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The Public Sector Investment Programme (PSIP)
A government spends on recurrent activities or operations as well as on investment to carry out its mandate obtained in the electoral aspects of the democratic process. Both current and capital expenditures are passed in the Legislative Council as a single National Budget document. Included in the budget documents are the
Budget Speeches detailing expenditure, performance and explaining policies and strategies for the next year. Details of planned and authorized expenditure are provided in the
Estimates of Revenue and Expenditure covering up to three years, including two immediately past years.
The investments or capital spending planned for up to the medium term (three years) constitute the investment programmes of government. Included in these
Public Sector Investment Programmes are the projects and programmes being implemented from previous periods or what is known as the
Ongoing Programmes and Projects and Planned or new Programmes and
Projects.
The PSIP is normally analyzed to determine its impact on the country’s economy. In this connection the volume, sectoral distribution, programme distribution and costs are analyzed to determine the requisite level of capital outlays, linkages with the current budget, contribution to government tax take and the impact on job creation as well as national income. For some of these details, please read the British Virgin Islands Government
PSIP 1999-2003 and others.
The present (PSIP 2003-2007) is built from the Existing Programme of Projects, programmes identified in the
Speech from the Throne 2003 and the Government’s Legislative Agenda 2003-2007.
The Government’s Legislative Agenda 2003-2007 in total represents the government’s investment programme over the next four years and it contains some 92 projects, programme and initiatives. The cluster of investment activities are divided into four years representing the programming choices and priorities of government. In effect
the investment programme has been broken down into
four one-year programmes for the calendar years associated with the national budget cycle. Within each of the
four one-year programmes are information including description, rationale, objectives, costs, implementation schedules and risks associated with each project. These information are contained in the 92 project profiles, each posted on a website page. The particulars of each project are published before approval implementation commences in
Project Profiles.
Monitor implementation progress of the plan is a key activity that inform all stakeholders of progress. Progress in this context speaks to the physical and financial progress for each project in the programme. In order to facilitate closer monitoring of the investment programme the Programme Responsibility of each Ministry is shown over eight (8) ministries, each in four (4) one-year programmes.
Within the implementation monitoring framework our aim is to present as informative a picture as possible. In this connection details of the flow of resources through the projects and the actual work completed are presented at regular intervals for public consumption. Of course full details will be possible in a timely manner. However, at the early stages of implementation complete Project Dossiers and related Documentation on all projects over a certain size will be available. Details of Physical and Financial Progress on all 92 projects will be updated until implementation is completed.
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