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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


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