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BARBADOS

----------------

ANNUAL REPORT

AND

FINANCIAL STATEMENTS

OF

THE ACCOUNTANT GENERAL

FOR THE FINANCIAL YEAR

2014-2015

REPORT OF THE ACCOUNTANT GENERAL

FOR

FINANCIAL YEAR 2014 - 2015 The following statements were prepared in accordance with the provisions of the FINANCIAL ADMINISTRATION AND AUDIT ACT CAP. 5, Section 12 Subsection (1) and (2).

FOR SUBMISSION TO THE AUDITOR GENERAL ……………………………..………………. Accountant General (ag.) July 31, 2015

CONTENTS Page No.

1. Foreword i - ii

2. Analysis of Performance iii - xii

3. Consolidated Fund: Statement of Financial Performance 1 - 2

4. Consolidated Fund: Statement of Financial Position 3

5. Consolidated Cash Flow Statement 4

6. Notes to Cash Flow Statement 5

7. Statement of Change in Net Assets/Equity 6

8. Statement of Accounting Policies 7 - 12

9. Notes to Financial Statements 13 - 22

10. Schedules to the Financial Statements 23

11. Schedule 1: Schedule of Revenue 24

12. Schedule 2: Schedule of Expenses by Ministry (excluding amortization and asset acquisition) 25

13. Schedule 3: Post Office Statement of Financial Performance 26

14. Schedule 4: Schedule of Expenditure by Functional Classification 27

15. Schedule 5: Comparative Statement of Financial Performance 28 - 29

16. Schedule 6: Debt Management 30

17. Schedule 7: Statement of Funds 31

18. Schedule 8: Schedule of Loans from the Consolidated Fund 32

19. Schedule 9: Statement of Public Debt and Sinking Fund 33 - 37

20. Schedule 10: Loans Raised under Special Loans Act Cap. 105 38

21. Schedule 11: Statement of Contingent Liabilities 39 - 41

22. Schedule 12: Schedule of Deposits and Other Liabilities 42 - 50

23. Schedule 13: Schedule of Expenses by Standard Account Code 51

24. Schedule 14: Details of Expenses by Sub-Programme 52 – 73

25 Schedule 15: Detailed Statement of Revenue 74 - 81

i

Annual Report and financial statement

FOREWORD In April 2007, the Government of Barbados transitioned its accounting and reporting systems from the cash basis to the accrual basis. The former Financial Administration and Audit Act was repealed at that time and a new Financial Management and Audit Act, 2007-11 was enacted to provide the governing legislation for this move to accrual basis of accounting and reporting. New reporting requirements were established, with the Accountant General now being required to present a full set of accrual statements including, a Statement of Financial Performance, a Statement of Financial Position, a Statement of Cash flow, a Statement of Accounting Policies and supporting Notes to the Financial Statement. The Financial Statements The Statement of Financial Performance reports the annual surplus or deficit from operations in the period. It shows the Government’s revenues, the cost of spending on Government’s priorities and meeting the costs of borrowing and the difference between them. It represents the final outcome of the Budget presented in August 2013 and explains actual financial results for the year against those planned. The Statement of Financial Position shows the financial resources of Government against its obligations. In accounting terms and on the Financial Statements the difference between total liabilities and total assets is referred to as the “accumulated deficit” rather than government debt. The Statement of Cash Flow shows the sources and use of cash over the period. Government’s operating activities, including the annual surplus or deficit, and changes in its financial investments may use or provide cash over the fiscal year. Increases in debt are a source of cash, while investments in tangible capital assets are uses of cash. Notes and Schedules provide further information and detail on the items in the various statements and form an integral part of the Financial Statements. The Notes also include a summary of significant accounting policies that guide the preparation of the Financial Statements. Supplementary information Supplementary information provides detailed information on the financial activities of Ministries, including a comparison of appropriations with actual results. Statement of Responsibility The Accountant General is responsible for maintaining systems of accounting and internal controls to provide reasonable assurance that transactions recorded in the Financial Statements are within statutory authority, assets are properly recorded and safeguarded and reliable financial information is available for preparation of the Financial Statements.

ii

These Financial Statements are prepared in accordance with the Financial Management and Audit Act Part C; Section 22 (2), and have been presented to the Auditor General for auditing.

Dane Coppin Accountant General (Ag.)

July 31, 2015

iii

2014–2015 Actual Results against Budget Plans ($ millions)

Approved Estimates

Revised Estimates Actual

Change (Incr)/Decr

Revenues 2,565.3 2,453.5 2,446.4 7.1

Taxation 2,270.0 2,253.3 2,139.3 114.0

Non Tax Revenue 271.6 180.9 283.5 (102.6)

Annex Revenue 23.7 19.3 23.6 (4.3)

Expenditure 3,061.2 3,348.0 3,144.1 203.9

Programmes 2,340.8 2,627.6 2,451.1 169.2

Debt Interest 653.8 666.2 645.0 21.2

Foreign 172.6 172.6 165.7 6.9

Domestic 481.2 493.6 479.3 14.3

Other Debt Expenses 6.2 24.6 20.4 4.2

Annexed Expenditure 29.6 29.6 27.6 3.8

(Surplus)/Deficit 496.0 894.6 697.7 196.8

A $697.7 million deficit was recorded for the financial year 2014-2015, as compared to the

deficit of $496.0 million projected in the fiscal plan presented in the 2014-2015 Estimates.

The actual deficit was however much lower than the $894.6 million envisioned in the revised

plan for the year.

During the year, total Supplementary Provisions of $286.8 million were approved, bringing

the Total Provision for the year to $3.348 billion. Actual expenditure was $82.9 million more

than the Approved Estimates and $203.9 million less than the Revised Estimates.

Revenue

Total revenue of $2.446 billion was slightly higher than the revised budgeted amount of

$2.418 billion for financial year 2014-2015. Total Taxation Revenue was $114.0 million lower

than projected in the Revised Estimates while Non-Tax Revenue was $102.6 million over

projections.

The major contributors to the decrease in Taxation revenue when compared to the revised

budget were Goods and Services and Income and Profits which showed decreases of

iv

$107.16 million and $51.63 million respectively. Despite the decrease in total Taxation

revenue when compared to the revised budget, Taxes on Property increased by $33.52

million and International Trade increased by $14.27 million.

Goods and Services and Income and Profits also showed decreases of $183.70 million and

$110.61 million respectively when compared to the approved budget. Taxes on

International Trade and Property taxes increased by $11.67 million and $6.77 million

respectively when compared to the approved budget.

Tax Revenue is reported net of all tax expenditures including refunds, waivers and

discounts. During the financial year 2014-2015, refunds of Taxes totaled $27.82 million which

represented a $168.62 million or 85.8% decrease when compared to $196.43 million

recorded for the previous financial year. There was a $32.89 million or 59.8% decrease in

VAT refunds from $55.01 million during financial year 2013-2014 to $22.13 million during

financial year 2014-2015. Refunds of Income and Profits decreased by $130.73 million or

96.0% from the previous year and were recorded at $5.45 million for financial year 2014-

2015. Land Tax refunds were negligible for financial year 2014-2015 compared to the $0.12

million recorded during the previous financial year. Customs Duties refunds decreased from

$5.12 million during financial year 2013-2014 to $0.24 million during financial year 2014-2015.

The following table reflects comparative refund figures over a three year period from 2013-

2015.

SCHEDULE OF REFUND OF TAXES

FINANCIAL YEAR

ENDED

INCOME AND

PROFITS

VALUE ADDED TAX LAND TAX CUSTOMS DUTIES

TOTAL

March 2013 111,726,200 53,206,723 1,070,110 16,353,048 182,356,081

March 2014 136,177,629 55,014,517 118,101 5,123,726 196,433,973

March 2015 5,452,559 22,126,617 245 238,960 27,818,381

Expenditure

Total expenditure for financial year 2014-2015 was $3.144 billion, compared to $3.061 billion

in the approved budget and $3.348 billion in the revised budget. Total Operating Expenses

of $1.392 billion were $32.59 million above the approved budget and $31.78 million less

than the revised budget. The largest reduction when compared to the revised budget was

v

$84.54 million in the area of Payroll and Employee Benefits. There was a $45.49 million

decrease in Goods and Services when compared to the revised budget.

Transfers to individuals and the wider public sector decreased by $33.28 million when

compared to the approved budget. Subscriptions and contributions and Grants were the

largest components of this decrease in the amounts of $22.17 million and $7.97 million

respectively. Debt interest payments were $21.27 million less than the $666.24 projected in

the revised budget.

2014 – 2015 Comparative Performance

Statement of Financial Performance This section compares the actual financial performance for financial year 2014-2015 with

the actual performance in the prior year 2013-2014.

Revenue

Total revenue increased by $109.69 million from $2.313 billion in 2013-2014 to $2.423 billion in

2014-2015. Taxation revenue showed a marginal increase of $5.47 million, due mainly to

increases of $31.72 million, $30.08 million and $8.35 million in Income and Profits,

International Trade and Property respectively. Income and Profits, International Trade and

Property were recorded at $666.10 million, $223.67 million and $164.36 million respectively

financial year 2014-2015, representing increases from $634.38 million, 195.39 million and

$156.01 million respectively for the previous financial year.

Non-Tax Revenue increased by $104.22 million or 58.1%, from $179.25 million for the previous

year to $283.46 million for financial year 2014-2015. This was due mainly to Grant income

recorded at $57.53 million, representing an increase of $57.44 million or more than six (6)

times the amount recorded for the previous year. Special receipts also jumped from $0.47

million for financial year 2013-2014 to $56.86 million for financial year 2014-2015. Levies, fees,

fines and penalties and Other income were recorded at $38.78 million and $98.34 million

respectively for financial year2014-2015 and represented decreases of $7.84 million and

$1.78 million respectively when compared to the previous financial year.

vi

Expenditure

Total Operating Expenses decreased by $122.84 million and was recorded at $1.222 billion

for financial year 2014-2015 when compared to the previous financial year. This was due

mainly to decreases of $68.23 million and $52.33 million in Payroll and Employee Benefits

and Goods and Services respectively, for financial year 2014-2015. Payroll and Employee

Benefits were recorded at $803.75 million and represented 26.6% of total expenditure or

32.9% of total revenue for financial year 2014-2015. Goods and Services were recorded at

$356.94 million for financial year 2014-2015.

Current Transfers were recorded at $1.120 billion for financial year 2014-2015, representing a

$143.97 million or 11.4% decrease when compared to the previous financial year. This was

due mainly to decreases of $125.46 million and $33.24 million respectively in Grants and

Subsidies which were recorded at $758.82 million and $49.42 million respectively for

financial year 2014-2015. Retiring Benefits and Allowances increased by $18.41 million and

were recorded at $292.24 million for the period under review.

Capital transfers increased from $73.85 million for financial year 2013-2014 to $109.09 million

for financial year 2014-2015. Capital transfers comprised $58.45 million in Grants and $50.64

million in Subscriptions and contributions. No Subscriptions and contributions were recorded

for the previous financial year.

Debt Service increased from $611.34 million in the previous year to $665.33 million for

financial year 2014-2015. Debt Service represented 21.2% of total expenditure or 27.2% of

total revenue for financial year 2014-2015.

Consolidated Fund Deficit The deficit declined by $285.09 million or 29.0% from $982.86 million for financial year

2013-2014 to $697.67 million for financial year 2014-2015. This was due to the combination of

increased revenue and decreased expenditure for financial year 2014-2015 when

compared to the previous year.

vii

Statement of Financial Position The Statement of Financial Position continues to show a net debt or accumulated deficit

position, recording an increase in the deficit from $5.548 billion at March 31, 2014

compared to the figure of $6.198 billion at March 31, 2015.

Assets

Total assets of Government decreased by $42.79 million to $6.169 billion compared to the

previous year’s balance of $6.212 billion.

Cash and Bank balances decreased from an opening balance of $197.01 million at the

beginning of the year to $3.95 million at the end of the financial year.

Investments moved from $312.00 million in the previous year to $322.78 million at the end of

March 2015. During the financial year 2014-2015, the value of investments in LIAT, Insurance

Corporation of Barbados Limited and Other investments were $142.73 million, $3.50 million

and $43.21 million respectively, compared to $137.77 million, $4.26 million and $36.63 million

respectively at the end of the previous year. The Government of Barbados’ equity

investment in Whitepark Development Incorporated remained constant at $133.34 million

when compared to the previous year.

Government’s total net receivables increased from $1.224 billion at the start of financial

year 2014-2015 to $1.314 billion at the end of the year, representing a $90.31 million or 7.4%

increase. Advances to Other Governments and Agencies decreased from $403.45 million

to $397.05 million during the financial year 2014-2015.

Advances to Government officers under the POLTA scheme decreased from $18.48 million

to $15.27 million during financial year 2014-2015. Seventeen (17) insurance loans, nine (9)

refurbishment loans, two (2) parliamentarian loans, one (1) registering officer loans and one

hundred and thirteen (113) new vehicle and motor cycle loans totaling $4.47 million were

approved and disbursed during the year. Thirty-one (31) loan recipients were in arrears at

March 31, 2015.

Liabilities

Total liabilities increased from $11.760 billion for the previous year to $12.367 billion resulting

in an increased Net Debt balance of $9.301 billion, reflecting an increase of $755.79 million

when compared to the balance at the end of March 2014.

viii

Current Liabilities

Current liabilities increased by $740.08 million or 19.6% from $3.769 billion at the start of the

financial year to $4.509 billion at March 31, 2015. Un-presented cheques, represented by

the balance in the Paymaster account, showed a significant increase of $114.69 million or

35.8% from $320.34 million to $435.01 million. Accounts Payable also increased from $116.21

million to $140.37 million at the end of the year.

Short-term liabilities are mainly in the form of deposits held on behalf of Ministries and

Departments, a few non-Government entities and Government’s short-term borrowing

facilities, Treasury Bills, the Overdraft facility at the Central Bank of Barbados and the

current portion of long term debt. Short Term Debt was recorded at $3.310 billion,

representing a $360.45 million or 12.2% increase when compared to the prior year.

The balance of short-term borrowings from Treasury Bills was $2.472 billion at March 31, 2015,

an increase of $174.23 million or 7.6% when compared to the balance at the end of the

previous year. Interest rates were decreasing during the period. At March 31st, 2015 the

treasury bills interest rate was 2.74% for the 91-days and 3.53% for the 182-days treasury bills.

At March 31st, 2015, the Overdraft Facility stood at $230.35 million. Total interest paid on

the overdraft facility for the financial year was BDS$7.07 million.

Public Debt

The Government of Barbados borrows in both the domestic and international markets.

Debt of $11.095 billion at March 31, 2015 as compared to $10.769 billion at March 31, 2014 is

comprised mainly of bonds and debentures, issued both locally and internationally, loans

from international financial institutions and borrowing under financial lease arrangements.

These are authorized under various Acts of Parliament and reported under these Acts.

Total outstanding debt inclusive of short-term Treasury Bills, increased by $325.34 million

during the year. The outstanding balance of $11.095 billion at March 31, 2015, included

$12.87 million of government guaranteed debt, servicing of which was taken over by

Central Government.

ix

Movements by category were as follows:- $(millions)

Local Loans Act 169.60

External Debt - Cap. 94 D (44.27)

Caribbean Development Bank – Cap.97A (5.38)

Inter-American Development Bank – Cap. 97B 33.06

Special Loans Act - Cap. 105 (inclusive of lease arrangements) 27.00

Savings Bonds Cap. 104A (3.15)

Contingent Liabilities taken over (24.99)

Treasury Bills and Tax Reserve Certificates 173.49 Total Increase (Decrease)

325.34

Outstanding Government Savings Bonds decreased from $98.53 million in the previous year

to $95.38 million at March 31, 2015. The nominal value of offerings during the year was

$20.00 million of which a total of $10.89 million had been received by the end of the

financial year. The issue of Savings Bonds was 78.44 per centum during the financial year,

representing a maximum yield to maturity of 4.98%.

Treasury Notes and Debentures outstanding at March 31, 2015 under the Local Loans Act

were $5.373 billion, an increase of $169.60 million when compared to the previous year.

Total cost of Sinking Funds held at the Central Bank of Barbados was $838.52 million at

March 31, 2015, representing a decrease of $49.68 million when compared to $888.20

million at March 31, 2014.

Contingent Liabilities

Government Guaranteed debt stood at $1.416 billion at the end of the financial year. This

total excludes the $12.87 million now being serviced by Central Government and which,

therefore, is included in the Statement of Public Debt and Sinking Funds.

x

Contingent Liabilities in the amount of $118.18 million also exist in relation to claims against

the Crown as reported by the Solicitor General as at March 31, 2015.

OFFICE ACTIVITIES This year has been very demanding one for the Treasury Department as the transition from

the cash to accrual basis of accounting continued.

Transition to the accrual basis of accounting

This process, which commenced on April 1, 2007, is being undertaken using a phased

approach. The first phase of the project has been completed. The financial operations of

the twenty two (22) secondary schools were brought on to SmartStream during financial

year 2012-2013.

The second phase of the project, transitioning the financial statements to reflect a

consolidated general Government position, continued. Activities towards consolidating

the accounts of the state-owned entities with those of Central Government continued

during the financial year. It is anticipated that preparatory work for consolidating the pilot

entities will be completed by September 2015.

Computerisation

The integrated financial management system implemented in 1998 continues to be an

integral part of the processing of transactions on an accrual basis across the public service.

Focus continues to be on securing the integrity of the data in the system, improving the

reporting capabilities of the system as well as on improving the internal control systems

across the public service.

In 2012 government embarked on the modernization of its procurement systems with

funding from the Inter-American Development Bank. Proactis was chosen as the software

package to assist with this effort. The Information Systems Unit received the requisite training

and has been working with the consultants to customize the software, to meet the

Government of Barbados’ requirements. The project is expected to go live during the 2015-

2016 financial year.

The Information Systems Unit continued to lend assistance to agencies supporting

SmartStream. During the past year this included preparation for the implementation of

xi

SmartStream HR at the Queen Elizabeth Hospital. SmartStream was also implemented at a

number of new sites to improve efficiency and controls.

The custom modification of SmartStream Human Resources (HR) to facilitate the electronic

submission of PSC5 forms, used to request the temporary filling of positions continues to be

piloted within the Ministry of Finance. Additional customization was done to correct and

improve some areas which came to light during the pilot. The system is designed to

improve the turnaround time and visibility in the submission of PSC5 forms.

Internal Reviews

The audits completed during the financial year, revealed that internal controls within many

departments and ministries remain weak and greater attention must be placed on

improving these systems. The electronic accounting and reporting systems, which are an

integral part of the management and accounting functions, are still not used by many

senior officers in the Accounts Section. This results in many errors and omissions, which

should be identified early, being undetected until identified by the Treasury staff or Auditor

General during their reviews and audits.

The Financial Management and Audit Act requires that Internal checks and surprise

inspections be performed by the various ministries and departments, however they are still

not being conducted.

There is a continued need for management training at the supervisory level in most

Ministries/Departments. The lack of training at this level is impacting negatively, in many

instances, on the operations of these departments.

There has been some improvement as it relates to the level of enforcement and/or

implementation of recommendations made by the Accountant General in the audit

reports prepared and sent to the accounting officers in the various ministries. These

recommendations draw on the requirements of the Financial Management and Audit Act

(2007) and Financial Rules (1971), as well as on International Internal Audit Standards.

On-going assistance continues to be provided to departments based on individual

requests and as part of the normal review cycle of the Internal Audit Unit. However with

the increased number of requests and the limited resources of the department, it is still an

xii

uphill fight to achieve the level of assistance which is required by ministries and

departments. Training of staff in the area of Internal Audit also remains a challenge.

Training and Professional Development

During the year a number of senior staff of the department had the benefit of professional

development seminars and workshops, both locally and overseas.

The acting Accountant General attended the International Consortium on Governmental

Financial Management (ICGFM) 28th Annual Conference in Miami entitled “Public

Financial Management (PFM) Innovations”. The conference focused on the challenges

and opportunities that face governments in the pursuance of effective and sustainable

public financial management reform.

Officers of the Internal Audit section of the Treasury Department undertook training locally

in the area of internal audit. These training courses by the Caribbean Regional Technical

Assistance Centre (CARTAC).

Officers of the Information Systems Unit undertook training, locally and overseas in the areas

of Database Administration, Business Intelligence and Network Administration.

Acknowledgements

Producing the public accounts requires cooperation and teamwork of staff, ministries and

departments in the public sector. Sincere appreciation is therefore extended to the officers

of the Treasury Department, the Ministry of Finance and all ministries and departments for

their support and cooperation.

We also wish to express our appreciation to the Auditor General and his staff who play a

critical role in reviewing and reporting on the activities of the Treasury throughout the year.

Dane Coppin Accountant General (Ag.)

