The Fijian Broadcasting Corporation received more than $91million from government between 2014 and 2023.
While presenting the company’s 2019-2020 and 2021-2022 Audit Reports before the Public Accounts Committee in Suva yesterday, FBC chief financial officer Vimlesh Sagar said these were paid out as public service broadcasting (PSB) fees under the contract signed with the FijiFirst government.
“Over the past 10 years, from 2014 to 2023 contracts have renewed on a three-yearly basis,” said Mr Sagar.
“You will notice for radio and television broadcasts up to 2015 there was a public service broadcast fee received of $2.9millon.
“At that time, it was received as a grant and then it was a departure from the IFRS (International Financial Reporting Standards) and to comply with the qualifications that were noted in the OAG’s report that the IFRS requirements needed to be maintained.
“From 2015 to March 8, 2016, the PSB was recorded as a grant and then from March 8, 2016, onwards, it was recorded as a revenue in the statement of profit and loss.
“The figure has been $11,277,400 from partial 2016 up till 2021.”
He said in 2022, the figure had to be reduced by $2million because of COVID.
“Then in 2023 with the new board, 40 per cent of the $11,277,400 was foregone in terms of a reduced PSB.
“At the moment the amount is somewhere around $6.6million but it is VIP as per the new contract of PSB for radio and television.
“Over the last 10 years, PSB fee received amounts to $91,951,299.”
He said the payments under the licence were always made by the government as a service fee.
“Usually what happens is if you look at the nature of a Public Service Broadcasting contract, there are certain services that needed to be provided through Radio Fiji 1, Radio Fiji 2 which is covered under the radio contract and for FBCTV is under television.
“If you look at the nature of the services that we have provided and as per the request of the committee as well that is the value of the amounts of services that we provide.”