Self-Financing Public Bodies Record Big Surplus

The Finance Ministry is reporting that self-financing Public Bodies recorded an overall balance surplus of just under $4-billion for the first three months of the 2017/18 fiscal year ending June 30.

This is relative to the targeted deficit of $1.45-billion.

According to the 2017/18 Fiscal Policy Paper Interim Report, tabled in the House of Representatives last month the positive performance primarily resulted from a better-than-budgeted performance by four entities.

These are the National Housing Trust, Airports Authority of Jamaica, National Water Commission and Port Authority of Jamaica.

The Fiscal Paper notes that the Airports Authority received increased concession fees from the operators of the Sangster International Airport in Montego Bay while further capital expenditure for the NWC and PAJ was delayed.

However, the document points out that the overall impact of the first quarter balance surplus was, to some extent, offset by a $3.9-billion shortfall recorded by Petrojam Limited.

The self-financing public bodies 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.

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