The Tribune

By NATARIO McKENZIE

Tribune Business Reporter​​

nmckenzie@tribunemedia.net​​

SUBSIDIES to Government owned and or controlled entities which provide services to the public rose by $64.9m to $392.7m according to the Ministry of Finance's fourth quarter fiscal snapshot and report on budgetary performance for the fiscal year 2018/2019.​

According to the report: "Subsidies, which comprise transfers to Government owned and/or controlled units that provide commercial goods and services to the public -- rose by $64.9m (19.8 percent) to $392.7m. Subsidies to public non-financial corporations expanded by $38.2m (12.3 percent) to $348.2m, vis-à-vis FY2017/18. Of this total, approximately $230.2m (66.1 percent) was allocated to the Public Hospital Authority (PHA) -- a gain of $18.6m over the previous year," the report noted.​

The report also said transfers to the University of The Bahamas and the Bahamas Technical and Vocational Institute grew by $5.8m and $3.1m, respectively, likely owing to the Minnis administration's free tuition and financial coverage policy. ​

"Subsidies to the national airline carrier and the water and sewerage utilities company were marginally increased by $0.2m and $1.0m, respectively, whereas transfers to the National Health Insurance Scheme were relatively stable at $14.9m," said the report. ​

The report also noted: "Subsidies to private non-financial enterprises were higher at $42.0m from $13.5m in the previous fiscal year, largely owing to arrears settlements with cruise line operators, of $21.6m, and the $5.5m spend for small business development as a part of the Government's $25m five-year commitment to support small businesses.