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National Budget 2007-2008

The Budget for fiscal year 2008 is set in the context of a longer term plan, which in essence represents yet another phase in the nation's journey towards Vision 2020.

It is against this background that the theme of this year’s Budget Presentation is “Vision 2020: Determined to Reach our Goal”.

What is the Budget?

Most years the Government releases one major document that sets out where and how it plans to collect and invest taxpayers' money.

How much money does the Government spend?
Where do my tax dollars go?
What services are provided for in the budget?
How much money will go to pay down the debt?
How much to health care?
Will taxes go up or down?

The answers affect all Trinidadians and Tobagonians, and they will be in that document, the budget. It's a blueprint for how the Government wants to set the annual economic agenda for Trinidad and Tobago. And it's the job of the Ministry of Finance to prepare it.

The Heritage and Stabilization Fund

The Heritage and Stabilization Fund (HSF) was established with the passing of the HSF Act. No. 6 in March 2007. This Fund was previously known as the Interim Revenue Stabilization Fund (IRSF) which has been in existence since 2000. All proceeds from the IRSF have been transferred into the HSF, and the Fund will be denominated in the currency of the United States of America. The HSF Act incorporates several of the “best practices” as identified in literature pertaining to such commodity funds and also outlines details on the establishment and management of the Fund including operational guidelines, resources of the Fund, and governance arrangements . . .

e-Auction

e-Auction is a part of the strategic sourcing process. It is a procurement tool using web-based software that allows suppliers to bid online for a contract for the supply of goods or services. It is sometimes called a 'reverse auction' because bids are reduced and not increased as in a traditional auction. The objectve is typically to arrive at the lowest total cost as distinct from lowest price.

e-Auction replaces the conventional methods of requesting sealed paper tenders, however, it must be emphasied that sucess depends on at least the same market knowledge and sourcing skills as the paper based process it replaces.