July 31, 2015

REVENUE2014-2015

Goods & Services

Taxes on Income and Profits

Taxes on Property

International Trade

Other

Special Receipts

Levies, fees, fines and penalties

Investment Income

Other

Grant Income

44%

27%

7%9%

0%

0%

2%2%

6%

2%

COMPARATIVE BUDGET TO ACTUAL REVENUE2014-2015

0

200

400

600

800

1,000

1,200

1,400

Goods &Services

Income andProfits

Property InternationalTrade

Other SpecialReceipts

Levies, fees,fines andpenalties

InvestmentIncome

Other Grant Income

Total ProvisionActual Revenue

Millio

ns

COMPARATIVE REVENUE2014/2015

0

200

400

600

800

1,000

1,200

Goods &Services

Income andProfits

Property InternationalTrade

Other SpecialReceipts

Levies, fees,fines andpenalties

InvestmentIncome

Other Grant Income

Revenue Prior YearRevenue Current Year

Millio

ns

COMPARATIVE EXPENDITURE2014/2015

0

200

400

600

800

1,000

1,200

1,400

Operating Expenses Current Transfers Capital Transfers Debt Service

201� - 201�201� - 201�

Millio

ns

COMPARATIVE BUDGET TO ACTUAL EXPENDITURE2014-2015

0

200

400

600

800

1,000

1,200

1,400

Operating Expenses Current Transfers Capital Transfers Debt Service

Total Provision ��

Millio

ns

Approved Budget

Revised Budget Actual Actual

Notes 2015 2015 2015 2014

$ $ $ $RevenuesTaxation:Goods and Services 1,252,228,887 1,181,363,168 1,074,205,094 1,138,434,754 Income and Profits 661,637,065 717,732,989 666,099,851 634,376,946 Property 133,699,828 130,837,556 164,362,413 156,008,235 International Trade 209,400,814 209,400,814 223,668,698 193,587,048 Other 13,028,120 13,999,050 10,983,797 11,439,882 Total Taxation Revenue 1 2,269,994,714 2,253,333,577 2,139,319,855 2,133,846,866

Non-Taxation:Special Receipts 56,000,000 44,098,169 56,864,709 468,246 Levies, fees, fines and penalties 56,769,152 41,184,194 38,779,207 46,622,942 Investment Income 49,414,997 33,167,627 31,946,514 31,946,514 Other 44,452,035 37,390,658 98,342,727 100,121,225 Grant Income 65,000,000 25,028,462 57,530,814 89,976 Total Non-Tax Revenue 271,636,184 180,869,110 283,463,971 179,248,904Total Revenue 2,541,630,898 2,434,202,687 2,422,783,826 2,313,095,770

ExpenditureOperating Expenses:Payroll and Employee Benefits 860,961,984 888,292,583 803,753,188 871,976,358 Personal Emoluments 794,680,797 820,265,224 743,955,615 807,854,408 Employer Contributions 66,281,187 68,027,359 59,797,573 64,121,950 Goods and Services 392,010,691 409,633,493 356,942,991 409,271,986 Depreciation Expense 54,000,000 54,000,000 52,119,642 52,713,189 Bad Debt Expense 9,896,496 9,896,496 9,056,407 11,042,876 Loss on Investments - - 291,685.00 - Total Operating Expenses 2 1,316,869,171 1,361,822,572 1,222,163,913 1,345,004,409

Current Transfers:Retiring Benefits and Allowances 3 263,603,018 295,103,018 292,243,130 273,833,403 Subscriptions and Contributions 21,009,943 41,548,650 19,380,687 23,061,322 Grants 4 681,406,986 766,787,707 758,818,485 884,283,286 Subsidies 29,307,661 49,706,461 49,422,580 82,658,070 Total Current Transfers 995,327,608 1,153,145,836 1,119,864,882 1,263,836,080

Government of Barbados

Consolidated Fund

Statement of Financial PerformanceFor the Year Ended March 31, 2015

Financial Statements of the Government of Barbados 1

Approved Budget

Revised Budget Actual Actual

2015 2015 2015 2014

$ $ $ $Capital Transfers:Grants 4 59,449,206 61,918,047 58,448,794 73,850,545 Subscriptions and Contributions - 50,637,555 50,637,555 - Total Capital Transfers 59,449,206 112,555,602 109,086,349 73,850,545

Debt ServiceInterest Expense 653,773,285 666,241,269 644,966,516 597,934,271 Expenses of Loans 6,198,100 24,556,661 20,361,856 13,408,825 Total Debt Service 5 659,971,385 690,797,930 665,328,371 611,343,096

Total Expenditure 3,031,617,370 3,318,321,940 3,116,443,516 3,294,034,130

Consolidated Fund (Surplus) Deficit 489,986,472 884,119,253 693,659,691 980,938,360

Annex Revenue 23,664,605 19,330,320 23,591,582 26,416,366 Annex Expenditure 29,631,730 29,631,730 27,603,447 28,340,841 Total Annex - Net Deficit (Surplus) 5,967,125 10,301,410 4,011,865 1,924,474

Total Consolidated Fund (Surplus) Deficit (incl. Annex) 495,953,597 894,420,663 697,671,556 982,862,835

The accompanying notes form an integral part of these financial statements

Accountant General 31st July, 2015


For the Year Ended March 31, 2015

Statement of Financial Performance

Consolidated Fund


Actual ActualNotes Mar-15 Mar-14

Current Assets 1,489,442,566 1,590,933,355 Financial Assets 1,488,945,801 1,590,548,183 Cash and bank 6 3,951,272 197,012,287 Investments - Fund accounts 7 736,616 723,668 Receivables (Net) 8 1,314,232,763 1,223,918,687 Restricted cash and cash equivalents 9 170,025,150 168,893,541 Non-Financial Assets 496,765 385,172 Inventories 496,765 385,172

Non-Current Assets 4,679,903,886 4,621,200,463 Sinking Fund Assets 9 838,516,779 888,202,546 Investments 10 322,785,972 312,005,346 Loans to individuals and agencies 11 397,046,649 403,452,318 Receivables - Public Officers 12 19,364,912 21,209,559 Land 13 1,482,300,850 1,412,667,380 Other capital assets (Net) 13 1,619,888,724 1,583,663,314

Total Assets 6,169,346,451 6,212,133,818

LiabilitiesCurrent Liabilities Overdraft Facility 230,353,375 260,820,622 Accounts Payable 140,367,926 116,210,451 Paymaster account 357,978,245 320,338,357 Due to other Governments & agencies 14 362,792,814 113,704,499 Pension Liability 14 7,298,043 8,083,604 Short Term debt 15 3,309,853,570 2,949,407,454 Total Current Liabilities 4,408,643,973 3,768,564,987

Long-term Liabilities Debt 15 7,784,702,413 7,819,805,896 Trust Funds 4,217,943 5,740,754 Special Funds 169,691,136 166,110,314 Total Long term Liabilities 7,958,611,492 7,991,656,964

Total Liabilities 12,367,255,465 11,760,221,951

NET ASSET/EQUITY (6,197,909,014) (5,548,088,133)

Net Asset/Equity Accumulated Deficit (6,078,258,838) (5,428,437,957) Revaluation Reserve (119,650,176) (119,650,176) Total Net Asset/Equity (6,197,909,014) (5,548,088,133)

NET DEBT 9,300,595,352 8,544,803,999

The accompanying notes form an integral part of these financial statements

Accountant General

31st July, 2015

At March 31, 2015

Government of BarbadosConsolidated Fund

Statement of Financial Position


2014 / 2015

CASH FLOWS FROM OPERATING ACTIVITIESReceiptsTaxation 2,025,125,073 Sale of goods and services 23,591,582 Grants 57,530,814 Interest received 31,946,514 Other receipts 194,278,328 Total Receipts 2,332,472,311

PaymentsEmployee costs (803,753,188) Superannuation (292,243,130) Suppliers (360,500,557) Interest paid (665,328,371) Other payments (936,999,787) Total Payments (3,058,825,033) Net cash flows from operating activities (726,352,723)

CASH FLOWS FROM INVESTING ACTIVITIES(Acquisition) Disposal of Capital Assets (99,268,752) (Increase) Decrease in Investments 37,323,996 (Increase) Decrease in funding to Broader Public Sector Organisations 23,219,518 Net cash flows from investing activities (38,725,237)

CASH FLOWS FROM FINANCING ACTIVITIESProceeds from borrowings 833,604,885 Repayment of borrowings (638,729,498) Increase (Decrease) in other liabilities 377,141,557 Net cash flows from financing activities 572,016,944

Net increase / (decrease) in cash and cash equivalents (193,061,016) Cash and cash equivalents at beginning of year 197,012,287 Cash and cash equivalents at end of year 3,951,271


Consolidated Cash Flow Statement

For the Month Ended March 31, 2015


(a) Reconciliation of Net Cash Flows from Operating Activities to Net Surplus / (Deficit) from Ordinary Activities

Surplus / (Deficit) from ordinary activities (697,671,556) Non-cash movementsDepreciation Expense 52,119,642 Bad Debt Expense 9,056,407 Loss (Gain) on sale of Investment 291,685 (Increase) decrease in receivables (114,194,782) Increase (decrease) in Accrued Liabilities 24,157,475 (Increase) decrease in Inventories - Net cash flows from operating activities (726,241,128)

(b) Cash and Cash EquivalentsCash and cash equivalents consist of cash on hand and balances with banks and investments inmoney market instruments. Cash and cash equivalents included in the cash flow statement comprise the following statement of financial position amounts:

Mar-14 Mar-15Cash on hand and balances with banks 197,012,287 3,951,271 Short-term investments - -

197,012,287 3,951,271 193,061,015.83 197,012,287.17

(C) Capital Asset Acquisition

During the period, the Government of Barbados acquired the following by means of cash payments:

Land 7,387,973 Machinery and Equipment 3,636,421 Furniture and Fixtures 564,125 Software 5,273,828 Property and Plant 16,001,886 Motor Vehicles 2,415,157 Assets under construction 48,950,398 Total Capital Asset Acquisitions 99,268,752

Notes to the Cash Flow Statement


Accumulated Surpluses

Other reserves

Translation Reserve

Acquisition clearing account - Prior Years Total

Balance at March 2014 5,548,088,134

Changes in accounting policy - -

Correction of error of estimate - -

Prior Year Adjustment 14,394,821 14,394,821

- - - 14,394,821 5,562,482,955

Changes in Consolidated Fund for 2014

Gain on property revaluation (62,245,496) (62,245,496)

Increases in Capital assets

-

Loss on revaluation of investments 291,685 291,685

-

Exchange differences (7,232,078) (7,232,078)

- Net (revenue)/expenditure recognised in Net Asset/Deficit (6,940,393) (69,185,889)

-

(Surplus)/Deficit for the period 704,611,948 704,611,948

- Total recognised revenue and expenses for the year 697,671,556 - - (62,245,496) 635,426,060

Balance at March 2015 6,197,909,014

July 31st 2015

Government of BarbadosStatement of Change in Net Asset/Equity

For the Year ended March 31, 2015

Accountant General


Financial Statements

Financial Statements of the Government of Barbados | 7

Significant Accounting Policies Reporting Entity The Financial Statements of the Government of Barbados are prepared in accordance with the requirements of the Financial Management and Audit Act, 2007-11 and with the accounting principles for Government set out by the International Public Sector Accounting Standards Board. The reporting entity relates only to Government ministries and departments including the General Post Office. Reporting Currency All information presented in the Financial Statements is presented in Barbados Dollars. Rounding is to the nearest dollar value. Accounting Policies These financial statements comply with generally accepted accounting practice. The measurement base is historical cost. The accrual basis of accounting has been used unless otherwise stated. Transitional Provisions Transitional provisions allowed by the International Public Sector Accounting Standards (IPSAS) have been applied as appropriate for the allowable five year period commencing April 1, 2007. These provisions allow an entity additional time to meet the full requirements of a specific accrual-based IPSAS or provide relief from certain requirements when initially applying an IPSAS. Transitional provisions have been applied with respect to Capital assets (IPSAS 17), Foreign Exchange rate differences (IPSAS 4) and Non-exchange Revenue: Taxes on Income and Profits, Goods and Services and Fees and Fines (IPSAS 23). Reporting and forecast period The reporting and budget period for these financial statements is the year April 1, 2014 to March 31, 2015. Measurement Uncertainty Uncertainty in the determination of the amount at which an item is recognized in the financial statements is known as measurement uncertainty. Such uncertainty exists when it is reasonably possible that there could be a material variance between the recognized amount and another reasonably possible amount. The preparation of the financial Statements in accordance with IPSAS requires management to make estimates and assumptions that would affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and amounts of revenues and expenses during the period. Uncertainty related to the accrual for personal income tax, corporation tax and value added tax arises because of the possible differences between the estimated and actual economic growth and the impact of future tax assessments on tax receivable. Uncertainty in the value of tangible capital assets exists because



estimates of historical cost are used and because of differences between estimated useful life and actual useful life. Estimates are based on best information available at the time of preparation of the financial statements. Actual results may differ from these estimates. The significant accounting policies adopted in the preparation of these financial statements are as follows:

(a) Revenue Revenues are recognized in the fiscal year in which the related events occur. Amounts received prior to the end of the year in relation to revenues that will be earned in a subsequent year, are treated as liabilities. Non-exchange Revenue The Government provides many services and benefits that do not give rise to revenue. Further, payment of tax does not, of itself, entitle the tax payer to an equivalent value of services or benefits as there is no direct relationship between paying tax and receiving services and transfers. Such revenue is received through the exercise of the Crown’s sovereign power. IPSAS 23, “Revenue from Non-Exchange Transactions” is applied in accounting for such revenues.

Revenue Type Revenue Recognition Point Income and Profits: Income Tax (source deductions) Consolidation Tax (source deductions) Corporation Tax Withholding Tax Goods and Services: Value Added Tax Highway revenue Excise Duties Levies Other Direct Taxes

When an individual earns income that is subject to PAYE When an individual earns income that is subject to Consolidation Tax When payment is made, with accrual of taxes due for the year at end of year When an individual is paid interest or dividends subject to the deduction at source When the assessment is raised or the undertaking of taxable activity during the period by the tax-payer. When payment of the fee or charge is made. When Goods are subject to duty When payment of the levy is made When the debt to the Crown arises



Revenue Earned Through Operations Government may earn some of its revenue in exchange for the provision of goods and services to third parties. This type of revenue is classified as revenue earned through operations and is recognized when the goods or services are provided. Investment Income Investment income is recognized in the period in which it is earned. Premiums and Discounts Premiums arising on the issue of a debt instrument are treated as a reduction of the finance cost. Premiums and discounts are recognized in the Statement of Financial Position on issue, and are amortised over the period of the instrument on a yield-to-maturity basis. Gains Realised gains from the sale of fixed assets or the early repurchase of liabilities are recognized in the Statement of Financial Performance in the period in which the transaction occurs. Un-realised gains arising from changes in the value of property, plant and equipment are recognized in the Statement of Financial Performance to the extent that a gain reverses a loss previously charged to the Statement of Financial Performance. Otherwise gains are credited to an asset revaluation reserve for the class of asset. Un-realised foreign exchange gains on monetary assets and liabilities are recognized in the Statement of Financial Performance.

(b) Expenses Expenses are recognized in the fiscal year that the events to which they relate occur and resources are consumed. Expenses include;

accounts payable accrued transfer payments interest accruing on debt pension and other employee benefits the amortization of tangible capital assets

Retiring Benefits and Allowances Retiring benefits though statutory in nature are not a right of the employee. The expense associated with Retiring benefits is therefore reported when the amount payable becomes known and approved. Grants and Subsidies Grants and subsidies are discretionary until payment; the expense is recognized when the payment is made. Discounts and Premiums Discounts arising on the issue of a debt instrument are treated as an increase in the finance cost. Premiums and discounts are recognized in the Statement of Financial Position on issue, and are amortised over the period of the instrument on a yield-to-maturity basis.



Losses Realised losses arising from the sale of fixed assets or the early repurchase of liabilities are recognized in the Statement of Financial Performance in the period in which the transaction occurs. Un-realised losses arising from changes in the value of property, plant and equipment are recognized at balance sheet date. Un-realised losses are first applied against any revaluation reserve for that asset class. The balance, if any, is charged to the Statement of Financial Performance. Un-realised foreign exchange gains on monetary assets and liabilities are recognized in the Statement of Financial Performance. Foreign Currency Transactions Transactions in foreign currency are translated into Barbados dollars using the exchange rate on the dates of the transactions. Exchange rate differences arising on settlement of these transactions and from the translation of monetary assets and liabilities denominated in foreign currencies are recognized in the Statement of Financial Performance. Currency exchange rates are determined by reference to the Central Bank of Barbados and to International Financial Institutions where appropriate. Depreciation Depreciation is charged on a straight line basis calculated to allocate the cost or valuation of an item of property, plant and equipment over the estimated useful life. Typically, the estimated useful lives of different classes of property plant and equipment are as follows:

Heritage Assets: not amortized Buildings: 40 years Machinery and Equipment: 5 to 15 years Road Works, Bridges and Infrastructure: 20 to 40 years Computer Hardware: 3 to 5 years Computer Software: 1 to 5 years Furniture, Fittings and Equipment: 5 to 10 years Motor Vehicles: 3 to 10 years Specialised Military Equipment: 3 to 20 years Ships and Boats: 10 to 25 years Aircraft: 10 to 20 years



(c) Assets Assets are resources controlled by the Government from which it will derive future benefits. Assets are recognized in the year the events giving rise to the Government’s control of the benefit occur. Financial Assets Financial assets are resources that can be used to discharge existing liabilities or finance future operations. They include cash, temporary investments, accounts receivable, loans receivable, advances, investments in government business enterprises. Receivables and Advances Receivables and advances are recorded at the amounts expected to be ultimately collected in cash. A valuation allowance is recorded when collection of the receivable is considered doubtful. Investments Investments, including marketable securities held for investment purposes, are recorded at the lower of cost and fair value. Inventories Inventories are recorded at the lower of cost and net realizable value. Where inventories acquired are recorded at cost, the weighted average cost method is used. Tangible Capital Assets Tangible capital assets are recorded at historical cost. Historical cost includes the costs directly related to acquisition, design, construction, betterment or improvement of tangible capital assets. Estimated historical cost was used to record existing tangible capital assets if actual cost was unknown at April 1, 2007 when accounting for tangible capital assets was introduced. As the Government is using a phased approach to the introduction of accrual accounting, all capital assets may not have been captured at April 1, 2007. Items which have been sought to be captured include tangible capital assets in the following categories; computers, equipment, machinery, vehicles and furniture, purchased between April 1998 and March 2007 and all lands and buildings owned by the Government at March 31, 2007. It is intended that the remaining other tangible capital assets including road networks, bridges, traffic management systems, would be captured over a five year period ending March 2012. However, as at March 31, 2015, the remaining information has not yet been submitted to the Accountant General and would be included in the financial statements when it is made available. Revaluations are carried out for the class of tangible capital assets noted below to reflect the service potential or economic benefit obtained through control of the asset. Revaluation is based on the fair value of the asset. Classes of property, plant and equipment, where applicable, are revalued at least every three years. Land and Buildings Land and buildings are recorded at cost less accumulated depreciation on buildings. All lands are valued using the Comparative Method which relies on the analysis of recent transactions involving similar lands. Buildings are valued using the Depreciation Replacement Cost Method. Maintenance and repair costs are recognized as an expense when incurred. Betterments and improvements that significantly increase or prolong the service life or capacity of a tangible capital asset are capitalized.



(d) Liabilities Liabilities are recorded to the extent that they represent obligations to outside parties as a result of transactions occurring prior to the end of the year. Debt Debt comprises treasury bills, commercial paper, medium and long term notes, bonds and debentures, tax reserve certificates, tax refund certificates, savings bonds and loans. In the Statement of Financial Position, debt is recorded at nominal value. Debt denominated in foreign currencies is recorded at the Barbados dollar equivalent using the rates of exchange established in the loan agreements where appropriate. Other foreign currency debt is translated to Barbados dollars at year-end rates of exchange and any exchange gains or losses are recognized in the year they arise. Leases Finance leases transfer to the Government as lessee, substantially all the risks and rewards incident on the ownership of the leased asset. The obligations under such leases are capitalized at present value of the minimum lease payments. The capitalized values are amortised over the period in which the Government expects to receive benefits from their use. Operating leases, where the lessor substantially retains the risks and rewards of ownership, are recognized in a systematic manner over the term of the lease. Leasehold improvements are capitalized and the cost is amortised over the unexpired period of the lease or the estimated useful life of the improvements, whichever is shorter. Other liabilities All other liabilities are recorded at the estimated obligation to pay.

(e) Contingent liabilities Government has provided loan guarantees under the Guarantee of Loans (Companies) Act 1998-41, to a number of statutory corporations and private sector entities. These guarantees are for the payment of principal and interest. All balances have been confirmed, and are shown in Schedule 11. Where there are zero balances, there have been no disbursements as at March 31, 2015. The Act also requires a sinking fund to be established to assist with the repayment of these loans at maturity date. These funds are managed by the Central Bank of Barbados on behalf of the Treasury and are carried in the financial statements under “Restricted Cash and Cash equivalents” Other contingent liabilities relate to outstanding contracts for goods and services procured by Government ministries and departments; and litigations brought against the Crown by members of the public.

(f) Comparatives To ensure consistency with the current period, comparative figures have been restated where appropriate.

1 Taxation Revenue Income and Profits Revised

Actual Estimates Actual2013 - 14 2014 - 15 2014 - 15

Individuals Individuals (Net) 379,158,287 437,289,746 440,647,591 Individuals (PAYE) 470,842,573 483,420,242 Refunds (106,050,669) (70,881,913) Consolidation Tax 14,366,384 28,785,362 28,109,262

Corporation Corporation Tax (Net) 174,692,376 179,296,299 156,155,780Corporation Tax 204,819,336 200,438,168 Refunds (30,126,960) (44,282,388)

Withholding Tax:Withholding Tax (Net) 80,526,283 72,361,582 69,296,481 Withholding Tax 80,526,283 69,296,481 Withholding Tax Non-residents 27,149,023 - Withholding Tax on dividend income 5,061,936 - Withholding Tax Residents 48,315,324 69,296,481 Refunds - - Total Income and Profits 634,376,946 717,732,989 666,099,851

Goods and Services VAT (Net) 905,710,394 914,469,189 806,085,763 Value Added Tax 960,724,911 882,703,547 Refunds (55,014,517) (76,617,783) Excise Duty 115,430,648 140,606,086 135,899,922 Highway Revenue 55,949,860 45,970,791 46,594,620 Other 61,343,852 80,317,102 85,624,789 Total Goods and Services 1,138,434,754 1,181,363,168 1,074,205,094

Property TaxLand Tax (Net) 137,607,285 111,751,544 146,888,880 Land Tax 137,725,386 147,463,263 Refunds (118,101) (574,383) Property Transfer Tax 18,400,951 19,085,228 17,473,533 Rent registration 784 Total Property Tax 156,008,235 130,837,556 164,362,413

International trade

Import Duties (Net) 191,523,690 209,400,814 223,428,254 Import Duties 196,647,416 231,636,053 Refunds (5,123,726) (8,207,799) Tax on sugar imports 2,063,358 240,444 Total International Trade 193,587,048 209,400,814 223,668,698

Other Indirect Taxation Stamp Duty 11,439,882 13,999,050 10,983,797 Total Indirect Taxation 11,439,882 13,999,050 10,983,797 Total Taxation Revenue 2,133,846,866 2,253,333,577 2,139,319,855

Land Tax Rebates and Discounts of $31,481,675.58 were granted for the financial year 2014/2015


2 Operating ExpensesPersonal EmolumentsPersonal Emoluments include salaries, wages and allowances paid to the Governor General, Ministers of Governmentand public officers.

Personal Emoluments RevisedActual Estimates Actual

2013 - 14 2014 - 15 2014 - 15

Statutory Personal Emoluments 623,965,377 638,872,610 591,514,325 Other Personal Emoluments 183,889,032 181,392,614 152,441,290

Employers's Contribution to NIS 64,121,950 68,027,359 59,797,573 Total 871,976,358 888,292,583 803,753,188

Goods and ServicesGoods and Services relate to those expenses incurred in undertaking the functions and activities of entities included in the financial statements, excluding those expenses identified separately in the Statement of FinancialPerformance. Items disclosed separately below are required by Financial Reporting Standards.Most items of Goods and Services represent expenses incurred in the normal course of operations. Included in Operating Expense are prior year expenses of $3,212,227.90

Goods and Services RevisedActual Estimates Actual

2013 - 14 2014 - 15 2014 - 15Travel 7,883,536 7,949,173 6,792,975 Utilities 52,854,753 57,672,926 50,430,979 Rental of Property 57,220,352 68,477,710 66,219,520 Library Books & Publications 934,910 1,178,875 841,977 Supplies & Materials 49,464,748 53,167,862 47,521,533 Maintenance of Property 72,390,549 75,012,206 63,091,367 Operating Expenses 141,059,991 96,969,519 89,439,344 Structures 2,957,543 4,141,775 1,814,350 Professional Services 24,166,745 44,326,847 30,623,582 Contingencies 338,859 736,600 167,365 Total 409,271,986 409,633,493 356,942,991

Bad Debt ExpenseA change in Bad debt policy was issued by the Director of Finance and Economic Affairs during financial year 2009/10. It stipulates that the annual provision for Bad Debt will be made at a rate of 2 percent of outstanding receivables. Further details of the Provision for Bad Debt can be found in Note 11.

Bad Debt Expense RevisedActual Estimates Actual

2013- 14 2014 - 15 2014 - 15

Bad Debt Expense 11,042,876 9,896,496 9,056,407


Depreciation Expense All tangible capital assets, except land and assets under construction, are being amortised on a straight line basis over their estimated useful lives. The estimated useful lives have been set out in the accounting policies which form an integral part of these Notes to the Financial Statements.

Depreciation Expense RevisedActual Estimates Actual

2013 - 14 2014 - 15 2014 - 15

Buildings 33,919,803 33,612,339 Machinery and Equipment 12,702,914 12,968,881 Furniture 308,259 338,990 Infrastructure - - Vehicles 5,025,125 4,629,408 Software 757,087 570,024 Total 52,713,189 54,000,000 52,119,642

Loss on Investments RevisedActual Estimates Actual

2013 - 14 2014 - 15 2014 - 15

Loss on revaluation of shares - - 285,788 Loss on disposal of shares - - 5,897 Total - 291,685 Total Operating Expenses 1,345,004,409 1,361,822,572 1,222,163,913

3 Retiring Benefits Retiring Benefits and Allowances Revised


Retiring Benefits 208,635,211 222,710,147 217,736,113 Other Retiring Benefits 65,198,192 72,392,871 74,507,017 Total Retiring Benefits and Allowances 273,833,403 295,103,018 292,243,130

Retiring benefits and allowances include pensions, and cost of living allowances paid to public officers under under Cap 25 of the Laws of Barbados and other related subsidiary legislation. It also includes the payment of ex-gratia awards and payments to legislative officers .The Government of Barbados uses an unfunded defined benefit plan for the payment of superannuation benefits to its employees. Benefits are paid for by the Government as and when due. No assets are

therefore being put aside to meet any obligations that may arise in the future.


4 GrantsGrants Revised

Actual Estimates Actual2013- 14 2014 - 15 2014 - 15

Grants to Public Institutions 844,626,445 746,637,635 737,929,685 Grants to Individuals 72,639,120 49,484,152 47,930,181 Grants to non-profit organisations 40,868,266 32,583,967 31,407,413 Total Grants 958,133,831 828,705,754 817,267,280

Grants include transfers made to statutory corporations, boards and non profit organisations to assist with their day to day operations, plant refurbishment or other capital projects. Grants also include transfers to individual under theBarbados Scholarship program managed by the Ministry of Education.

