JIS News

The Planning Institute of Jamaica (PIOJ) continued on a path of growth and viability in 2005, with a total asset base of $335 million.
According to the Institute’s Annual Report, which was tabled in the House of Representatives on December 5, this figure indicates “a significant increase of $250.72 million above the $84.29 million recorded in 2004 and resulted directly from the addition of a freehold building that was purchased”.
A freehold building is one where an organisation owns both the property and the land on which it is built. The Institute’s financials further indicated that it recorded an increased surplus of $3.31 million in 2005.
“This was an improvement of $3.31 million over the surplus of $0.02 million recorded in December 2004 and resulted from the Institute’s efforts to contain operating expenses in line with grants received from the Government and other income generated during the financial year,” the document states.
Total assets also exceeded total liabilities by $286.28 million, compared to $29.78 million in the previous year as a result of the increase in the Institute’s fixed assets pool.
As at December 31, 2005, the PIOJ registered an improved positive working capital of more than $4 million, showing an increase over the previous year’s amount of $2.76 million.
“This indicated that the Institute had the ability to satisfy its current obligations if the need arose,” the report notes.
The financial standing of the PIOJ, which auditors Deloitte and Touche said was commendable, was attributed to, among other things, good control of its operating expenses, which decreased.
The report states that, “operating expenses totaled $231.67 million and represented a reduction of $4.35 million of 1.84 per cent below 2004”.
“Of note, PIOJ’s staff costs for the year 2005 accounted for 65 per cent of total expenses and were reduced by $23.8 million or 13.6 per cent to $150.68 million. This was attributed mainly to reduced expenses in relation to the retirement benefit plan, in comparison to the previous year,” the document states.
The PIOJ provides policy advice to the Government of Jamaica on social, economic and environmental issues, with a view to achieving national sustainable development.

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