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Straw Market Authority pays off NIB debt

Fri, Jun 18th 2021, 08:56 AM
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DEPUTY Prime Minister and Minister of Works Desmond Bannister said the board of the Straw Market Authority has paid off nearly $500k in debt owed to the National Insurance Board, Bahamas Power and Light and the Water and Sewerage Corporation.

Mr Bannister, whose comments came during his contribution to the budget debate in the House of Assembly yesterday, said the board of the SMA encountered the debt when it took office in 2017. He suggested the former Christie administration allowed the debt to accrue.
#“From April 2015 to December 2017, the Straw Market Authority failed to make any of its required National Insurance contributions,” he said, adding that the estimated legacy debt to NIB as of March 19, 2019 was $184,065 in outstanding contributions, including $15,737.25 in interest.
#“All I’m going to say to you is that debt has now been paid in full by this board,” he said.
#Mr Bannister also said when the board was appointed in September 2017 the SMA owed BPL $139,463.67.
#“That bill to BPL has now been retired in full,” he said. “Unlike members opposite, this FNM government does not merely talk about fiscal responsibility in governance, we act.”
#He said in September 2017 the board also encountered $58,518.71 owed to the Water and Sewerage Corporation which has since “been retired in full.”
#He said the board found $112,319.35 in telecommunication bills when it took over, including $45,935.63 associated with board members’ cell phone use plus $66,383.72 in landline charges.
#“The Straw Market Authority has now paid that bill in full and has cancelled cell phones,” he said.
#He added: “The Straw Market Authority has had no revenue since the close of the markets due to the COVID-19 pandemic. The budget expenses for 2020 were $1,280,185.60. The actual expenses were $957,698, a decrease of 25 percent. The net loss of (the) authority was $777,147.98. I’m not supposed to say this, Mr Speaker, but for the first time now, the Straw Market Authority actually has money in the bank.”

Mr Bannister, whose comments came during his contribution to the budget debate in the House of Assembly yesterday, said the board of the SMA encountered the debt when it took office in 2017. He suggested the former Christie administration allowed the debt to accrue.

“From April 2015 to December 2017, the Straw Market Authority failed to make any of its required National Insurance contributions,” he said, adding that the estimated legacy debt to NIB as of March 19, 2019 was $184,065 in outstanding contributions, including $15,737.25 in interest.

“All I’m going to say to you is that debt has now been paid in full by this board,” he said.

Mr Bannister also said when the board was appointed in September 2017 the SMA owed BPL $139,463.67.

“That bill to BPL has now been retired in full,” he said. “Unlike members opposite, this FNM government does not merely talk about fiscal responsibility in governance, we act.”

He said in September 2017 the board also encountered $58,518.71 owed to the Water and Sewerage Corporation which has since “been retired in full.”

He said the board found $112,319.35 in telecommunication bills when it took over, including $45,935.63 associated with board members’ cell phone use plus $66,383.72 in landline charges.

“The Straw Market Authority has now paid that bill in full and has cancelled cell phones,” he said.

He added: “The Straw Market Authority has had no revenue since the close of the markets due to the COVID-19 pandemic. The budget expenses for 2020 were $1,280,185.60. The actual expenses were $957,698, a decrease of 25 percent. The net loss of (the) authority was $777,147.98. I’m not supposed to say this, Mr Speaker, but for the first time now, the Straw Market Authority actually has money in the bank.”

 

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