As far as I understand, the govt. transferred approx $1 billion to the Consolidated Fund, but kept approx half a billion at the office of the president. Some of this money was spent on various projects.

the Coalition's promise was to transfer the funds to the Consolidated Fund and to ensure that future payments were to be paid directly into the Consolidated Fund, not to the account controlled by the Office of the Presidency.

Is this man Mars a paid poster of the PNC? He is like Cain, Gilly, Django and others, defending the indefensible thereby earning the distinction of propagandist of the incompetent lot in office. 

Mars posted:

Opposition leader misleads nation on lotto fund

Oct 22, 2016 News 0 Comments

http://www.kaieteurnewsonline....ation-on-lotto-fund/

 

Opposition Leader, Bharrat Jagdeo

“They are still to transfer the Lotto Fund (to the treasury)…They have all these huge sums of money that they can use to do much more; but they are keeping it.” So said Opposition Leader, Bharrat Jagdeo at his most recent press conference held at Freedom House, on Thursday.
This press conference was aired live on People’s Progressive Party/Civic radio station which he gave to the party days before he left administrative office.
Jagdeo’s remark about the lotto fund came as he sought to make a point to the effect that the coalition government is holding out when there is much more that it can be doing for the nation’s wellbeing.
Jagdeo said that the APNU+AFC government is only crying out about the lack of money in the treasury when it has “all this money lying around in these accounts.”
Jagdeo said that this is yet another campaign promise that the government has reneged on. However, once again the former President has been proven a liar.
But even the Auditor General has proven Jagdeo wrong. Auditor General, Deodat Sharma reported that 89 bank accounts were closed in 2015 and their balances amounting to over $2B were transferred into the Consolidated Fund.
This proves that the government has indeed closed accounts that Jagdeo himself insisted on keeping during his presidential tenure, the report suggested.
The Auditor General report also spoke specifically about the Lotto Fund. Sharma said, “Over the years the Lotteries Commission received proceeds from the National Lottery which were used to make payments approved by Cabinet. These proceeds were retained in a bank account and no amounts were paid over to the Consolidated Fund.”
In 2015, the Ministry budgeted for Lottery Receipts of $1billion under the category of Miscellaneous Revenue. Amounts totalling $1.069 billion were transferred from the bank account to the Consolidated Fund.”
Last year, Raphael Trotman, during a post-Cabinet briefing, told the media that a decision was made to transfer the Lotto Fund into the Consolidated Fund.
In 1995, the Government of Guyana and the Canadian Bank Note (CBN) entered into an agreement for the latter to conduct a national lottery. CBN agreed to pay a licensee fee to the Government of 24 per cent of the gross revenue while the Government undertook not to permit another lottery of similar scope during the life of the agreement.

thats normal for him

Drugb posted:

Is this man Mars a paid poster of the PNC? He is like Cain, Gilly, Django and others, defending the indefensible thereby earning the distinction of propagandist of the incompetent lot in office. 

The same can be said about you and your clique. Defending the indefensible Ppp.

Chief posted:

Drugb posted:

Is this man Mars a paid poster of the PNC? He is like Cain, Gilly, Django and others, defending the indefensible thereby earning the distinction of propagandist of the incompetent lot in office. 

The same can be said about you and your clique. Defending the indefensible Ppp.

Who defend the PPP? They are no longer in power.  You should join the rest of us in speaking out against the incompetency of the destructive PNC now that the honeymoon is over. 

Pointblank posted:

Mars posted:

Opposition leader misleads nation on lotto fund

Oct 22, 2016 News 0 Comments

http://www.kaieteurnewsonline....ation-on-lotto-fund/

 

Opposition Leader, Bharrat Jagdeo

 

thats normal for him

And what's normal for you, pretending not to hate the people you hang with?  Hypocrite!!

Again the truth hurts the PPP apologists. They cannot see Jagdeo as a crook and a dam liar. My one regret with the govt is that they are playing footsies with that idiot, with all they have on him why the hell is he still walking free and talking shyte at his conferences?

cain posted:

Again the truth hurts the PPP apologists. They cannot see Jagdeo as a crook and a dam liar. My one regret with the govt is that they are playing footsies with that idiot, with all they have on him why the hell is he still walking free and talking shyte at his conferences?

