Financial Planning and Strategy
The Falkland Islands Government budget is our estimate of the Government’s future revenues and expenditure. The annual budget is presented by the Financial Secretary and approved by the Legislative Assembly in June.
FIG continues to recognise that the main factors involved in setting the budget are:
- The need to operate public services at the level expected by the local community;
- The need to establish and support economic policies that encourage economic development and a sustainable future for the Falkland Islands;
- The need to provide social policy schemes such as pensions and improving the quality of life in the Falkland Islands.
- That the net expenditure plans for the five year term of the medium term financial plan (“MTFP”) reflects financial prudence and long term sustainability.
- To seek to enhance the quality of life in the Falkland Islands;
- To encourage economic development in the Falkland Islands;
- To strengthen infrastructure within the Falkland Islands;
- To invest in the long term financial sustainability of the Falkland Islands whilst managing variable income levels;
- To work in partnership and collaborate with other organisations;
- To ensure that FIG services are fit for purpose;
- No Public Sector Borrowing for operating purposes;
- A reasonable level of funds are held in uncommitted reserves;
- An appropriate level of funding is provided to maintain efficient and effective public services;
- To ensure appropriate funding of FIG Special Funds;
- To ensure sustainable pension arrangements are in place.
The Falkland Islands Government website contains an overview of the 2020/21 budget.
The Island Plan and public budget papers can be found in the Assembly section of the FIG website.
Budget Appropriation Bills and other Falkland Islands legislation can be accessed using the Falkland Islands Statute Law Database at www.legislation.gov.fk.
Our main document regarding the budget is the Budget Book. This outlines planned revenue and expenditure over the next five years across all Government departments as well as a summary of the main budget policies introduced for the year, the government’s fiscal and economic aims and projected financial statements. A copy of the Budget Book can be viewed at the Falkland Islands library.
Monthly the Treasury reports on the Government’s current financial performance in comparison to the budget to Standing Finance Committee (SFC). The terms of reference and public agendas and minutes for this committee are available online.