NASSAU, BAHAMAS — As the 2020/2021 budget moves to the Senate for debate, Deputy Prime Minister and Minister of Finance K Peter Turnquest said yesterday that there are still some negotiations with the Fiscal Responsibility Council over compensation and their budgetary control that need to be finalized.
He was responding to questions from Exuma and Ragged Island MP Chester Cooper on whether the council is active and performing.
Turnquest said: “The council had not received their instruments at this point because there are some negotiations still ongoing with respect to the MOU.
“It is around the compensation councilors will receive. Primarily that is the issue as well as some questions they have with respect to the independence of their budget. They want to control their budget without referring to the Ministry of Finance. That is a matter still to be decided.
“It is a matter that needs to be finalized very quickly because the procedure is that once the budget is passed it will be sent to the fiscal responsibility council for them tor review.
“Hopefully we can get that resolved in the next week or two so they can get to their work and carry on.”
The FRC is comprised of Certified Financial Analysts’ Society of The Bahamas representative Kevin Burrows; Bahamas Bar Association representative Kahlil Parker; Bahamas Institute of Chartered Accountants representative Gowon Bowe; Bahamas Chamber of Commerce and Employers’ Confederation representative Christel Sands-Feaste and University of The Bahamas representative Dale McHardy.
The council is an autonomous oversight body established by the Fiscal Responsibility Act, comprising technical experts from key industries who will provide oversight and advice on the government’s financial affairs.
The FRC’s mandate is to assess compliance with the Fiscal Responsibility Act’s general principles, fiscal responsibility requirements and fiscal objectives.
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