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SFPBs Performance The actual Overall Balance of the group as at March 31, 2016 is a surplus of $33,826mn, reflecting a significant improvement on the budget of $25,981mn. Contributing to this outturn was Current Balance at $70,268mn which was $12,762mn or 22% above budget, resulting from lower than expected income being offset by lower than budgeted expenses. In addition, capital expenditure of $37,061mn which was $19,119mn less than the budgeted amount and net Transfers to Government of $31,659mn was $12,788mn or 68% above budget. Both contributed to the higher than expected Overall Balance. The largest shortfalls on capital expenditure were reported by the National Housing Trust (NHT), Clarendon Aluminium Production (CAP), Jamaica+Urban+Transit+Company">Jamaica Urban Transit Company (JUTC) and National Water Commission (NWC), which accounted for $11,011mn or 58% of the variance of the group. SELF-FINANCING PUBLIC BODIES - FY 2016/17 The Overall Balance of the group of Self-financing Public Bodies is projected at a surplus of $3,308mn for FY 2016/17. The Current Balance is projected at a surplus of $61,051mn, while Net Transfers to Government of Jamaica (GOJ) are projected at $35,687mn, resulting from $50,477mn Transfers to GOJ and Transfers from GOJ of $14,790mn. The flows from SFPBs to GOJ include SCT from PetroJam, as well as corporate taxes, grants to support special programmes and financial distributions (dividends). It should be noted that Petroleum Company of Jamaica Limited (PETCOM) was not included in the group as negotiations for its sale were in its final stages. SFPBs Performance – First Quarter As at June 30, 2016 the group of SFPBs reported an Overall Balance surplus of $1,310mn compared with a targeted outturn of $74mn. The variance of $1,236mn was a combination of positive performances being offset by negative performances. NHT, Port Authority of Jamaica (PAJ), NWC and National Health Fund (NHF) had positive variances of $1,784mn, $1,747mn, 1,534mn and $1,058mn respectively, while PetroJam Limited and Urban Development Corporation (UDC) had negative variances of $2,333mn and $3,013mn respectively. NHT’s performance was due mainly to improved operating results (higher revenue and lower operating expenses) and lower than expected capital expenditure as several projects lagged behind schedule. PAJ’s performance was impacted by cash inflows consequent on the transfer of Kingston Container Terminal Limited’s operations to a concessionaire, as well as an under-spend on capital expenditure. NWC’s results were primarily attributed to delay in the implementation of its capital programme. The improvement in the NHF’s performance resulted mainly from increased inflows from operations and savings on inventory and capital expenditure. PetroJam’s performance was due mainly to reduced sales owing to the effects of lower than budgeted volume and prices. The UDC had budgeted net inflows from sale of properties, which did not materialize, hence its poor results.

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June 12, 2021


Page 274

Public Bodies Ministry of Transport and Mining (Other) Corporation">Jamaica Railway Corporation _____________________________________________________________________________________________

Public Bodies, FY 2020/21 Page Ministry of Finance and the Public Service 273

Corporation">Jamaica Railway Corporation Introduction The Corporation">Jamaica Railway Corporation (JRC) is a statutory body formed under the Corporation">Jamaica Railway Corporation Act of 1960. Since December 1990 the Corporation granted user rights over a section of its tracks to West Indies Alumina Company (WINDALCo) to operate a freight service. The Corporation’s train service was suspended in October 1992, but resumed in 2011 with a limited passenger service covering Spanish Town, Bog Walk and Linstead in St. Catherine. The resumption of limited passenger service was discontinued on August 12, 2012. Operational and Financial Overview To maximize the economic use of the rail, efforts will continue towards facilitating the rehabilitation of a viable rail network from Kingston to Montego Bay for passenger, freight, as well as heritage tourism. The JRC will also pursue initiatives to improve the management of its extensive real estate portfolio with a view to increasing the overall return on assets. The establishment of an Enterprise Team to guide the privatisation of the rail network was approved in 2019/20. Accordingly, it is anticipated that the process to facilitate increased private participation in the restoration of rail services across the network will continue during the budget year. The JRC will continue to fulfil its existing contractual responsibilities under the Track User Agreement with UC Rusal Jamaica Limited. The JRC projects a net profit of $61.87 million (2019/20 estimate: $20.27 million).

JRC plans to maintain its existing staff complement of Fifty One (51).

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June 12, 2021


Page 215

Public Bodies Ministry of Science, Energy and Technology

Postal Corporation of Jamaica Limited

________________________________________________________________________________________________________

Public Bodies, FY 2021/22 Page 212 Ministry of Finance and the Public Service

Postal Corporation of Jamaica Limited

Introduction

The Postal Corporation of Jamaica (PCOJ) was incorporated in 1995 to effect the modernization

and reform of the postal system. The general objective of the PCOJ is to revitalize the postal

service, improve the quality and range of services to acceptable levels and ultimately achieve

financial self-sufficiency.

The PCOJ has assumed responsibility for the management and operations of the island’s post

offices and has introduced a range of new products aimed at leveraging its position as a

commercial services provider.

