‘Non-Compliance’ Forces Sports Authority Into $237,000 Write-Off The Authority’s first-ever set of financial statements, for the two years to end-June 2013, show it has had to take a ‘bad debt provision’ against almost 100 per cent of the sums owed to it. ...“The Government contributed $3.735 million to the operations of the Authority, along with the maintenance and capital improvements of the Thomas A. Robinson National Stadium and the Queen Elizabeth Sports Centre and the Baillou Hills Sports Complex,” the National Sports Authority’s financial statements read. They add that the Authority remains a going concern only “due to the continuing support of the Bahamas government”. The management notes confirmed that it was “fully subsidised during the two-year initial launch period by the Ministry of Finance”. The received funds covered everything from payroll to “major stadium event subsidies”, plus launch costs such as a website and business plans. Of the $2.114 million in capital works, some $1.306 million and $620,321, respectively, went on the new and old Thomas A. Robinson stadiums, with the $187,687 balance spent on the Kendal Isaacs Gym. The capital works were needed both for CARIFTA and the Tottenham/Reggae Boyz soccer match, with the funds also financing sports equipment purchases and the payment of associated import duties. The danger here is that the National Sports Authority goes the way of multiple other government agencies and becomes an ever-increasing financial drain on the Government - at a time when the Bahamian taxpayer can least afford it. The National Sports Authority was created to specifically prevent this from happening, with the medium to long-term goal that it would be financially self-sustaining and no burden to the taxpayer. Tribune Business understands from sources close to the situation that there is some frustration within National Sports Authority management that the Government has yet to ‘take the gloves off’ and allow them to run it as a business. To-date, the Government’s position appears to be that it is more important for the sporting event and its promoter - as opposed to the National Sports Authority - to be successful. Even if this means the latter giving up stadium rental fees, plus its share of other revenue streams - ticketing, parking and concession booth rentals. This then has to be picked up by the taxpayer. And, while the National Sports Authority was created to own, manage and maintain the Thomas A. Robinson stadium and surrounding sports facilities, the financial statements confirm the Government has transferred ownership of none of these to it. “The Authority has not been granted ownership of the sporting facilities, and therefore these assets are not reflected in the financial statements,” the notes read. tribune242/news/2014/oct/14/non-compliance-forces-sports-authority-237000-writ/?news
Posted on: Wed, 15 Oct 2014 01:59:29 +0000
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