5 Debt Service CostsDebt Service Expenses Revised


Interest ExpenseDomestic 462,427,528 493,601,579 479,267,868 Foreign 135,506,743 172,639,690 165,698,648 Total Interest Expense 597,934,271 666,241,269 644,966,516

Expenses of Loans 13,408,824 24,556,661 20,361,856 Total 611,343,096 690,797,930 665,328,371 Further details of debt service costs can be found in Schedule 6 of the Financial Statement

6 CashCash and Bank As At March 31 2014 2015

Treasury Cash 6,863,650 6,422,352 Treasury Account 155,090,596 (41,196,659) Post master General's cash 1,720,011 1,720,011 Mission Bank accounts 8,035,717 4,578,896 Schools' Bank accounts 3,549,469.44 5,013,903 Bank accounts - Projects 21,343,951 27,061,382 Crown Agents 408,892 351,386 Total 197,012,287 3,951,272

7 Investment - Fund AccountInvestment - Fund AccountAs At March 31 2014 2015Fixed Deposits 723,668 736,616 Total Investment - Fund Account 723,668 736,616


8 Receivables Receivables (Net)As At March 31 2014 2015Tax and Other ReceivablesCorporation Tax Receivable 65,090,311 64,780,412 Provision for Bad Debts (1,352,137) (1,290,458) Corporation Tax Receivable (Net) 63,738,174 63,489,954 Income Tax Receivable 184,396,782 207,953,316 Provision for Bad Debts (3,554,696) (4,168,554) Income Tax Receivable (Net) 180,842,086 203,784,763 VAT Receivable 463,901,526 474,690,223 Provision for Bad Debts (9,126,317) (10,185,009) VAT Receivable (Net) 454,775,210 464,505,214 Import and Excise Duties Receivable 1,355,124 839,942 Provision for Bad Debts (27,102) (16,799) Duties Receivable (Net) 1,328,022 823,143 Land Tax Receivable 213,714,643 243,145,022 Provision for Bad Debts - - Land Tax Reveivable (Net) 213,714,643 243,145,022 Highway Revenue Receivable 240,913 246,266 Provision for Bad Debts (68,779) (68,779) Highway Revenue Receivable (Net) 172,135 177,488 Non Tax Revenue Receivables 4,269,825 4,121,784 Barbados Turf Club Receivables 201,927 201,927 Other Receivables 22,891,691 22,679,422 Total Tax and Other Receivables 941,933,713 1,002,928,716

Advances to Other Governments and agenciesAdvances to Other Governments 1,954,445 1,122,397 Pension Advances 501,584 537,492 Advances to statutory corporation 209,401,857 195,373,697 Other Receivables 70,127,088 114,270,460 Total advances to Other Governments and agencies 281,984,974 311,304,046 Total Receivables (Net) 1,223,918,687 1,314,232,763

i Waivers on Tax Receivables of $5.2M were granted at March 31, 2015, however this does not represent the full amount sincethey are awating an amendment to the MSWT Act regarding waivers granted to specific agencies and individuals by the cabinet

ii Other receivables include an amount due for non tax revenue. Advances to Statutory Corporation comprise mainly of advances to The Transport Board, The Barbados Agricultural Management Company and The National Housing Corporation. Other Advances to Statutory Corporations relates to sales on credit by the Central Purchasing Department.These are expected to be settled within a ninety day period.During the financial year the loan receivable balance relating to Hotels and Resorts Limited (HRL) was written down from $85,392,579 to $78,392,579.00 in accordance with a Cabinet decision based on the likelihood that HRL would be unable to repay the outstanding debt.


9 Restricted cash Restricted cash and cash equivalentsAs At March 31 2014 2015Sinking Fund Assets 888,202,546 838,516,779 Trust Funds 1,060,975 1,089,292 Special Funds 167,832,566 168,935,858 Total 1,057,096,087 1,008,541,929

The financial assets above are restricted in their nature in that they are only available to meet specified purposes and are unavailable by statute or other reasons; for general use by the Crown. Ref Note 15

Sinking fund investments are held until maturity of the associated bond instrument, as such they are carried at costin the financial statements. Sinking fund investments at the financial statement date were $828,462,858.66 with amarket value of $814,605,519.92 while sinking fund cash was $18,245,568.20Sinking fund assets for contingent liabilities was $10,053,920.35 Special funds include funds held and managed by the Treasury Department as well as special funds managed bythe Central Bank of Barbados. Significant amounts include the Industrial Credit Fund which had assets of $125,429,504.72 at the financial statement date.

10 InvestmentsEquity Investments As At March 31 2014 2015

Barbados National Bank Inc. - - Insurance Corporation of Barbados Inc. 4,263,683 3,500,220 Whitepark Development Incorporated 133,337,685 133,337,685 Other Investments 36,633,515 43,214,919 LIAT 137,770,463 142,733,148 Total 312,005,346 322,785,972

Values shown are market values at March 31, 2015, based on listing on the Barbados Stock Exchange. At March 31, 2015 the Government held 1,458,425 shares in the Insurance Corporation of Barbadosat quoted trading price per share of $2.40. This represented a $0.20 loss per share over the value at March 2014.Government traded 181,453 of ICBL shares during the financial year.


11 Loans to individuals and agenciesAs At March 2014 2015Principal outstanding 382,714,507 373,322,303 Barbados Tourism Investment Inc. 141,500,000 141,500,000 Hotel and Resorts Ltd. 85,392,221 78,392,579 Fund Access 2,150,565 1,572,387 Clearwater Bay 124,329,766 124,329,766 Small Businesses - Enterprise Growth Fund 28,000,000 28,000,000 Fair Trading Commission (1,100,613) (1,244,363) Parliamentarians and Registering Officers 539,553 771,934 Caves of Barbados 1,903,015 1,903,015

Interest accrued 26,016,588 26,899,231 Barbados Tourism Investment Inc. 19,351,206 19,351,206 Hotel and Resorts Ltd. - - Fund Access 11,522 19,662 Small Businesses - Enterprise Growth Fund 6,653,861 7,528,363

Net Carrying ValueBarbados Tourism Investment Inc. 160,851,206 160,851,206 Hotel and Resorts Ltd. 85,392,579 78,392,579 Provision for Bad Debt (12,952,829) (12,952,829) Fund Access 1,880,612 1,592,049 Clearwater Bay 124,329,766 124,329,766 Small Businesses - Enterprise Growth Fund 34,653,861 35,528,363 Fair Trading Commission (1,083,113) (1,244,363) Caves of Barbados 1,903,015 1,903,015 Southern Golf 2,000,000 2,000,000 Needham Point 5,730,026 5,874,929 Parliamentarians and Registering Officers 747,195 771,934 Total loans to individuals and agencies 403,452,318 397,046,649

12 Receivables - Public OfficersReceivables - Public OfficersAs At March 2014 2015Loans - Vehicle loans 18,480,120 15,262,124 Loans - Insurance Loans 3,966 9,110 Overdrawn salaries 2,725,473 4,093,678 Total Public Officers Receivables 21,209,559 19,364,912

This balance include advances to public officers under the POLTA Scheme and amounts relating to overdrawn salaries being repaid by public officers.


13 Tangible Capital AssetsTangible Capital AssetsAs at March 31 2014 2015Gross carrying valueLand (valuation) 1,412,667,380 1,482,300,850

Property and Plant 1,422,120,006 1,438,121,891 Machinery and Equipment 229,655,990 235,945,033 Furniture and Fixtures 13,972,793 14,536,918 Software 15,648,466 20,922,294 Motor vehicles 49,873,894 52,289,051 Infrastructure 73,462,405 88,501,370 Assets Under Construction 239,263,246 288,213,644 Total Gross Carrying Value 2,043,996,800 2,138,530,201

Accumulated DepreciationProperty and Plant 327,793,314 367,882,755 Machinery and Equipment 91,293,572 104,264,380 Furniture and Fixtures 2,651,357 2,990,347 Software 5,666,603 6,236,627 Motor vehicles 32,928,639 37,267,369 Infrastructure - - Total Accumulated Depreciation 460,333,486 518,641,477

Net Carrying ValueProperty and Plant 1,094,326,691 1,070,239,137 Machinery and Equipment 138,362,418 131,680,654 Furniture and Fixtures 11,321,437 11,546,571 Software 9,981,863 14,685,667 Motor vehicles 16,945,254 15,021,682 Infrastructure 73,462,405 88,501,370 Assets Under Construction 239,263,246 288,213,644 Net Carrying Value 1,583,663,314 1,619,888,724 Total Net Carrying Value 2,996,330,695 3,102,189,574

There are difficulties associated with obtaining an objective valuation for some of the Crown's assets. Therefore all assets are not shown in the Statement of Financial Position for the current financial year. Assets not included in the current year's financial statements will be included in the subsequent period as valuations and otherinformation is obtained. Assets not reflected in the Statement of Financial Position include: road networks, national library collections, recreation facilities and conservation areas and heritage assets.

Land was revalued at March 31, 2011 based on the Commissioner of Land Tax Revaluation for 2011.

Opening balances and the associated accumulated depreciation relating to tangible capital assets were loaded at April 1, 2007. Total prior years accumulated depreciation reflected in the Financial Statements equals $111,133,799.


14 Current LiabilitiesDue to other Government and agenciesAs At March 31 2014 2015

Unclaimed and Undistributed monies 55,294,262 204,381,327 Other Governments 104,949 102,805 Special Purpose deposits 46,387,537 139,870,571 Deferred Revenue 8,529,502 14,228,669 Pensions Liability 8,083,604 7,298,043 School Deposits 3,388,249 4,209,442 Total Deposits 121,788,103 370,090,857

Pensions Liability represents pensions which have been computed and approved on behalf of retired public officers butpayment had not yet been made.The Investment Division of the Ministry of Finance and Economic Affairs is currently undertaking a consultancy to carryout a pensions study in order to give a better assessment the Government of Barbados' true pension liability.

15 DebtPublic Debt and Sinking Funds ($millions)As At March 31 2015 2014 2015

Legal Authority Amount authorisedLocal Loans Act 6,500.00 5,204.36 5,373.37 Unamortized Bond Discount 18.38 17.79 External Loans Act Cap 94 1,256.92 1,212.65 Caribbean Devopment Bank Cap 97A 236.67 231.30 Inter American Development Bank Cap 97B 476.35 509.41 Special Loans Act Cap 105 2,500.00 1,176.34 1,203.33 Treasury Bills & Tax Certificates Cap 106 4,000.00 2,300.56 2,474.05 Treasury Bills 2,297.92 2,472.15 Tax Reserve Certificates - - Tax Refund Certificates 2.64 1.90 Savings Bond Act 1980-30, 250.00 98.53 95.38 Contingent Liabilities taken over 37.86 12.87 Total Public Debt Outstanding 10,769.21 11,094.56

The Laws of Barbados require that sinking funds be established in respect of funds borrowed under the Local and External Loans Acts to assist with the retirement of such debt when due. The rates of contribution are 2% P.A. with respect to local loans and 2.5% P.A.on foreign loans. At March 31, 2015 market value of sinking fund assets was $735,650,051.71Debt balances represent the ending balances at March 31, 2015 after revaluation of foreign denominated debt usingexchange rates at March 31, 2015. Debt is classified as Current and Long term in the financial statements, with currentrepresenting payments due within a twelve month period following the financial statement date. Total principal repayment on public debt for the year under review was as follows:

Debt repayments RevisedActual Estimates Actual

2013- 14 2014 - 15 2014 - 15Domestic 411,670,785 537,502,455 527,243,937 Foreign 139,855,801 113,981,675 111,485,561 Total debt repayments 551,526,586 651,484,130 638,729,498

Amount Outstanding


16 Foreign Currencies

All monetary amounts in these financial statements are expressed in Barbados dollars. Exchange rates of the principal operating currencies to the Barbados dollar were as follows:

Mar-14closing rate average rate closing rate average rate

United States dollar 2.0000 2.0000 2.0000 2.0000Canadian dollar 1.8308 1.9218 1.5971 1.7850British pound 3.3718 3.2215 3.0027 3.2702Euros 2.7861 2.7161 2.1927 2.5722Venezuelan bolivar fuerte 3.1500 3.1500 3.1500 3.1500Swiss Francs 2.2556 2.1801 2.0671 2.1546

17 Rounding differences

The individual amounts making up totals on the schedules might have differences due to rounding errors.

18 Other Contingent Liability

Contingent liabilities in the amount of $118,177,914.86 also exist in relation to the Crown as reported by the Solicitor General at M

Mar-15


Schedule 1 Schedule of Total Revenue

Schedule 2 Schedule of Expenses by Ministry (excluding amortisation andasset acquisition)

Schedule 3 Post Office Statement of Financial Position

Schedule 4 Schedule of Expenditure by Functional Classification

Schedule 5 Comparative Statement of Financial Performance

Schedule 6 Schedule of Debt Management

Schedule 7 Trust and Special Funds administered by the Treasury

Schedule 8 Loans Receivable - Parliamentarians, Personal Assistants

and Registering Officers

Schedule 9 Statement of Public Debt and Sinking Fund

Schedule 10 Statement of Contingent Liabilities

Schedule 11 Statement of Special Loans

Schedule 12 Schedule of Deposits and Other Liabilities

Schedule 13 Schedule of Expenses by Standard Account Code

Schedule 14 Details of Expenditure by Sub-programSchedule 15 Details of Revenue by Head

SCHEDULES TO THE FINANCIAL STATEMENTS


Approved Revised Estimates Estimates Actual Variance Variance2014-2015 2014-2015 2014-2015 Budget/Actual Budget/Actual

$ $ $ $ $ Tax Revenue 2,269,994,714 2,253,333,577 2,139,319,855 130,674,859 110,813,722

Goods & Services 1,252,228,887 1,181,363,168 1,074,205,094 178,023,793 103,958,074Value Added Tax 927,800,800 914,469,189 806,085,763 121,715,037 108,383,426Excise Duties 176,750,000 140,606,086 135,899,922 40,850,078 4,706,164Highway Revenue 60,502,846 45,970,791 46,594,620 13,908,226 (623,829)Betting & Gaming 4,094,700 3,747,069 3,358,945 735,755 388,124Other 83,080,541 76,570,033 82,265,844 814,697 (8,895,811)Taxes on Income and Profits 661,637,065 717,732,989 666,099,851 (4,462,786) 51,633,138

Corporation Taxes 205,008,900 179,296,299 156,155,780 48,853,120 23,140,519Income Taxes 351,312,507 437,289,746 412,538,329 (61,225,822) 24,751,417Withholding Taxes 80,115,658 72,361,582 69,296,481 10,819,177 3,065,101Consolidation Tax 25,200,000 28,785,362 28,109,262 (2,909,262) 676,100

Taxes on Property 133,699,828 130,837,556 164,362,413 (30,662,585) (33,524,857)

Land Tax 114,239,510 111,751,544 146,888,880 (32,649,370) (35,137,336)Property Transfer Tax 15,955,159 18,254,023 16,847,198 (892,039) 1,406,825Other Taxes on Property 3,505,159 831,989 626,335 2,878,824 205,654

Taxes International Trade 209,400,814 209,400,814 223,668,698 (14,267,884) (14,267,884)

Import Duties 209,400,814 209,400,814 223,668,698 (14,267,884) (14,267,884)

Other Taxes 13,028,120 13,999,050 10,983,797 2,044,323 3,015,253

Non-Tax Revenue 271,636,184 180,826,758 283,463,971 (11,827,787) (102,637,213)

Special Receipts 78,000,000 61,929,919 110,888,334 (32,888,334) (48,958,415)

Training Levy 22,000,000 17,829,676 15,318,048 6,681,952 2,511,628Environmental Levy - 2,074 1,797 (1,797) 277Gains and Losses - Capital Assets - 19,463 39,182 (39,182) (19,719)Contribution to Pensions 326,789 346,916 441,533 (114,744) (94,617)Municipal Tax 49,000,000 35,880,358 53,817,442 (4,817,442) (17,937,084)Sundry Revenue 6,673,211 7,851,432 41,270,332 (34,597,121) (33,418,900) Grant Income 65,000,000 25,028,462 57,530,814 7,469,186 (32,502,352) Other Non-Tax Revenue 128,636,184 93,910,679 115,044,823 13,591,361 (21,176,446)Immigration Services 14,178,388 10,514,032 10,993,910 3,184,478 (479,878)Fees and Fines 34,769,152 23,352,444 24,128,635 10,640,517 (776,191)Printing and Publications 585,500 789,369 783,243 (197,743) 6,126Highway Revenue 10,074,754 7,004,321 10,781,323 (706,569) (3,777,002)Dividend Income 403,401 262,606 262,606 140,795 -Rents and Royalties 7,723,790 6,741,965 7,704,460 19,330 (1,004,797)Interest Income 16,753,989 26,023,409 15,828,127 925,862 10,195,282Central Bank Profits 400,000 - - 400,000 -Other 43,747,210 19,222,533 44,562,520 (815,310) (25,339,987)

Financial Statements of the Government of Barbados |24

SCHEDULE 1


SCHEDULE OF REVENUE

Original Supplimentary Total Actual Savings

Provision Provision Provision Expenditure (Excess)$ $ $ $ $

Ministry

10 Governor General 1,545,752 - 1,545,752 1,275,238 270,514

12 Parliament 10,571,158 1,174,553 11,745,711 11,716,805 28,906

13 Prime Minister's Office 129,804,494 2,612,869 132,417,363 121,447,447 10,969,916

15 Cabinet Office 18,710,797 - 18,710,797 15,861,700 2,849,097

16 Ministry of Civil Service 18,719,584 415,120 19,134,704 14,926,110 4,208,594

17 Ombudsman 665,949 - 665,949 657,266 8,683

18 Audit 3,487,318 - 3,487,318 3,019,370 467,949

19 Treasury 713,971,385 30,826,544 744,797,929 717,448,013 27,349,916

21 Ministry of Finance and Economic Affairs 342,172,062 85,990,930 428,162,992 399,505,669 28,657,323

23 Ministry of Health 322,408,672 19,827,311 342,235,983 331,043,068 11,192,915

27 Ministry of Tourism and International Transport 129,696,181 5,582,651 135,278,832 131,395,950 3,882,882

28 Ministry of Home Affairs 52,888,367 757,389 53,645,756 51,448,212 2,197,544

29 Office of the Director of Public Prosecutions 1,257,295 - 1,257,295 1,014,107 243,188

30 Attorney General 143,345,750 1,420,000 144,765,750 132,903,583 11,862,167

32 Ministry of Foreign Affairs and Foreign Trade 53,052,541 - 53,052,541 47,531,028 5,521,513

40 Ministry of Transport and Works 105,964,401 23,500,000 129,464,401 112,318,189 17,146,212

42 Ministry of Social Care, Constituency Empowerment and Community Development 72,568,954 - 72,568,954 69,071,552 3,497,402

50 Post Office 29,631,730 - 29,631,730 27,603,447 2,028,283

72 Ministry of Agriculture, Food, Fisheries and Water Resource Management 101,979,898 20,852,140 122,832,038 117,140,915 5,691,123

73 Ministry of the Environment and Drainage 98,133,341 7,503,110 105,636,451 101,814,996 3,821,455

75 Ministry of Housing, Lands and Rural Development 91,338,860 9,139,799 100,478,659 96,623,555 3,855,104

76 Ministry of Labour, Social Security and Human Resource Development 75,909,357 - 75,909,357 81,606,203 (5,696,846)

77 Ministry of Education, Science Technology and Innovation 468,128,514 29,000,000 497,128,514 486,954,650 10,173,864

78 Ministry of Culture, Sports and Youth 41,212,890 - 41,212,890 38,953,958 2,258,932

79 Ministry of Industry, International Business, Commerce and Small Business Development 34,083,850 - 34,083,850 30,758,661 3,325,189

Total for all Ministries 3,061,249,100 238,602,416 3,299,851,516 3,144,039,692 155,811,824

SCHEDULE 2

SCHEDULE OF EXPENSES BY MINISTRYFor the Year Ended March 31, 2015


Budget Revised Actual Actual Budget 2015 2014

$ $ $ $ RevenuePostal Revenue 23,664,605 19,330,320 23,591,582 26,416,366Total Revenue 23,664,605 19,330,320 23,591,582 26,416,366

ExpenditureOperating Expenses:Personal Emoluments 22,448,819 22,448,819 20,903,035 21,784,764Employers Contributions 1,866,472 1,866,472 1,745,492 1,822,397Goods and Services 5,269,689 5,269,689 4,909,704 4,695,421Total Operating Expenses 29,584,980 29,584,980 27,558,231 28,302,583

Current Transfers:Subscriptions 46,750 46,750 45,216 38,258Total Current Transfers 46,750 46,750 45,216 38,258Total Expenditure 29,631,730 29,631,730 27,603,447 28,340,841Net Deficit(Surplus) 5,967,125 10,301,410 4,011,865 1,924,474


POST OFFICE

STATEMENT OF FINANCIAL PERFORMANCE


SCHEDULE 3

Approved Budget Revised Budget Actual

2014-2015 2014-2015 2014-2015

Expenses $ $ $

General Public Service 507,220,375 565,703,960 520,572,280

Defence and Security 66,871,941 67,571,941 64,571,090

Education 470,547,383 499,547,383 488,758,000

Health 396,140,252 417,619,394 405,493,275

Social Security and Welfare 278,131,444 310,757,463 297,726,565

Housing & Community Ammenities 96,966,297 104,457,863 99,780,546

Other Community & Social Services 78,857,151 88,013,261 83,972,451

Economic Services 414,611,061 463,450,511 430,211,234

Other 722,271,466 753,098,010 725,358,076

Total Program Expenses 3,031,617,370 3,270,219,786 3,116,443,516

By Functional Classification


SCHEDULE 4

SCHEDULE OF EXPENDITURE


COMPARATIVE STATEMENT OF FINANCIAL PERFORMANCE


Revenues

Taxation:

Goods & Services

Taxes on Income and Profits

Taxes on Property

International Trade

Other

Total Taxation Revenue

Non-Taxation:

Special Receipts

Levies, fees, fines and penalties

Investment Income

Other

Grant Income

Total Non-Tax Revenue

Total Revenue

Expenditure

Operating Expenses:

Payroll and Employee Benefits

Goods and Services

Depreciation Expense

Bad Debt Expense

Total Operating Expenses

Current Transfers:

Retiring Benefits and Allowances

Subscriptions and Contributions

Grants

Subsidies

Total Current Transfers

Capital Transfers:

Grants

Subscriptions

Total Capital Transfers

Debt Service

Interest Expense

Expenses of Loans

Total Debt Service

Total Expenditure

Consolidated Fund (Surplus) Defecit 489,986,472 238,602,416 884,119,252 693,659,691 (124,510,386)

3,031,617,370 238,602,416 3,318,321,939 3,116,443,516 (116,333,926)

659,971,385 30,826,544 690,797,929 665,328,371 25,469,558

653,773,285 12,467,983 666,241,268 644,966,516 21,274,752

6,198,100 18,358,561 24,556,661 20,361,856 4,194,805

- 50,637,555 50,637,555 50,637,555 -

59,449,206 53,106,396 112,555,602 109,086,349 3,469,253

59,449,206 2,468,841 61,918,047 58,448,794 3,469,253

995,327,608 136,361,055 1,153,145,836 1,119,864,882 (11,054,973)

681,406,986 85,380,721 766,787,707 758,818,485 7,969,222

29,307,661 20,398,800 49,706,461 49,422,580 283,881

263,603,018 31,500,000 295,103,018 292,243,130 2,859,888

21,009,943 (918,466) 41,548,650 19,380,687 (22,167,963)

9,896,496 - 9,896,496 9,056,407 840,089

1,316,869,171 18,308,421 1,361,822,572 1,222,163,913 (134,217,764)

392,010,691 15,293,113 409,633,493 357,234,676 (52,398,817)

54,000,000 - 54,000,000 52,119,642 1,880,358

860,961,984 3,015,308 888,292,583 803,753,188 (84,539,395)

2,541,630,898 - 2,434,202,687 2,422,783,826 8,176,459

271,636,184 - 180,869,110 283,463,971 (102,637,213)

44,452,035 - 37,390,658 41,945,261 (4,596,955)

