Categorized | National News

Deficiency in Bridge Authority’s Sinking Fund

Findings from the Bridge Authority’s audited financial statements for the year ending December 31, 2017 indicates that there is a deficiency its Bond Sinking Fund. 

Minister of Public Works Desmond Bannister yesterday laid the audited financial statements on the table in the House of Assembly.

The sinking fund was voluntarily established by the authority to reserve funds periodically to assist in retiring the bonds as they mature. 

According to the audited report, on December 31, 2017, the authority had $29 million in bonds payable and $9,913,198 in the sinking fund. 

However, according to management’s calculation, the estimated amount that should have accumulated in the sinking fund at the balance sheet date was $16,589,465 which is a deficiency of $6,676,267. 

The report further explained that management is addressing the deficiency by allocating over $3 million per year to the fund and according to management’s calculations, it is expected to be eliminated by the end of the year. 

Written by Jones Bahamas

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