There will be several cost cutting strategies employed by the Tobago House of Assembly for Fiscal 2024-2025.
During a Media Briefing held on Tuesday, Secretary of Finance, Trade and the Economy, Petal Ann Roberts, informed as a result of what she indicated was an insufficient budgetary allocation, the THA will utilise the strategic selectivity framework. She said the THA will focus on cost effectiveness, Tobago’s economic landscape, and social needs as well as the feasibility of their projects’ timeframes.
“The overall strategy basically is to restrict expenditure to 2023 levels and that will save us about $292 million and it really means we have to sacrifice some things on the recurrent side and I want Tobagonians to understand this sacrifice will mean we cannot do certain things.”
Among the plans to reduce expenditure is the upskilling of the THA workforce so that works can be conducted in-house. The Finance Secretary also informed that unspent balances will be used to supplement the Unemployment Relief Programme (URP) and the Community Based Environmental Protection and Enhancement Programme (CEPEP).
“Having only received 20 percent of what we requested in June, and CEPEP and URP is usually supplemented from the unspent balances from the previous year. So far, we have determined that unspent balances is about $100 million to $120 million and URP will be supplemented in the amount of $60 million and CEPEP of about $23 million.”
Secretary Roberts also informed there will be reduction in the expenditure for various line items such as minor equipment, official overseas travel as well as promotion of activities and events. The THA received $2.599 billion of the national budget for fiscal 2024/2025.