MINISTRY PAPER JAMAICA PUBLIC BODIES
ESTIMATES OF REVENUE & EXPENDITURE FOR YEAR ENDING MARCH 2012
(REVISED)
Introduction
I.
The matter for tabling in the Honourable House of Representatives is the Estimates of
Revenue & Expenditure of Public Bodies (Revised) consequent on changes in the amounts allocated from the Consolidated Fund. 2.
Allocations from the Consolidated Fund to some public bodies have been changed, thus
necessitating submission of revised estimates. The revised estimates for the affected public bodies are appended hereto and submitted for approvaL These are: The Road Maintenance Fund (RMF), the Jamaica Urban Transit Company (JUTC), Clarendon Alumina Production (CAP) as well as PetroCaribe.
Amendments
3.
Summary information relating to these public bodies are included below:
RMF Additional expenditure in respect of the Jamaica Development Infrastructure Programme (JDIP) for FY 2011112 is approximately US$106m.
US$96m represents committed
expenditure and another US$I Om for the re-scoping of JDIP to accommodate the Jamaica Emergency Employment Programme (JEEP). Of the US$96m, US$21m will be paid in FY 2011112 and will be financed from: (1) an additional grant allocation from GOJ of US$3.15m (J$271.244m) representing GOJ's 15% counterpart funding, and (2) drawdown from China EXIM Bank. The effect on the Overall Balance will be reduced due to the non-cash effect of the amount that will not be paid in FY 2011/12. JUTC Increased provision (Grant) from GOJ will be used for operating expenses (suppliers and creditors). The level of operations has been less than budgeted and the entity has not been able to finance its intended capital programme.
CAP The additional sum of $217 .50m is provided from GOJ for CAP, which will be utilised to reduce the accounts payable. The results of operations have worsened and it is expected that there will be further build-up in payables. The increased payables (a non-cash adjustment) will serve to offset the effect of the operating deficit. PDF Net Transfers to GOJ has increased by $141.50m, due to a provision of $221m for JEEP and reduction in the amount provided for LNG.
Operating results are lower than
originally projected based on reduced income and increased expenses. Collections on loan are also less than budgeted. HEART Trust
The sum of $21m is being transferred to GOJ on account of JEEP.
However, the amount will be accommodated within the sum originally budgeted for transfer to GOJ of $700m. The $21 m will therefore not affect the entity's bottomline. 4.
The foregoing matters were included in the discussions/debate on the GOJ Estimates at both the PAAC and the Finance Committee.
AMENDMENT OF REVENUE & EXPENDITURE OF PUBLIC BODIES 201112012 - Second
~4~~
PUBLIC BODY
Details of Amendments/Comments
Effect
-+Road
--TOrig~l ~ Revised]1nc';asel
----
-l--~--~-
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - ----~---
\-----~
~----- -1-~--~-
Maintenanc~und (RMFLjAdditional
expenditure in respect of the Jamaica Development Infrastructure Programme (JOIP) for FY 20111]2 Increased Current expenses is approximately US$] 06m. US$96m represents committed expenditure and another US$] Om for the rescoping Ov II B I d . . era a ance ecrease (Net) 'of JOIP to accommodate the JamaIca Emergency Employment Programme (JEEP). Ofthe US$96m, US$21m will ~~~ ~~~ ~~~ - --------------' __ ~be paid in FY 2011112 and will be financed from: (I) an additional grant allocation from GOJ ofUS$3.15m (J$271.244m) representing GOI's 15% counterpart funding, and (2) drawdown from China EXIM Bank. The ~--~--Ieffect on the Overall Balance will be reduced due to the non-cash effect ofthe amount that will not be paid in FY I---~ 2011/12.
1
-~~
(IO,000.20} (18'783.9,2)1--(8'I~3, .72,)
-
(7,081.032
-----+
~~-, ~-l------~
I----~
~-~.-
.~.-
~(170.5)
~--~~
prod~ctio';~lThe ~dditional sum of $217 .5~m is provided from GOJ. f?r CAP, which will be ~tiIised to reduc~ the ~counts Illcreas~ Transfers_from (:J0l_«(Jra..lltt
tyetroC~ib~i:j~~elop~ent FunnN~t Transfers to GOJ has increased by $14LSOm, due to a pr~vision of$22lm for JEEP and reduction in the amount provided for LNG. Operating results are lower than originally projected based on reduced income and increased~ns~Collections on loan ar~lso less than bu4get~______
Increased Transfers Overall Balance 1-__
- .-- -
I------~
. .~-.-~
~~~(5,235.7l
480.2 ____ __
GOJ _______
___ ~.O ___ 56.S ~
I,.-, (279.5,J
traflger toQ.OJ and therefore will not impact its bottomlin~
52)5.9
l ,J.ill, _, _(L4),.5)
(4
J~_~,532.6L _.~J]~.!L(I,:353.9) I--
--I
-'~-----+----~----f
An additional allocation on account of JEEP will be accommodated within the amount originally allocated for
HEART Trust
~ ~1Jj.9)
2,334.64. 2,552.14 217.5 (20 202 3) 22 95] 5) (2 7492) ,. ,_ . _ _,_ __ . ~
payable. The results of operatIons have worsened and It IS expected that there WIll be further budd-up m I d C E . . . . defi' urrent xpenses - - - - - - WIll serve to offset the effect ofthe operatmg ICIt. ncrease - payables. The mcreased payables (a non-cash adjustment) Il!Proved Overall Balanc~ .-~~.-~ . ~-~~ (See Statement A fordetallsL_ -~-~--~-1~--~-----
1-----
+---~~I--
--~---+--- -,----~--,- --~---
~~~ I---~~
~-~~-+-, ~-, ~~~-
J._.... 450..O~_,..~.9S . 0~1.
