705_Ministry Paper 21 - 2012 by diG Jamaica

:lVIINISTRY PAPER

f/I '2

JAMAICA PUBLIC BODIES

ESTIMATES OF REVENUE & EXPENDITURE FOR YEAR ENDING MARCH 2012

(3 rd Supplementary Estimates)

Introduction 1.

The matter for tabling in the Honourable House of Representatives is the Estimates of

Revenue & Expenditure of Public Bodies (3 rd Supplementary Estimates) consequent on changes in the amounts allocated from the Consolidated Fund.

Allocations from the Consolidated Fund to two 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) and Clarendon Alumina Production (CAP).

Amendments 3.

Summary information relating to these public bodies are included below:

RMF

There is an additional allocation of J$1,1918m from the Consolidated Fund to the RMF in respect of Jamaica Development Improvement Programme (JDIP). Of this amount $US$8.1m is GOJ's counterpart payment on additional expenditure of US$53.7m and US$13.7 represents management fees due to the Road Maintenance Fund and the National Works Agency.

Of note, the expenditure for 2011/12 was essentially accounted for in the amendments done in the second Supplementary Estimates. However the current amendment takes into account the additional allocation required to liquidate the obligation, instead of carrying them forward into 2012113. CAP

CAP's arrears to Alcoa on its JAMALCO operation will be approximately US$60.5m at March 31,2012. The arrears represent US$42.5 million brought forward from 2011 and US$18 million being the net working capital shortfall for 2011112.

The amount provided in the 3rd

Supplementary Estimates to liquidate the arrears is US$58 million given that US$2.5million has already been approved in the 2nd Supplementary Estimates. Of note is that the expenditure was already accounted for in the 2nd Supplementary Estimates with accrual of payables. The additional transfers from GOJ will therefore be utilised to liquidate payables.

/~~Y1-

Peter Phillips, Ph.D., MP Minister of Finance &~:.wtnmn ,2012

AMENDMF.NT ESTIMATES OF REVENUE &

~~!ENDITURE

OF PUBLIC BODIES 201112012 - Thir'!~llPpl!lIl..entaI}'F_. dil1n !I t,p"

Details of Amendments/Comments

PUBLIC BODY

I---

Item adjusted/effect

Original -----------l------- Provision

1 2nd SllPP·

I 3rd Supp::

Revised Provision

1--

Road MaintenanceF'llIld (RMF) There is an additional allocation of J$I,918m to the RMF in respect of JDIP. Of this amount US$8.1m is GOJ's Accounts ReceivablelPayable counterpart payment on additional expenditure ofU8$53.7m and US$13.7 represents management fees due to the Transfers from Government -------- ---I Road Maintenance Fund and the National Works Agency. Of note is that the expenditure for 2011112 was Statement A for -------II already accounted for in the amendments done with the second supplementary estimates; however this amendment takes into account additional allocation to liquidate the obligation instead of carrying them forward into 2012/13.

86:68t_~536.68

86.68

--+_ 75Q~~53.02

3,021.24 -/----

-----~

-----------

Clarendon Alumina Production CAP's arrears to Alcoa on its JAMALCO operation will be approximately US$60.5m at March 31, 2012. The Limited (CAP) arrears represent US$42.5 million brought forward from 2011 and U8$18 million being the net working capital shortfall for 2011112. The amount provided in the 3rd supplementary Estimates to liquidate the arrears is U8$58 million given that U8$2.5million was already approved in the 2nd Supplementary Estimates. Of note, the expenditure was already accounted for in the 2nd Supplementary Estimates, with accrual of payabIes. The -------------------1additional Transfers from GOJ will therefore be utilised to liquidate payables.

