Cooks budgets
p. 18 · Read in the full issue
for big deficit
The Cook Islands Finance Minister, Mr G. A. Henry, is budgeting for a whopping $3,586,735 deficit for the next financial year. The deficit will be offset to some extent by part of a surplus of $1,314,000, which accumulated in the 1975-76 financial year. This surplus followed an upswing in imports, which yielded high customs revenue, and from the income tax surcharge which applied for the last six months of 1975-76.
The appropriation is $7,393,755, which is down by about $4 million, compared with the previous term, which was for 15 months. Anticipated gross expenditure is put at $10,983,130.
Two major items of capital expenditure are $90,600 for govern ment housing and $90,900 to buy telephone and telecommunications equipment. Part of the $90,900 is the cost of the new PABX system at the new Rarotongan Hotel.