2014 Neo Kingston Budget

The 2014 Neo Kingston budget was delivered on 15 January 2014 by James Huertos, Minister of Finance and Planning, to the House of Representatives. It was the fifth budget of the Premiership of Zachary Munroe, the first of the People's National Party-Green Party coalition government and the first to be presented by Huertos. Its key points include the retraction of the 2010 Emergency Stimulus funds, an increase in the personal income tax threshold, a lowering of the rate of corporation tax, an increase in the bank levy and the introduction of the small companies tax.

Revenues are budgeted at $6,942,219,715,141.17 (39.1% of GDP), an increase of $356,221,715,141.17 over 2013 but down from 39.76% of GDP. This marks the first time since the pre-recession 2007 budget that revenue has increased nominally but decreased as a percentage of GDP.

Expenditures are budgeted at $7,084,260,016,218.23 (39.9% of GDP), the first time since the 2011 budget that expenditures have been lower than 40% of GDP. This is a decrease of $37,630,079,762.95 over 2013 and down rather significantly from 43% of GDP.

The budget deficit shrank to 0.8% of GDP, the best since the pre-recession 2.1% surplus of 2008 and down from a deficit of 3.2% in 2013. Nominally the deficit is budgeted at $142,040,301,077.06, down from $535,882,095,981.18 in 2013.