23 October 2015
A better than budgeted result in 2014/15 and improvements in performance of the three key government entities on Norfolk Island reflect a deliberate instruction by the Australian Government to find savings and build cash reserves in order to improve the future sustainability of each entity.
Section 14 of the Commonwealth Finance Minister's (Norfolk Island) Orders 2011 (as amended) (CFMOs) requires the Administrator to publicly release a final budget outcome report for 2014/15 within four months of the end of the budget year.
This report is to provide an evaluation of the Norfolk Island Government's actual performance against the annual budget.
Accordingly, the 2014/15 Final Budget Outcome Report has been released today and is available via the following link www.norfolkisland.gov.nf/reports/Financial Statements/
This report provides a separate analysis of the budget outcomes for the Administration of Norfolk Island, the Norfolk Island Hospital Enterprise and the Norfolk Island Government Tourist Bureau.
The report is based on the draft 2014/15 financial statements and the published budgeted 2014/15 financial statements for each entity.
The Australian National Audit Office is in the final stages of their audit of the 2014/15 financial statements and final results are expected to be published in mid-November.
This report has been prepared based on draft numbers (as at 22 October 2015) to satisfy the reporting timeframe set out in the CFMOs. While the results are still interim, I believe readers can place reliance on the information presented.
The Hon. Gary Hardgrave