The Falkland Islands Government Standing Finance Committee heard on Wednesday that the forecast operating surplus for the whole of the year now stands at £9.4 million. Expenditure is expected to ramp up over the remainder of the financial year, with plenty of infrastructure work being scheduled for the summer months.
The Falkland Islands Government operating surplus of £38 million for 2017/18 was driven primarily by favourable Corporation Tax receipts. The original budgeted deficit in my view led the former Legislative Assembly to be over cautious in their demands leading to unnecessary thrift in some areas, according to MLA Roger Spink, who is head of the Government Services Portfolio of the Assembly.
The following is the Budget 2018/19 presentation made by the Falkland Islands Financial Secretary, James Wilson.
The Falkland Islands forecast operating budget surplus for the current financial year sits at £33m, Standing Finance Committee (SFC) was told on Wednesday. The surplus, up from the previous forecast of £27m, has been boosted by fishing company corporation tax payments, which have been “significantly higher than budget.”
The Falkland Islands Executive Council (its effective Cabinet) agreed late last week a set of budgeting principles for the Government over the coming financial year beginning 1st July 2018. These principles are likely to apply throughout the four year term of the current Legislative Assembly, though will be formally reviewed by the Assembly annually.
The Falkland Islands government has announced highlights of its Budget for 2017/18, approved by the Legislative Assembly and which becomes effective on first July 2017 and will end on the 30th June 2018.
The Falkland Islands Legislative Assembly received on Tuesday the Appropriation Bill which allows for expenditure of £61.4M pounds in the fiscal year 2015/16, supported by revenues of £56.9M and a projected £4.9M from oil and gas exploration, thus completing another surplus year.
Bringing contract workers in to ensure enough staff to maintain the Falkland Islands' roads ready for the start of the season in the spring, if not earlier is MLA Gavin Short’s wish.
It's budget time in the Falkland Islands and fishing again has boosted the government coffers this year with more than £6 million above that originally budgeted, according to the Penguin News.