-~~~---~-.~----..
f- --~-----
l- --j
- - - - - -_..--
L
f---
I
-+--~-
Jamaica Urban Transport.. Increased pro.vis,i..on (Grant) from GOJ will be used for operat,.ing expenses (SUP,Pliers an.d creditors).~~ IInc;eas,e. !n.Transfe. rs from GOJ (G.ran.t) Compal!Y.l-lmite(IJJUTC)~ ___ ~_._ .__ ~ ______,~_ __ 1m roved c!y~rall Balance _~ _ _ (See Statement A for details) 1 ... --t---
Limited (CAP)
~~ (9,0}l~n)L(I,9~0.70)
--~-~~~~-~~--
1----
I Clarendon Alumina
Provision I Decrease
Provision
~~~~--
1
Estimates
~ ,~-~ -~
---I
-1------1---- .----.----.-,---.--
---------f~-~.- ~
Public Bodies (Other)
Ministry ojTransport, Works & Housing
Road Maintenance Fund
Revised Approved 2011/12 Statement 'A' Flow of Funds I Current Revenue
2,046.94
Revised 2011/12 2,046.94
:::ff~;~}:~~~;~~~:::::::::::::::::::::::::::::::::::::::::: :::I(Q:@~·~q~ ::I(~~~~~:·?~!
... 2.. f~!:t.?'!~~~~.... ............................. ........... .....Ql~??..~~l ... il.~~n~·?~! 4 Adjustments Change in Accounts Receivable/Payable Items not requiring outlay of cash: Depreciation Other Non·Cash Items
122.23
86.68 1.76 33.79
6,572.23
6,536.68 1.76 33.79
...............~!!~~.~~~.~~j~~~~!!~ ............................................................
... ?. QP..<:t:<!t.i!1~ ~~~.c.:.~ ..............................................(?l~~}.·~~l ... D.q~!?~:7.~!
6 Capital Account Revenue Expenditure Investment
0.00
0.00
0.00
..............~~~g~.~.~~~!:t~~ ................................................................ 7 Transfers from Government Loans Equity On·Lending
750.00
1,153.02
••••••••••••••9~.<:r..•••...••••••••••••••••••••••..•..............••••••••••??P:P.q ......!t! ??:P.~. 8 Transfers to Government Dividend Loan Repayments Corporate Taxes Other
0.00
0.00
1··i~·~iif~&~m1yf>J?·{~~~7.:~).······················· ·····(?7:g~·if~1·····(~9:Jl/?1 ..!.1.. .!~~.~~~~!~ Q.~"tJ.~"t}.11 ........................... ,.. ... .......?t~?.?:P.q .......~,~~]:~~ 12 Government Guaranteed Loans Disbursement Amortization
··i3··i)l;~~t·I:oiU1s······································
Long Term: Disbursement Amortisation Short Term:
7,395.00 7,395.00
8,931.82 8931.82
......... ···········ii.iio ···········Oi.oi5
0.00
0.00
.....................<;~.~g~.~.1'~~~.<;~~i!~ ................................................... .
..! ~.. f~~g~.~.I.?e.e?~!~~~!~~........................ _....... ................ .............. .
..!.? . .!?~! .I.?5!1!!~~!i~.Q~:'-l1::""~!....... ........................ .......(~ ].~.??! ..........7?:?)
16 Banking System Loans (Change) Overdraft (Change)
(157.93) 0.00
(206.01)
............. g.e'p'?~!~~ !~~§I!!~~)............ ...................... . ......{!?J.·.?~1 ........-.~Q?:9}.
..!7.. ~?I!:~~.(~~~g~)............•..................................... P:P.q ..............•.
