f i n a n c i a l R e p o rt The fiscal year ended March 31, 2012 saw the Protected Areas Conservation Trust (PACT) grow its revenues by some 2% while keeping a tight lid on administrative expenses. This combined with an 18% increase in Grants output summarizes what was another successful year of service to our partners in protected areas management. Cruise Passenger Head Tax Commissions and PACT Fees collected from departing non-Belizeans continue to account for the largest share of PACT’s gross revenues. They contributed a combined $3.9 million to this year’s earnings representing 88% of PACT’s total income. While their combined performance continues to be robust, earnings from cruise commissions at $2.07 million outpaced that of departing visitor taxes at which contributed a tad less at $1.97 million. However, while the earnings in both these categories marginally outperformed the previous year, the picture was not as optimistic in interest income category as the impacts of a retreat to lower interest rates across the financial system saw a decline in this revenue category of 15% down to $511,000.00. Overall, however, the organization continued to strengthen its relationships with partner agencies and with increased monitoring and improved efficiency of collections efforts we were able to maximize performance in revenue collections. As PACT continues to improve its own capacity for service as the National Trust responsible for the financing of protected areas, the organization fully embraces the importance of containing it operating costs in an environment of subdued revenue growth. This year, the organization’s total administrative expense grew by 2% percent to just over $1.2 million which represented 27.5% of the year’s gross revenues and a mild improvement on last year’s ratio. The organization’s expenditure on the Grants Programme for this year increased by over $325,000.00—a full 18.6% improvement on last year. This year PACT also managed to grow its endowment fund by 14% which now stands at $4.8 million. This growth is complemented by an improved balance sheet with total assets of $10.5 million up from $8.3 million dollars in the previous year. PACT’s potential for improved resource mobilization was even further enhanced as the organization successfully attained an accreditation by the Adaptation Fund Board. This was earned largely on the core strengths of transparency and accountability both rooted in a strong governance structure and with the full support and endorsement of the Government of Belize.This accomplishment has now opened the door for PACT, on behalf of the country, to access up to USD 10 million for select climate adaptation projects over the next five years. PACT’s Finance Department will continue to build on its successes and pursue a path of prudent fiscal management while maintaining close collaboration with its partners in order to best to support the mission of the organization.