1---------------

----••

t-~------ - - - - -

Increased Transfers fromGOJ (Grant) ------ Accounts Receivable/Pa able Balance (See Statement A for details) ---

2,334.6414:1_ 7,572.48 - -- - - -- -- -3,921.09 5,527:98~1.981 -5,235.66 480.24 _ 480.24 -l-

-1-

/'vlin;sfly «(Transport, Works & HOl/sing

Public Bodies

Road Maintenance Fund

(O(hel~

Revised J$m

Original Approved

2010/11

Revised 3rd Revised 2nd Supplementary Supplementary

2011112

Statement 'A' Flow of Funds

.""l....~.::~!?~.~:y.~.~~:.............................................................................................................. ................. ~~Q~.?:2~...................~,Q~.?:?~ ..................~!.Q~~.:?.~

.3....~.!-!~~.~.!?~~~~:~........................................""..........................................................................J.!g:.QQQ:.~Q~............ .Q.~;.?~~:.?~) ...........L~:?:~Q~.:~32

....~....~.~!.!::~.t!?~!~~.7.............................................................................................................................J?,.?~.~:.~~), ........... .Q.~??~.~:.?~) ...........L~~.&~~:±~!.

4 Adjustments Change in Accounts Receivable/Payable Items not requiring outlay of cash: Depreciation Other Non-Cash Items

122.23

6,572.23

122.23

86.68

6.536.68

86.68

1.76 33.79

............................f.E!.?:..:-t.~~r.!:!:~J!:~~~~!;L.............................................................................. .................................... ................................... ...................................

...~....Qp..7.~!!.~~.!?~!~~=........................................................................................................................Q:.~~.~.:.Q~J ........... (!.Q!.~.~~:.??) ..........J!:?,,?~?:~.?!

6 Capital Account Revenue Expenditure lnvestment

0.00

.........................~.~~~~!::.!~.!.~.~~!?:!~:,r. ..................................................................................................................................................................................................

7 Transfers from Government Loans Equity On-Lending

750.00

1,153.02

2,939.64

.........................Q~!!:~ ..........................................................................................................................................:??.9.:9.Q ..................!.!.!.?.~:~3 ............... .:?::~~2:~~..

8 Transfers to Government Dividend Loan Repayments Corporate Taxes Other

0.00

.... ~...Qy.§.~~~.~~1.!:!~.§.J~:!:§.::.?:!:!L................................................................... ...............(!.z.2.~.!:.~~2 ..............~?;.~.!.!:I~~ ...........J!!!7.?§.:~!!

10 FINANCING(Il+15)

7,081.03

9,011.73

12,796.61

J..!....!.?~!.!:~~.!~~.~.!.t:!:P:!:.!~L .........................................................................................................??~.?~:~..~ ..................~;2~J.:.~~ ...............!.~!.~.?!:.~.t

12 Government Guaranteed Loans Disbursement Amortization 13 Direct Loans Long Term: Disbursement Amortisation Short Term:

7,395.00 7,395.00

8,931.82 8,931.82

13,381.81 13381.81

0.00 0.00

....................................................~~.~~~~}~..T.~~~~. ~~~~~~...............................................................................................................................................................

J.~....~.~!!-.!!~:.!!.~.g~~~.~~..~p.!:?~~........................................................................................ .................................... ................................... ...................................

.................g.!}:.??? ........................ ??:2.~ ................. J??:?.:~~2

)?.... !~~!P~~:7.~!!.~.~.t~::..E::..t?.L ................................................................................... 16 Banking System Loans (Change) Overdraft (Change) Deposits (Change)

...u u....u ........ u ...u ....~ ....u u..... ~ .......... h

. . . . . . . . . . . . . . . . . . . . . . . . . . . .U U • • • n

...H

• • • • • • • • • • • • • • • • •u

(157.93) 0.00

(206.01)

(157.93)

(206.01)

.....u ••••••••••••nuu................... U H . . . . . . . . . . . . . n ....n.... ..................................

(206.01)

-206.01

.......................~ .............