18 Other (Change)
(156.04)
285.92
Ministry o/Transport, Works & Housing
Public Bodies (Selected)
Jamaica Urban Transit Company
Revised J$m
Statement 'A' Flow of Funds 1 Current Revenue
Approved 2011/12 3,908.92
Revised 2011/12
3,332.00
:I: ~~~~!:*~'p'~~~~:s: :::::::::::::::::::::::::::::::::::::::::::::::::::::: :::::::I ~,:~~~~~~i ::::::: ~~~~)If7) .. ~ .. ~~~!I!}?3':I~<;~... ..................................................... ....... .(~,.~~~;~D. . ...... ~~z~~.~~!?) 4 Adjustments Change in Accounts ReceivablelPayable Items not requiring outlay ofcash: Depreciation Other Non·Cash Items
1,922.13
966.70 955.43 957.03 (1.60)
1,589.97 721.33
868.64 868.64
...........~!!~~.!(.~~~~j!:~~~~~ ......................................................... =..................... . ..? .~!3':t!I!g. ~~!~~~.... .......... ....... ................ ................. ..........(~Q~:~.8J.. ......... !~'?"~~~9) 6 Capital Account Revenue Expenditure Investment
(118.23) • (238.77) -
84.17
(27.82)
....•..•. ~~~g~.~l! .I~~~!l!~.'Y. ..........."'" ............................... . ......... }.~~:?~. ..........1.! }:~~. 7 Transfers from Government 450.00 495.00 Loans Equity On· Lending 495.00 Other 450.00 8 Transfers to Government Dividend Loan Repayments Corporate Taxes Other -
..?. Q~~~.I:I~ .1}~~~~C;.~.(~::'~!!:~L ...........................................(~?9:?A~ ......... ~g~~Q~) 10 FINANCING (11+15)
170.51
114.03
.!!.. ]C?!~~~?~~!~.(!~.~!?~!~J.. ........................................................... =..................: .. .
12 Government Guaranteed Loans Disbursement Amortization ._--------------------------------------_._---------------------------------- 13 Direct Loans Long Term: Disbursement Amortisation Short Term:
-
------------------ ---_ .... _.. __ .....
-
-
-
...............................~~~g~.~.1'!~.~~.~~~~~~.................................... =......................
.!1.. ~~~&~}!! ~~P-~~~t~.~~~~3':~............................................ .............. =.... .................. .!?. ]C<?!~ ~.l!l~~t!:.(!~7:!?7:! ~J............................................ .......... .t.?~:?L ......_.. J }.~:Q~.
16 Banking System Loans (Change) Overdraft (Change) ......... Q~£<?~~ts. ~~~~~~! _...._......._.......................__ .__ .......
(9.16) •
(9.16)
.. __ ....__ .J?:1~l .__ .........(~:!~)
.!?.~?~:~~~.(~~~g~)................................................................. =...................... 18 Other(Change)
179.67
123.19
Ministry ofScience. Technology Energy and Mining
Public Bodies
Clarendon Alumina Productions Limited
(Selected) Revised
Approved
J$'m Revised
2011/12
2011/12
Statement •A' Flow of Funds
.....L....~!:';I!!?~.~.~!'_~~It.!?............................................................................................ .............!~.I~Q?:2.1.. .............!.11.~.~§.:~2.. .....?.....~.I!.I!!?~.tg~~~~~........................................................................................... ...........~~QI~Qt:~?2 ...........(f.~12.?!.:1.?.) ....}.....~.I!.I!!?!:l!.~.f.I:!!!.l;~.............................................................................................. ..............(1.1?2.t:2.~2 .............~~1.~~?:.~.~) 4 Adjustments Change in Accounts ReceivablelPayable Items not requiring outlay of cash: Depreciation Other Non-Cash Items
(2,040.15)
7,180.11
(3,921.09)
5,527.98
1,947.06 (66.12)
1,638.21
.......................~!.!!?~..y.!?~.t:~j,It.~~p.!?!:l;~...................._................................................. ..........................7....... •..................J.~;.~;?. .....?..... Qp.!?r.~~}.!!~U~~~.~~.~...._.................................................................................... ..............Q.IQ?}:.Q~2 .............nl.11.?:Q.?2 6 Capital Account Revenue Expenditure Investment
(510.69)
(601.17)
(1,351.98)
(1,114.47)
....................~E.~!:lB!::}~J!"!-Y.~!"!-!~!:Y................................................................................................Ji!:.~?.. .................!?J.~:.~Q. 7 Transfers from Government Loans Equity On-Lending
2,308.11
2,526.48
....................~.~!........................................................................................................... ...............~?~Q~:.!.!...............~.!~~.~:!I:!. 8 Transfers to Government Dividend Loan Repayments Corporate Taxes Other
.....?.....QY.~.~.bk~.1:!:~.~£!f.!?.~:t!:?:.~).....................................................................\~J!~:.~l ...................~9.~.1. 10 FINANCING (11+15)
5,235.66
(480.24)
...U.....I~~Lf.~!.~}.8!:.J.!.~:t!.~~!~2........................................................................... ..............(.!.I?Q~:?.§2 .........j~.~Q~;.?:!2 12
Government Guaranteed Loans Disbursement
(1,503.36)
(2,064.51)
....................8.-.~!?!1!~.~!!?~............................................................................................ ..............Q.I?Q~:?.§2 .........J~.~~.~!I::.~~J 13
Direct Loans Long Term:
Disbursement Amortisation Short Term:
........................................................£~.~I$~.!!:l..r.~.l;l;~~. £~.~~!~.................................. ..........................7....... .........................7....... ...t1.....~E.~~.&~J~.p..~P.!?~.!~.~.t:~E~.~q........................................................................ ................_........7....... .........................7....... .J.?.....r.~!~U?.~p.~~!~9..Q.~~E"t..!.~t .................................................................._. ............... §.~???.:.Qf... ...............h.?~i:~.?. 16
Banking System Loans (Change) Overdraft (Change)
394.98
243.60
....................R.~P.£l.~.~!~.~~E.~B~),................................................................................. ............_....}.~1;2.~.. .................;?1~:§9..
