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Montevideo, October 18th 2018 - 16:13 UTC

Falklands operating surplus reaches £38 million; strong corporation tax receipts

Saturday, July 28th 2018 - 15:30 UTC
Full article 4 comments
The large surplus is due to favorable corporation tax receipts, and was arrived at by deducting operating costs of £68 million from the year’s income, £106 million The large surplus is due to favorable corporation tax receipts, and was arrived at by deducting operating costs of £68 million from the year’s income, £106 million
 However King Edward Memorial Hospital bill, where locums have cost £1,224,975 in the past year, has shown an overspend of 1008.8% However King Edward Memorial Hospital bill, where locums have cost £1,224,975 in the past year, has shown an overspend of 1008.8%
Repairs and maintenance costs were £515,000 higher than budget for the year, partly as a result of extra work needed at FIGAS Repairs and maintenance costs were £515,000 higher than budget for the year, partly as a result of extra work needed at FIGAS

The Falkland Islands Government operating surplus now stands at over £38 million, Standing Finance Committee members were informed this week. The large surplus is due to favorable corporation tax receipts, and was arrived at by deducting operating costs of £68 million from the year’s income, which is £106 million.

 Another eye-catching figure came from King Edward Memorial Hospital, where locums have cost £1,224,975 in the past year, against an original budget of £110,480. This represents an overspend of 1008.8%. The hospital is short of contracted staff and has been forced to use agency workers, a far more expensive option.

The Development and Commercial Services budget was a notable overspend. Repairs and maintenance costs were £515,000 higher than budget for the year, partly as a result of extra work needed at FIGAS.

Legal Aid payments were £106,000 higher than budget, though these costs were offset by the lower spend on salaries due to unfilled vacancies.

Vacant positions were also largely responsible for Human Resources coming in £143,000 under budget.

Education was over half a million under budget, with student grant payments £245,000 lower than expected.

Staff vacancies explain the under-spend in Law and Regulation and Emergency Services, while Public Works overspent by £466,000, mostly thanks to an increased need for parts and spares.

The committee also looked at the Stanley Retail Price Index, which has increased 3.6% over the past year. The biggest contributor was fuel and power, which has seen a 1.6% rise. (Penguin News).-

Top Comments

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  • Jo Bloggs

    Plenty of that surplus will be needed in the next few years for all of the ambitious capital works coming up. What’s the problem with that? I don’t want to pay less tax, we already pay way less than the U.K. and most other European countries.

    Aug 02nd, 2018 - 01:44 am +1
  • falklandlad

    Fantastic - Falkland Islands Airways fleet purchases coming up next then! It seems there is a necessity to temper news outbursts in a more channelled format is somewhat overdue.

    Jul 29th, 2018 - 03:01 pm 0
  • Marti Llazo

    A budget surplus? Can't possibly be a part of Argentina, then.

    Jul 30th, 2018 - 02:22 pm 0
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