By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

THE Bahamas Electricity Corporation’s (BEC) executive chairman yesterday revealed the utility monopoly suffered a $12.7 million first quarter loss, telling Parliament this placed it on track to lose $40-$50 million in its 2013 financial year.

Leslie Miller, during his contribution to the Mid-Year Budget debate, told the House of Assembly: “During the last fiscal year of BEC, I indicated that there was a loss of some $18 million.

“So far, for the first quarter of this financial year, BEC is losing some $12.7 million. If we continue on that path we could substantially lose in excess of $40-$50 million. That’s why the Government must address the situation with these government entities. The Government cannot allow these Corporations to do as they see fit without answering to the Government and the Board, and particularly the Bahamian people.”

Mr Miller said it was “high time” that the Government paid more attention to the financial state of public corporations and eliminate the wastage of public funds.

“I think it is high time that the Government pays more attention to these Corporations. It was indicated that a unit will be set up to deal directly with the Corporations, that they will be accountable and that their Budget will be approved by the Ministry of Finance, enabling the wastage to stop in these Corporations,” Mr Miller said.

“You still need a Board, but it’s important that the Ministry of Finance, which is responsible for any debt incurred by any Corporation, to be on top of their situation. I think it’s of vital importance that that takes place. I’m happy that that’s been included in this Mid-Year Budget, and that a closer review will be paid to the running of these Corporations.”

Mr Miller added: “Fiscal discipline needs to be across the board for all government corporations bar none. We need to improve the service that is offered by these government corporations. The overtime and some of the waste, in many instances, must cease. The unions should now work more closely with the Government in trying to bring down the costs.

“If you don’t arrest the hemorrhage, government is going to have to come back and pour more money into these corporations. I don’t think it’s warranted, and if we would just tighten our belts and do what’s necessary these corporations could sustain themselves without going to government.

“But, as long as the workers believe that no matter what position they find themselves in, the Government is always going to pull them out........ I think that needs to stop. These entities must be driven by good governance, transparency and know that when they make decisions that affect the lives of our people that they will be held responsible and accountable for those decisions.”