Home Business HCC’s first financial quarterly report 2020 approved by full council1 min read

HCC’s first financial quarterly report 2020 approved by full council1 min read

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HCC Full Council Meeting held today Tuesday 30 June 2020.

The Honiara City Council’s First Quarterly Report for 2020 has been approved by the Full Council Meeting.

The first Quarterly Report of Income and Expenditure is for the period from 1st January to 31st March 2020.

Chairman for Finance Division Cr. Francis Idu when presenting the report said the Policy Objective for Finance and Accounts are clearly stipulated in the Policy Translation and Implementation of the HCC Hand Book.

In response to Matters arising from the 2015 accounts by the office of the Auditor General, he said HCC management in compliance with Policy and Translation documents sought assistance to prepare the 2016, 2017, 2018 and 2019 accounts.

“I’m pleased to inform the Chamber that 2016 and 2017 accounts have been completed and submitted to the Office of the Auditor General for audit,’ Idu said.

“The 2018 and 2019 accounts will be ready for audit by the end of September 2020. This should, for the first time in the history of HCC to put the Council records back on track,” the Chairman added.

Idu said the 2020 budget has taken into account the good intention of the Council, highlighting capacity building and institutional strengthening as part of the strategies to motivate productivity within the Council.

“You will note that there were overspending on number of subheads within Divisions during the first quarter of 2020 versus the Year to date Budget, however the result is expected as more revenue are collected in the first quarter,” he said.

“The overspending in the first quarter will be offset during the year as budget saving is obvious in the later part of the year due to low cash flow,” he added.

The Chairman of Finance said his division will continue to work hard in ensuring that HCC dues are collected and commitments are met on a timely basis.

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