MercoPress. South Atlantic News Agency

Healthy Surplus in South Georgia Finances, Spurred by Fishing, Tourism and Stamps

The financial statements from the government of South Georgia and South Sandwich Islands ending December 2008 show a healthy surplus with fisheries licences, tourism and stamps, the three main sources of revenue.

According to the April edition of the South Georgia Newsletter the format of the financial statements accounts have changed from the previous cash basis to a more modern resource accounting basis. The new format includes fixed assets, debtors, stock and creditors. The accounts show a surplus of £1,271,000 for the year ending December 31st 2008 and a General Revenue Balance of £12,680,000.

Overall revenue for 2008 was just over £1 million more than the estimate at £5,974,355. By far largest income (69%) was from the sale of fishing licences at just over £4 million.

Tourism landing charges (16%) and customs and harbour dues raised more than £1.1 million, with the third most important specific economic activity for the Island being the sale of stamps and seignorage on coins, raising £141,000. The extra revenue was mainly from fishing licence revenue and landing charges.

Total expenditure was within the budget of £4.7 million. The greatest expenditure (66%), at nearly £3 million, was spent on fisheries management. Half a million was spent on the running costs of King Edward Point. After depreciation expenses, the other major expenses were the provision of medical services, and the environmental program.