South Georgia Island’s Annual Financial Report Reveals Increased Spending
The South Georgia Island has released its annual financial report for 2014, revealing an increase in expenditure despite a slight dip in revenue.
Revenue and Expenditure Trends
According to the report, the island’s general revenue account saw a surplus of £1.37 billion, up from £129 million in 2013. The increase in spending was largely driven by increased outlays on operational costs, which rose by £621,000. The report also highlights the island’s efforts to diversify its revenue streams, with income from fishing licences and other sources contributing to the overall surplus.
Key Highlights
- General revenue account surplus: £1.37 billion
- Operational costs up by £621,000
- Income from fishing licences and other sources contributed to overall surplus
- Net book value of assets: £7.25 billion
Historical Context
The table below provides a historical context for the island’s general revenue account summary:
| Year | Revenue | Expenditure | Asset Adjustment | Stock Adjustment | Surplus/(Deficit) | Balance at Year End |
|---|---|---|---|---|---|---|
| 1983 | £393,000 | £212,000 | - | - | £823,000 | - |
| … | … | … | … | … | … | … |
| 2014 | £6.99 million | £5.63 million | - | - | £1.37 billion | - |
Note: Figures are in thousands of pounds unless otherwise stated.
Comparison to Previous Years
The table below provides a comparison of the island’s general revenue account summary for each year from 1983 to 2014:
| Year | Revenue | Expenditure | Surplus/(Deficit) | Balance at Year End |
|---|---|---|---|---|
| 1983-1997 | … | … | … | … |
| 1998 | £1.83 million | £1.41 million | £419,000 | £3.24 billion |
| … | … | … | … | … |
| 2014 | £6.99 million | £5.63 million | £1.37 billion | £17.49 billion |
Note: Figures are in thousands of pounds unless otherwise stated.
Conclusion
The South Georgia Island’s annual financial report for 2014 provides a snapshot of the island’s financial performance and management practices. Despite increased spending, the island has maintained a strong financial position, driven by its efforts to diversify revenue streams and implement sustainable management practices.
The full report can be accessed on the South Georgia Island Authority’s website.