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What Goes into Preparing a Mid-Year Budget?

NASSAU, BAHAMAS – The 2022/2023 mid-year budget debate will begin on Wednesday, but what exactly is a mid-year budget?

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NASSAU, BAHAMAS – The 2022/2023 mid-year budget debate will begin on Wednesday, but what exactly is a mid-year budget?

Simon Wilson, Financial Secretary, explains government operates on a fiscal year, versus a calendar year. In other words, rather than planning the budget from January-December, the fiscal year begins July 1 and ends June 30.

The 2022/2023 mid-year budget had several revelations. Most notably that for the first six months of the fiscal year, revenue collections saw a $111.5 million increase.

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