The Cook Islands government had cash reserves at the end of the last financial year of $US39 million dollars, nearly double that of the previous year.
Finance minister Mark Brown also said the government's operating balance was $US10 million dollars above the budgeted amount.
Mr Brown said the Cooks were in a good position to advance their priorities without imposing too much debt stress or costs on the people.
The Cook Islands News reported the bumper increase in the government's operating balance was due to more tax revenue than expected.
Based on the Cook Islands' gross national income, the Organisation for Economic Co-operation and Development (OECD), will officially declare it a developed nation in 2018.