Following the sitting of the Executive Council on Wednesday 10 May, a paper was approved to update the Government’s Reserves Policy to hold 1.5 times adjusted departmental operating expenditure in unrestricted reserves.
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 recently elected Falkland Islands Legislative Assembly, the first to be full-time is breaking ground and has announced several changes to its functioning basically more transparency, televised sessions, showing how decisions are reached on key issues and MLAs views, and for this has decided to name two small working groups.