65,000,000 - 25,028,462 57,530,814 (32,502,352)

56,769,152 - 41,184,194 39,448,480 1,735,714

49,414,997 - 33,167,627 48,970,927 (15,803,300)

56,000,000 - 44,098,169 95,568,488 (51,470,319)

2,269,994,714 - 2,253,333,577 2,139,319,855 110,813,672

209,400,814 - 209,400,814 223,668,698 (14,267,884)

13,028,120 - 13,999,050 10,983,797 3,015,203

661,637,065 - 717,732,989 666,099,851 51,633,138

133,699,828 - 130,837,556 164,362,413 (33,524,857)

1,252,228,887 - 1,181,363,168 1,074,205,094 103,958,074

Provision

2014-2015

$

Actual

2014-2015

$

Estimates

2014-2015

$

Supplementary

Provision

2014-2015

$

SCHEDULE 5

Approved Revised Variance

Revised

Budget/Actual

$


COMPARATIVE STATEMENT OF FINANCIAL PERFORMANCE


Provision

2014-2015

$

Actual

2014-2015

$

Estimates

2014-2015

$

Supplementary

Provision

2014-2015

$

SCHEDULE 5

Approved Revised Variance

Revised

Budget/Actual

$

Annex Revenue

Annex Expenditure

Total Annex - Net Defecit (Surplus)

Total Consolidated Fund (Surplus)

Defecit(incl. Annex) 495,953,597 238,602,416 894,420,662 697,671,556 (98,890,521)

5,967,125 - 10,301,410 4,011,865 25,619,865

23,664,605 - 19,330,320 23,591,582 (23,591,582)

29,631,730 - 29,631,730 27,603,447 2,028,283


SCHEDULE 6

DEBT MANAGEMENT

Actual Total Provision Actual2013-2014 2014-2015 2014-2015

$ $ $

Treasury Bills Interest 67,991,623 78,319,517 74,870,785 Temporary Borrowings Interest 6,861,114 7,500,000 7,071,031 Treasury Notes and Debentures Interest 349,120,260 366,493,171 360,020,444 Amortization 365,100,000 460,000,000 460,000,000 Local Commercial Bank Loans Interest 15,276,105 16,367,909 15,299,031 Amortization 8,504,874 13,086,859 11,530,229 International Financial Institutions Interest 15,362,661 18,603,421 14,875,599 Amortization 66,684,847 62,890,619 61,175,196 Government & Governmental Agencies Interest 23,300 - - Amortization 883,098 680,000 483,098 Sinking Fund Contributions Contributions 102,838,520 151,009,165 6,000,000 Administrative Expenses Expenses of Loans 13,408,825 24,556,661 20,361,856 Savings Bonds Interest 3,614,125 6,085,840 3,531,728 Amortization 18,483,075 25,880,827 18,254,104 Tax Refund Certificate Interest 156,452 425,000 173,333 Amortization 731,350 1,700,000 731,650 Tax Reserve Certificate Interest - 25,000 - Amortization - 75,000 - Foreign Debentures Interest 94,311,163 93,226,764 90,648,370 Amortization 57,285,715 34,714,286 34,285,714 Other Foreign Commercial Loans Interest 25,809,620 60,809,505 60,174,678 Amortization 15,002,140 15,696,770 15,541,553 Other Debt Services Interest 19,407,850 18,385,142 18,301,517 Amortization 18,851,486 36,759,769 36,727,953

Total 1,265,708,204 1,493,291,225 1,310,057,869

GOVERNMENT OF BARBADOS


SCHEDULE 7

Special Funds$

Agriculture Dev Trust 29,224,897

Export Promotion Fund 374,916

Higher Education Loan Fund 309

Industrial Dev't Credit Fund 125,429,505

Public Employee Fund 2,464,103

Regional Development Fund -

B'dos Arts & Sports Promotion Fund 2,174,868

Sugar Policy Fund 718,195

Sugar Industry Scholarship Fund 434,175

Sugar Industry Research and Development Fund 4,995,092

Sugar Export Levy 720,000

European Vision Treatment 639,078

Fire Service Reward Fund Investment 3,308

Police Reward Fund 873

Youth Development Centre 135,586

Training Loan Fund 1,654,181

Training Fund 722,049

Total 169,691,136

Trust Funds

BL&P Interest Rate Subsidy 3,099,978CARICOM Secretariat - Glenda Itiaba Assistance 183,702V.D. Atkins 246Wilfred A Brathwaite 6,408Bynoe Trust 64,592Fox Bequest 52,551Fox Trust 105,861Nightegale Bequest 7,267Nurses Benevolent 306Springer Trust 5,348Althelston Wason 2,043 Andrew Lindley Ward 661,793Hutchinson Prize Fund 1,590Reeves Memorial Fund 6Government Industrial Schools 1,990Prison Rewards and Fines 4,808Phyllis Thompson Trust 19,453

Total 4,217,943

STATEMENT OF FUNDSFor the Year Ended March 31, 2015


SCHEDULE 8

NAME $

ParliamentariansBoyce, John 33,333

Callender, Wendell 25,781

Carrington, Michael 42,500

Clarke, Gline 36,667

Franklyn, Caswell A 8,820

Kellman, Dennis S 43,750

Sandiford, Lloyd 5,734

Total Outstanding 137,470

Personal Assistants

Estwick, Sandra Lorraine 26,190

King, Evette R 33,333


Secretary Treasurers

Downie, Margaret Diana 5,952

Ramsay, Joycelyn L 3,583


Registering OfficersBovell, Halcourt W 17,262

Greaves, Anthony N 22,500

Hall, Kenneth S 35,833

Hall, Nolan Wilton 36,667

Holland, Allison M 2,931

Lesa Collins 13,333

Medford, Gloria A 17,857

Taylor, Wayne R 37,050

Thompson, Egaton B 24,614

Wiseman, Linda 17,400


SCHEDULE OF LOANS TO PARLIAMENTARIANS

PERSONAL ASSISTANTS AND REGISTERING OFFICERS

As at March 31, 2015

Financial Statements of the Government | 32

SCHEDULE 9

Amount Nominal Net Proceeds Annual Date to Amount InvestmentLegal Authorised Value Of Of Loans Interest Be Outstanding At Cost

Authority To Be Raised Loans Raised Raised Rate Redeemed 03/31/2015 03/31/2015$ $ $ % $

Local Loans Act 1988

Local Loans Act 6,500,000,000 (1997,2004,2010 & 2012)

199404 45,000,000 45,000,000 8.50 31-Oct-15 45,000,000 199405 45,000,000 45,000,000 8.75 31-Oct-17 45,000,000 199406 40,225,000 40,225,000 9.00 31-Oct-18 40,225,000 199504 18,652,000 18,652,000 8.50 30-Nov-16 18,652,000 199704 20,000,000 20,000,000 7.75 30-Sep-16 20,000,000 200202 25,000,000 25,000,000 6.50 31-Dec-15 25,000,000 200203 40,000,000 40,000,000 6.50 30-Sep-15 40,000,000 200204 50,000,000 50,000,000 6.75 31-Dec-16 50,000,000 200205 50,000,000 50,000,000 7.00 31-Dec-17 50,000,000 200207 45,000,000 45,000,000 6.25 31-Oct-22 45,000,000 200209 20,000,000 20,000,000 5.875 31-Dec-18 20,000,000 200303 25,000,000 25,000,000 5.875 30-Nov-18 25,000,000 200304 45,000,000 45,000,000 6.00 31-Oct-20 45,000,000 200305 60,000,000 60,000,000 6.25 31-Dec-22 60,000,000 200402 50,000,000 50,000,000 4.75 31-Oct-16 50,000,000200502 100,000,000 100,000,000 7.25 30-Jun-25 100,000,000 200504 40,000,000 40,000,000 7.00 30-Sep-17 40,000,000 200506 40,000,000 40,000,000 7.75 31-Dec-25 40,000,000 200601 100,000,000 100,000,000 7.50 30-Jun-26 100,000,000 200604 100,000,000 100,000,000 8.50 31-Dec-18 100,000,000 200703 100,000,000 100,000,000 7.875 30-Sep-15 100,000,000 200704 100,000,000 100,000,000 7.50 31-Oct-17 100,000,000 200705 100,000,000 100,000,000 7.75 31-Dec-20 100,000,000 200802 100,000,000 100,000,000 6.50 30-Sep-16 100,000,000 200803 100,000,000 100,000,000 6.625 31-Dec-18 100,000,000 200804 100,000,000 100,000,000 6.875 30-Sep-20 100,000,000 200805 120,000,000 120,000,000 6.75 31-Oct-22 120,000,000 200901 150,000,000 150,000,000 5.875 31-Oct-15 150,000,000 200902 100,000,000 100,000,000 6.00 30-Sep-16 100,000,000 200903 100,000,000 100,000,000 6.25 31-Dec-19 100,000,000 200904 100,000,000 100,000,000 6.125 30-Sep-21 100,000,000 200905 50,000,000 50,000,000 6.00 30-Sep-17 50,000,000 201001 100,000,000 100,000,000 6.00 31-Dec-17 100,000,000 201002 75,000,000 75,000,000 6.00 31-Oct-16 75,000,000 201003 100,000,000 100,000,000 6.50 30-Apr-19 100,000,000 201005 50,000,000 50,000,000 7.75 31-Jul-30 50,000,000 201006 80,000,000 80,000,000 6.625 30-Sep-20 80,000,000 201007 100,000,000 100,000,000 7.375 31-Dec-27 100,000,000 201008 100,000,000 100,000,000 7.75 31-Dec-21 100,000,000 201009 100,000,000 100,000,000 6.625 31-Dec-19 100,000,000 201102 100,000,000 100,000,000 7.125 28-Feb-26 100,000,000 201104 50,000,000 50,000,000 6.875 31-May-23 50,000,000 201105 100,000,000 100,000,000 7.00 31-Aug-23 100,000,000

201106 50,000,000 50,000,000 7.75 30-Sep-31 50,000,000 201107 100,000,000 100,000,000 7.75 31-Oct-31 100,000,000 201108 50,000,000 50,000,000 6.25 31-Oct-18 50,000,000 201201 100,000,000 100,000,000 7.375 30-Sep-27 100,000,000 201202 100,000,000 100,000,000 6.875 31-Oct-23 100,000,000 201203 50,000,000 50,000,000 6.00 31-May-17 50,000,000 201204 100,000,000 100,000,000 7.750 31-May-32 100,000,000 201205 50,000,000 50,000,000 7.750 31-Aug-32 50,000,000

Balance carried forward 4,418,877,000 3,733,877,000 3,733,877,000

STATEMENT OF PUBLIC DEBT AND SINKING FUND At March 31 2015


SCHEDULE 9




Balance brought forward 4,418,877,000 3,733,877,000 3,733,877,000Local Loans Act 1988 201206 75,000,000 75,000,000 6.375 31-Aug-19 75,000,000

(1997,2004,2010 & 2012) 201207 50,000,000 50,000,000 7.000 31-Oct-24 50,000,000 201208 100,000,000 100,000,000 7.375 31-Oct-29 100,000,000 201209 75,000,000 75,000,000 7.250 30-Nov-26 75,000,000 201210 50,000,000 50,000,000 6.875 30-Nov-23 50,000,000 201301 120,000,000 120,000,000 7.250 31-Jan-28 120,000,000 201302 65,000,000 65,000,000 6.000 31-Jan-18 65,000,000 201303 100,000,000 100,000,000 7.75 31-Jul-33 100,000,000 201304 50,000,000 50,000,000 4.125 30-Jun-15 50,000,000 201305 100,000,000 99,775,000 6.88 30-Jun-24 99,775,000 201306 50,000,000 49,776,000 6.125 31-Oct-20 49,776,000 201307 100,000,000 100,000,000 7.00 31-Oct-27 100,000,000 201401 100,000,000 99,761,000 8.25 31-Dec-29 99,761,000 201402 25,000,000 25,000,000 4.25 31-Dec-16 25,000,000 201403 100,000,000 99,990,000 6.00 31-May-19 99,990,000 201404 100,000,000 99,878,000 6.25 31-Jul-21 99,878,000 201405 110,000,000 109,334,000 7.75 30-Sep-34 109,334,000 201406 100,000,000 19,398,000 6.625 31-Oct-24 19,398,000 201407 50,000,000 26,108,000 7.25 30-Apr-29 26,108,000 201408 100,000,000 74,630,000 4.00 30-Apr-16 74,630,000 201501 75,000,000 65,596,000 7.75 31-Dec-34 65,596,000 201502 100,000,000 72,492,673 4.375 30-Jun-18 72,492,673 201503 50,000,000 12,750,000 6.00 31-Aug-20 12,750,000

Subtotal 5,578,877,000 5,373,365,673 5,373,365,673

External Loan Act Cap 94D Unspecified

30 Million Barclays Bank deZoete Wedde £27,050,000 109,204,907 13.50 01-Jul-15 81,222,224 US $150M 7.25 % Notes 2021 150,000,000 300,000,000 7.25 15-Dec-21 300,000,000 US $190M 6.625% Notes 2035 190,000,000 380,000,000 6.625 05-Dec-35 380,000,000 US$ 40M 7.8% 2019 Scotia Trust 40,000,000 80,000,000 7.80 02-Aug-19 51,428,572 US $200M Deutsche Bank Securities 200,000,000 400,000,000 7.00 04-Aug-22 400,000,000

1,269,204,907 1,212,650,796

Investment At Cost 810,217,291 Cash 18,245,569

Loans - Caribbean DevelopmentBank - Cap 97 A Unspecified

US $Grantley Adams Int'l Airport (Expansion) 14/0R/BAR 22,229,998 44,459,996 3.95 01-Jul-16 5,557,500Education Sector Enhancement Prog 13/OR/BAR 31,500,000 59,353,337 3.95 01-Oct-17 16,120,903Urban Rehabilitation Project 16/OR/BAR 30,341,000 50,905,054 3.95 01-Jul-19 26,272,953Industrial Credit 18/OR/BAR 15,000,000 30,000,000 3.95 01-Apr-21 13,720,756Support for Liat (1974) 6/SFR - OR - BAR 33,631,879 67,263,759 3.95 01-Oct-27 49,729,936Policy Based Loan 23/OR - BAR 25,000,000 50,000,000 3.95 01-Oct-27 50,000,000Immediate Response -Coastal Erosion 19/SFR - BAR 500,000 1,000,000 5.00 01-Apr-20 656,250Low Income Housing 25OR/BAR 36,000,000 2,269,767 3.95 01-Jan-29 2,269,767Education Sector Reform 26 OR/BAR 35,000,000 2,327,597 3.95 01-Apr-29 2,327,597Modernisation Regulatory Sector Reform 20 OR/BAR 3,500,000 2,131,168 3.95 01-Jul-19 1,587,610Technical Assistance-Water Supply Network 24/OR-BAR 1,062,000 333,372 3.95 01-Oct-21 290,392Establishing a Central Revenue Authority 27/OR-BAR 3,583,100 2,923,585 3.95 01-Apr-22 2,649,499Fleet Modernization - LIAT (1974) 29/OR-BAR 33,200,000 60,111,853 3.95 01-Jul-28 60,111,853

373,079,488 231,295,016Balance carried forward 7,015,650,068 6,817,311,485


SCHEDULE 9




Balance brought forward 7,015,650,068 6,817,311,485

Loans Inter American DevelopmentBank Cap 97 B Unspecified US$Rural Development Program 597/SF/BA 4,100,000 7,147,196 2.0 15-Apr-15 144,558 Fishing Port Facility at Bridgetown 756/SF/BA 3,000,000 5,608,622 2.0 06-Nov-19 1,076,777 Glebe Polyclinic & Q.E.H. Ext.768/SF/BA 7,000,000 13,652,445 2.0 06-Jan-21 2,890,959 South Coast Sewerage Project 709/OC/BA 28,000,000 55,608,246 2.18 08-Mar-18 12,956,947 South Coast Sewerage Project710/OC/BA 23,200,000 46,363,637 2.18 08-Mar-18 10,762,547 Primary Education Program 708/OC/BA 11,600,000 18,926,604 2.18 08-Mar-18 3,787,252 Investment Sector Program 900/OC/BA 35,000,000 70,000,000 2.18 19-Jan-16 5,692,548 Coastal Conservation Project Phase1 856/OC/BA 3,600,000 6,619,493 2.18 25-Jul-15 264,647 Education Sector Enhancement Program 1154/OC/BA 60,034,063 120,068,126 1.94 15-Dec-23 66,948,645 Administration of Justice Project - 1332/OC/BA 8,750,000 17,499,895 1.94 23-Nov-21 11,190,618 Coastal Infrastructure Programme 1386/OC/BA 17,000,000 33,875,314 1.94 09-Oct-22 19,798,155 Modernization of Customs Excise & VAT 1684 4,400,000 8,774,048 1.94 05-Apr-26 6,567,399 Housing and Neighbourhood Upgrade 1953/OC/BA 30,000,000 13,197,488 1.94 08-Apr-28 12,053,264 Modernization of the B'dos National Standard 1948 OC/BA 5,000,000 3,127,502 1.15 25-Jul-28 2,731,142 Modern of Statistical Service 2003/OC-BA 5,000,000 6,854,262 1.15 11-Dec-28 6,203,203

Modernization of B'dos Procurement System 2099/OC-BA 5,000,000 3,019,471 1.15 30-Mar-29 2,818,172 Agriculture Health and Food Control 2256/OC 20,000,000 1,377,681 1.15 21-Mar-35 1,122,761 Barbados Competiveness Program 2278/OC 10,000,000 2,390,987 1.15 21-Mar-35 2,297,734 Support for Sustainable Energy Framework 2410/OC 45,000,000 90,000,000 1.15 10-Oct-30 90,000,000 Water & Sanitation Systems Upgrade 2255/OC-BA 50,000,000 67,149,769 1.15 21-Mar-35 67,149,768 Sustainable Energy Investment 2485/OC-BA 10,000,000 7,762,842 1.15 07-Feb-36 7,762,841 Support for Energy Framework 2609/OC-BA 70,000,000 140,000,000 1.15 16-Nov-31 140,000,000 Coastal Risk Assessment & Management Prog 2463/OC-BA 30,000,000 27,333,385 1.15 07-Feb-36 27,333,384 Skills for the Future Program 2739/OC-BA 20,000,000 7,853,235 1.15 15-Oct-37 7,853,235 Total 774,210,249 509,406,556

Special Loans Act Cap 105 andSpecial Loans Amendments Act 1973,1977. 1981, 1993 Appendix IX 2,500,000,000 1,465,629,490 1,203,332,856

Contingent Liabilities taken over byCentral Government 58,000,000 12,868,735

Treasury Bills & Tax Act Cap 106Treasury Bills 4,000,000,000 2,456,955,387 2,472,150,304

Tax Refund Certificates 18,102,200 1,900,6002,475,057,587 2,474,050,904

Financial Management & Audit Act 2007-11(Temporary Borrowings) 252,690,000 252,690,000 230,353,375

Balance carried forward 14,498,192,781 13,719,474,215


SCHEDULE 9




Balance brought forward 14,498,192,781 13,719,474,215

Savings Bond Act 1980-30, 2000 250,000,000Barbados Savings Bonds S1 81/86 2,500,000 2,500,000 60 1981-85 5,800Barbados Savings Bonds S2 84/89 2,500,000 2,500,000 64 1984-89 150Barbados Savings Bonds S4 86/91 2,500,000 2,500,000 66 1986-91 300Barbados Savings Bonds S6 86/91 5,000,000 5,000,000 68 1986-91 15,500Barbados Savings Bonds S7 87/92 5,000,000 5,000,000 67 1987-92 2,250Barbados Savings Bonds S9 88/93 5,000,000 5,000,000 67 1988-93 100Barbados Savings Bonds S12 90/95 5,000,000 5,000,000 62 1990-95 3,100Barbados Savings Bonds S15 91/96 5,000,000 5,000,000 60 1991-96 50Barbados Savings Bonds S20 93/98 5,000,000 5,000,000 70 1993-98 300Barbados Savings Bonds S21 93/98 5,000,000 5,000,000 66 1993-98 15,700Barbados Savings Bonds S23 94/99 2,500,000 2,500,000 66 1994-99 10,000Barbados Savings Bonds S24 95/00 5,000,000 5,000,000 66 1995-00 100Barbados Savings Bonds S25 95/00 5,000,000 5,000,000 67 1995-00 25,050Barbados Savings Bonds S26 95/00 5,000,000 5,000,000 68 1995-00 66,500Barbados Savings Bonds S27 95/00 7,500,000 7,500,000 68 1995-00 51,900Barbados Savings Bonds S28 96/01 5,000,000 5,000,000 68 1996-01 12,800Barbados Savings Bonds S29 96/01 5,000,000 5,000,000 70 1996-01 16,600Barbados Savings Bonds S30 96/01 7,500,000 7,500,000 70 1996-01 9,000Barbados Savings Bonds S31 97/02 5,000,000 5,000,000 71 1997-02 96,200Barbados Savings Bonds S32 97/02 7,500,000 7,500,000 71 1997-02 48,450Barbados Savings Bonds S33 97/02 7,500,000 7,500,000 71 1997-02 17,950Barbados Savings Bonds S34 98/03 3,000,000 3,000,000 71 1998-03 15,000Barbados Savings Bonds S35 98/03 5,000,000 5,000,000 71 1998-03 21,750Barbados Savings Bonds S36 98/03 7,500,000 7,500,000 71 1998-03 55,050Barbados Savings Bonds S37 98/03 5,000,000 5,000,000 71 1998-03 18,500Barbados Savings Bonds S38 98/03 7,500,000 7,500,000 71 1998-03 63,850Barbados Savings Bonds S39 99/04 7,500,000 7,500,000 71 1999-04 41,400Barbados Savings Bonds S40 99/04 4,500,000 4,500,000 71 1999-04 15,100Barbados Savings Bonds S41 00/05 10,000,000 10,000,000 68 2000-05 205,700Barbados Savings Bonds S42 00/05 5,000,000 5,000,000 68 2000-05 43,850Barbados Savings Bonds S43 00/05 5,000,000 5,000,000 68 2000-05 108,100Barbados Savings Bonds S44 01/06 5,000,000 5,000,000 70 2001-06 30,650Barbados Savings Bonds S45 01/06 10,000,000 10,000,000 71 2001-06 176,200Barbados Savings Bonds S46 01/06 5,000,000 5,000,000 68 2001-06 160,700Barbados Savings Bonds S47 01/06 10,000,000 10,000,000 74 2001-06 149,200Barbados Savings Bonds S48 01/06 10,000,000 10,000,000 80 2001-06 138,400Barbados Savings Bonds S49 02/07 10,000,000 10,000,000 80 2002-07 346,550Barbados Savings Bonds S50 03/08 5,000,000 5,000,000 80.74 2003-08 88,800Barbados Savings Bonds S51 03/08 15,000,000 15,000,000 80.74 2003-08 313,650Barbados Savings Bonds S52 03/08 10,000,000 10,000,000 80.74 2003-08 105,100Barbados Savings Bonds S53 04/09 10,000,000 9,995,800 83.34 2004-09 184,600Barbados Savings Bonds S54 04/09 10,000,000 9,937,600 83.34 2004-09 294,850Barbados Savings Bonds S55 05/10 10,000,000 10,000,000 79.20 2005-10 359,150Barbados Savings Bonds S56 05/10 5,000,000 4,995,000 77.66 2005-10 107,400Barbados Savings Bonds S57 05/10 5,000,000 4,965,350 77.66 2005-10 213,500Barbados Savings Bonds S58 06/11 10,000,000 9,975,000 77.66 2006-11 397,550Barbados Savings Bonds S59 06/11 5,000,000 4,991,650 77.66 2006-11 79,150Barbados Savings Bonds S60 06/11 10,000,000 9,987,650 77.66 2006-11 603,650Barbados Savings Bonds S61 07/12 9,991,100 9,991,100 74.77 2007-12 574,300

Subtotal 319,839,150 5,309,500Balance carried forward 14,818,031,931 13,724,783,715


SCHEDULE 9




Balance brought forward 14,818,031,931 13,724,783,715Barbados savings Bonds S62 08/13 10,000,000 9,949,550 78.44 2008-13 1,021,900Barbados Savings Bonds S63 08/13 10,000,000 9,964,550 78.44 2008-13 1,561,100Barbados Savings Bonds S64 09/14 15,000,000 14,998,400 79.68 2009-14 4,403,700Barbados Savings Bonds S65 09/14 14,950,000 14,949,950 79.68 2009-14 8,776,100Barbados Savings Bonds S66 10/15 19,900,000 19,885,750 79.68 2010-15 17,780,450Barbados Savings Bonds S67 11/16 5,000,000 4,999,500 78.44 2011-16 4,617,050Barbados Savings Bonds S68 11/16 9,970,000 9,969,950 78.44 2011-16 9,067,200Barbados Savings Bonds S69 12/17 10,000,000 9,994,500 78.44 2012-17 9,545,700Barbados Savings Bonds S70 13/18 9,904,300 9,899,300 78.44 2013-18 9,394,350Barbados Savings Bonds S71 13/18 5,500,000 5,496,950 78.44 2013-18 5,417,350Barbados Savings Bonds S72 13/18 9,957,800 7,699,354 78.44 2013-18 7,699,354Barbados Savings Bonds S73 14/19 15,000,000 8,708,950 78.44 2014-19 8,606,700Barbados Savings Bonds S74 14/19 5,000,000 2,179,600 78.44 2014-19 2,179,600

Total 448,535,454 95,380,054GRAND TOTAL PUBLIC DEBT OUTSTANDING 12,489,772,848 11,342,703,965

A 2% per annum Sinking Fund Contribution applies to the Treasury Notes and Debentures

IDB 3 month Libor Based rates are reset quarterly in April, July, October and January CDB variable interest rates are reset semiannually in January and July

The Notes to the Financial Statements form an integral part of these statements.


