MercoPress. South Atlantic News Agency

Falklands' finances have to manage with budget surpluses

Financial Secretary James Wilson ran a report on FIG investment portfolio, with seven funds, which has outperformed its targets by 0.1% in the last quarter

The Falkland Islands Standing Finance Committee met on November 27 in the Liberation Room, Stanley and reported that the forecast operating surplus for the year is now £11.3 million, excluding capital expenditure.

In revenues, the Treasury is reporting a positive variance of £8.5 million, which is explained by corporation tax receipts being well above budget for the year to date.

Reflecting this, the full-year forecast operating revenues have been adjusted to £90 million, from the original £83 million. The forecast operating surplus for the year is now £11.3 million, excluding capital expenditure.

The forecast capital expenditure stands at £36.4 million.

Financial Secretary James Wilson also ran through a report on the FIG investment portfolio, consisting of seven funds, which has outperformed its targets by 0.1% in the last quarter.

In that quarter, the total value of that portfolio has risen by 3.1% and is now £381,560,000. (PN).-