The Budget Consultation document 2014/15678.86 KB has been released.  The document contains some basic facts to inform people on how to prepare for the 2014/15 Budget. The 2014/15 Budget intends to outline in detail every estimate of revenue and expenditure for the next three years out to 2016/17 enabling Ministries to improve their planning and improve coherence with the National Sustainable Development Plan.

The Minister of Finance along with the Financial Secretary would like to encourage the public to have their say into the budget process for 2014/15.

It is the Government’s desire to get more input into the budget process from across the community and welcome ideas from people across the country.  This is aimed at the on-going development and prosperity of the Cook Islands.  

Cook Islands Minister of Finance, the Honourable Mark Brown released the June 2012/13 Quarterly Financial Update providing a preliminary view on the financial outcomes for the Cook Islands General Government Sector for the 2012/13 financial year.

The net operating balance of the General Government Sector as at 30 June 2013 was a surplus of $7.9 million, with operating revenues of $115.1 million and operating expenditures of $107.2 million. Minister Brown commented that the budget came in well above expectations “overall, I am pleased, revenues were up $3.9 million and operating expenditures were lower by $6.5 million that the estimates we produced at the time of the 2012/13 supplementary budget.”

The net operating balance of the General Government Sector as at the March 2013 quarter was a savings of $6.5 million, representing an increase of $7.7 million on the 2012/13 supplementary budget estimates.

Overall, revenue was $2.2 million higher than the 2012/13 supplementary budget estimates and operating expenditure was lower by $5.5 million than the 2012/13 supplementary budget estimates.

Prudence needs to be exercised when analysing these figures as revenues and expenses do vary from quarter to quarter.

This statement has been prepared on an accruals basis as far as practical and outlines income and expenses incurred which may not been necessarily received or paid.

The net operating balance of the General Government Sector as at the December 2012 quarter was a savings of $6.367 million, representing an increase of $5.6 million on the 2012/13 budget estimates.

Overall, revenue was $3.3 million higher than the 2012/13 budget estimate and operating expenditure was lower than the $2.3 million than the 2012/13 budget estimate.

Prudence needs to be exercised when analysing these figures as revenues and expenses do vary from quarter to quarter and it is difficult to identify any obvious trend after six months.

"To seek the input of Cook Islanders into the future of the Cook Islands"

The Budget Consultation document is designed to directly engage the people of the Cook Islands in national development through the Government‟s annual budget process. Your input will be considered by relevant managers of the machinery of Government to inform future planning of service delivery to the people of the Cook Islands.

The document provides a short overview of the:

• Crowns revenue base and where it is spent and invested; and;

• Government‟s plans for development that are intended to shape the future for Cook Islanders.

Submissions closed

The September Quarterly report is now available for download here

The Ministry of Finance and Economic Management (MFEM) invites tenders for the provision of banking and related financial services to MFEM. Tenders are to be provided in accordance with and subject to the conditions contained in the Request for Tender (RFT) document. The RFT document gives an outline of the scope of work, quality specification together with the tender forms and appendices to be completed by prospective tenderer and can be uplifted from Treasury or download from the link below. You can contact Ngametua College on 29 511 or email: ngametua@mfem.gov.ck

Key Points:

The net operating balance of the General Government Sector as at 30 June 2012 was a surplus of $0.769 million.

• Operating revenue was $109.691 million; and
• · Operating expenditure was $108.922 million.

More detail available here

The Cook Islands government budget estimates 2012-13 is today, 7th June 2012, being tabled in Parliament. The budget estimates will not become effective until it is passed by Parliament.

The Ministry of Finance and Economic Management has now completely undertaken a review of procurement in the Public Service, the review undertaken by two international experts in procurement have identified a number of recommendations to the Financial Secretary designed to improve the nations public procurement process.

The Ministry of Finance and Economic Management is seeking to get feedback on the report and has made it available on it’s website.  Feedback can be provided either through email or a letter.

The Ministry will also hold an open forum in late July to discuss the recommendations made in the report before finalising it’s approach to reforming the procurement system of the Cook Islands.

Main key points from the report;

The Net Operating Balance of the General Government as at the end of March 2012 was a deficit of $3,983,000 made up of:
- operating revenue of $78,122,000; and
- operating expenditure of $82,105,000.