From highways to houses: Here are the key takeaways from budget 2020

Finance Minister Colm Imbert presented an over three-hour-long 2020 budget in Parliament today.

A more thorough report of the presentation will be available online shortly and in tomorrow's paper.

Here are some key takeaways from the presentation:

MINIMUM WAGE INCREASE

Government has increased the minimum wage from $15 per hour to $17.50 cents per hour. This will benefit approximately 194,000 people in the workforce. It will come into effect in December 2019.

HIGHWAY PROJECTS CONTINUE

Imbert said the Solomon Hochoy Highway extension from San Fernando to Point Fortin is scheduled to be completed by the end of 2020. Additionally, by the end of October 2020, the Mosquito Creek elevated roadway is expected to be complete. The Curepe Interchange project is estimated to be completed in March 2020. 

TRAFFIC TICKETS TO BE PAID ONLINE

Government announced a parking meter system for Port of Spain and San Fernando in 2020. It will also free up the courts from processing traffic tickets by establishing a system to allow people to pay traffic tickets through TT Post and online. New systems such as red-light cameras, traffic violations will lead to the suspension of licences. New licence plate system in 2020 to remove illegal plates.

HERITAGE TURNS A PROFIT

Heritage Petroleum Company Limited generated revenue of $3.287b in the first three-quarters of operation, including a $543m net profit.

A Second NIF

The National Investment Fund has to date paid out $224 million in dividends. A second NIF will come next year through the sale of certain Clico assets worth $2.6 billion. (Clico has settled about $15 of its $23 billion debt to the taxpayer, excluding the recent sale of the insurance portfolio to Sagicor. The Government is in the process of evaluating the outstanding debt.)

INCREASED OIL & GAS PRODUCTION

Oil production has increased to 59,200 barrels per day as production from oil companies has been expanding. He said natural gas production is steadily increasing and will be 3.8 billion scf in 2019, closer to the peak demand of 3.9 billion.

DIGITISING LAND FILES

Government is investing $10 million to upgrade IT systems in the Ministry of Agriculture, Land and Fisheries and will improve internet access at these offices. Government plans to move 80,000 land files into an electronic document management system and will launch a land card to give state land users card access to their files.

REVIEW OF FISHERIES, WILDLIFE & FORESTRY MANAGEMENT

A fisheries management bill will be laid in Parliament to moderate the long-term management of TT's fisheries resources. Imbert said a national review on wildlife conservation and hunting was completed and a suite of legislation is planned. The management of forests has also been reviewed.

BULB REPLACEMENT PROGRAMME

Government will undertake a programme to remove all antiquated incandescent bulbs in the 400k households in TT as a public service and a “major boost” to energy conservation. Government proposed to remove all taxes and duties on LED bulbs for a five-year period.

MORE MONEY FOR SCHOOL MAINTENANCE

Government will increase the maintenance budget for schools and will roll out a billion-dollar package of construction work to complete 27 priority schools.

6,000 HOUSES BY DECEMBER 2020

Government's accelerated  6,000 units by December 2020 and 3000 units per year. Previously stalled housing projects will be resumed. The Government will also launch a new housing loan initiative to provide guaranteed low-interest loans of $300,000 for people willing to build their own homes. Small contractors will be given contracts to build "no-frills" home at $500,000 each.

SHELTERS FOR HOMELESS WOMEN

Government announced shelters for homeless women displaced through domestic and other issues. The proposed shelters will be established by HDC with the support of business communities to provide temporary relief to women who are homeless.

COMMUNITY DAYCARES

Government announced daycare centres for children under three who belong to female-headed households who meet stipulated criteria. They are expected to be established in communities across TT and will provide employment for women.

THA to get ADDITIONAL $987.1 million

Imbert said the Tobago budget allocation is 2.283 billion or 4.3 per cent of budget. The Bill for internal self-government to go before Parliament in the first quarter of 2020.

NEW TECHNOLOGY FOR POLICE

Imbert announced a new state-of-the-art police training academy, tablets, drones, dashboard cameras, drug testing equipment among others to transform the police service and combat crime.

OJT, CEPEP & URP WAGE INCREASE

Imbert announced the Government's intention to increase the wages for CEPEP and URP workers by 15 per cent. Government will increase the On-the-Job training Programme stipend by 10 per cent and increase the intake for the programme to 8,000 trainees. This will come into effect in December 2019.

DAILY PAID PUBLIC SERVANTS PENSION

Going forward, Imbert proposed that daily paid workers be eligible for public service pension of $3,500 as part of a contributory pension plan.

Imbert said the projected revenue for the budget was $47.749 billion and projected expenditure was $53.036 billion. The deficit is expected to be $5.287 billion.

It is based on an oil price of US$60 and a gas price of $3 per MMBtu.

National security: $6.440 billion

Education: $7.548 billion

Health: $6.084 billion

Local Government:$2.469 billion

Works and Infrastructure: $2.956 billion

Agriculture: $0.708 billion

Housing: $1.007 billion

Public Utilities:$3.074 billion