Financial Secretary Office News

Financial Secretary Office News

Press Release: Preliminary Results for the Year ended 30 June 2017

The Financial Secretary Garth Henderson would like to advise that Cook Islands Government has released preliminary financial results for the year ended 30 June 2017. 

 Operating revenue for Government was up 15% on last financial year and 20% up on the 2016/17 budget estimates at $171.5 million. Improved tax revenue was largely due to the record number of tourist arrivals in 2016/17 and higher than expected fishing revenue.

 In addition to positive operating revenue results, operating expenditure was managed well, coming in 2% below budget at $125.76 million. 

 The net operating balance of the General Government Sector as at 30 June 2017 was a surplus of $45.76 million compared to the 2016/17 budget estimate of $14.2 million.

 Due to the large capital expenditure planned in 2016/17, original fiscal balance estimates were for a deficit of $16.3 million. As a result of delayed capital projects and increases in revenue, the actual fiscal balance in 2016/17, as at 30 June 2017, was a surplus of $32.8 million. Actual Capital Expenditure was 46% lower than estimated at $20.8 million. Recent history illustrates that there is likely a maximum amount of absorptive capacity in capital of around $20 million per year. 

 These positive results were largely reflected in the 2017/18 Budget which revised up 2016/17 estimates. Going forward, the surpluses from 2016/17 will be required to fund capital projects that were delayed in 2016/17, such as Te Mato Vai and Mei Ti Vai Ki Te Vai, in addition to new capital projects such as the Manatua Cable, which are planned for the next four years. To ensure fiscal prudence, and to ensure that the fiscal balance adheres to the fiscal responsibility ratios, new expenditure will be limited during this period. 

 The full reports are available on www.mfem.gov.ck .

 Fiscal Balance of General Government – June 2017

fiscal balance

[END]
26 September 2017


Financial Intelligence Unit *** Scam Warning ***

The Financial Intelligence Unit (FIU) advises the public of a current email scam targeting Cook Islands government officials. 

The FIU wishes to alert any person who has received emails from the following address to ignore the email and to delete it from their inbox:

Email address: henry.puna@mail.com

The FIU reminds people to be vigilant against scams, in particular from email, fake websites and social media. Electronic scams can be highly sophisticated and they may, at first glance, seem legitimate and may purportedly come from a person you know.

The FIU advises the public to be very careful of disclosing personal information or making payments when a request for either is received unsolicited and may involve dealing, or transacting, with people or businesses in countries you normally do not deal with.

For further advice, please contact the FIU on 29182, 55354 or email Intel@cifiu.gov.ck

Vacancy: Senior Economist (CLOSED)

An exciting opportunity has arisen in the Ministry of Economics and Financial Management as the Senior Economist. Reporting to the Economic Policy Advisor, the successful applicant will be required to lead staff in economic forecasting and analysis, and policy development across government.
Key focus areas of the position are:

  • Policy formulation and development, including analysis and provision of policy recommendations in response to economic and development issues.
  • Economic analysis, monitoring and reporting on trends in the national and regional economies, and research on the country’s macroeconomic environment.
  • Budget Development and coordination including analysis of budget initiatives.

The successful applicant will possess strong leadership skills, a Post-Graduate Degree in Economics or an equivalent field and strong experience in cost-benefit analysis of policy proposals and stakeholder engagement.

For a detailed job description please email Etuatina Drollett at etuatina.drollett@cookislands.gov.ck or uplift from MFEM. To be considered applicants must address the required qualifications and skills. Apply to the Financial Secretary with CV and email to Etuatina Drollett.  Applications close 3pm on 10 July 2017.