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published: Thursday | January 10, 2008
Winston Barrett (right), president of the Lions Club of Kingston, watches as Douglas Orane (left), CEO of the GraceKennedy Group of Companies, greets Don Wehby (centre), Minister without Portfolio in the Ministry of Finance and the Public Service, on his arrival at the Jamaica Pegasus hotel in New Kingston, yesterday. Mr. Wehby was the guest speaker at a Lions Club luncheon meeting at the hotel. Also pictured is Lions Club member Herbert Edwards. - Norman Grindley/Deputy Chief Photographer
Supplementary estimates of expenditure may be a thing of the past, if Minister without Portfolio in the Ministry of Finance and the Public Service, Don Wehby, has his way.
Mr. Wehby is advocating for the end of the practice, which he believes displays improper fiscal management.
"What I have noticed in terms of the discipline of public expenditure budgeting, I think in Jamaica we seemed to have developed a culture which I consider a culture of having a supplemental budget," he said during a Lions Club of Kingston luncheon at the Jamaica Pegasus hotel in New Kingston yesterday.
"As far as I know, when you have a budget that is sacred, you must do all you can and you are accountable for that budget. However, it seems to me (that) somewhere in November, December, this thing called a supplemental budget becomes the norm," he said.
Supplementary estimates of expenditure normally arise when the Government has to shift targets in the original budget as a result of various factors.
However, Mr. Wehby is confident that the estimates can be done away with, as long as the Government tries to balance the budget.
"When I look at the numbers, we have targets that we share with Jamaicans, share internationally and, from 2004, ..., 2007, we have not met the target once, not once," Mr. Wehby. "And you recognise when you set a budget and you miss the target; that thing you call a deficit ... there are only two ways to cover a deficit. You need to (either) print money or to borrow."
He said this would encourage the meeting of budgetary targets and reduce the debt burden of the country.<
Better management
Financial analyst John Jackson is in support of Mr. Wehby's stance, through which he believed responsible planning and manage-ment of the country's resources would be possible.
Mr. Jackson said that, as 75 per cent of the budget can be predicted, the Government should be able to deal with any shocks which may occur during the fiscal year.
"If the budget exercise is done properly, it will have contingencies built into the budget for shocks. If other people have done it, I don't see why we can't do it. If we do things right, we can achieve it."
Winston Barrett (right), president of the Lions Club of Kingston, watches as Douglas Orane (left), CEO of the GraceKennedy Group of Companies, greets Don Wehby (centre), Minister without Portfolio in the Ministry of Finance and the Public Service, on his arrival at the Jamaica Pegasus hotel in New Kingston, yesterday. Mr. Wehby was the guest speaker at a Lions Club luncheon meeting at the hotel. Also pictured is Lions Club member Herbert Edwards. - Norman Grindley/Deputy Chief Photographer
Supplementary estimates of expenditure may be a thing of the past, if Minister without Portfolio in the Ministry of Finance and the Public Service, Don Wehby, has his way.
Mr. Wehby is advocating for the end of the practice, which he believes displays improper fiscal management.
"What I have noticed in terms of the discipline of public expenditure budgeting, I think in Jamaica we seemed to have developed a culture which I consider a culture of having a supplemental budget," he said during a Lions Club of Kingston luncheon at the Jamaica Pegasus hotel in New Kingston yesterday.
"As far as I know, when you have a budget that is sacred, you must do all you can and you are accountable for that budget. However, it seems to me (that) somewhere in November, December, this thing called a supplemental budget becomes the norm," he said.
Supplementary estimates of expenditure normally arise when the Government has to shift targets in the original budget as a result of various factors.
However, Mr. Wehby is confident that the estimates can be done away with, as long as the Government tries to balance the budget.
"When I look at the numbers, we have targets that we share with Jamaicans, share internationally and, from 2004, ..., 2007, we have not met the target once, not once," Mr. Wehby. "And you recognise when you set a budget and you miss the target; that thing you call a deficit ... there are only two ways to cover a deficit. You need to (either) print money or to borrow."
He said this would encourage the meeting of budgetary targets and reduce the debt burden of the country.<
Better management
Financial analyst John Jackson is in support of Mr. Wehby's stance, through which he believed responsible planning and manage-ment of the country's resources would be possible.
Mr. Jackson said that, as 75 per cent of the budget can be predicted, the Government should be able to deal with any shocks which may occur during the fiscal year.
"If the budget exercise is done properly, it will have contingencies built into the budget for shocks. If other people have done it, I don't see why we can't do it. If we do things right, we can achieve it."
...
but the follow up question missed Carol and Emily.
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