Hon Fahie doubles down on ‘missing’ funds claim; ‘It’s $3B not $2B’
It was on Monday December 19, 2016 when Hon Fahie made the claim in the House of Assembly (HoA) and the Minister of Finance and Leader of Government Business, Dr The Honourable D. Orlando Smith (AL), kept silent in the HoA on the matter.
However, two days later Dr Smith was forced by his advisors to respond and he did in a late Wednesday 21, 2016 statement saying that Hon Fahie’s assertion of some $2B missing “was irresponsible….. this is a deliberate and gross distortion of the truth,” Dr Smith’s speech writers told the public though him.
It’s in fact $3B not $2B- Hon Fahie
However, on Thursday December 22, 2016 Hon Fahie who is quick on his feet hit back, standing by his comments in the HoA. In fact, he has increased the amount from $2B to $3B.
Hon Fahie made it clear that “these are not insinuations, they are dreaded understated realities! By the Premier’s own admission, by the close of 2016 the HoA would be void of the 'Audited Financial Reports' for each of the years- 2007, 2008, 2009, 2010, 2011, 2012, 2013, 2014, 2015- and now 2016. At an average budget of $300 million per annum this math adds to a staggering $3 billion, not $2 billion, of unaudited expenditure not presented to the HoA and to the people of the Virgin Islands.”
NDP a law breaker Government
The First District Representative, in his response to Dr Smith, also pointed out, in law, the role of the Auditor General and demonstrated how the NDP regime continues to break the law by not bringing the Audited Financial Reports to the House of Assembly as is required under Section 109 of the Constitution.
See link to related story below:
http://www.virginislandsnewsonline.com/en/news/who-took-our-whose-hands-in-the-cookie-jar-2b-missing
25 Responses to “Hon Fahie doubles down on ‘missing’ funds claim; ‘It’s $3B not $2B’”
You think so! 2017 the SH$T will hit the ceiling Fan say I say so!!!!!
What is in the audited financial reports, if any, that would drive their not being released? Is the delay to conceal and continue telling a lie? Is the delay due to incompetence, poor leadership and ineffective management? Release the audited financial statements and let's get on with the important business of effective governance.
As always let's soar like eagles and not be led aimlessly off the cliff like buffaloes.
Indeed, it would be earth or territorial shattering news if the $3B in question were not expense for its authorized and appropriated purpose and intent. It is a basic financial management tenet that government has the obligation to spend money for its intended purpose and it cannot spend money it does not have. Call me naive but it would be difficult to fathom the Premier and other financial and budget personnel grossly mismanaging appropriated funds, sullying and disgracing their and their family names, disappointing/disheartening the electorate, bringing shame on the national image and pausing external investment. Moreover, it is a best management practice(BMP) for governmental entities to produce audited financial statements annually. It is an execution summary of the final stage of the budgeting process that compares actual expenditures with planned expenditures. In addition to being a BMP, it is a standard operating procedure (SOP) and a metric of financial management and accountability.
Lack of audited financial statements can lead to wild speculation and all kinds of conspiracy theories. Nonetheless, the Hon Fahie, D-1 representive, chairman of VIP and member of the Opposition, is not totally off the mark, for without the audited financial statements it is not possible to know what was spent, when it was spent and for what and if it were spent at all. Hon Fahie is fulfilling the role of the Opposition. Government needs to bring the audited financial statements for 2008-2015 to the HOA as soon as possible to settle this issue. Continued delay may give the issue more legs and wings. More legs and wings will feed more speculation that could adversely affect the ability to govern, sapping and diverting time, energy and resources that should be focused to other pressing issues. Merry Christmas and Happy New Year!
My big dilemma is looking about district 1 and realizing that in all Andrew,'s time as representative there is nothing. Nothing at all he has done that could remotely represent the 1 billion or more that he has been given for the benefit of that district..
The question on what it was spent and what the taxpayers got for the investment can be answered by producing and delivering audited financial statements. Audited financial statements IMO should be delivered no more than 90 days after the end of the fiscal year. For example, the 2008 fiscal year ended in December 2008 and the audited financial statements should have been delivered by March 2009. Now it is December 2016 and statements for 2007-2015 have not been brought to the HOA. This is what is fueling the opposition and others speculation. Deliver the statements and shut the speculation down. Government isn't getting any political mileage with the delay.
Merry Christmas.
Seasons greetings to all!
This is very somber news in a pleasant season but after all the festivity we must face reality. Now I am seeing blame to share by two administrations of not being forthcoming and open with these statements. November 2011 is when NDP came to power but we are also talking about 2007, 2008, 2009 and 2010 so why were those not tabled under the Oneal administration? It seems that our Governments have cultivated an unsustainable trend of non-transparency and zero accountability which needs to come to an end immediately if we consider ourselves democracy and if we are to be fiscally responsible. I do not recall Andrew being vocal back then and so it seems politically expedient to take them to task now but even if politics is the personal goal, the country's goal is for an end to this mode of operation by Government after Government. Probably 3 billion dollars too late but better late than never.
A budget is made based on expected revenues and expenses are estimated and allocated based on those revenues. Now the importance of an annual independent audit is to determine independently and professionally whether or not we have met those estimates. It is very important because anybody can put together a budget of 330 million but at the end of the fiscal year you need to know have you realized those revenues? Did you overspend? Was money diverted without the proper permission? Was the money spent in the way it was budgeted? A revenue shortfall or expenses increase of 10 million could make a big difference and can lead to a deficit at the end of the day.
This is somber stuff.
Happy Holidays!