The Naboro Landfill account has emerged as the biggest revenue contributor to the Environment Trust Fund Account, helping push total reserves beyond $23.6 million in 2024.
According to the latest Auditor-General’s report on the General Administration Sector, the Environment Trust Fund Account closed the financial year ending July 31, 2024 with a balance of $23.6 million, up from $20.7m the previous year.
The report states that increased collections from the Naboro Landfill Trust and Environment Trust accounts were the main drivers behind the rise in revenue.
Total revenue collected during 2024 reached $7.27m while expenditure totalled $4.5m, leaving a net surplus of $2.77m.
Although the surplus was lower than the $3.3m recorded in 2023, revenue collections still increased by $1.19m, or 20 per cent.
The Naboro Landfill account generated the largest share of revenue, rising from $4.28m in 2023 to almost $5m in 2024.
The Environment Trust account also recorded strong growth, increasing from $1.5m to more than $2m during the same period.
The trust fund consists of four categories — Ozone Depletion Substance fines, Naboro Landfill, Environment Trust and the Convention on International Trade in Endangered Species.
Meanwhile, collections from Ozone Depletion Substance fines declined slightly from $288,120 to $262,632.
Expenditure from the trust fund also rose sharply during the reporting period.
The report showed total spending increased by $1.72m, or 62 per cent, mainly linked to higher payments from the Naboro Landfill Trust and Environment Trust accounts.
Payments under the Naboro Landfill Trust climbed from $2.61m in 2023 to $3.45m in 2024, while spending from the Environment Trust account surged from $101,555 to more than $1m.
Despite the rise in expenditure, the Auditor-General’s report noted that the trust fund maintained a strong surplus position and continued growth in overall reserves.