...!.? ....!:i?.!"!-:~!'!-!:l;~~.i£~.~!:!.&~t................................................................................... ..........................7....... .........................7....... 18
Other (Change)
6,344.04
1,340.67
Approved 2011/12
Statement 'A' Flow of Funds
Revised 2011/12
....}.....~~~!..!3-..:y..:~~~................................._...............................................-..............................._....__....._?:.?!.?:.?!. .................?!!?~l.:~?..
2 Current Expenses
(1,595.02)
(1,729.19)
.::l::::£~~f:~~~§.~:~:~::~:::::::::::::::::::::::::::::::=:::::::::::::::::::::::::::::::::~:::::::::::::::::::: ::::::::::::=~;~~:~;:~Q:: :::::::::::=:~~2Q~~~~ 4 Adjustments
Change in Accounts ReceivableIPayable Items not requiring outlay of cash: Depreciation Other Non-Cash Items
(512.36)
(1,302.59)
(212.36)
(1.554.11)
(300.00)
251.52
.....................~!~.?!..!.:~~.9i.~~~~.~!.........._..__...._..................................._..........................................................:..........................._....:........
...~.....2p..~~!~~.~~~~~......_..................................._...._.-__..................................._...............................?.&~.~:.!~...................~!???:??..
6 Capital Account Revenue Expenditure Investment
....................~~~~~. !~.!~y.~~!~~......................................._.............-........................................_.........................._................................................
7 Transfers from Government Loans Equity On-Lending Other 8 Transfers to Government Dividend Loan Repayments Corporate Taxes Other
(279.50)
(421.00)
(279.50)
(421.00)
....2....QY!~~~.~~.~~~f~..!?:~?!~L........_........_.....................................................................?~~.~:.~...................~~!.?~:?..~.
10 FINANCING (11+15)
(5,532.64)
(4,178,77)
..!.!.....I~~.~!..~?:.~~~..Q..~::..!.2.:~.il..................................................................................................................~.~.;2?.~:.~.~...............!~!.?.~.~:~.~..
12 Government Guaranteed Loans Disbursement Amortization 13 Direct Loans Long Term:
.................... 5'On .......u ••uuuuo"o_.uu............................_ ....n ................................ u .......... _ ............ _.uu.~ ••••••••••••••••••••,. ••• ~
Disbursement Amortisation
.~."........................................
• ••• _ ......n ............................ .
41,992.63 41,992.63 44,961.13 (2,968.50)
48,528.51 48,528.51 49,459.14 (930.63)
Short Term:
..................-...................................................~.~.~.¥.~~..I~?~s::.~~.~~.......................................................................................................................
..!i....~.~~!;!?..!!.!.P..<?.~~!.~..~~~~~_........................................_..............................................................................................-...........................
..~.?....I~~..!?..?.!E~!.~~..~.!§.::..~.?..~.!!L....._....._............................................................................. ........._.{~?!:?~.?:.~.?! ............~??!.?9.?.:~~~
16 Banking System
228.41
(2,054.79)
Loans (Change) Overdraft (Change)
..................P~p.?~.~~.~~~~~~2..........................................................................................................................-....~~.~:.~}................_~!.9..?~.:.?.2!
..~..?~.?.!.!:~.~~~..{~~~~:2...._..........................................._............................................_........... ..................................... ............................_......
18 Other(Change)
(47,753.68)
(50,652.49)