The Ministry of Economy will embark on a comprehensive review of all trust fund accounts after the Auditor- General found “certain trust fund accounts do not operate as a trust”.

This, according to the Auditor-General’s audit report on the 2017-2018 government’s financial statements that was tabled in Parliament recently.

“As at July 31, 2018, the consolidated trust fund account had a balance of $161,241,215.

The audit noted that certain trust fund accounts do not operate as a trust and should be included in the budgetary process,” the report said.

The OAG listed the following trust fund accounts that were perceived not to be operating as a trust:
* Ministry of Health – Cardiology Services;
* Ministry of Women, Children and Poverty Alleviation –– Help for Home Trust;
* Ministry of Communications –– Telecommunication Trust Fund Account;
* Ministry of Infrastructure and Transport –– Rural Electrification Trust;
* Office of the Attorney- General –– Solicitor-General Trust Account and
* Ministry of Employment: National OHS Education and Accident Prevention, OHS Trust Fund, OHS Consultancy Services, Workmen’s Compensation and Wages Dispute Trust Fund.

“Lack of review on the main trust fund account can lead to funds being held up in trust accounts.

When public money that fund operating and capital expenditures of government are held in trust, the utilisation of these funds do not go through the budget approval process.”