Summary Corporate/Operational Plan

In continued recognition of its mandate to modernize and revitalize the postal system, as well as

provide financial and managerial support to the Post and Telecommunications Department. The

PCOJ plans to:

 Continue necessary procedures to procure and implement the Counter Automation

Software (CAS). PCOJ aims to contract the solution provider and deploy the CAS to 40

locations during the financial year. The implementation of the CAS will replace

inefficient and manual processes throughout the postal network with efficient systems

facilitated by modern technology

 Expand commercial services to include the deployment of 4,250 private letterboxes 1 ,

increased promotion of its courier service and increase pickup points in relation to the

Klick ‘N’ Ship facility, among other things. he PCOJ intends to promote public

awareness of its postal and commercial products through multiple media sources

comprising print and electronic media as well as direct interaction.

 Continue support to the Post and Telecommunication Department through the launch of

an e-commerce website to facilitate the sale of philatelic and other postal products. The

PCOJ also plans to review the process of mobile post suitability and adaptability to postal

delivery with a view towards future expansion.

The PCOJ forecasts a surplus of $0.16 million (2020/21: $91.70 million).

PCOJ plans to increase staff complement to 28 (2020/21: 19) in order to achieve its objectives.

1 There are approximately 2,500 currently being utilized

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June 12, 2021


Page 216

Public Bodies Ministry of Science, Energy and Technology

Postal Corporation of Jamaica Limited

________________________________________________________________________________________________________

Public Bodies, FY 2021/22 Page 213 Ministry of Finance and the Public Service

Income Statement

$m

Audited Estimated Projected

2019/20 2020/21 2021/22

Revenue

Commercial Services Revenue 163.65 276.73 316.40

Other Income 34.51 - -

Interest Income 9.54 10.06 7.66

Total Income 207.70 286.79 324.06

Operating Expenses

Salaries & Related Expenses 32.21 51.86 78.56

Postal and Telecom expenses 34.05 24.74 16.71

Professional Fees 2.65 4.15 16.66

Repairs & Maintenance 0.11 4.02 1.01

Zip Mail Expenses 6.20 9.99 12.36

International Remittance, Fast track and Online 64.95 63.97 75.14

Sales & Promotion 1.38 2.42 7.95

Communication Cost 2.58 3.25 5.37

Other Expenses 21.56 12.31 74.61

Bill payment/ Packaging Material 3.90 4.20 7.42

Depreciation 14.02 14.18 28.11

Total Operating Expenses 183.61 195.09 323.90

Profit Before Taxation 24.09 91.70 0.16

Taxation - - -

Net Profit 24.09 91.70 0.16

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Page 217

Public Bodies Ministry of Science, Energy and Technology

Postal Corporation of Jamaica Limited

________________________________________________________________________________________________________

Public Bodies, FY 2021/22 Page 214 Ministry of Finance and the Public Service

$m

Audited Original Estimated Projected

2019/20 2020/21 2020/21 2021/22

Statement A Flow of Funds

1 Current Revenue 207.70 169.66 286.79 324.06

2 Current Expenses (183.61) (236.14) (195.09) (323.90)

3 Current Balance 24.09 (66.48) 91.70 0.16

4 Adjustments 23.10 24.96 (65.68) 28.29

Change in Accounts - - - -

Receivable/Payable 10.22 2.74 (79.86) 0.18

Items not requiring outlay of cash: - - - -

Depreciation 14.02 23.61 14.18 28.11

Other Non-Cash Items (1.14) (1.39) - -

Prior Year Adjustment - - - -

5 Operating Balance 47.19 (41.52) 26.02 28.45

6 Capital Account (17.64) (103.39) (27.17) (104.42)

Revenue - - - -

Expenditure (17.64) (103.39) (27.17) (104.42)

Investment - - - -

Change in Inventory - - - -

7 Transfers from Government - - - -

Loans - - - -

Equity - - - -

On-Lending - - - -

Other - - -

8 Transfers to Government - - - -

Dividend - - - -

Loan Repayments - - - -

Corporate Taxes - - - -

Other - - - -

9 OVERALL BALANCE (5+6+7+8) 29.55 (144.91) (1.15) (75.97)

10 FINANCING (10a+11+15) (29.55) 144.91 1.15 75.97

10a Total - - - -

Capital Revenue - - - -

Loans - - - -

Equity - - - -

On-Lending - - - -

Loan Repayments - - - -

11 Total Foreign (12+13+14) - - - -

12 Government Guaranteed Loans - - - -

Disbursement - - - -

Amortization - - - -

13 Direct Loans - - - -

Long Term: - - - -

Disbursement - - - -

Amortisation - - - -

Short Term: - - - -

Change in Trade Credits - - - -

14 Change in Deposits Abroad - - - -

15 Total Domestic (16+17+18) (29.55) 144.91 1.15 75.97

16 Banking System 115.41 (4.80) 23.34 (34.69)

Loans (Change) - - - -

Current AccountsOverdraft (Change) - - - -

Deposits (Change) 115.41 (4.80) 23.34 (34.69)

17 Non-Banks (Change) - - - -

18 Other (Change) (144.96) 149.71 (22.19) 110.66

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June 12, 2021


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