The government has reduced the budget allocation for government owned corporations and statutory agencies by $37 million in the upcoming fiscal year.
Prime Minister Philip “Brave” Davis said the government is committed to ensuring that state-owned enterprises operate with financial responsibility
“We want our state-owned enterprises to succeed, and we are determined to improve transparency, efficiency, and profitability in the way they operate,” he said during the 2023/2024 Budget Communication in the House of Assembly yesterday.
“We have decreased the budget allocation for SOEs from the previous budget.
“We will also issue clear expenditure guidelines to SOEs to ensure transparency and financial responsibility in the conduct of their businesses to ensure that it conforms with the national fiscal objectives.
“We will also implement a plan to increase revenue by collecting dividends from state-owned enterprises.”
The government allocated $492 million for corporations and statutory agencies in the 2022/2023 fiscal year.
It has budgeted $455 million for the upcoming fiscal year.
The Broadcasting Corporation’s subvention will decrease from $9.5 million to $9.2 million in 2023/2024.
The Bahamas National Statistical Institute’s subvention will decrease from $7.3 million to $5.8 million.
The Water and Sewerage Corporation’s subvention will decrease from $54 million to $36 million.
The Public Hospitals Authority’s subvention will decrease from $232 million to $222 million.
The Bahamas Public Parks and Beaches Authority’s subvention will decrease from $27 million to $24 million.
Bahamasair’s subvention will decrease from $30.7 million to $28 million.
The Bahamas Agricultural and Industrial Corporation and the Hotel Corporation will also have decreased subventions.