SCHEDULE 10

Net Proceeds Rate of Redemption Amountof Loans Interest Date Outstanding

Loans Agency Raised As At 31-03-2015$ $ $ % $

FOREIGN BARBADOSCURRENCY CURRENCY

LOCAL

Royal Bank Of CanadaC.O Williams Paving LTD BDS 34,500,000 34,500,000 8.00% 28-May-19 7,450,142

Republic Bank (Barbados) LimitedFinancing of the Barbados Net-Work Infrastructure USD 32,500,000 65,000,000 65,000,000 7.25% 30-Jun-19 35,225,063 (ABC Highway Bonds) BDS 100,000,000 100,000,000 8.50% 30-Jun-34 91,054,040

Term Loan- 35.0M BDS 35,000,000 35,000,000 5.25% 30-Jun-21 31,859,852

Royal Bank of CanadaTamarind Hall-Lease Facility BDS 17,643,482 17,643,482 21-May-24 13,809,860

FOREIGN

International Bank for Reconstruction and RedevelopmentHIV/AIDS Prevention & Control USD 15,150,000 30,300,000 30,300,000 0.89% 15-Jul-17 5,512,385 2nd HIV/AIDS Project 7585-BB USD 35,000,000 70,000,000 70,000,000 0.38% 15-Feb-38 65,736,762

European Economic CommunityMin. of Agriculture - Oistins Fisheries 8.0077 EURO 950,000 2,656,013 1,849,842 1.00% 15-May-20 430,365Min. Agriculture - Livestock Develop. 8.0369 EURO 1,400,000 3,576,440 813,025 1.00% 01-Dec-32 459,919

RBC Royal Bank (Barbados) LimitedCoast Guard Lease Project BDS 61,952,491 61,952,491 7.75% 04-Jan-31 24,987,893

FirstCaribbean International BankPurchase of Judicial Centre, et al. BDS 150,000,000 150,000,000 8.00% 15-May-31 139,404,309

Integrated Coastal Surveillance System USD 15,484,000 30,968,000 30,968,000 1.375% 31-Jul-16 4,932,359Defence and Security Ships USD 39,500,000 79,000,000 79,000,000 1.06% 09-May-18 25,413,328 Commonwealth Construction Canada Limited (Barbados Prison Lease) USD 144,301,325 288,602,650 288,602,650 15-Jan-32 257,056,579

First Citizens Bank Limited USD 25,000,000 50,000,000 50,000,000 6.78% 30-Sep-15 50,000,000

Credit Suisse AG USD 225,000,000 450,000,000 450,000,000 8.84% 18-Dec-18 450,000,000

Total 1,465,629,490 1,203,332,856

CONTINGENT LIABILITIES TAKEN OVER BY CENTRAL GOVERNMENTRepublic Bank (Barbados) LimitedBarbados Transport Board - $18M Loan BDS 18,000,000 18,000,000 8.70% 31-May-18 6,202,068

Citibank/ CiticorpB'dos Agricultural Management Co. - $40M Bond BDS 40,000,000 40,000,000 5.40% 16-Aug-16 6,666,667

58,000,000 12,868,735

Grand Total 1,523,629,490 1,216,201,591

LOANS RAISED UNDER SPECIAL LOAN ACT CAP 105

Amount Authorised

Financial Statements of the Government of Barbados| 38

SCHEDULE 11

Amount of Lending Contract Interest Organisation Balance Loan BDS $ Agency Date Rates Outstanding

500,000 National Insurance Board 30-Oct-00 4.00% Barbados Agency for Micro Enterprise Development (Fund Access) 44,220

1,000,000 RBC Royal Bank (Barbados) Limited 04-Sep-09 7.50% Barbados Agricultural Development & Marketing Corp 384,476

41,000,000 FirstCaribbean International Bank 04-Jun-14 5.55% Barbados Agricultural Management Co. 39,658,008

50,000,000 RBC Royal Bank (Barbados) Limited 13-Apr-07 5.40% Barbados Agricultural Management Co. 50,000,000

61,000,000 Republic Finance & Trust Corporation 01-Mar-11 6.00% Barbados Agricultural Management Co. 13,716,849



13,000,000 National Insurance Board 12-Jul-13 4.38% Barbados Agricultural Management Co. 8,852,796

73,000,000 ANSA Merchant Bank 12-Feb-15 6.75% Barbados Agricultural Management Co. 32,000,000

51,400,000 Bank of Nova Scotia 15-Jul-10 8.00% Barbados Conference Services Limited 46,037,183

1,700,000 Bank of Nova Scotia 15-Jul-10 8.00% Barbados Conference Services Limited 970,013

5,000,000 Bank of Nova Scotia 15-Jul-10 8.00% Barbados Conference Services Limited 2,659,273

38,000,000 RBC Royal Bank (Barbados) Limited 18-Nov-05 6.95% Barbados Investment & Development Corporation 38,000,000

70,000,000 Republic Bank (Barbados) Limited 01-Sep-08 6.50% Barbados National Terminal Company Limited 45,694,445

50,000,000 Republic Finance & Trust Corporation 01-Sep-08 6.25% Barbados National Terminal Company Limited 28,750,000

25,000,000 Republic Finance & Trust Corporation 01-Sep-08 6.38% Barbados National Oil Company Limited 8,387,498



34,000,000 RBC Royal Bank (Barbados) Limited 01-Jul-03 6.75% Barbados Port Inc. 10,453,596

50,000,000 Republic Bank (Barbados) Limited 26-Aug-08 7.00% Barbados Port Inc. 27,740,963

10,000,000 Republic Bank (Barbados) Limited 16-Jan-08 8.25% Barbados Port Inc. 10,000,000

10,000,000 First Citizens Bank (Barbados)Limited 15-Feb-12 7.00% Barbados Port Inc. 10,000,000

70,000,000 Republic Bank (Barbados) Limited 7.50% Barbados Port Inc. 22,964,000

28,391,027 ANSA Merchant Bank Limited 11-Apr-14 7.25% Barbados Port Inc 30,335,890

18,708,720 ANSA Merchant Bank Limited 18-Jul-14 7.25% Barbados Port Inc 19,660,979

25,000,000 Bondholders 30-Jun-00 8.25% Barbados Tourism Investment Inc. 25,000,000

24,000,000 Republic Finance & Trust Corporation 20-Nov-12 5.50% Barbados Tourism Investment Inc. 8,000,000

55,000,000 National Insurance Board 05-Dec-13 4.13% Barbados Tourism Investment Inc. 55,000,000

17,000,000 National Insurance Board 26-Aug-11 7.75% Barbados Tourism Authority 15,044,991

21,000,000 Bank of Nova Scotia 01-Jul-08 2.18% Barbados Tourism Authority 5,362,213

22,000,000 RBC Royal Bank (Barbados) Limited 03-Feb-06 6.97% Barbados Transport Board 22,000,000

30,000,000 National Insurance Board 07-Aug-11 7.75% Barbados Transport Board 26,422,956

35,000,000 Republic Bank (Barbados) Limited 20-Nov-09 6.88% Barbados Transport Board 23,272,622

10,000,000 Republic Bank (Barbados) Limited 27-Feb-12 8.70% Barbados Transport Board 9,680,446

Balance Carried Forward 780,154,804

STATEMENT OF CONTINGENT LIABILITIESOF THE GOVERNMENT OF BARBADOS



SCHEDULE 11




Balance Brought Forward 780,154,804

3,577,000 National Insurance Board 14-Oct-14 4.13% Barbados Transport Board 3,577,000

150,000,000 Republic Finance & Trust Corporation 29-Sep-04 5.80% Barbados Water Authority 130,528,911

14,000,000 Citicorp 28-Oct-13 8.92% Barbados Water Authority 14,000,000

65,000,000 ANSA Merchant Bank 26-Nov-12 8.25% Innotech Limited/Barbados Water Authority 64,978,660

14,000,000 First Citizens Bank (Barbados) Limited 08-Dec-14 7.65% Barbados Water Authority 14,000,000

3,100,000 Republic Bank (Barbados) Limited 20-Jan-10 8.70% Caribbean Aircraft Handling Co Ltd 787,272

1,200,000 Republic Bank (Barbados) Limited 16-Mar-10 8.70% Caribbean Aircraft Handling Co Ltd 1,184

700,000 Republic Bank (Barbados) Limited 01-Dec-10 8.70% Caribbean Aircraft Handling Co Ltd 700,000

300,000 Republic Bank (Barbados) Limited 17-Apr-08 8.70% Caribbean ARI re Caribbean Airways 67,517

5,000,000 Bank of Nova Scotia 17-Sep-09 10.00% Caribbean Broadcasting Corporation 4,970,561

17,100,000 Bank of Nova Scotia 17-Sep-09 9.00% Caribbean Broadcasting Corporation 10,925,000

10,500,000 Bank of Nova Scotia 20-Feb-06 8.00% Caribbean Broadcasting Corporation 6,125,000

13,000,000 Bank of Nova Scotia 01-Jul-12 8.00% Caribbean Broadcasting Corporation 12,250,003

33,732,000 Caribbean Development Bank 14-Feb-07 3.95% Caves of Barbados Limited 25,602,100

26,214,000 Caribbean Development Bank 14-Feb-07 3.95% Caves of Barbados Limited 17,100,680

3,000,000 Republic Bank (Barbados) Limited 29-Oct-09 8.70% Caves of Barbados Ltd -

9,000,000 Central Bank of Barbados 31-Dec-09 6.00% Collection and Recoveries Ltd (CRL) 13,861,973

35,340,300 European Investment Bank 14-Dec-04 3.00% Grantley Adams International Airport Inc. 3,711,762

15,000,000 National Insurance Board 30-Apr-05 6.50% Grantley Adams International Airport Inc. 10,063,973

300,000 RBC Royal Bank (Barbados) Limited 01-Jun-12 7.75% Hotel & Resorts Limited -

5,250,000 RBC Royal Bank (Barbados) Limited 01-Jun-12 7.75% Hotel & Resorts Limited 2,213,712

9,000,000 Republic Bank (Barbados) Limited 13-Nov-98 8.95% National Housing Corporation 3,256,120

10,200,000 Republic Bank (Barbados) Limited 02-Feb-01 8.95% National Housing Corporation 4,993,635

18,400,000 Republic Bank (Barbados) Limited 04-Dec-09 8.70% National Housing Corporation 6,090,442

40,000,000 FirstCaribbean Intl Bank 01-Apr-10 8.50% National Housing Corporation 34,424,959

10,000,000 Republic Bank (Barbados) Limited 08-Jan-00 9.95% National Housing Corporation 9,602,560

14,400,000 Bank of Nova Scotia 15-Jan-07 8.00% National Petroleum Corporation 4,700,000

3,000,000 National Insurance Board 28-Aug-12 6.325% National Petroleum Corporation 2,556,487

6,000,000 Republic Bank (Barbados) Limited 20-Feb-01 8.70% National Union of Public Workers 4,420,884

8,600,000 National Insurance Board 28-Jul-05 6.50% Needham's Point Holdings Ltd 3,105,556

35,000,000 National Insurance Board 23-Aug-11 7.19% Queen Elizabeth Hospital 31,454,372

25,000,000 RBC Royal Bank (Barbados) Limited 21-May-14 6.60% Queen Elizabeth Hospital 23,214,286

1,000,000 First Citizen Bank (Barbados) Limited 17-Jan-14 7.65% Southern Meats Inc 1,000,000

Balance Carried Forward 1,244,439,413


SCHEDULE 11




Balance Brought Forward 1,244,439,413 25,983,200 Inter-American Development Bank 01-Apr-92 2.40% University of the West Indies 4,619,201

80,000,000 Royal Fidelity Merchant Bank 05-Nov-11 6.75% Needham's Point Holdings Ltd 80,000,000

1,758,406 USAID 01-Feb-77 3.00% University of the West Indies 330,382

3,368,106 European Development Fund 01-Jul-93 1.00% University of the West Indies 1,759,833

25,000,000 Republic Finance & Trust Corporation 01-Sep-07 9.45% University of the West Indies 23,022,137

7,000,000 First Citizen Bank (Barbados) Limited 01-Sep-08 7.75% University of the West Indies * 3,316,453

7,000,000 Caribbean Development Bank 01-Mar-07 3.84% University of the West Indies 5,001,520

31,000,000 Republic Finance & Trust Corporation 30-Sep-09 8.00% University of the West Indies 10,372,974

41,000,000 National Insurance Board 03-Aug-11 7.75% University of the West Indies 36,880,543

1,544,666 Caribbean Development Bank 11-Apr-85 2.00% University of the West Indies - Mona 527,123

5,500,000 Caribbean Development Bank 15-Feb-10 4.80% University of the West Indies - Mona* 5,497,322

1,000,000 First Caribbean International Bank 18-Jul-05 8.05% West Indies Sugar & Trading LTD 440,463

TOTAL 1,416,207,364

Notes:

Letters of Comfort issued for facilities which have not been disbursed are not included

* Denotes that the Government of Barbados is a co-guarantor of the facility. The reported outstanding balance is calculated by taking the entire outstanding loan balance times the applicable percentage of the Government's


Deposits $

United Kingdom Mission Credit Card (9,274)

Washington Mission Credit Card 3,466

Canada Mission Credit Card 10,964

Brussels Mission Credit Card 8,532

New York Mission Credit Card (17,771)

United Nations Mission Credit Card (14,237)

Toronto Mission Credit Card 6,497

Miami Mission Credit Card 4,133

Geneva Mission Credit Card (16,593)

Misc Deposits Acct General 2,075,749

Accountant General Credit Card 1,013

Greenland Livestock Revolving Fund 64,600

Fishing Industry Revolving Fund 459

Ministry of Agriculture Deposit Account 154,070

Quarantine and Veterinary Services 10,028

Livestock Pound 10,850

Department for International Development 17,588

DATA Processing Deposits 644

Auctioneers 1,287,245

Audio Visual Aid Services 445

Crown Agents Maintenance Orders 5,185

350th Anniv.of Parliament Pageant 845

Special Purpose Deposit - CAPAM Biennial Conference 9,669

Advertising Fees 280,510

Registrar of Corporate Affairs 129,750

Clico Balance Fund 2,639

Commonwealth Youth Programme 121,853

Community Independence Celebration Secretariat 72,522

Consultation on Poverty Alleviation 1,204

Community Centres 18,734

Community Programmes 330

Commissioner of Police Deposit Account 735,375

Deceased Police Children Fund 241,718

Police Band Fees 2,411

Regional Drug Commanders Conference 100,931

Police Special Deposit ICC 2020 (27,091)

B'dos Water Authority Remittances 28,496

Public Sector Reform 8,603

Comptroller of Customs Deposits 29,637

SCHEDULE 12

SCHEDULE OF DEPOSITS and OTHER LIABILITIESFor the Year Ended March 31, 2015


SCHEDULE 12


Deposits $

Examinations Receipts & Expenditure 1,385,210

Ministry of Education Deposit Account 320,853

Enviromental Sanitation Unit Deposits 987

Environmental Pro Dept 156,575

Foreign Affairs - Other Entities Deposits 47,825

MFA-Reimbursement of Rent Accomm 12,277

Division of Sports - Sponsorship 23,028

Camp Enterprise 41,100

HIV and AIDS Family CARE Fund 712

Fees for Special Events 12,091

Fire Safety Trailer & Command Centr 5,500

Global Environmental Facility 13,100

Geriatric Hospital Deposit Account 9,676

Geriatric Hospital Gift Account 28,391

Office of Attorney General 115

Family Law Council 37,934

Nat'l Task Force on Crime Prevention 6,487

Caribbean Tsunami Information Centre 511

Natural Heritage Heart of Barbados 11,915

Urban Development Commission 1,369

Offshore Legislation Financial Services Unit 5,120

Private Travel and Overtime Deposit (2,202)

Sureties Excess Monies 10,109

Immigration Officers Overtime Fees 76,736

Immigration Private Services 90,803

Refunds from NIS 1,388,768

IBIT Retirement & Awards Ceremony 27

Advertising Fees 1,989,939

Ministry of International Business 10,999

Ministry of Health Gift Account 102,639

Albert Graham Dev'l Centre Gift A\C (2,263)

Health Inspectors Overtime Account 224,489

CDC HIV Cooperative Agreement 10/12 (23,675)

Civil Aviation Concessions 61,394

Private Works Account (23,015)

Project Unit Account (135,289)

Licensing Authority Deposits 13,459

Civil Aviation Maintenance Unit 18,536


SCHEDULE 12


Deposits $

National Library Services Gift Account 25,744

Overseas Maintenance Orders 68

Psychiatric Hospital 200,000

National Comm. Policy 100

Fees - B'dos Defence Force 26,686

Prime Minister's Office Commissions 1,941

National HIV Aids Commission 7,571

Fees - B'dos Cadet Corp 56

Donations - Cultural Events 2,517

BDF-Rental of Facilities and Services 53,274

HIV/AIDS Global Fund Secretariat 3,619

Carrying out the Promise 3,396

BDF-Handling, Storage & Escort Fees 27,470

Refund of Salaries 1,047,914

National Innovation Competition 37,625

Statistical Department Deposits 73

Christmas in the City - Tourism 35,512

Visitor Satisfaction Expend. Survey 21,999

Barbados Carolina Committee 5,980

Ministry of Tourism Deposits 63,906

Safety Prog/INTA Wkend Celebrations 15,816

World Heritage 36,357

Court Orders 50,351

Magistrates Courts 132,498

Supreme Court 5,472,978

Magaistrate Courts Compensation Payments 63,865

Registration Department Deposits 198,576

Air Traffic Control Officers Association 2,767

Accountant General Staff Association (25)

Staff Associations Subscriptions 615

Staff Associations Subscriptions (373)

Customs and Excise Sport Club 270

Security Guards Sports Cultural Cb (5)

Prison Officers Association 4,020

Police Sports Club (150)

Barbados Fire Service Association (360)

Ministry of Public Works and Transportation (365)

Barbados Police Association 1,348


SCHEDULE 12


Deposits $

National Library Service Staff Association 125

Tourism Social Club 35

Min of Ind & Intl Bus Social Club (110)

Prison Officers (HMP) Sport Club (323)

Data Processing Dept Staff Association 20

Fire Service Sports & Social Club 51,963

Ministry Civil Service Social Fund 35

Personnel Administration Staff Club 410

Permanent Secretary Deduction (940)

Miscellaneous Association (770)

Senior Games 28,871

Unclaimed Dividends 600

Consumer Claims Tribunal 500

Income Tax Refunds 68,113,023

Land Tax Deposit Account 574,383

Supreme Court Land Tax Proceeds 810,578

Customs Refund Liability 2,887,289

VAT Refund Liability 76,617,783

Corporation Tax Refunds 44,282,388

Pensions Deposit Account 2,714,754

Registration Department 11,773

Court Processing Deposits 98,499

National Disabilities Unit 23,826

Unclaimed Monies {Subledger} 7,239,596

Unclaimed Monies - Court Processing 199,285

Clico Balance Fund (194)

Credit Union Subscriptions 21,646

Student Revolving Loan (10,929)

Grantley Adams 55,594

National Life Insurance 62

Insurance Premiums 2,255,597

Barbados Union Of Teachers 109

Barbados Workers Union 66,153

National Union of Public Workers 217,494

Labour Union Subscriptions (160)

Nurses Assistant Aids Assoc 380

Assoc of Primary School Principals (61,191)

Barbados Secondary Teachers Union 600


SCHEDULE 12


Deposits $

Mortgages Rents and Loans (7,199)

Housing Authority Rents and Loans 209,346

Public Officers Housing Loans (125,637)

Globe Finance Company (109,469)

CLICO Mortgage And Finance 2,413

General Finance Corporation of ( B'dos) 72

Consolidated Finance 12,048

Rural Development Commission (7,950)

Mortgages, Rents and Loans (98,716)

Nassco Finance Limited 1,925

Axcel Finance Ltd (26,244)

FastCash Barbados Ltd 2,819

Pension Deductions 433

National Insurance Board 116,862,626

Bdos Labour Party (650)

Democratic Labour Party 1,700

Candidates Deposits 40,738

Surveyors Examinations 8,944

Advances for Medical Aid 65,050

Missions - Local Banks 12,594

Credit Union Subscriptions 3,151

COB CO-OP Credit Union (27)

Student Revolving Loan 46

Insurance Premiums 1,565

National Union of Public Workers 1,374

Mortgages Rents and Loans 62

Housing Authority Rents and Loans 1,412

National Insurance Board 4,254

Unclaimed Treasury Notes and Debentures 807,050

Agriculture - Technical Assistance 18,023

Conoco Training Fund 11,926

European Commission Fund 14,299

UNESCO 60,663

Bdos National Comm of UNESCO 4,987

School Environmental Project 26,310

UNICEF Project for Special Education 156,265

UNICEF/ UNESCO Training Integ.Sci.T 3,343

Bds National Comm of UNESCO 2,031


SCHEDULE 12


Deposits $

U.N.E.SCO 1,061

Regional Science Fair 159,401

Development of Audio Visual Aids 28

School Environmental Project 348,260

BCC-Ass. Degree Pub Procurement 4,389

TAD-Training In Pub Procurement 3,738

Improv.Lives of Children & Families 9,425

National Communications Project 70,320

Ozone Refrigeration Tech Training 117,188

UNEP-GEF Biosafety Project 37,456

Land Degradation Work Program 159

Barbados Youth Path Project (UNESCO) 23,051

Marine Litter Management - Barbados Project 2,786

SAICM Laboratory Capacity Project 53,186

Convention on Biological Diversity 29,963

Storm Water Drainage 10,462

CFTC Training 3,366

Launch of 'FAQ of Trade' Booklets 7,284

MIF Airport Security Project 190,650

B'dos Nat. Training Bd- Apprent.Pro 97,943

Human Resource Development Project 74,906

Nat. Energy Awareness Wk Competitio 8,394

Barbados Language Centre Project 88,072

Barbados National Cancer Study 154,083

PAHO/WHO B'dos Drug Service Fund 6,791

Reform of Health Information System 10,882

Orthodontic Appliances Account 23,810

Global Conf.on Sustainable Develope 112,144

Montreal Protocol - Country Program 121,421

National Strategy on Biodiversity 34,141

National HIV/AIDS Commission 29,000

Ministry of Health Sex Workers Project 6,056

Sponsorship of Thermoplastic Market 20,000

Licensing Authority Deposits 31,087

Redev. of Parkinson Commmunity Centre 2,299,408

Christmas in the City - Tourism 151,005

Rehabilitation of Arch Cot Terrace 242,326

Flood Relief 64,999


SCHEDULE 12


Deposits $

Social Development Programme 240,733

Gender Mainstreaming Project 34,155

DYO001 Youth Orchestra 2,215

Training Prog. for Bds. Youth Trainee 379,631

Training Prog. For Barbados Youth 211,837

Repayment of Diesel Rebates 3,564,552

Caricom Special Visas (CWC) 171,124

Rental Deposit Account 2,119

Tenantries Relocation 354,560

Acquisition of Lands and Property 7,471,650

Income Tax Deposit Account (215)

