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What budgetary provisions have been made for these “commitments”, if
any?
2)
NWC
- This company continues track up financial losses at an alarming
pace: 2013/2014 – J$7B; 2014/2015 – J$5B; and a very optimistic projection
for 2015/2106 – J$2.4B with projected increase in revenue of J$2.8B.
Total debt is approximately J$41B with Accumulated Deficit of J$33B.
Of great concern, is the alarming pace at which the pension liabilities is
growing at approximately J$2B per year.
Mr Speaker, the Government needs to inform this Parliament what are the
specific plans to address this perennial problem and how will we ensure
that NWC will not compromise the budgetary process? Let’s face it, this
company is virtually bankrupt.
3)
JUTC
– this company is projected to incur losses of J$4.1B in comparison to
J$3.3B last year and J$2.7B the previous year.
This relatively massive projected increase in losses occurs despite all the
promises made when the fare increase was granted last year. Of concern is
the fact that operating and administrative expenses are projected to
increase by 22%!!
Mr Speaker, the company has an accumulated deficit of $17.0B and liabilities of
$8.2B!!!
Mr Speaker, we need a plan for this entity! The Minister of Finance needs to
advise how he will stop the madness that is happening at the JUTC?
4)
NROCC
– Mr Speaker, NROCC is incurring losses of approximately $7B per
year with annual finance cost of J$4B per year! This is the yearly cost of not
absorbing the entity into the consolidated budgetary process.