Cook Islands Ministry of Finance News
Cook Islands Minister of Finance, the Honourable Mark Brown, released the 2014/15 preliminary outcome.
The estimated net operating balance of the General Government Sector for 2014/15 was a surplus of $6.1 million:
• Operating revenue was $128.2 million; and
• Operating expenditure was $122.1 million.
The estimated overall fiscal balance for 2014/15 was a deficit of $5.077 million.
Higher revenue collections were mainly attributable to higher than estimated revenue from fishing licences and fines during the year.
Lower operating expenses were mainly attributable to lower levels of spending by agencies, savings in the underwrite of air services to Rarotonga from Los Angeles and Sydney, and lower guaranteed profit payments to Toa.
Total capital expenditure and investment by the Cook Islands Government was $17.354 million in 2014/15, the lower than budgeted figure was mainly due delays in the tendering processes of some larger projects, particularly Te Mato Vai Stage 2.
Total expenditure, inclusive of reported development partner assistance was estimated to be $181.587 million compared to the approved appropriation of $224.383 million. This spending incorporates spending provided under additional authorities made through Orders in Executive Council.
In commenting on the outcome, Minister Brown highlighted that even without the increased revenue resulting from fishing that the Government still would have made a net operating surplus.
The full report is available on the MFEM website http://www.mfem.gov.ck/mfemdocs/treasury/financials-1/quarterly-financials/1118-20151002-final-preliminary-outcome-june-2015-1349.
01 October 2015
Order in Executive Council designates foreign governments under the 2013 Provision of Customer Information Act
Jubilee Jumpstart, a joint Cook Islands Government and Bank of the Cook Islands (BCI) initiative to teach young primary school children the value of saving has taken off with a bang, as certificates are presented at all schools across the Cook Islands.
As part of the 50th constitution celebrations, the Government and the BCI have worked together to gift a Jubilee Jumpstart Savings Bond for every primary school student enrolled in the Cook Islands on 4 August 2015.
The bond with a current value of $125 will be invested for five years at the Bank of Cook Islands, and on maturing on 22 September 2020 after being invested at 4.4 per cent per annum the bond will be worth $155.07.
Minister of Education, the Honourable Henry Puna pointed out the importance of savings, in launching the initiative at Avarua Primary on 22 September 2015. The Prime Minister pointed out the importance of the savings bond in raising awareness for children to save for their future.
Minister of Finance, the Honourable Mark Brown pointed out an analogy that he had recently heard where a local teacher had asked children to plant a tree at the same time so that they could see it grow like their savings.
Individualised Jubilee Jumpstart certificates are being provided to primary school students at every school in Term 3.
In Term 4 BCI and the Ministry of Education will commence rolling out financial literacy activities in all schools across the Cook Islands with a focus on the importance of saving for the future.
Managing Director of BCI, Vaine Nooana-Arioka pointed that BCI will be encouraging young children to establish a five year savings plan similar to the Jubilee Jumpstart which if adhered to would attract a bonus payment at the end in addition to the normal interest.
29 September 2015