Sale of Property Land Tax 13,853

Barbados National Oil Company 18,420

Deposits - BNOC 3,477

Prisoners Deposit Account 670

Prisoner's Hobby Class Scheme 83,774

Prisoner's Property 217,590

Prison Farm 113,792

Patients' Property - Psychiatric Hospital 2,005

Psychiatric Hospital - Textbook Fund 939,284

Psychiatric Hospital Medical Unit (425,964)

QEH Overdrawn Deductions 1,167

Happy Valley Racing (Bond) 290

Customs Revenue- Other Departments 2,863

Court Processing Deposits 60,851

Tenantry Freehold Purchase 2,330,369

Insurance Security Deposits 1,473,259

Tenders 1,447,427

C'bean Tourism Conference - CTC-24 38,818

Tourism Wk2005 Motivational Seminar 600

Widows and Children - Other Departments 865

Maintenance 65,241

Insurance 247,846

Property Tax 402,286

Other Charges 64,748

Prime Minister 3,670

Total Deposits 367,221,898


SCHEDULE 12


Other Liabilities

VAT Garnishment 10,434

NIS Garnishment 5,700

Agriculture Credit Bank 27,031

Antigua 11,886

Grenada 6,848

Guyana 17,771

Montserrat 225

St. Lucia 728

Trinidad 314

Pensions Paid by Crown Agents (132,621)

Overdrawn Deductions 21,868

Accrued Pension Liability 7,430,665

Total Other Liabilities 7,400,848


SCHEDULE 12


Schools Deposits $

School Bookshop 9,093.17

Contributions and Donations 583,238.51

Continuing Education Programme 40.00

Petty Fees 706,818.10

School Bus Funds 6,666.38

St. Lucy School Hall 374,274.16

Deighton Griffith Industrial Arts Block 243,556.00

Lester Vaughn Geographical Survey 35,721.22

Social and Welfare Fund 10,499.52

Springer Memorial Building A/C 36,089.69

Board Room 9,022.84

School Hall 42,625.09

School Band Fees 5,927.25

Pavilion 424,240.47

Student Activities 174,270.59

Text Books 1,385,636.85

National Insurance Board 19,976.53

School Improvement Grants 141,745.39

Total Schools Deposits 4,209,441.76


Original Supplimentary Total Actual Savings

Provision Provision Provision Expenditure (Excess)$ $ $ $ $

101 Statutory Personal Emoluments 636,055,398 2,817,212 638,872,610 609,815,900 29,056,710

102 Other Personal Emoluments 181,074,218 318,396 181,392,614 155,042,750 26,349,864

103 Employers Contributions 68,147,659 (120,300) 68,027,359 61,543,065 6,484,294

206 Travel 7,951,999 (2,826) 7,949,173 6,887,975 1,061,198

207 Utilities 53,449,117 4,223,809 57,672,926 52,173,280 5,499,646

208 Rental of Property 66,260,282 2,217,428 68,477,710 66,225,417 2,252,293

209 Library Books & Publications 1,203,876 (25,001) 1,178,875 843,434 335,441

210 Supplies & Materials 52,130,247 1,037,615 53,167,862 47,792,049 5,375,813

211 Maintenance of Property 75,320,649 (308,443) 75,012,206 64,382,316 10,629,890

212 Operating Expenses 91,220,794 5,748,725 96,969,519 88,860,286 8,109,233

223 Structures 6,333,563 (2,191,788) 4,141,775 1,817,573 2,324,202

226 Professional Services 40,603,253 3,723,594 44,326,847 30,526,011 13,800,836

230 Contingencies 866,600 (130,000) 736,600 167,365 569,235

232 Statutory Operating Expenses 40,000 - 40,000 - 40,000

233 Statutory Crown Expenses 1,000,000 1,000,000 2,000,000 1,995,233 4,767

235 Statutory Investment Expense 500,000 - 500,000 322,257 177,743

236 Statutory Professional Services 400,000 - 400,000 151,375 248,625

241 Interest Expense 653,773,285 12,467,983 666,241,268 644,966,516 21,274,752

242 Expenses of Loans 6,198,100 18,358,561 24,556,661 20,361,856 4,194,805

250 Depreciation Expense 54,000,000 - 54,000,000 52,119,642 1,880,358

252 Bad Debt Expense 9,896,496 - 9,896,496 9,056,407 840,089

313 Subsidies 29,307,661 20,398,800 49,706,461 49,422,580 283,881

314 Grants To Individuals 38,132,378 (123,631) 38,008,747 37,114,635 894,112

315 Grants to Non-Profit Organisations 31,000,967 (267,000) 30,733,967 29,607,913 1,126,054

316 Grants to Public Institutions 606,184,736 82,771,352 688,956,088 683,007,116 5,948,972

317 Subscriptions 21,056,693 (918,466) 20,138,227 19,425,903 712,324

318 Retiring Benefits 191,210,147 31,500,000 222,710,147 217,736,113 4,974,034

319 Other Retiring Benefits 72,392,871 - 72,392,871 74,507,017 (2,114,146)

334 Statutory Grants 6,088,905 3,000,000 9,088,905 9,088,820 85

414 Capital Grants to Individuals 500,000 1,886,500 2,386,500 1,726,726 659,774

415 Grants to Non-Profit Organisations 1,850,000 - 1,850,000 1,799,500 50,500

416 Grants to Public Institutions 57,099,206 582,341 57,681,547 54,922,569 2,758,978

417 Subscriptions - 50,637,555 50,637,555 50,637,555 -

3,061,249,100 238,602,416 3,299,851,516 3,144,047,155 155,804,361

Total for all SACs 3,061,249,100 238,602,416 3,299,851,516 3,144,047,155 155,779,661

SCHEDULE 13

SCHEDULE OF EXPENSES BY STANDARD ACCOUNT CODEFor the Year Ended March 31, 2015

inancial Statements of the Government of Barbados 51

Original Supplimentary Total Actual SavingsProvision Provision Provision Expenditure (Excess)

$ $ $ $ $

10 Governor General 1,545,752 1,545,752 1,275,238 270,514001 Governor General's Establishment 1,545,752 1,545,752 1,275,238 270,514

0001 Governor General 1,545,752 1,545,752 1,275,238 270,51412 Parliament 10,571,158 1,174,553 11,745,711 11,716,805 28,906

030 Parliament 10,571,158 1,174,553 11,745,711 11,716,805 28,9060030 Management Commission of Parliament 9,980,310 1,174,553 11,154,863 11,113,534 41,3290031 Commonwealth Parliamentary Association & Exchange Visits 590,848 590,848 603,271 (12,423)

13 Prime Minister's Office 129,804,494 2,612,869 132,417,363 121,447,447 10,969,916040 Direction & Policy Formulation Services 14,075,960 14,075,960 12,822,969 1,252,991

0041 Prime Minister's Official Residence 739,176 739,176 665,286 73,8900144 Town and Country Planning 5,289,345 5,289,345 4,711,082 578,2630156 Secretariat for Social Partners 39,600 39,600 15,215 24,3857000 General Management & Coordination Services 8,007,839 8,007,839 7,431,386 576,453

041 National Defence & Security Preparedness 68,511,941 700,000 69,211,941 66,145,489 3,066,4520042 General Security 17,510,159 17,510,159 15,979,797 1,530,3620043 Barbados Defence Force 45,275,876 1,361,520 46,637,396 46,232,564 404,8320044 Barbados Cadet Corps 1,301,286 (161,520) 1,139,766 1,123,236 16,5300045 Barbados Defence Force Sports Program 1,620,000 1,620,000 1,574,399 45,6010058 Assistance to Legionnaires 20,000 20,000 20,0000059 Integrated Coastal Surveillance System 2,784,620 (500,000) 2,284,620 1,235,494 1,049,127

042 Information and Media Relations 475,000 475,000 466,212 8,7880047 Government Advertising 475,000 475,000 466,212 8,788

044 Government Printing Services 4,516,094 (80,000) 4,436,094 4,042,604 393,4900050 Printing Department 4,516,094 (80,000) 4,436,094 4,042,604 393,490

SCHEDULE 14

DETAILS OF EXPENSES BY SUB-PROGRAMMEFor the Year Ended March 31, 2015



$ $ $ $ $

SCHEDULE 14


13 Prime Minister's Office114 Energy and Natural Resources 6,124,872 1,915,869 8,040,741 5,498,122 2,542,619

0154 Natural Resources Department 600,959 1,928,869 2,529,828 2,423,697 106,1310452 Energy Conservation and Renewable Energy Unit 294,372 3,644 298,016 170,490 127,5260453 Barbados Offshore Petroleum Program 664,757 (26,201) 638,556 269,283 369,2730455 Smart Energy Fund 1,793,442 1,793,442 271,538 1,521,9040457 Public Sector Smart Energy Programme 812,711 812,711 556,676 256,0357097 General Management & Coordination Services 1,958,631 9,557 1,968,188 1,806,438 161,750

201 Immigration Regulatory Services 13,190,122 13,190,122 10,833,606 2,356,5160202 Immigration Department 13,190,122 13,190,122 10,833,606 2,356,516

203 Information & Broadcasting Services 3,467,464 3,467,464 3,185,207 282,2570046 Operation of Government Information Services 3,408,664 3,408,664 3,136,449 272,2150048 The Broadcasting Authority 58,800 58,800 48,758 10,042

337 Investment Promotion and Facilitation 10,531,375 10,531,375 10,278,500 252,8757083 Invest Barbados 10,531,375 10,531,375 10,278,500 252,875

365 HIVAIDS Prevention & Control Project 578,917 578,917 373,188 205,7298315 HIV/AIDS Prevention 378,917 378,917 173,188 205,7298700 HIV/AIDS Care & Support 200,000 200,000 200,000

490 Telecommunication Services 2,432,749 77,000 2,509,749 1,958,612 551,1370492 Telecommunications Unit 2,432,749 77,000 2,509,749 1,958,612 551,137

631 Urban Development 5,900,000 5,900,000 5,842,938 57,0620534 Urban Development Commission 5,900,000 5,900,000 5,842,938 57,062



$ $ $ $ $

SCHEDULE 14


15 Cabinet Office 18,710,797 18,710,797 15,861,700 2,849,097020 Judiciary 3,805,546 3,805,546 3,520,188 285,358

0020 Judges 3,612,552 3,612,552 3,443,978 168,5740021 Judicial Council 192,994 192,994 76,210 116,784

070 Cabinet Secretariat 8,765,621 8,765,621 7,248,822 1,516,7990071 Government Hospitality 94,975 94,975 17,675 77,3000072 Conference and Delegations 230,600 230,600 73,535 157,0657020 General Management & Coordination Services 8,440,046 8,440,046 7,157,612 1,282,434

071 Constitutional & Statutory Authorities 6,134,630 6,134,630 5,092,441 1,042,1890073 Electoral & Boundaries Commission 6,134,630 6,134,630 5,092,441 1,042,189

365 HIVAIDS Prevention & Control Project 5,000 5,000 250 4,7508322 Prevention 5,000 5,000 250 4,750

16 Ministry of Civil Service 18,719,584 415,120 19,134,704 14,926,110 4,208,594043 Application of Modern Information Technology 3,313,026 415,120 3,728,146 2,606,007 1,122,139

0049 Data Processing Department 2,874,132 415,120 3,289,252 2,305,155 984,0970087 Shared Services 288,894 288,894 275,852 13,0420088 HRD Strategic Knowledge Management 150,000 150,000 25,000 125,000

050 Civil Service 5,199,734 5,199,734 2,997,918 2,201,8160335 Government Wide Area Network Project 1,748,082 1,748,082 1,748,0827025 General Management & Coordination Services 3,451,652 3,451,652 2,997,918 453,734

080 Development of Managerial & Personnel Skills 2,857,524 2,857,524 2,674,090 183,4340080 Training Administration 1,557,524 1,557,524 1,449,090 108,4340081 Provision for Training Funds 1,300,000 1,300,000 1,225,000 75,000

081 Development of Management Structures 1,601,052 1,601,052 1,299,943 301,1090436 Office of Public Sector Reform 1,601,052 1,601,052 1,299,943 301,109

082 Implementation of Personnel Condition of Service 5,748,248 5,748,248 5,348,152 400,0960083 Personnel Administration 5,644,748 5,644,748 5,276,139 368,6090084 Centralized Personnel Expenses 103,500 103,500 72,014 31,486



$ $ $ $ $

SCHEDULE 14


17 Ombudsman 665,949 665,949 657,266 8,683090 Investigation of Complaints Against Government Departments 665,949 665,949 657,266 8,683

0090 Ombudsman 665,949 665,949 657,266 8,68318 Audit 3,487,318 3,487,318 3,019,370 467,949

100 Audit 3,487,318 3,487,318 3,019,370 467,9490100 Auditing Services 3,487,318 3,487,318 3,019,370 467,949

19 Treasury 713,971,385 30,826,544 744,797,929 717,448,013 27,349,916109 Asset Management 54,000,000 54,000,000 52,119,642 1,880,358

1300 Depreciation of Assets 54,000,000 54,000,000 52,119,642 1,880,358111 Debt Management 659,971,385 30,826,544 690,797,929 665,328,371 25,469,558

0114 Treasury Bills 78,319,517 78,319,517 74,870,785 3,448,7320115 Ways and Means Advances 7,500,000 7,500,000 7,071,031 428,9690116 Debentures 366,493,170 366,493,170 360,020,444 6,472,7260118 Local Commercial Bank Loans 14,339,329 2,028,580 16,367,909 15,299,031 1,068,8780119 Loans from International Financial Institutions 18,603,421 18,603,421 14,875,599 3,727,8220122 Debt Management & Administrative Expenses 6,198,100 18,358,561 24,556,661 20,361,856 4,194,8050123 Government Savings Bonds 6,085,840 6,085,840 3,531,728 2,554,1120124 Tax Refund Certificate 425,000 425,000 173,333 251,6670125 Tax Reserve Certificate 25,000 25,000 25,0000126 Foreign Debentures 93,226,764 93,226,764 90,648,370 2,578,3940127 Other Foreign Commercial Loans 50,370,102 10,439,403 60,809,505 60,174,678 634,8270128 Other Debt Services 18,385,142 18,385,142 18,301,517 83,625



$ $ $ $ $

SCHEDULE 14


21 Ministry of Finance and Economic Affairs 342,172,062 85,990,930 428,162,992 399,505,669 28,657,323040 Direction & Policy Formulation Services 9,099,419 50,844,555 59,943,974 59,676,817 267,157

7010 General Management & Coordination Services 9,099,419 50,844,555 59,943,974 59,676,817 267,157103 Retrenchment of Public Sector Officers 100 3,671,375 3,671,475 1,211,721 2,459,754

0135 Terminal Payments 100 3,671,375 3,671,475 1,211,721 2,459,754110 Budget & Public Expenditure Policy 2,116,808 (25,000) 2,091,808 1,810,850 280,958

0108 Debt Management 250,808 250,808 224,834 25,9740110 Budget Administration 524,517 524,517 512,725 11,7920111 Tax Administration 286,102 286,102 274,588 11,5140112 Management and Accounting 1,055,381 (25,000) 1,030,381 798,703 231,678

112 Financial Control and Treasury Management 13,306,360 1,441,193 14,747,553 16,447,921 (1,700,368)0113 Tax Administration & Public Expenditure Management 5,194,232 5,194,232 3,377,308 1,816,9240131 Treasury 8,112,128 1,441,193 9,553,321 13,070,613 (3,517,292)

113 Revenue Collection 42,269,995 42,269,995 39,395,302 2,874,6930133 Customs 20,067,235 20,067,235 17,505,498 2,561,7370185 Barbados Revenue Authority 22,202,760 22,202,760 21,889,803 312,957

115 Regulation of Insurance Industry 189,027 (189,027) 0136 Supervision of Insurance Industry 189,027 (189,027)

116 Supplies & Purchasing Management 7,024,407 (1,441,193) 5,583,214 3,447,672 2,135,5420137 Central Purchasing Department 3,471,639 3,471,639 2,305,817 1,165,8220559 Modernisation of Public Procurement Systems 3,552,768 (1,441,193) 2,111,575 1,141,855 969,720

117 Pensions 222,119,922 31,500,000 253,619,922 241,660,542 11,959,3800139 Pensions, Gratuity & Other Benefits 222,119,922 31,500,000 253,619,922 241,660,542 11,959,380

119 Lending 7,071,000 7,071,000 7,059,796 11,2040141 Loans and Advances 7,071,000 7,071,000 7,059,796 11,204



$ $ $ $ $

SCHEDULE 14


21 Ministry of Finance and Economic Affairs121 Economic and Social Planning 15,809,584 (105,000) 15,704,584 10,645,856 5,058,728

0143 Statistical Department 4,285,108 52,000 4,337,108 4,050,720 286,3880145 The Population and Housing Census 153,562 (22,500) 131,062 93,745 37,3170146 National Productivity Council 1,449,891 1,449,891 1,449,701 1900153 Strengthening and Modernisation of National Statistical System 2,469,147 2,469,147 914,621 1,554,5260155 Centre For Policy Studies 135,000 135,000 135,000 0158 Strengthening of National Accounts Statistics 453,295 (29,500) 423,795 379,189 44,6060470 Barbados Competitiveness Program 4,579,788 (105,000) 4,474,788 1,916,572 2,558,2167013 General Management & Coordination Services 2,283,793 2,283,793 1,706,308 577,485

126 Regulation of Non Bank Financial Sector 1,000,000 294,027 1,294,027 1,214,958 79,0690136 Supervision of Insurance Industry 189,027 189,027 109,958 79,0690138 Financial Services Commission 1,000,000 105,000 1,105,000 1,105,000

127 Revenue & Non Bank Regulatory Mgmt 5,356,517 5,356,517 488,741 4,867,7760129 Central Revenue Authority 3,311,075 3,311,075 455,455 2,855,6200130 Special Projects - Financials 2,045,442 2,045,442 33,286 2,012,156

464 Investment 16,283,923 16,283,923 15,920,493 363,4300152 Public Investment Unit 1,059,784 1,059,784 863,376 196,4080347 Barbados Tourism Investment Inc 12,868,289 12,868,289 12,868,289 0351 Small Hotel Investment Fund 2,000,000 2,000,000 2,000,000 0475 Tech. Coop. Facility and Support to Non-State Actors 125,000 125,000 83,317 41,6837130 General Management and Coordination Services 230,850 230,850 105,511 125,339

465 Private Sector Enhancement 525,000 525,000 525,000 0472 Private Sector Service Exports Initiatives 525,000 525,000 525,000



$ $ $ $ $

SCHEDULE 14


23 Ministry of Health 322,408,672 19,827,311 342,235,983 331,042,870 11,193,113040 Direction & Policy Formulation Services 17,884,351 (52,053) 17,832,298 16,672,858 1,159,440

0040 Health Promotion Unit 473,134 473,134 375,007 98,1270361 Technical Management Services 1,787,633 1,787,633 1,605,610 182,0237045 General Management & Coordination Services 15,623,584 (52,053) 15,571,531 14,692,241 879,290

360 Primary Health Care Services 28,849,189 111,716 28,960,905 27,250,296 1,710,6090363 Laboratory Services 771,356 95,000 866,356 695,204 171,1520364 Dental Health Service 2,058,381 2,058,381 1,939,281 119,1000365 Nutrition Service 1,119,412 1,119,412 907,590 211,8220366 St. John Polyclinic 588,707 (375,201) 213,506 10,212 203,2940406 Winston Scott Polyclinic - Maternal 5,666,949 198,536 5,865,485 6,047,048 (181,563)0407 Warrens Polyclinic - Maternal 2,666,749 (7,109) 2,659,640 2,405,644 253,9960408 Maurice Byer Polyclinic - Maternal 3,437,398 17,160 3,454,558 3,076,788 377,7700412 Randal Philips Polyclinic - Maternal 3,151,532 3,151,532 3,068,973 82,5590413 St. Philip Polyclinic - Maternal 2,738,626 2,738,626 2,850,778 (112,152)0414 Black Rock Polyclinic - Maternal 2,935,051 145,824 3,080,875 2,952,296 128,5790415 Edgar Cochrane Polyclinic - Maternal 1,971,447 1,971,447 1,793,217 178,2300416 Glebe Polyclinic - Maternal 1,743,581 37,506 1,781,087 1,503,266 277,821

361 Hospital Services 181,311,434 18,398,284 199,709,718 197,831,486 1,878,2320375 Queen Elizabeth Hospital 145,500,000 18,000,000 163,500,000 163,060,021 439,9790376 Emergency Ambulance Service 4,124,803 4,124,803 3,337,729 787,0740377 Psychiatric Hospital 29,034,631 398,284 29,432,915 29,221,736 211,1790380 QEH-Medical Aid Scheme 1,772,000 1,772,000 1,772,000 0403 QEH Redevelopment Project 880,000 880,000 440,000 440,000

362 Care of the Disabled 2,681,355 153,129 2,834,484 2,575,433 259,0510381 Children's Development Centre 1,281,769 65,835 1,347,604 1,193,382 154,2220456 Elayne Scantlebury Centre 1,399,586 87,294 1,486,880 1,382,051 104,829



$ $ $ $ $

SCHEDULE 14


23 Ministry of Health363 Pharmaceutical Programme 26,272,096 1,705,961 27,978,057 27,737,162 240,895

0383 Drug Service 26,272,096 1,705,961 27,978,057 27,737,162 240,895364 Care of the Elderly 37,090,035 (459,375) 36,630,660 33,309,986 3,320,674

0390 Alternative Care for the Elderly 4,953,050 (539,375) 4,413,675 4,118,051 295,6240446 Geriatric Hospital - Care of Elderly 19,051,989 19,051,989 17,549,241 1,502,7480447 St. Philip District Hospital - Care of Elderly 7,900,753 80,000 7,980,753 6,933,123 1,047,6300448 Gordon Cummins District Hospital - Care of Elderly 2,666,751 2,666,751 2,519,257 147,4940449 St Lucy District Hospital - Care of Elderly 2,517,492 2,517,492 2,190,314 327,178

365 HIVAIDS Prevention & Control Project 12,123,228 121,350 12,244,578 11,181,857 1,062,7210397 Treatment 8,356,307 (135,057) 8,221,250 7,390,798 830,4520398 Program Management 1,768,354 603,007 2,371,361 2,437,724 (66,363)0405 Chart Project 336,888 (143,358) 193,530 174,513 19,0178303 HIV/AIDS Prevention 479,166 (167,742) 311,424 97,893 213,5318701 HIV/AIDS Care and Support 1,182,513 (35,500) 1,147,013 1,080,928 66,085

400 Environmental Health Services 16,196,984 (151,701) 16,045,283 14,484,188 1,561,0950367 Environmental Sanitation Unit 903,010 1,434 904,444 820,425 84,0190370 Animal Control Unit 503,604 503,604 338,917 164,6870371 Vector Control Unit 2,019,632 (3,135) 2,016,497 1,664,448 352,0490417 Winston Scott Polyclinic - Environmental Health 2,676,574 2,676,574 2,352,869 323,7050418 Warrens Polyclinic - Environmental Health 1,536,008 1,536,008 1,493,182 42,8260419 Maurice Byer Polyclinic - Environmental Health 2,516,574 2,516,574 2,178,838 337,7360443 Randal Philips Polyclinic - Environmental Health 1,936,413 1,936,413 1,857,602 78,8110444 St. Philip Polyclinic - Environmental Health 1,384,465 1,384,465 1,569,419 (184,954)0445 Black Rock Polyclinic - Environmental Health 1,709,744 1,709,744 1,540,482 169,2620451 Environmental Health Department 1,010,960 (150,000) 860,960 668,006 192,954



$ $ $ $ $

SCHEDULE 14


27 Ministry of Tourism and International Transport 129,696,181 5,582,651 135,278,832 131,395,950 3,882,882040 Direction & Policy Formulation Services 4,367,115 4,367,115 3,751,481 615,634

