SHG Reports Financial Year Results: Consolidated Fund and Special Funds Show Significant Movements
Introduction
The Saint Helena Government (SHG) has released its latest financial report, showcasing significant movements in its Consolidated Fund and Special Funds.
Consolidated Fund
The Consolidated Fund saw a balance of £246.766m at March 31, 2022, representing a notable decrease from £231.011m the previous year.
- The General Reserve showed a significant decrease of £12.255m.
- The Capital Reserve increased by £1.028m.
Special Funds
SHG’s Special Funds also experienced significant movements, with a total balance of £12.255m at March 31, 2022.
- Notable expenditures included:
- £9.003m spent on the Equiano Cable Project
- £2.391m on Economic Development Investment Programme (EDIP) projects
Capital Expenditure
The report highlights SHG’s capital expenditure for the year, which totaled £1.028m, including:
- Purchases of computer hardware
- Plant and machinery
- Motor vehicles
- A significant portion was allocated to the fish processing plant refurbishment project
Bulk Fuel Installation Project
SHG is still awaiting the completion of its Bulk Fuel Installation (BFI) project at St Helena Airport.
- A further study is required to determine the optimal engineering solution.
- There remains uncertainty as to whether the current asset under construction value for BFI accurately represents expected future performance.
Looking Forward
The report also provides insight into key events that have occurred since the end of the 2021/22 financial year, including:
- Implementation of the 2022/23 annual budget
- Agreement on the financial aid settlement for the 2023/24 financial year
- Progress made on major projects such as:
- Saint Helena Fibre Optic Cable
- Bulk Fuel Installation
Conclusion
In conclusion, SHG’s latest financial report highlights significant movements in its Consolidated Fund and Special Funds. The report provides valuable insight into the government’s financial performance and outlook for the future.