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Page 200

Public Bodies Ministry of Finance and the Public Service

(Other) Commission">Jamaica Racing Commission

________________________________________________________________________________________________________

Public Bodies, FY 2017/18 Page 196 Ministry of Finance and the Public Service

Commission">Jamaica Racing Commission

Introduction The Commission">Jamaica Racing Commission (JRC) was established on December 29, 1972, under the Commission">Jamaica Racing Commission Act 1972. The mandate of the Commission is to:

• regulate and control horseracing and the operation of race courses in the island;

• grant licenses and permits which may be required by virtue of the provisions of the Act;

• recommend to the Minister of Finance and the Public Service the method of utilising sums, under the Betting Gaming and Lotteries Commission Act, for assistance to breeders of horses and horse racing generally and

• implement or facilitate the creation of any scheme for the development of the horse racing industry.

JRC’s primary sources of funding are the Gross Profit Taxes levied on bookmakers (9.5%). Operational Overview The Commission intends to support ongoing activities to merge its operations with those of the Betting and Gaming and Lotteries Commission and the Casino Gaming Commission. Cognisant of the impending takeover of the operations of Caymanas Track Limited by a nominee of Supreme Venture Limited, JRC will continue to:

• monitor the race day meetings (74 projected);

• conduct routine testing to protect the integrity of the sport;

• benchmark and effect key outputs, such as turnaround times for races, drug testing, ranking of horses to match international standards;

• ensure that races are cleared within 3 to 4 minutes of running (currently 7 to 10 minutes);

• administer the Lasix Programme to prevent bleeding in horses;

• preserve the welfare of stakeholders in the racing industry. JRC projects a surplus of $41.05 million (2016/17: $10.30 million).

The Commission projects to maintain a staff complement of 43.

...
June 12, 2021


Page 183

Public Bodies Ministry of Finance and the Public Service

(Other) Betting, Gaming and Lotteries Commission _____________________________________________________________________________________

Public Bodies, FY 2018/19 Page 179 Ministry of Finance and the Public Service

$m

Audited Original Estimated Projected

2016/17 2017/18 2017/18 2018/19

Statement A Flow of Funds

1 Current Revenue 1,193.67 1,181.10 1,133.40 1,470.01

2 Current Expenses (732.72) (990.47) (775.34) (1,078.82)

3 Current Balance 460.95 190.63 358.06 391.19

4 Adjustments 8.96 68.45 97.06 365.81

Change in Accounts - -

Receivable/Payable (36.70) (34.61) (43.07) 250.21

Items not requiring outlay of cash: - - - -

Depreciation 48.96 93.48 49.54 71.31

Other Non-Cash Items (3.30) 9.58 90.59 44.29

Prior Year Adjustment - - - -

5 Operating Balance 469.91 259.08 455.12 757.00

6 Capital Account (22.46) (145.99) (108.78) (152.22)

Revenue - - - -

Expenditure (22.46) (145.99) (108.78) (152.22)

Investment - - - -

Change in Inventory - - - -

7 Transfers from Government - - - -

Loans - - - -

Equity - - - -

On-Lending - - - -

Other - - - -

8 Transfers to Government (351.73) (259.18) (321.03) (230.55)

Dividend (341.49) (250.75) (309.64) (220.08)

Loan Repayments - - - -

Corporate Taxes (10.24) (8.43) (11.39) (10.47)

Other - - - -

9 OVERALL BALANCE (5+6+7+8) 95.72 (146.09) 25.31 374.23

10 FINANCING (10a+11+15) (95.72) 146.09 (25.31) (374.23)

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) (95.72) 146.09 (25.31) (374.23)

16 Banking System (1.86) 58.95 (19.71) 11.16

Loans (Change)

Current AccountsOverdraft (Change) - - - -

Deposits (Change) (1.86) 58.95 (19.71) 11.16

17 Non-Banks (Change) - - - -

18 Other (Change) (93.86) 87.14 (5.60) (385.39)

...
June 12, 2021


Page 184

Public Bodies Ministry of Finance and the Public Service

(Other) Betting, Gaming and Lotteries Commission _____________________________________________________________________________________