0074 Research & Product Development Unit 1,844,942 (20,500) 1,824,442 1,465,302 359,1400089 Tourism Master Plan 269,241 269,241 269,241 7060 General Management & Coordination Services 2,252,932 20,500 2,273,432 2,016,938 256,494

332 Development of Tourism Potential 114,283,434 3,679,211 117,962,645 116,393,712 1,568,9330332 Barbados Tourism Authority 97,996,500 97,996,500 96,428,011 1,568,4890334 Caribbean Tourism Organisation 112,000 112,000 112,000 0343 Barbados Conferences Services Ltd 5,197,813 3,679,211 8,877,024 8,876,580 4440345 Barbados National Trust 420,000 420,000 420,000 0350 Small Hotels of Barbados Inc. 300,000 300,000 300,000 0554 Caves of Barbados Ltd. 10,257,121 10,257,121 10,257,121

333 International Transport 3,349,436 3,349,436 2,821,763 527,6737065 General Management & Coordination Services 3,349,436 3,349,436 2,821,763 527,673

334 Regulation of Air Services 268,604 268,604 171,680 96,9240336 Air Transport Licensing Authority 268,604 268,604 171,680 96,924

335 Air Transport Infrastructure 6,905,305 1,903,440 8,808,745 7,981,734 827,0110338 Air Traffic Management Services 6,905,305 16,940 6,922,245 6,416,639 505,6060340 Airport Development 1,886,500 1,886,500 1,565,095 321,405

336 Development of Maritime Facilities 351,800 351,800 124,668 227,1320342 Regional Shipping Services Development 351,800 351,800 124,668 227,132

365 HIVAIDS Prevention & Control Project 170,487 170,487 150,912 19,5758305 HIV/AIDS Care and Support 131,887 131,887 130,216 1,6718306 HIV/AIDS Prevention 38,600 38,600 20,696 17,904



$ $ $ $ $

SCHEDULE 14


28 Ministry of Home Affairs 52,888,367 757,389 53,645,756 51,448,212 2,197,544040 Direction & Policy Formulation Services 3,456,019 (36,855) 3,419,164 3,270,525 148,639

0200 Subscriptions & Contributions 248,153 248,153 248,153 0241 National Council on Substance Abuse 1,387,013 (80,000) 1,307,013 1,307,003 107070 General Management & Coordination Services 1,820,853 43,145 1,863,998 1,715,369 148,629

200 National Emergency Preparation 1,211,440 (15,000) 1,196,440 1,126,133 70,3070206 Department of Emergency Management 1,211,440 (15,000) 1,196,440 1,126,133 70,307

202 Fire Fighting Services 15,002,380 15,002,380 13,867,052 1,135,3280203 Fire Service Department 15,002,380 15,002,380 13,867,052 1,135,328

243 Corrective & Rehabilitative Services 33,076,928 809,244 33,886,172 33,145,960 740,2120244 Penal System 10,000 10,000 5,000 5,0000252 Prisons Department 27,695,641 488,469 28,184,110 27,644,143 539,9670253 Probation Department 1,676,874 1,676,874 1,632,477 44,3970254 Industrial Schools 3,694,413 320,775 4,015,188 3,864,341 150,847

365 HIVAIDS Prevention & Control Project 141,600 141,600 38,540 103,0608307 Prevention 136,500 136,500 36,888 99,6128704 HIV/AIDS Care and Support 5,100 5,100 1,653 3,447

29 Office of the Director of Public Prosecutions 1,257,295 1,257,295 1,014,107 243,188230 Administration of Justice 1,257,295 1,257,295 1,014,107 243,188

0230 Office of the Director of Public Prosecution 1,257,295 1,257,295 1,014,107 243,188



$ $ $ $ $

SCHEDULE 14


30 Attorney General 143,345,750 1,420,000 144,765,750 132,903,583 11,862,167040 Direction & Policy Formulation Services 12,152,524 642,248 12,794,772 11,646,160 1,148,612

0238 Police Complaints Authority 292,941 6,555 299,496 250,426 49,0700240 Forensic Services 4,110,864 (136,482) 3,974,382 3,543,834 430,5480242 National Task Force on Crime Prevention 705,042 705,042 591,538 113,5040243 Payments under the Crown Proceedings Act 1,000,000 1,000,000 2,000,000 1,995,233 4,7670260 Project Office 334,543 334,543 361,331 (26,788)7075 General Management & Coordination Services 5,709,134 (227,825) 5,481,309 4,903,798 577,511

240 Legal Services 4,908,237 (100,000) 4,808,237 4,346,803 461,4340245 Solicitor General's Chambers 3,148,068 3,148,068 2,842,257 305,8110246 Parliamentary Counsel Services 1,760,169 (100,000) 1,660,169 1,504,546 155,623

241 Legal Registration Services 5,882,515 420,000 6,302,515 5,920,746 381,7690247 Registration Department 5,882,515 420,000 6,302,515 5,920,746 381,769

242 Administration of Justice 14,573,073 14,573,073 13,613,090 959,9830248 Supreme Court 5,140,557 (40,000) 5,100,557 4,742,044 358,5130249 Magistrates Courts 5,044,116 40,000 5,084,116 4,636,158 447,9580250 Process Serving 3,388,400 3,388,400 3,284,887 103,5130251 Community Legal Services Commission 1,000,000 1,000,000 950,000 50,000

244 Police Services 105,069,903 436,482 105,506,385 96,759,387 8,746,9980255 Police Headquarters & Management 15,514,198 (200,000) 15,314,198 13,762,210 1,551,9880256 General Police Services 82,820,195 636,482 83,456,677 76,668,185 6,788,4920257 Regional Police Training Centre 2,041,681 2,041,681 1,854,759 186,9220258 Police Band 2,980,873 2,980,873 2,803,708 177,1650259 Traffic Warden Division 1,712,956 1,712,956 1,670,524 42,432

245 Law Enforcement 696,498 21,270 717,768 616,197 101,5710261 Anti-Money Laundering Program 696,498 21,270 717,768 616,197 101,571

365 HIVAIDS Prevention & Control Project 63,000 63,000 1,200 61,8008308 HIV/AIDS Prevention 63,000 63,000 1,200 61,800



$ $ $ $ $

SCHEDULE 14


32 Ministry of Foreign Affairs and Foreign Trade 53,052,541 53,052,541 47,531,028 5,521,513330 Direction Formulation and Implementation of Foreign Policy 53,052,541 53,052,541 47,531,028 5,521,513

0060 Overseas Missions - United Kingdom 3,612,066 157,270 3,769,336 3,288,999 480,3370061 Overseas Missions - Washington 3,551,798 (217,779) 3,334,019 3,184,452 149,5670062 Overseas Missions - Canada 2,032,927 (145,280) 1,887,647 1,528,705 358,9420063 Overseas Missions - Brussels 2,399,781 57,765 2,457,546 2,021,232 436,3140064 Overseas Missions - Venezuela 1,282,188 167,638 1,449,826 1,088,172 361,6540065 Overseas Missions - New York 1,996,941 82,700 2,079,641 1,897,721 181,9200066 Overseas Missions - United Nations 2,279,362 46,000 2,325,362 2,130,872 194,4900067 Overseas Missions - Toronto 2,232,215 31,868 2,264,083 2,027,469 236,6140068 Overseas Missions - Miami 3,588,854 (43,182) 3,545,672 2,958,242 587,4300069 Overseas Missions - Geneva 4,111,359 4,111,359 3,619,398 491,9610070 Overseas Missions - Brazil 1,308,093 100,000 1,408,093 989,266 418,8270075 Overseas Missions - Peoples Republic of China 2,452,800 (217,000) 2,235,800 1,984,322 251,4780076 Overseas Missions - Cuba 1,350,715 (20,000) 1,330,715 1,062,987 267,7287080 General Management, Coordination & Overseas Missions 15,502,646 6,000 15,508,646 14,657,691 850,9557081 Foreign Trade 5,350,796 (6,000) 5,344,796 5,091,500 253,296

40 Ministry of Transport and Works 105,964,401 23,500,000 129,464,401 112,318,189 17,146,212040 Direction & Policy Formulation Services 9,741,207 9,741,207 7,480,696 2,260,511

0510 Technical Management Services 1,084,392 1,084,392 910,689 173,7037085 General Management & Coordination Services 8,656,815 8,656,815 6,570,008 2,086,807


510 Road Network Services 37,999,833 (175,000) 37,824,833 29,195,834 8,628,9990495 Tenantry Roads 795,000 795,000 533,943 261,0570511 Highway Construction & Maintenance Services 34,060,868 (150,000) 33,910,868 26,113,391 7,797,4770513 Residential Road Construction & Maintenance Services 479,550 479,550 432,059 47,4910514 Bridge Construction & Maintenance Services 45,000 45,000 45,0000545 Road Rehabilitation Special Project 2,619,415 (25,000) 2,594,415 2,116,442 477,973



$ $ $ $ $

SCHEDULE 14


40 Ministry of Transport and Works0516 Scotland District Special Works 1,030,447 1,030,447 875,279 155,168

513 Government Building Services 10,713,154 10,713,154 8,988,728 1,724,4260508 Utilities Energy Efficiency Measures 60,000 60,000 39,602 20,3980509 Renovations to Government House 288,000 288,000 207,858 80,1420512 Rehabilitation of the National Insurance Building 5,000 5,000 5,0000517 General Maintenance 6,851,408 6,851,408 6,123,799 727,6090518 Major Works and Renovations 3,508,746 3,508,746 2,617,469 891,277

514 Government Vehicle Services 7,704,260 7,704,260 6,634,223 1,070,0370519 Vehicle & Equipment Workshop 7,646,760 7,646,760 6,634,223 1,012,5370520 Purchase of General Purpose Equipment 57,500 57,500 57,500

515 Electrical Engineering Services 2,977,286 2,977,286 2,524,566 452,7200521 Government Electrical Engineer's Department 2,977,286 2,977,286 2,524,566 452,720

516 Public Transportation Services 13,725,636 3,675,000 17,400,636 14,757,878 2,642,7580523 Licensing, Inspection of Vehicles 6,384,036 (110,555) 6,273,481 4,482,908 1,790,5730524 Provision of Traffic & Street Lighting 5,000,000 3,785,555 8,785,555 8,500,000 285,5550525 Improvement to Traffic Management 1,681,189 1,681,189 1,293,681 387,5080526 Parking System Car Parks 660,411 660,411 481,289 179,122

517 Transport 21,960,578 20,000,000 41,960,578 41,751,094 209,4840527 Transport Board Subsidy 20,000,000 20,000,000 40,000,000 39,940,516 59,4840528 Transport Board 400,000 400,000 300,000 100,0000546 Improvement to Public Transport 1,560,578 1,560,578 1,510,578 50,000



$ $ $ $ $

SCHEDULE 14


42 Ministry of Social Care, Constituency Empowerment and Community Developm 72,568,954 72,568,954 69,071,552 3,497,402040 Direction & Policy Formulation Services 6,519,784 (622,276) 5,897,508 4,727,708 1,169,800

0053 The National HIV/AIDS Commission 3,483,495 (581,330) 2,902,165 2,392,945 509,2207155 General Management & Coordination Services 3,036,289 (40,946) 2,995,343 2,334,763 660,580

278 Family 200,778 200,778 34,665 166,1130564 Family Affairs 200,778 200,778 34,665 166,113

365 HIVAIDS Prevention & Control Project 1,348,225 (269,576) 1,078,649 1,023,348 55,3018304 HIV/AIDS Prevention 380,527 (70,000) 310,527 265,543 44,9848702 HIV/AIDS Care and Support 967,698 (199,576) 768,122 757,805 10,317

422 Community Development 4,460,662 (104,167) 4,356,495 4,021,086 335,4090426 Community Development Department 3,185,186 (90,000) 3,095,186 2,896,714 198,4720437 Community Technological Program 1,275,476 (14,167) 1,261,309 1,124,372 136,937

423 Personal Social Services Delivery Program 56,754,088 1,043,486 57,797,574 56,548,912 1,248,6620427 Welfare Department 23,267,986 23,267,986 22,663,713 604,2730428 National Assistance Board 9,023,895 1,163,486 10,187,381 10,187,874 (493)0429 Child Care Board 19,271,356 19,271,356 19,271,262 940435 National Disability Unit 1,709,050 (20,000) 1,689,050 1,593,027 96,0230440 Barbados Council for the Disabled 350,240 350,240 350,240 0441 Constituency Empowerment 3,131,561 (100,000) 3,031,561 2,482,796 548,765

632 Gender Affairs 896,422 (30,000) 866,422 715,925 150,4970438 Bureau of Gender Affairs 896,422 (30,000) 866,422 715,925 150,497

633 Social Policy, Research and Planning 265,418 (17,467) 247,951 151,331 96,6200439 Bureau of Social Planning and Research 265,418 (17,467) 247,951 151,331 96,620

634 Poverty Alleviation and Reduction Programme 2,123,577 2,123,577 1,848,576 275,0010431 Alleviation and Reduction of Poverty 2,123,577 2,123,577 1,848,576 275,001

50 Post Office 29,631,730 29,631,730 27,603,447 2,028,283600 Post Office 29,631,730 29,631,730 27,603,447 2,028,283

0600 Post Office 29,163,162 29,163,162 27,271,439 1,891,7230601 Philatelic Bureau 468,568 468,568 332,008 136,560



$ $ $ $ $

SCHEDULE 14


72 Ministry of Agriculture, Food, Fisheries and Water Resource Management 101,979,898 20,852,140 122,832,038 117,140,915 5,691,123040 Direction & Policy Formulation Services 38,720,930 19,347,125 58,068,055 57,052,426 1,015,629

0160 Technical Management, Research & Coordination Services 732,318 173,773 906,091 867,554 38,5370161 Special Development Projects 384,716 (25,000) 359,716 270,744 88,9720168 Natl Agric Health & Food Control Programme 768,402 768,402 671,436 96,9660187 Agricultural Planning and Development 1,563,816 90,000 1,653,816 1,157,790 496,0267055 General Management & Co-ordination Services 35,271,678 19,108,352 54,380,030 54,084,902 295,128

160 Measures To Stimulate Increased Crop Production 4,324,355 (70,541) 4,253,814 3,741,797 512,0180163 Food Crop Research, Development & Extension 2,041,094 (68,500) 1,972,594 1,771,474 201,1200164 Non-Food Crop Research, Development & Extension 1,188,958 141,643 1,330,601 1,193,443 137,1580166 Cotton Research and Development 1,016,501 (143,684) 872,817 771,796 101,0210186 Sugarcane Development 77,802 77,802 5,083 72,719

161 Measures to Stimulate Increase Livestock Production 2,345,121 (57,500) 2,287,621 1,885,522 402,0990165 Livestock Research, Extension & Development Services 1,160,641 (17,500) 1,143,141 853,447 289,6940189 Animal Nutrition Unit 1,184,480 (40,000) 1,144,480 1,032,076 112,404

162 Resource Development & Protection 11,987,408 (133,588) 11,853,820 10,623,644 1,230,1760167 Scotland District Development 7,072,924 (1,500) 7,071,424 6,484,698 586,7260169 Plant Protection 1,606,205 (77,588) 1,528,617 1,257,594 271,0230170 Veterinary Services 1,995,289 (22,500) 1,972,789 1,925,488 47,3010171 Regulatory 291,957 (10,000) 281,957 211,131 70,8260172 Quarantine 1,021,033 (22,000) 999,033 744,733 254,300

163 Fisheries Management & Development 2,285,709 (86,022) 2,199,687 1,785,040 414,6470173 Fisheries Services 2,186,409 (102,022) 2,084,387 1,713,127 371,2600174 Fisheries Development Measures 99,300 16,000 115,300 71,913 43,387

164 General Support Services 15,421,841 (158,475) 15,263,366 13,914,859 1,348,5070175 Marketing Facilities 12,172,901 (88,750) 12,084,151 11,069,540 1,014,6110176 Technical Workshop & Other Services 487,395 (3,500) 483,895 376,933 106,9620177 Information Services 671,090 (31,000) 640,090 558,423 81,6670178 Incentives & Other Subsidies 1,642,148 (37,725) 1,604,423 1,524,328 80,0950188 Agricultural Extension Services 448,307 2,500 450,807 385,636 65,171



$ $ $ $ $

SCHEDULE 14


72 Ministry of Agriculture, Food, Fisheries and Water Resource Management165 Ancillary Technical & Analytical Services 6,815,094 128,800 6,943,894 6,242,464 701,430

0179 Government Analytical Services 2,474,967 164,500 2,639,467 2,413,732 225,7350180 Meteorology Department Services 4,340,127 (35,700) 4,304,427 3,828,733 475,694

168 Support of Major Agricultural Develemental Programmes 440,000 440,000 220,000 220,0000184 Land for the Landless 440,000 440,000 220,000 220,000


518 Barbados Water Authority 19,624,440 1,882,341 21,506,781 21,668,789 (162,008)0542 Barbados Water Authority 19,624,440 1,882,341 21,506,781 21,668,789 (162,008)

73 Ministry of the Environment and Drainage 98,133,341 7,503,110 105,636,451 101,817,011 3,819,440400 Environmental Health Services 50,836,638 50,836,638 50,620,758 215,880

0372 Sanitation Service Authority 50,046,451 50,046,451 50,046,451 0374 Project Management Coordination Unit 790,187 790,187 574,307 215,880

511 Drainage Services 6,921,258 (1,738,000) 5,183,258 4,342,551 840,7070501 National Environmental Enhancement Programme (16,870) 16,8700507 Storm Water Management Plan 1,011,097 (813,000) 198,097 198,0970515 Maintenance of Drainage to Prevent Flooding 5,910,161 (925,000) 4,985,161 4,359,421 625,740

650 Preservation and Conservation of the Terrestrial and Marine Environmen 36,144,960 9,241,110 45,386,070 43,335,437 2,050,6330386 National Conservation Commission 20,526,542 1,738,000 22,264,542 22,256,243 8,2990387 Coastal Zone Management Unit 2,260,325 50,562 2,310,887 2,026,914 283,9730399 Botanical Gardens 511,438 511,438 185,011 326,4270402 Coastal Risk Assessment & Management Programme 7,943,590 7,452,548 15,396,138 15,027,314 368,8240409 Policy Research, Planning & Information Unit 957,271 40,000 997,271 670,838 326,4330555 Natural Heritage Department 1,243,940 1,243,940 936,650 307,2907095 General Management & Coordination Services 2,701,854 (40,000) 2,661,854 2,232,468 429,386

651 Primary Environmental Care Services 4,230,485 4,230,485 3,518,264 712,2210411 Environmental Protection Department 4,230,485 4,230,485 3,518,264 712,221



$ $ $ $ $

SCHEDULE 14


75 Ministry of Housing, Lands and Rural Development 91,338,860 9,139,799 100,478,659 96,623,555 3,855,104040 Direction & Policy Formulation Services 4,483,981 75,000 4,558,981 3,507,335 1,051,646

0531 Housing Planning Unit 945,732 945,732 850,863 94,8690532 Tenantries Relocation & Redevelopment 539,301 539,301 193,425 345,8767090 General Management & Coordination Services 2,998,948 75,000 3,073,948 2,463,047 610,901

166 Rural Development 3,313,538 1,545,000 4,858,538 4,858,662 (124)0181 Rural Development Commission 3,313,538 1,545,000 4,858,538 4,858,662 (124)

365 HIVAIDS Prevention & Control Project 594,513 500 595,013 452,434 142,5798310 HIV/AIDS Prevention 143,513 500 144,013 121,221 22,7928705 HIV/AIDS Care and Support 451,000 451,000 331,213 119,787

520 Housing Program 9,820,999 8,709,022 18,530,021 18,530,021 0533 National Housing Corporation 9,820,999 8,709,022 18,530,021 18,530,021

521 Land Use Regulation and Certification Program 5,902,657 5,902,657 5,127,282 775,3750535 Lands & Surveys Department 1,937,361 1,937,361 1,648,044 289,3170536 Land Registry 3,965,296 3,965,296 3,479,238 486,058

522 Land and Property Acquisition/Mgmt Prog 62,952,940 2,355,277 65,308,217 63,486,911 1,821,3060503 H.E.L.P. Programme 10,000 10,000 10,0000538 Legal Unit 838,619 838,619 688,118 150,5010539 Property Management 62,104,321 2,355,277 64,459,598 62,798,793 1,660,805

523 Public Service Office Program 700,000 (575,000) 125,000 64,278 60,7220540 Office Accommodation 700,000 (575,000) 125,000 64,278 60,722

527 Other Housing Programs 3,570,232 (2,970,000) 600,232 596,632 3,6000502 Low Income Housing Project 3,570,232 (2,970,000) 600,232 596,632 3,600



$ $ $ $ $

SCHEDULE 14


76 Ministry of Labour, Social Security and Human Resource Development 75,909,357 75,909,357 81,606,203 (5,696,846)040 Direction & Policy Formulation Services 6,210,349 6,210,349 5,044,804 1,165,545

0434 Other Institutions 1,084,160 1,084,160 1,084,160 0458 Special Training Project - GIVE 59,000 59,000 57,418 1,5820573 Human Resource Sector Strategy and Skill Development 2,000,000 2,000,000 1,237,550 762,4507120 General Management & Coordination Services 3,067,189 3,067,189 2,665,676 401,513

120 Operations of NIS & Social Security 48,196,760 48,196,760 56,183,838 (7,987,078)0142 National Insurance Department 48,196,760 48,196,760 56,183,838 (7,987,078)


420 Employment & Labour Relations 5,014,544 5,014,544 4,070,327 944,2170421 Labour Department 3,411,004 3,411,004 2,997,379 413,6250422 External Employment Services 1,603,540 1,603,540 1,072,948 530,592

421 Occupational Training 16,104,893 16,104,893 15,942,680 162,2130423 Barbados Vocational Training Board 12,080,137 12,080,137 11,968,213 111,9240424 TVET Council 3,274,756 3,274,756 3,224,467 50,2890425 Employment & Training Fund 750,000 750,000 750,000

77 Ministry of Education, Science Technology and Innovation 468,128,514 29,000,000 497,128,514 486,958,317 10,170,197040 Direction & Policy Formulation Services 15,451,070 (50,280) 15,400,790 14,614,254 786,536

0270 Project Implementation Unit 1,471,341 1,471,341 1,314,867 156,4740460 National Council for Science & Technology 499,291 499,291 439,742 59,5497100 General Management & Coordination Services 13,480,438 (50,280) 13,430,158 12,859,645 570,513

270 Teacher Training 4,185,101 4,185,101 3,596,871 588,2300272 Erdiston College 4,139,336 4,139,336 3,570,289 569,0470273 Other Local Training 45,765 45,765 26,582 19,183

271 Basic Educational Development 150,215,927 491,100 150,707,027 146,841,154 3,865,8730277 Primary Education Domestic Program 2,517,000 2,517,000 2,506,280 10,7200278 Special Schools 2,400,000 (398,800) 2,001,200 2,001,200 0280 Skills for the Future 7,012,983 780,000 7,792,983 6,781,853 1,011,1300302 Education Sector Enhancement Program 1,909,147 125,000 2,034,147 1,814,340 219,8070309 Nursery Education 552,286 552,286 386,986 165,3000310 School Plan Enhancement & Refurbishment Programme 200,000 200,000 147,271 52,7290571 Nursery and Primary Schools 135,624,511 (15,100) 135,609,411 133,203,225 2,406,186



$ $ $ $ $

SCHEDULE 14


77 Ministry of Education, Science Technology and Innovation272 Secondary 124,372,844 559,180 124,932,024 122,822,000 2,110,024

