Government had at least $82.6 million in its bank accounts at the close of business on 10 May – the day before the general election – Legislative Assembly was told Monday.
Answering a question from Leader of the Opposition McKeeva Bush, Financial Secretary Kenneth Jefferson said the amount in the accounts as stated by government’s bankers as of that date was $88.6 million, while the treasury’s general ledger showed a figure of $82.6 million.
‘Differences will arise between the two positions and this is entirely normal,’ Mr. Jefferson told the House.
‘Such differences will be resolved and removed by means of the bank reconciliation process that occurs in the treasury department,’ he added.
George Town MLA Lucille Seymour asked what the figure of outstanding debt was at that time.
Mr. Jefferson said the forecast figure for 30 June was $211.6 million and added that there would have not been any substantial difference between that figure and the position as at 10 May.
Of that figure, it was not all payable immediately, said Mr. Jefferson.
The vast majority of it arose from a bond issue the government had executed in 2003 and the main purpose of which had been to re-finance existing debt, he told the House.
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