Public Bodies, FY 2018/19 Page 180 Ministry of Finance and the Public Service

$m

Audited Original Estimated Projected

CURRENT REVENUE 2016/17 2017/18 2017/18 2018/19

Betting - Levy, Fees and Fines 46.22 52.70 43.95 107.40

Lotteries 876.24 931.26 891.30 1,118.18

Gaming Machines 182.36 157.05 115.13 176.99

Commercial Bingo/Prize Competition 23.40 22.80 22.80 23.16

Interest Income 34.35 16.80 52.59 41.88

Other Income 31.10 0.49 7.63 2.40

TOTAL 1,193.67 1,181.10 1,133.40 1,470.01

CURRENT EXPENSES

Compensation 363.24 385.57 323.95 427.16

A. Directors, Executive & Senior Managers 80.18 86.70 72.01 107.24

- Salaries 73.90 70.09 66.06 99.02

- Pension Fund Contributions 4.88 1.54 4.36 6.54

- Housing Allowance - - - -

- Utility Allowance - - - -

- All Others 1.40 15.07 1.59 1.68

B. Supervisory, Clerical & Production 283.06 298.87 251.94 319.92

- Wages 228.67 255.43 193.90 238.80

- Pension Fund Contributions 16.16 11.29 12.50 16.88

- Housing Allowance - - - -

- Utility Allowance - - - -

- All Others 38.23 32.15 45.54 64.24

Utilities(Electricity, Water & Telephones) 22.88 42.13 20.42 24.24

Other Staff Costs 37.71 91.84 83.96 99.69

Professional Fees 41.22 144.77 76.79 93.14

Supplies & Material 9.59 14.77 5.02 5.46

Insurance - - 25.00 55.00

Other Operating & Maintenance 156.35 148.29 120.66 232.82

Interest 52.77 40.00 70.00 70.00

Depreciation 48.96 93.48 49.54 71.31

Exceptional Expenses - 29.62 - -

TOTAL 732.72 990.47 775.34 1,078.82

CAPITAL EXPENDITURE

PROJECTS:

Building - Upgrade & Office Refurbishing 5.02 63.44 67.13 47.94

GMIS and Connectivity - 42.80 7.00 52.00

Software - Finance Accounting;HRM;Payroll - - 5.00 3.74

Computer Equipment- Software/Hardware 8.12 30.09 29.65 48.54

Computer Equipment- Hardware 4.32 - - -

Motor Cars 5.00 9.66 - -

TOTAL 22.46 145.99 108.78 152.22

...
June 12, 2021


Page 185

Public Bodies Ministry of Finance and the Public Service

(Other) Betting, Gaming and Lotteries Commission _____________________________________________________________________________________

Public Bodies, FY 2018/19 Page 181 Ministry of Finance and the Public Service

Balance Sheet

$m

Audited Estimated Projected

2016/17 2017/18 2018/19

Current Assets

Cash & Bank 14.68 34.39 23.23

Repurchase Agreements 351.48 333.37 693.37

Accounts Receivable 163.40 166.10 90.66

Current portion of long term receivables 7.19 7.19 7.19

Taxes Recoverable 39.47 50.77 61.24

576.22 591.82 875.69

Current Liabilities

Accounts Payable and Accruals 122.90 89.27 264.04

Deferred Income 60.56 47.52 54.99

Income Tax Payable 13.43 15.99 10.47

196.89 152.78 329.50

Net Current Assets 379.33 439.04 546.19

Long-Term Receivables 17.88 24.62 24.62

Long-Term Investments 214.70 238.41 263.80

Property, Plant and Equipment 572.28 530.53 611.22

Retirement Benefit Asset 89.99 66.62 24.49

Total Net Assets 1,274.18 1,299.22 1,470.32

Equity

Accumulated Surplus 1,254.18 1,252.34 1,423.44

Non-Current Liabilities

Deferred Tax Liability 20.00 46.88 46.88

1,274.18 1,299.22 1,470.32

...
June 12, 2021


Page 3

Page 3 of 4

of this divestment our economy will benefit from an increase in jobs which will be associated

with the expansion of developmental projects.

The divestment will also bring benefits to the Betting Gaming and Lotteries Commission

(BGLC) as a result of an increase inflow of licensing fees. The Government of Jamaica, which

means the people of Jamaica will benefit from this divestment as an increase in revenues means

that the government can do more under our social programmes, including bolstering the support

for the most vulnerable in our society.

As I close my brief remarks…I want say finally that under my watch…public bodies will be

streamlined, and I will work closely with the team within the Public Enterprises Division to

improve corporate governance and regulation; we may find ourselves making some hard

decision…but I can assure you that everything that will be done that will redound to the greater

good of the Jamaican people.

We recognize the importance of the racing industry in Jamaica and its potential to provide

significant employment and investments in the economy. And as such the Government remains

committed to the continued sustainable operation and expansion of racing in Jamaica and it is

expected that Supreme Ventures Limited will use its expertise in the gaming industry, as well as

its substantial capital investment to transform the horseracing facility into a world-class

entertainment complex, and in so doing improve the inflows to coffers of the government and

continue to play its part in the partnership for growth that we all crave as a people.

Thank you!

...
June 12, 2021


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