Articles

Fri 3rd Apr 2009

Director of Audit's report shows taxpayers' money being wasted

A critique by SVG Green Party of the Director of Audit reports for the ULP's first five years in office has revealed a widespread bleeding of taxpayers' money. The situation is of grave concern. The widespread wrong doing stems from inadequate and sloppy accounting as well as a lack of control of public funds by the highly incompetent Minister of Finance, Ralph Gonsalves.

The in-depth critique has revealed that excessive expenditure, inadequate accounting and controls, are causing a 65 million dollar unnecessary debt to SVG annually.

Year

Queries issued

Queries settled

Outstanding

Bank Overdrafts

200

381

124

257

nil

2002

241

82

159

16.5m

2003

143

30

113

58.7m

2004

23

20

203

100.4m

2005

153

28

124

93.3m

source: Director of Audit reports 2001 to 2005.

This table tells us is that between 2001 and 2005, the Director of Audit, (which is the constitutional watch-dog over government's spending), was forced to issue 1,141 financial queries to the Minister of Finance. This is horrendous and shocking.

When the ULP government took over in 2001, the bank over draft was nil. Since 2001, excessive expenditure and very poor accounting and controls, have meant that SVG's economy relies on bank overdrafts to remain afloat. Between 2002 and 2005, bank overdrafts were at $269 M. This is far too much for a small economy like SVG.

This critique has shown that the ULP leadership's core problem is poor financial management. They do not have the ability to put mechanisms in place to correct substantial wrong doing in the ministries.

Over a ten year period SVG would be $650M more in the RED as result of expenditure overrun, poor accounting and control, and the irresponsible expenditure of funds.

This sloppy accounting has been a factor in the downturn of our economy. The consequences of this inadequate accounting and wastage of taxpayers' money, has meant that the ULP regime imposes high taxes on the people to compensate for their inability. VAT and the other high taxes we all suffer are unnecessary. Businesses have gone bust and many jobs have been lost, purely because the Minister of Finance, Ralph Gonsalves, lacks the ability to properly manage the economy.

People need jobs and poor households need to see their financial income increased substantially. SVG's economy will only rise again if there is a government with prudence and financial know-how. A Green government is that government. SVG Green Party has financial ability and knows that jobs will only come and household incomes will only rise, when SVG has a government that plans for the people.

Green government is all about running an economy to enable people, not oppress them. A Green government will alleviate the financial and economic problems created by the incompetent ULP regime. Our economic solutions will be prudent, whilst being compassionate too. Green solutions will be long-term and relieve the people from the current tax oppression in the immediate future too.

At the next election we urge you to vote Green to ensure that the economy rises again. People need jobs and money, and businesses need a strong economy in which to flourish.

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