..!.!....~~.~:~~!."!~..~~~~~~:l.................................................................................................................................Q:Q~ ....................................................................... 18 Other (Change)

(156.04)

285.92

-379.19

20{O3/2012

l/ublic Bodies (Selected)

Ministry o.fScience, Technology Energy and Mining

Clarendon Alumina P7'Oductions Limited

Revised

Approved 2011/12

Revised 2011112

J$'m Revised 2011112

Statement •A' Flow of Funds

.......~......s:.~:.~:!~.!..~~~:!.l.~.~ .........................................................................................................................~.?:3.9.?:.~~.. ............J~:~.~.?:.~~. ........... ..!.~?~.~~:~.?. .......~......s:.~:.!::!.l.~..~~.p.~~~~.~........................................................................................................... ...........QQ:~.2.?:3.!.!.............~?3.:~?}.:~Z! ........j3.~:.?~.!.:~.?!. .....J .....s:.~:.!!!.l.!..~~.~~~~~..........................................................................................................................J~:~?~:.?.~), ..............~~:~t.?:.~.~! .............~~z?3.~.:.!.~l 4

Adjustments Change in Accounts Receivable/Payable Items not requiring outlay of cash: Depreciation Other Non-Cash Items

(2,040.15)

7,180.11

2,134.11

(3,921.09)

5,521.98

481.98

1,947.06 (66.12)

1,638.21

...............................f..:i?.:..Y.~.~~J.!;l.~!!!:.~!.........................................................................................................................................!?:.~.?:.. ....................!.~.:~~.. ......?......2~~!.~~~..~~.~~~......................................................................................................... .............~?;Q~.~:9.~?................{.!.:~1~:.~1) .............~?:.~2.!.:~.?l 6

(510.69)

(601.17)

(1,35\.98)

(1,114.47)

{1,114.47}

.............................£~!!-~~:..!.'::..!!.'!~:.~~?EX...........................................................................................................~1.~.:.~~.. ..................~.~~:.?E!..

.................?!~.:?2..

Capital Account Revenue Expenditure Investment

Transfers from Government Loans Equity On-Lending

2,308.11

2,526.48

............................9..~~:~...........'"....................................................................................................................... 3.:~.9.~:.~..!................. ~!.~.~.~.:~~. 8

7,572.48

.............!..!~?~:~.

Transfers to Government Dividend Loan Repayments Corporate Taxes Other

.......?......2Y.~.!Y.:!:.~..~~!:~~!7..!.\~!.::.?.:!:~L.............................................................................!~!~~.~:.!§1. .....................'!!.~:!:! ...................~!!:~.~.. 19

FINANCING (11+15)

5,235.66

(480.24)

.....!..L....!.~!~!..~?~~.~!.'!1!.f.:!:}.~.:.:!~L...................................................................................... ...........J!.:~2.~:.~~~..........J~!.2¥.:.?!J ...........t~!.Q~.:~.!). 12

Government Guaranteed Loans Disbursement

(1,503.36)

(2,064.51)

............................~.~.?:.!.~~~~!.?~..................................................................................................................J!.:?.2.~:.~~)...........J~).~~:.~!L.........{g.!~:~.~.l 13

Direct Loans Long Term:

Disbursement Amortisation Short Term:

.......................................................E~~~~~}!:..!.~~~~..£~~~!~................................................... .................................... .................................... .................................... ....!.~......s:.~~Iil:..~~..!?:p..?~.~!~..~.~:.?.~~...................................................................................... .................................... .................................... ...................................

....!.? ....!.9.~! ..p.~!!!~~~!~.Q.?.:!:.!.?.::..~.~)..................................................................................... ............... ~:?~?:9.~... ............... ..!.!~~.~:.n ............... }:.?~~:~.?... 16

Banking System Loans (Change) Overdraft (Change)

394.98

243.60

............................p..'?P.9.~!.~.~9.~.~!!.1jl~2..............................................................................................................~.?~:.?.~....................3~~:.§.9.. .................~.~~:?2.. .....!.?......!:i~!.~:~~!!~~..~s:.~.~!il:!.................................................................................................... .................................... .................................... ................................... 18

Other (Change)

6,344.04

1,340.67

20/03/2012