3 statutory bodies status described as “unclear”

by Linda Straker

The Grenada National Stadium is one of three statutory bodies and/or state-owned enterprises, whose status is classified as unclear, according to the financial summary of statutory bodies which was tabled in the Parliament, as part of the budget presentation.

The other ‘unclear status’ statutory bodies are the Grenada Postal Corporation (GPC), and the Grenada Industrial Development Corporation (GIDC), whose name was recently changed to the Grenada Investment Development Corporation.

A Ministry of Finance official explained that an ‘Unclear Status’ was used to describe the 3 bodies because Government is still working on the “legislation responsibility” for these bodies to Government in terms of paying dividends.

Though their statuses are described as ‘unclear’ on page 126 of the budget statement, two earned more revenue than they had in expenditure for the period January to September 2016. The National Stadium revenue was $1,074,794.47 — while its expenditure was $866,927.33. The GIDC had revenue of $3,991,632.79 and an expenditure of $3,239,632.02. Having more expenditure than revenue for the period was TAMCC, which had $13,355,270.55 in revenue and an expenditure of $13,373,978.55.

Besides the 3 ‘unclear statuses,’ the summary said that in total there are 21 additional statutory and or state-owned enterprises — 9 of which are classified as non-commercial bodies; 5 were loss-making commercial bodies, and 7 were profit-making commercial bodies.

The summary points out that the loss-making bodies are:

  • PetroCaribe whose revenue was $34,184,312.35 and its expenditure were $37,889,034.13
  • Spicemas Corporation had revenue of $2,697,223.08 and an expenditure of $2,895,285.78
  • Grenada Ports Authority had revenue of $7,690,451.82
  • Housing Authority of Grenada
  • T A Marryshow Community College (TAMCC)

The 7 profit-making bodies are:

  • National Lotteries Authority (NLA)
  • National Water and Sewarage Authority (NAWASA)
  • Grenada Marketing and National Importing Board (GMNIB)
  • Grenada Solid Waste Management Authority (GSWMA)
  • Grenada Development Bank (GDB)
  • Grenada Airports Authority (GAA)
  • Gravel, Concrete and Emulsion Production Company.

The 9 non-commercial statutory bodies of Government are:

  • National Insurance Scheme (NIS)
  • National Telecommunication and Regulatory Commission (NTRC)
  • Grenada Tourism Authority (GTA)
  • Grenada Food and Nutrition Council (GFNC)
  • Grenada Bureau of Standards (GBS)
  • Grenada Cultural Foundation (GCF)
  • Child Protection Authority (CPA)
  • Grenada Authority for the Regulation of Financial Institutions (GARFIN)
  • Financial Complex Ltd.

Netherlands Insurance

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