0281 Assisted Private Schools 1,465,790 398,800 1,864,590 1,690,193 174,3970283 Children at Risk 901,754 901,754 813,087 88,6670640 Alexandra Secondary School 4,954,862 4,954,862 4,874,495 80,3670641 Alleyne Secondary School 4,451,206 4,451,206 4,529,963 (78,757)0642 Alma Parris Memorial Secondary School 1,956,456 1,956,456 1,982,973 (26,517)0643 Christ Church Foundation 6,252,624 6,252,624 6,218,760 33,8640644 Coleridge & Parry 5,545,661 5,545,661 5,396,615 149,0460645 Combermere School 6,241,275 25,083 6,266,358 6,213,020 53,3380646 Deighton Griffith Secondary School 5,051,098 5,051,098 4,956,025 95,0730647 Ellerslie Secondary School 5,955,627 5,955,627 5,818,345 137,2820648 Graydon Sealy Secondary School 5,448,527 5,448,527 5,580,475 (131,948)0649 Grantley Adams Memorial 5,403,103 5,403,103 5,388,966 14,1370650 Harrison College 6,291,660 40,297 6,331,957 6,233,304 98,6530651 Lester Vaughn Secondary School 6,076,080 6,076,080 6,067,449 8,6310652 The Lodge School 6,079,629 6,079,629 5,912,832 166,7970653 Parkinson Secondary School 5,500,706 5,500,706 5,390,580 110,1260654 Princess Margaret Secondary School 5,288,034 5,288,034 5,162,082 125,9530655 Queen's College 6,065,525 6,065,525 6,150,696 (85,171)0656 St. George Secondary School 5,653,606 10,000 5,663,606 5,368,933 294,6730657 Frederick Smith Secondary School 6,050,168 85,000 6,135,168 6,001,048 134,1200658 St. Leonard's Boys School 6,095,990 6,095,990 5,920,457 175,5330659 Daryll Jordan Secondary School 5,601,426 5,601,426 5,348,967 252,4590660 St. Michael's School 5,735,392 5,735,392 5,667,285 68,1070661 Springer Memorial Secondary School 6,306,645 6,306,645 6,135,450 171,195



$ $ $ $ $

SCHEDULE 14


77 Ministry of Education, Science Technology and Innovation273 Tertiary 140,611,032 28,000,000 168,611,032 167,661,853 949,179

0279 Samuel Jackman Prescod Polytechnic 12,549,284 12,549,284 12,180,582 368,7020284 University of the West Indies 71,300,000 25,000,000 96,300,000 96,300,000 0285 Barbados Community College 19,753,183 19,753,183 19,753,183 0286 BCC Hospitality Institute 5,270,949 5,270,949 5,270,948 10287 Higher Education Awards 26,666,883 3,000,000 29,666,883 29,666,798 850289 The Open and Flexible Learning Centre 565,219 565,219 501,620 63,5990305 National Accreditation Board 1,502,916 1,502,916 1,503,027 (111)0569 Higher Education Development Unit 3,002,598 3,002,598 2,485,694 516,904

275 Special Services 33,067,540 33,067,540 31,278,816 1,788,7240291 Examinations 4,054,745 4,054,745 3,871,040 183,7050292 Transport of Pupils 3,000,000 3,000,000 3,000,000 0294 School Meals Department 23,508,857 23,508,857 22,179,102 1,329,7550568 Media Resource Department 2,503,938 2,503,938 2,228,674 275,264




$ $ $ $ $

SCHEDULE 14


78 Ministry of Culture, Sports and Youth 41,212,890 41,212,890 38,953,958 2,258,932040 Direction & Policy Formulation Services 490,659 490,659 346,068 144,591

0051 Commission for Pan African Affairs 490,659 490,659 346,068 144,591276 Culture 18,157,650 15,000 18,172,650 17,012,133 1,160,517

0054 Barbados National Art Gallery 157,880 157,880 114,366 43,5140055 Creative Economy Initiatives 418,500 (42,000) 376,500 126,881 249,6190296 Film Censorship Board 46,288 12,000 58,288 56,417 1,8710298 National Cultural Foundation 6,122,835 6,122,835 6,122,835 0299 Archives 1,236,762 15,000 1,251,762 1,184,713 67,0490300 National Library Services 5,479,319 5,479,319 4,985,101 494,2187005 General Management & Coordination Services 4,696,066 30,000 4,726,066 4,421,819 304,247

277 Youth Affairs and Sports 8,775,206 (15,000) 8,760,206 7,863,515 896,6910565 Youth Entrepreneurship Scheme 1,201,573 1,201,573 951,678 249,8950566 Youth Development Programme 2,567,617 2,567,617 2,287,736 279,8810567 Barbados Youth Service 2,409,360 (15,000) 2,394,360 2,131,673 262,6870570 Youth Mainstreaming 400,000 400,000 399,848 1520575 National Summer Camps 400,000 400,000 393,342 6,6587110 General Management & Coordination Services 1,796,656 1,796,656 1,699,238 97,418


425 Promotion of Sporting Achievements 13,492,500 13,492,500 13,582,500 (90,000)0432 National Sports Council 12,102,748 12,102,748 12,192,748 (90,000)0433 Gymnasium 1,389,752 1,389,752 1,389,752



$ $ $ $ $

SCHEDULE 14


79 Ministry of Industry, International Business, Commerce and Small Business D 34,083,850 34,083,850 30,760,251 3,323,599040 Direction & Policy Formulation Services 12,093,568 (497,084) 11,596,484 9,290,399 2,306,085

0461 Business Development 1,378,767 (384,084) 994,683 711,603 283,0800471 Support For Private Sector Trade Team 88,000 88,000 88,000 0480 Office of Supervisor of Insolvency 274,413 274,413 245,990 28,4230483 Modernization of the Barbados National Standards System 1,083,807 (20,000) 1,063,807 714,591 349,2160490 International Business & Financial Services 2,169,055 (35,000) 2,134,055 1,675,488 458,5670491 Department of Corporate Affairs & Intellectual Property 2,627,207 2,627,207 2,290,088 337,1190494 Treaty Negotiations 100,000 (20,000) 80,000 4,496 75,5047030 General Management & Coordination Services 3,568,027 (73,000) 3,495,027 2,981,074 513,9537040 General Management & Coordination Services 804,292 35,000 839,292 579,069 260,223

128 Micro Enterprise Development 2,013,671 374,084 2,387,755 2,013,671 374,0840157 B'dos Agency for Micro-Enterprise Development (Fund Access) 2,013,671 374,084 2,387,755 2,013,671 374,084

365 HIVAIDS Prevention & Control Project 73,000 73,000 70,753 2,2478318 HIV/AIDS Prevention 30,000 30,000 28,059 1,9418319 HIV/AIDS Prevention 43,000 43,000 42,693 307

460 Investment, Industrial and Export Development 12,877,253 12,877,253 12,873,331 3,9220462 Barbados Investment & Development Corporation 12,877,253 12,877,253 12,873,331 3,922

461 Product Standards 1,593,756 1,593,756 1,543,256 50,5000463 Barbados National Standards Institution 1,593,756 1,593,756 1,543,256 50,500

462 Co-operatives Development 759,832 759,832 523,936 235,8960465 Cooperatives Department 759,832 759,832 523,936 235,896

463 Utilities Regulation 2,768,346 43,000 2,811,346 2,694,782 116,5640468 Fair Trading Commission 2,370,791 2,370,791 2,368,852 1,9390469 Office of Public Counsel 397,555 43,000 440,555 325,930 114,625

480 Development of Commerce and Consumer Affairs 1,904,424 80,000 1,984,424 1,750,124 234,3000485 Department of Commerce and Consumer Affairs 1,904,424 80,000 1,984,424 1,750,124 234,300

Total for all Ministries 3,061,249,100 238,602,416 3,299,851,516 3,144,046,766 155,804,750


Estimated Actual Excess (Shortfall)

$ $ $

Total 2,453,532,957 2,446,375,408 (7,157,549)

SCHEDULE 15

SUMMARY OF REVENUE

FOR FINANCIAL YEAR 2014 - 2015

501 Goods & Services 1,181,363,168 1,074,205,094 (107,158,074)

502 Taxes on Income and Profits 717,732,989 666,099,851 (51,633,138)

503 Taxes on Property 130,837,556 164,362,413 33,524,857

504 Taxes International Trade 209,400,814 223,668,698 14,267,884

505 Other Taxes 13,999,050 10,983,797 (3,015,253)

510 Special Receipts 61,929,919 110,888,334 48,958,415

550 Other Revenue - Non Tax 93,910,679 115,044,823 21,134,144

580 Grant Income 25,028,462 57,530,814 32,502,352

590 Annex Revenue 19,330,320 23,591,582 4,261,262



$ $ $

501 Goods & Services 1,178,163,168 1,074,205,094 (103,958,074)

51501100 Franchise License 40,000 34,000 -6,000

51501105 Utilities Licenses 750,000 750,000 0

51501300 Places of Public Entertainment 3,200 1,600 -1,600

51501410 Banking Sector - Local 3,128,000 3,028,000 -100,000

51501420 Banking Sector - Offshore 2,870,000 2,720,000 -150,000

51501500 Storage of Petroleum 11,520 12,950 1,430

51501700 Foreign Sales Corporation 36,000 36,000 0

51501720 International Trusts 50,000 50,600 600

51501750 International Business Companies 4,850,350 5,042,400 192,050

51501760 Fees for Film Censorship 15,000 16,610 1,610

51501771 Highway Revenue Motor Vehicles 41,473,415 42,440,081 966,666

51501772 Highway Revenue PSVs 4,497,376 4,154,539 -342,837

51501800 Societies and Retricted Liability 440,725 459,275 18,550

51501830 Liquor Licenses Fees/Fines 1,496,405 1,855,333 358,928

51501840 Firearms 624,150 670,900 46,750

51501850 Telecommunication Licences 13,604,113 12,408,670 -1,195,443

51501855 Broadcasting 70,000 175,411 105,411

51501860 Quarry Licences 40,000 55,000 15,000

51501870 Veterinary Licences 45,725 48,387 2,662

51501880 Customs Licences 648,000 569,000 -79,000

51501950 Precious and Second Hand Metals 0 4,000 4,000

52501200 Betting & Gaming 3,747,069 3,358,945 -388,124

52501525 Taxes on Insurance Companies 24,961,769 26,145,489 1,183,720

52501530 Hotel & Restaurant Sales 6,000 16,650 10,650

52501550 Taxes Bank Asset 18,708,510 20,386,897 1,678,387

52501560 Asset Tax - Other Financial Ins't 3,200,000 6,518,321 3,318,321

52501650 Excise Duties 140,606,086 135,899,922 -4,706,164

52501790 Taxes on Remittances 970,566 1,260,351 289,785

52501820 Value Added Tax 914,469,189 806,085,763 -108,383,426

Totals for Goods & Services 1,181,363,168 1,074,205,094 (107,158,074)

502 Taxes on Income and Profits 717,732,989 666,099,851 (51,633,138)

52502050 Corporation Taxes 179,296,299 156,155,780 -23,140,519

52502100 Income Taxes 437,289,746 412,538,329 -24,751,417

52502150 Withholding Taxes 72,361,582 69,296,481 -3,065,101

52502200 Consolidation Tax 28,785,362 28,109,262 -676,100

Totals for Taxes on Income and Profits 717,732,989 666,099,851 (51,633,138)

SCHEDULE 15

DETAILED STATEMENT OF REVENUE




$ $ $

SCHEDULE 15



503 Taxes on Property 130,837,556 164,362,413 33,524,857

52503100 Land Tax 111,751,544 146,888,880 35,137,336

52503200 Property Transfer Tax 18,254,023 16,847,198 (1,406,825)

52503300 Property Transfer - Corporate Affairs 831,205 624,540 (206,665)

52503400 Rent Registration 784 1,795 1,011

Total for Taxes on Property 130,837,556 164,362,413 33,524,857

504 Taxes International Trade 209,400,814 223,668,698 14,267,884

52504100 Import Duties 209,400,814 223,668,698 14,267,884

Total for Taxes International Trade 209,400,814 223,668,698 14,267,884

505 Other Taxes 13,999,050 10,983,797 (3,015,253)

52505100 Stamp Duties 13,999,050 10,983,797 (3,015,253)

Total for Other Taxes 13,999,050 10,983,797 (3,015,253)

510 Special Receipts 61,929,919 110,888,334 48,958,415

52510201 Levies 17,831,750 15,319,845 (2,511,905)

52510202 Contribution to Pensions 346,916 441,533 94,617

52510203 Gains and Losses 19,463 39,182 19,719

52510204 Municipal Tax 35,880,358 53,817,442 17,937,084

52510900 Sundry General 7,851,432 41,270,332 33,418,900

Totals for Special Receipts 61,929,919 110,888,334 48,958,415

580 Grant Income 25,028,462 57,530,814 32,502,352

51580100 International Financial Institutions 25,028,462 57,530,814 32,502,352

Totals for Grant Income 25,028,462 57,530,814 32,502,352


SCHEDULE 15


$

$ $

RSA100 Sale of Maps 9,506 11,136 1,630

Total for 12 Parliament 9,506 11,136 1,630

RLN300 License fees - PMO 60,776 66,917 6,141

RFT107 Chief Town Planner 1,148,474 1,238,129 89,655

RGE100 Sale of Seismic Data 169,120 658,348 489,228

RSB106 Printing Services & Publications 789,369 783,243 (6,126)

RSG102 Sales - GIS 4,805 4,435 (370)

RFC108 Citizenship - Application 285,818 288,281 2,463

RFC109 Final Fees - Citizenship 538,913 513,939 (24,974)

RFP143 Passport - Application 2,139,829 2,166,924 27,095

RFP144 Passport - Renewal 631 631

RFP146 Passport - Emergency 100,030 133,052 33,022

RFP148 Certificate of Indemnity 433 433

RFW166 Work Permits - Application Fees 858,390 890,990 32,600

RFW167 Work Permits - Final Fees 4,020,950 4,206,255 185,305

RIS100 Immigration Status - Application 191,700 195,100 3,400

RIS200 Immigration Status - Fees 550,600 635,200 84,600

RVS100 Visas Single and Multiple 897,302 995,403 98,101

RVS200 Visas - Student Visas 482,300 490,600 8,300

RVS300 Visas - Extension of Stay 448,200 477,100 28,900

RIR100 Income from Royalties 4,428,326 5,442,129 1,013,803

Total for 13 Prime Minister's Office 17,114,902 19,187,110 2,072,208

RFD105 Replacement of ID Cards 115,970 116,020 50

RSN107 Proceeds from Sales 115 115

Total for 15 Cabinet Office 116,085 116,135 50

RFD102 Audit 191,000 191,000

Total for 18 Audit 191,000 191,000

RLE500 Electrical Wiremen 12,487 (12,487)

HRL100 Drivers' Licenses 7,004,321 (7,004,321)

RFC116 Customs 165,257 158,257 (7,000)

RFC127 Insurance Companies Commission 650,576 641,658 (8,918)

RFC200 Customs Dept Processing Fees 1,794,650 1,897,040 102,390

RFC900 Miscellaneous Customs Revenue 395,564 440,551 44,987

RFH140 Powder Magazines 1,886 1,824 (62)

RNB100 NIS Refund of Salaries 15,354,601 15,017,164 (337,437)

RSL100 Statistical Services 82 82

RSP100 Produce Sales 680 680

RID102 Dividend Income ICBL 262,606 262,606 0

RID104 Dividend Income HCF 25,000,000 25,000,000

RIN101 Interest Income - Deposits 1,000 737 (263)

RIN103 Interest Income - SDRs 154,838 137,239 (17,599)

RIN105 Interest Income - Sinking Funds 24,793,609 14,627,438 (10,166,171)

RIN110 Interest Income - Loans 1,073,962 1,062,713 (11,249)

RPS100 Sundry Fees and Fines 1,219 1,319 100

RPT100 Comptroller of Customs - Sundry Fines 229,082 291,989 62,907

Total for 21 Ministry of Finance and Economic

Affairs

51,896,420 59,541,296 7,644,876



550 Other Revenue - Non Tax

12 Parliament

13 Prime Minister's Office

15 Cabinet Office

18 Audit

21 Ministry of Finance

and Economic Affairs


SCHEDULE 15


$

$ $



RLD100 Certification of Dispensaries 234,990 245,173 10,183

RLX150 Certification of Pharmacies 6,000 7,700 1,700

RFH137 Miscellaneous - Ministry of Health 192,389 186,384 (6,005)

RFS118 Environmental Sanitation Unit 16,350 13,643 (2,707)

RFV166 Vaccines 176,079 155,846 (20,234)

RHA102 Viral Load 31,948 31,948

RHA103 Anti-retroviral 27,282 29,293 2,011

RSD105 Debushing Programme 8,500 7,256 (1,244)

RSH100 Sanitation Service Authority

RSY100 Psychiatric Hospital Fees 5,000 4,677 (323)

Total for 23 Ministry of Health 666,590 681,920 15,330

RFS129 International Ship Registration 268,826 268,560 (266)

RFT145 Pilot 24,184 21,649 (2,535)

Total for 27 Ministry of Tourism and International

Transport

293,010 290,210 (2,800)

RFF120 Fire Service 5,800 5,575 (225)

RFH136 Ministry of Home Affairs 200,940 206,275 5,335

RSN107 Proceeds from Sales 40,524 40,732 208

Total for 28 Ministry of Home Affairs 247,264 252,582 5,318

FRP142 Parking Lots 781,880 807,462 25,582

RFP139 Miscellaneous - Police Department 1,875 2,232 357

RFR122 Forensic Services - Narcotics 15,932 15,932

RFR125 Forensic Services - DNA Testing 426 426 (0)

RFT154 Regional Police Training Centre 190 38,390 38,200

RFT175 Police Services Fees 28,230 29,810 1,580

RPR155 Professional Certification 4,623,177 4,552,935 (70,242)

RRG155 Registration 628,252 643,241 14,989

RSP104 Police Band 27,687 25,887 (1,800)

RSP105 Police Reports 527,740 514,800 (12,940)

RPC167 Supreme Court 738,787 742,423 3,636

RPM106 Chief Marshall 7,661 7,935 274

RPV135 Magistrate Court - Criminal 2,253,031 2,417,583 164,552

RPX134 Magistrate Court - Civil 106,845 113,795 6,950

Total for 30 Attorney General 9,725,781 9,912,848 187,067

RFM138 Miscellaneous - Overseas Missions 900 900

RFM138 Miscellaneous - Overseas Missions 66,023 57,001 (9,022)

RFX112 Consular 43,972 55,848 11,876

RLA450 Apostile 17,100 17,261 161

RST103 Notarial Services 5,244 10,506 5,262

Total for 32 Ministry of Foreign Affairs and Foreign

Trade

132,339 141,516 9,177

RLE500 Electrical Wiremen 139,077 139,077

HRL100 Drivers' Licenses 10,779,622 10,779,622

HRM650 Miscellaneous Fees - Licensing Authority 1 1

HRP850 Conductors Licences and Badges 1,700 1,700

Total for 40 Ministry of Transport and Works 10,920,400 10,920,400

23 Ministry of Health

27 Ministry of Tourism

and International

Transport

28 Ministry of Home

Affairs

30 Attorney General

32 Ministry of Foreign

Affairs and Foreign Trade

40 Ministry of Transport

and Works


SCHEDULE 15


$

$ $



RSC101 Community Development Revenue 49,276 29,277 (19,999)

Total for 42 Ministry of Social Care, Constituency

Empowerment and Community Development

49,276 29,277 (19,999)

RFL104 Central Livestock Station 4,464 2,464 (2,000)

RFV165 Veterinary Clinic & Diagnostic Laboratory 29,000 3,035 (25,965)

RLK200 Markets Licenses and permits 28,291 27,754 (537)

RLV100 Import and Export Permits - Veterinary 255,876 245,643 (10,233)

RFA101 Analytical Services Laboratory 609,561 483,722 (125,839)

RFB167 Butcher Licenses 2,150 2,175 25

RFH124 Haul-up Services 3,572 3,072 (500)

RFL104 Central Livestock Station 133,220 137,796 4,576

RFL130 Laboratory Fees 28,455 26,895 (1,560)

RFP144 Passport - Renewal 8,425 9,250 825

RFR103 Sales of Produce - C.A.R.S 37,844 40,074 2,230

RFS109 Cold Storage Fees 735,236 807,674 72,438

RFT121 Fish Toll 100,817 95,314 (5,503)

RFV165 Veterinary Clinic & Diagnostic Laboratory 30 30

RSE100 Soil Conservation Commission 91,189 109,603 18,414

RSM108 Markets - Other Revenue 28,057 27,611 (446)

RSU100 Bullens Agricultural Station 21,433 26,965 5,532

RIT101 Rent - Markets 265,689 268,788 3,099

RIT120 Rent - Rural Markets 153,458 156,290 2,832

Total for 72 Ministry of Agriculture, Food,

Fisheries and Water Resource Management

2,536,737 2,474,156 (62,581)

RSH100 Sanitation Service Authority 1,155,588 1,139,430 16,158

Total for 73 Ministry of the Environment and

Drainage

1,155,588 1,139,430 16,158

RLS350 Surveyor's 180 180

RFR132 Land Registration 521,286 580,651 59,365

RSA100 Sale of Maps 9,867 10,309 442

RIB101 Rental of Buildings 112,342 224,513 112,171

RIB102 Rental of Lands 153,555 177,792 24,237

RIT110 Rent - Residence 1,405,873 1,254,091 (151,782)

NGA105 Gains from sale of Fixed Assets 15,000 15,000

Total for 75 Ministry of Housing, Lands and Rural

Development

2,218,103 2,262,536 44,433

42 Ministry of Social

Care, Constituency

Empowerment and

Community Development

72 Ministry of

Agriculture, Food,

Fisheries and Water

Resource Management

73 Ministry of the

Environment and

Drainage

75 Ministry of Housing,

Lands and Rural

Development


SCHEDULE 15


$

$ $



RFE131 Labour 24,500 23,650 (850)

Total for 76 Ministry of Labour, Social Security

and Human Resource Development

24,500 23,650 (850)

RTF100 Tuition Fees 16,280 16,300 20

RTF100 Tuition Fees 346,459 350,970 4,511

RSP100 Produce Sales 37,200 49,437 12,237

RSR101 Concession and Rentals 1,330 1,970 640

RSV100 School Meals Service 470,084 527,548 57,464

RSV202 School Meals Service - Rental 3,562 3,762 200

RIB101 Rental of Buildings 214,875 180,856 (34,019)

RIC101 Rental of Cafeteria 166,949 160,734 (6,215)

CDS100 Commission, Drinks & Snacks Machine 1,589 1,408 (181)

RPY133 Library Fees 7,948 7,903 (45)

Total for 77 Ministry of Education, Science

Technology and Innovation

1,266,276 1,300,888 34,612

RPY133 Library Fees 61,772 63,450 1,678

Total for 78 Ministry of Culture, Sports and Youth 61,772 63,450 1,678

RBD105 Business Development 25 7,872

RFP114 Cooperatives - Fees of Office 950 950

RFP115 Corporate Affairs & Intellectual Property 6,181,494 6,480,692 299,198

RFS166 Bankruptcy and Insolvency Fees 10,055 9,990 (65)

RSD100 Standards Administration 12,000 12,594 594

Total for 79 Ministry of Industry, International

Business, Commerce and Small Business

Development

6,204,499 6,504,251 307,599

93,909,648 104,123,392 10,253,907

Total for Other Revenue - Non Tax

76 Ministry of Labour,

Social Security and

Human Resource

Development

77 Ministry of Education,

Science Technology and

Innovation

78 Ministry of Culture,

Sports and Youth

79 Ministry of Industry,

International Business,

Commerce and Small

Business Development


SCHEDULE 15

DETAILED STATEMENT OF ANNEX REVENUE



$ $ $

XBB400 Private Box & Bag Rentals 120,960 387,650 266,690

XMN700 Net Commission MO 44,127 49,661 5,534

XMN800 Premium on Drafts 23,696 26,247 2,551

XMN900 Net Fees/Commission on PO 6,335 9,645 3,310

XMP200 Miscellaneous - Post Office 110,867 187,275 76,408

XMR400 Reimbursements-in-Aid 1,153 1,153 0

XMR600 Terminal Dues 1,170,585 1,016,672 (153,913)

XPR500 Postal Revenue General 4,572,582 4,826,600 254,018

XPR600 Agency Commission 20,454 340,535 320,081

XPS700 Postal Shop 30,778 33,955 3,177

XSS101 Sale of Stamps - Direct 13,091,607 16,564,736 3,473,129

XSS102 Sale of Stamps - Crown Agents 6,035 5,987 (48)

XSS103 Sale of Stamps - Philatelic Bureau 131,141 141,467 10,326

Total for Annex Revenue 19,330,320 23,591,582 4,261,262

590 Annex Revenue


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