Business

Self-financing public bodies record $3.96b surplus

Wednesday, October 25, 2017

Print this page Email A Friend!


The Government is reporting that self-financing Public Bodies (SFPB) recorded an overall balance surplus of $3.96 billion for the first three months of the 2017/18 fiscal year ending June 30, relative to the targeted deficit of $1.45 billion.

According to the 2017/18 Fiscal Policy Paper Interim Report, which was tabled in the House of Representatives in September by Finance and the Public Service Minister Audley Shaw, the positive variance primarily resulted from better-than-budgeted performance by four entities.

These were the National Housing Trust (NHT), Airports Authority of Jamaica (AAJ), National Water Commission (NWC), and Port Authority of Jamaica (PAJ).

The document points out that the NHT's improved performance was realised as the necessary amendment of the NHT Act to facilitate special distribution to the Consolidated Fund was effected in August 2017.

Additionally, the Fiscal Paper indicates that the AAJ received increased concession fees from the operators of Sangster International Airport in Montego Bay, consequent on the higher level of activity at that location, while further capital expenditure for the NWC and PAJ was delayed.

The document points out, however, that the overall impact of the first-quarter balance surplus was, to some extent, offset by a $3.92-billion shortfall recorded by Petrojam Limited.

The SFPB's overall balance for 2017/18, as approved by Parliament, is projected at a surplus totalling $2.5 billion, with a current balance surplus of $71.7 billion.

Meanwhile, the Fiscal Paper has indicated that there should be a net transfer of $39.9 billion to the Government. This, it further points out, resulted from transfers to and from the Government of $56.9 billion and $17 billion respectively.

Flows to the Government include special consumption tax from Petrojam Limited, corporate taxes, grants to support special programmes, as well as dividends.

ADVERTISEMENT




POST A COMMENT

HOUSE RULES

1. We welcome reader comments on the top stories of the day. Some comments may be republished on the website or in the newspaper � email addresses will not be published.

2. Please understand that comments are moderated and it is not always possible to publish all that have been submitted. We will, however, try to publish comments that are representative of all received.

3. We ask that comments are civil and free of libellous or hateful material. Also please stick to the topic under discussion.

4. Please do not write in block capitals since this makes your comment hard to read.

5. Please don't use the comments to advertise. However, our advertising department can be more than accommodating if emailed: advertising@jamaicaobserver.com.

6. If readers wish to report offensive comments, suggest a correction or share a story then please email: community@jamaicaobserver.com.

7. Lastly, read our Terms and Conditions and Privacy Policy



comments powered by Disqus
ADVERTISEMENT

Poll

ADVERTISEMENT
ADVERTISEMENT

Today's Cartoon

Click image to view full size editorial cartoon
ADVERTISEMENT