19 Nov 2012

Cook Islands notches up an unexpected budget surplus

4:11 pm on 19 November 2012

The Cook Islands Government has announced an unexpected budget surplus for the first quarter of the 2012/13 financial year.

Revenue for the first quarter, ending on September the 30th, was nearly 900 thousand US dollars higher than estimated and operating expenditure was lower by nearly half a million dollars.

The Finance Minister Mark Brown says the extra revenue is down to more value added tax being collected during the Pacific Leaders Forum summit in August.

He says it was like a mini economic stimulus.

Mr Brown says the lower expenditure was down to savings on the underwrite of the Air New Zealand flights and the government's directive to ministries to 'stretch the dollar further'.