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BVIEC spending more than earning- Info in HoA reveals

BVIEC spending more than earning- Info in HoA reveals

The Virgin Islands Electricity Corporation (BVIEC) may be raking in millions per year in revenues; however, this does not mean the Corporation is any better off.

Information disclosed during the 11th Sitting of the 3rd session of the 4th House of Assembly on August 19, 2021, has revealed that BVIEC’s yearly expenditure has been exceeding its yearly revenue, at least since December 2018.

Premier and Minister of Finance, Hon Andrew A. Fahie (R1) was asked by Leader of the Opposition Hon Marlon A. Penn (R8) “what was the dollar amount of revenue and total expenditure for the BVI Electricity Corporation for the periods 1st January through 31st December 2018, 1st January through 31st December 2019, 1st January through 31st December 2020 and 1st January through 10th May 2021 respectively, inclusive of all the details of the revenue receipts and expenditure for the same periods?”

Premier and Minister of Finance, Hon Andrew A. Fahie (R1), left, was asked by Leader of the Opposition Hon Marlon A. Penn (R8), right, about the revenue and expenditure of BVIEC for the period 2018 to May 10, 2021.


Revenues


Premier Fahie replied: “For the period 1st January through 31st December 2018, the audited revenue receipts were $46,297,458.00. For the period 1st January through 31st December 2019, the audited revenue receipts were $51,912,051.00. For the period 1st January through 31st December 2020, the unaudited revenue receipts were $44,390,452.00. For the period 1st January through 10th May, 2021, the unaudited revenue receipts were $12,775,964.00.”

Expenditures


The Premier then gave the total expenditures for the same periods.

“For the period 1st January through 31st December 2018, the audited expenditures were $58,380,895.00. For the period 1st January through 31st December 2019, the audited expenditures $58,195,351.00. For the period 1st January through 31st December 2020, the unaudited expenditures were $44,374,902.00. For the period 1st January through 10th May 2021, the unaudited expenditures were $13,322,535.00.”

Revenue vs Expenditure


According to the information presented, in 2018 the expenditure exceeded revenue by 12,083,437.

In 2019, expenditure exceeded revenue by 6,283,300.

In 2020; however, revenue was $15,550 more than expenditure.

For the period January 1 to May 10, 2021, expenditure exceeded revenue by $546,571.

This information comes as residents continue to complain about the inflated cost of electricity in the face of a pandemic and massive joblessness.

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