Cabinet sees revenue increase despite disasters
Despite being among several government departments affected by the hurricanes, the Cabinet Office faired better than most, having achieved a 9.2 percent revenue growth 2017.
The Gazette Unit, which is the revenue arm of the Cabinette Office, grossed $551,686 last year.
Cabinet Secretary Sandra Ward said the funds were generated from notices, subscriptions, and in-house gazette sales.
She gave the report while appearing before the House of Assembly’s Standing Finance Committee. She said the Gazette Unit earned $216,736 between January to April last year, $175,950 between May to August, and $158,700 between September and December.
Ward said those figures represent an average earning of $45,948 per month.
Ward further said for this year, the Cabinet Office endeavours to continue to implement systems and tools to strengthen the efficiency of the Cabinet Office and to make their processes electronic.
And, with regards to new spending requests, Ward requested just under $25,000 to assist the Cabinet Office with implementing a web-based management solution to enhance the processing and management of documents for Cabinet and the National Security Council.
She further said this project would be in keeping with the objectives of the strategic direction for a greener public service and also assist in strengthening the security and storage of government records.
The Cabinet Office’s revenue increase represents the third consecutive year its Gazette Unit has seen an average increase of nine percent.
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Misleading headline of the year.
This will be the new economic pillar. BLA BLA.
I agree this headline and ‘news’ article is very misleading. Also this is ‘old news’ from 2 months ago when Ms. Ward testified about the Gazettes profit in 2017.
This is for one very obvious reason for this: they increased the annual company licence fees to $450. The creates a major one-off boost in revenue.
Proof, in case we ever needed more, that the BVI’s finances live and die by our decisions in relation to the financial services industry.
I see it mislead you .
Albion
For once, it looks like you didn’t read the article, just the headline.
Not total revenue up or revenue from FS, but revenue from the gazette is the key. And how much of that increased revenue is from increasing numbers of liquidators’ notices.
Unless you are an insider you are in the dark on just about everything going on with finances. This is more than just politics. There are so many ways to skin a cat!
I applaud the gazette for the transition from paper based to a great online promptly issued and searchable format WELL DONE, congratulations are in order and the financial results tangible.
Do the math, look at each qtr. and you can see the trend. The revenue might be up over all from last year when you include a large first qtr., but look at Q 4 and do the real math.