The Public Sector’s financial results for the 4-month period – 1 July to 31 October 2013 – were very encouraging.

The Public Sector typically experiences a Deficit during the first six months of its financial year (1 July to 31 December) and, a Surplus during the last half of the year (1 January to 30 June). The latter half of the year is the period in which substantial revenue is received from the financial services sector and highly seasonal sources of revenue such as Tourist Accommodation Tax.

The Sector’s budget expectation for the 4-month period to 31 October 2013 was a Deficit of $37.8 million. Encouragingly, the actual results for the period indicate a much smaller Deficit of $25.6 million: which is $12.2 million better than budget expectations.

Despite the Deficit expected in the first half of the year, the Public Sector is budgeted to have an overall Surplus of $100.3 million for the entire year that will end on 30 June 2014 – with Central Government having a budgeted Surplus of $95.3 million; and the remaining $5.0 million Surplus is budgeted to arise from the activities of its Statutory Authorities and Government-Owned Companies.

The Honourable Minister for Finance and Economic Development, Mr Marco Archer, stated, “The Government is understandably pleased with the actual results for the first four months of the current fiscal year. Vigilant monitoring of results for the remaining eight months is required to make a reality, the substantial budgeted Surplus for the year to 30 June 2014.”