Statistics

LATE SUBMISSION OF FINANCIAL REPORTS

Prepared for

John Preston,

Executive Director

Road Maintenance Fund

Prepared by

Allison Mathews, Chief Accountant

Accounting Department

Road Maintenance Fund

July 30, 2012

MEMORANDUM

TO: John Preston, Executive Director

FROM: Allison Mathews, Accountant

DATE: July 1, 2012

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RE: Late Submission of Financial Reports

Attached is the report requested by the Board of Directors regarding the reasons associated with the late submission of the Road Maintenance Fund’s annual financial statements.

At the board meeting held June 20th 2012, the Accounting Department was charged to complete the 2011/2012 Financial Statement within three weeks of the financial year end, June 30, 2012. As the head of the department, I know that this task will be a challenge for the team, as it is the trend for the Road Maintenance Fund to complete the consolidated financial statements within six to eight weeks.

Within the past year, there has been an expansion in the scope of works for the entity as a whole and as a result of the new International Monetary Fund’s (IMF) agreement; the entity has been requested by the Ministry of Finance and the Public Service to submit additional reports so as to conform to the IMF reporting requirements. This coupled with the our new role as overseers of the United States Four Hundred Million Dollars (US$400 Million) programme to carry out road infrastructure works across the island has made it difficult for the financial report to be completed in the time requested. In fact, there is a significant backlog of data as the workload of the department has significantly increased.

In order for us to meet this tight deadline, there a number of issues which need to be addressed urgently. These include:

* Hiring of temporary staff to assist with the backlog

* Permission for staff to work over-time.

* Upgrade of the Accounting...