Unexpected savings produce a welcome budget surplus
Finance Minister Hon Mark Brown has good reason to be upbeat about government’s financial performance for the quarter ending June 2012.
Presenting a copy of the quarterly report to media at a press conference on Friday afternoon, Brown along with Financial Secretary Richard Neves briefed the media on the report’s highlights.
A major highlight was that there is a net operating surplus of $769,000 a significant turnaround from the anticipated net operating deficit of $3,035 million predicted at the time of the 2011/12 Supplementary Budget.
This has been due to a one off increase in withholding tax, lower than anticipated payments for the air line subsidy and Toa Petroleum profit top up, lower welfare payments and lower expenditure on staff due to vacancies.
Total debt owed by the Crown (excluding SOE’s) is $78.928 million. Of this, $19,076 million is held in the loan reserve, $23,945 million has been advanced to the Port Authority for the harbour project, leaving a net debt position of $35,907 million.
Brown said government would continue to make considerable strides to increase the transparency of government’s budgetary and financial position.
There is still one small thorn in government’s foot-it is that the Crown accounts for 2010/2011 may not be finalized until June 2013. -Charles Pitt

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