Tobago Chamber: Proper assessment of THA's finances needed by PDP

Chairman of the Tobago Business Chamber Martin George on Thursday said the Progressive Democratic Patriots (PDP) needed to do a proper assessment of the Tobago House of Assembly's (THA) finances given the promises made by the party during the recently concluded THA election campaign.

George made the statement in response to Chief Secretary Farley Augustine's complaints about the state of the island's finances at a post-Executive Council media briefing on Wednesday. At that briefing, Augustine, who is also the Secretary for Finance, Trade and the Economy, said the THA had limited funds left to cover its expenses until the end of the financial quarter.

He said the assembly received its disbursement from the Central Government for the first quarter of fiscal 2022 (October-December) of $558,750,000, but received the last subvention only a few days prior. He said unspent balances at the time stood at $50,506,501 while the THA's contingency fund contained less than $400,000.

He also said $163 million in bond financing acquired by the THA in May had already been used up.

Speaking with Newsday on Thursday, George said: “The PDP campaigned on a platform of transparency, accountability and good governance. So it would therefore be incumbent upon them to investigate if it is there has been some evidence of mass squandermania and a lack of accountability in terms of spending public monies by the previous administration.”

He said the new executive also has the responsibility of dealing with the finances in going forward.

“They themselves will also have to demonstrate a level of fiscal responsibility and economic equity in terms of how they deal with the finances of the THA going forward and they will have to also demonstrate good faith by showing a level of accountability and transparency themselves which can withstand public scrutiny.

"That way they will build up the public trust and confidence in their election promises to ensure proper and good governance going forward for the THA.”