I hear your sentiments. Your PNC thugs campaigned on hauling every corrupt PPP member to face justice. You know what? When they analyzed the situation, most of the PNC members would be behind bars today. How much did they spend on audits again? What did they achieve? Who was being paid to do the audits? How many PPP members are in jail for corruption? Can you say "ZERO"?

Stop talking Putagee kaka.

Foolish Jagdeo allowed most of the lotto funds to go to Linden to help the Youths while giving little to other areas of Guyana.  Carib knows that the PPP gave generously to Linden but he would never acknowledge any of it.

cain posted:

Again the truth hurts the PPP apologists. They cannot see Jagdeo as a crook and a dam liar. My one regret with the govt is that they are playing footsies with that idiot, with all they have on him why the hell is he still walking free and talking shyte at his conferences?

A dummy is expected to condone, accept and help a Terrorist, incompetent, violent Govt.  You have been CERTIFIED!!!!!!!!!!

Like mars got visual defects or what.  This is what KN said.

New govt. continues PPP’s trend…Money taken from lottery fund without approval

Oct 24, 2016 News 2 Comments

By Abena Rockcliffe-Campbell

Last year, when the APNU+AFC government announced that it will be transferring the monies of the lottery fund into the Consolidated Fund; former Auditor General Anand Goolsarran dubbed this, “a victory for public accountability.”
But, this “victory” appears to be short lived.
Auditor General, Deodat Sharma, in his most recent report, revealed that the APNU+AFC’s dealing with the Accounts of the Guyana Lotteries Commission is not much different from the PPP/C’s.    According to Sharma, the APNU+AFC has done better than the PPP in that it has placed some of the money within the lottery fund into the Consolidated Fund.
But the government continues to use the remaining monies in the lottery fund without Parliamentary approval.
The Government of Guyana and Canadian Bank Note Ltd (CBN) entered into an agreement establishing a Government Lottery which was organized and conducted under the provisions of the Government Lotteries Act, Chapter 80:07 of the Laws of Guyana.
Under this agreement, CBN is to pay Licence fees equivalent to 24 percent of its gross revenue. The Guyana Lotteries Commission, established in August 1996 by a Cabinet Decision, manages the Licence fees receivable and ensures that amounts expended are within the National Sector and in accordance with the guidelines for access to the lottery funding.
Sharma said that over the years, the Lotteries Commission received proceeds from the National Lottery which were used to make payments approved by Cabinet.  “These proceeds were retained in a separate bank account and no amounts were paid over to the Consolidated Fund.”

Auditor General,
Deodat Sharma

Minister of Finance, Winston Jordan

Sharma said that in 2015, under the new Government, the Ministry of Finance transferred $1.069B from the lotteries fund to the Consolidated Fund.
Nonetheless, Sharma said that while the Ministry of Finance has been budgeting for Lottery Receipts, expenditure continues to be met without parliamentary approval.
The Auditor General stressed that expenditure from the proceeds of the National Lottery should be accounted for by having a supplementary estimate passed in the National Assembly and recorded in the Public Accounts.
Sharma reported that “aside from the amount of $1.069 billion which was transferred to the Consolidated Fund, significant sums which include prior year balances of $369.294M and the proceeds of $421.754M received for 2015 still remain in the bank account and were used to meet expenditure.”
The Auditor General said that according to the bank statements for 2015, amounts totaling $305.826M were expended.
However, Sharma said that the cash book and payment vouchers for 2015 to verify the details of the amounts spent were not presented for audit and the Deputy Accountant General explained that these were with the Forensic Auditor and had not been returned up to the time of the audit. “Notwithstanding, the Ministry provided a listing of the amounts expended according to activities and these were verified with the bank statement.”
Monies were used to cover expenses for Carifesta, Mashramani, Amerindian Heritage, Rehabilitation of Durban Park and Emancipation.  Kaieteur News contacted Minister of Finance, Winston Jordan who said that he will not be responding to the findings of the Auditor General in this regard.  The Minister refused to offer an explanation and said that all questions will be answered at the level of the Public Accounts Committee.
The Lotteries Commission is subject to separate financial reporting and auditing. Sharma has noted that the last set of audited accounts was for the year 2013.  He said that at the time of his report, the audit for the year ended 31December 2014 is being finalized.