull back the request. Really and truly, what we were requesting is the difference between 4.35 per cent and the minimum that we’re asking for now going forward of 5.1 per cent, and that would bring us to about $448 million.”

She said the ministry said "they will try their best the accede to that request, to see how best we can close that funding gap for this fiscal year.”

In 2021/2022, the THA received an allocation of $2.357 billion of the $4.7 billion requested, while in fiscal 2022/2023, the THA got $2.5 billion of the $3.97 billion requested.

This story was originally published with the title "THA 2025-2026 budget on June 23" and has been adjusted to include additional details. See original post below.

THA Finance Secretary Petal-Ann Roberts will present Tobago’s budget for fiscal 2025-2026 in the Assembly Legislature, Scarborough, on June 23.

She made the announcement on June 9 whilst speaking on the Tobago Updates morning show.

In fiscal 2024-2025, the THA received $2.599 billion, well short of the $3.956 billion it had requested to manage its affairs.