M&CC needs updated assets register and timely submission of financial statements

M&CC needs updated assets register and timely submission of financial statements – former Mayor

Aug 08, 2023 News

Kaieteur News – Former Mayor of Georgetown, Pandit Ubraj Narine has lamented on the need for an updated and comprehensive fixed assets register at the Georgetown Mayor and City Council (M&CC). He also pointed to the need for the timely submission of monthly financial statements.

Former Mayor of Georgetown, Pandit Ubraj Narine

In a letter to the new Financial Management Committee of the Municipality, the former Mayor requested that the two critical matters, that have been a cause for concern within the city administration under his tenure, be examined.

“For quite some time, since I took office in 2019 it was burden on my shoulders,” Narine said in his letter.

“A comprehensive fixed assets register is crucial for effective financial management, as it provides a complete record of the city’s tangible assets, such as buildings, infrastructure, and equipment. It ensures transparency, accountability, and facilitates prudent decision-making regarding asset allocation and maintenance,” he said.

However, the Mayor said despite his repeated requests since taking office in 2019, the Town Clerk’s office has consistently made excuses for the delay in establishing and maintaining an up-to-date fixed assets register.

He explained that such excuses not only hinder the city’s ability to manage its assets effectively but also erode public trust and confidence in the administration.

According to the former Mayor, several letters were sent to the Local Government Commission (LGC) on the issue but nothing was done to date about Town Clerk and other senior officers of Municipality of Georgetown’s failure to carry out the council’s decisions.

“I urge the Finance Committee to exercise its authority and request the immediate completion of the fixed assets register and I can clearly say the then Town Clerk (ag.) who paid a lot of attention to getting the fixed assets register update was Ms. Sherry Jerrick . I must say she is very professional at any work the council mandates her to do in that capacity as Town Clerk…” Narine added.

Further, the former Mayor called for the timely issuance of monthly financial statements. He said that the “Timely and accurate financial reporting is essential for both internal management and external stakeholders. Monthly financial statements provide a snapshot of the city’s financial health, highlighting revenues, expenditures, and budgetary variances. They enable effective monitoring of financial performance, identification of potential issues, and prompt corrective actions, if required.”

Narine stressed that it is imperative that the City Council and its constituents have access to this vital information, allowing for informed decision-making and fostering a sense of trust and transparency within our community.

As such, he urged the Finance Committee to take immediate action to address the aforementioned issues to demonstrate its commitment to transparency, accountability, and responsible financial management.

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Former Mayor of Georgetown, Georgetown’s, Pandit Ubraj Narine, Sherry Jerrick, Town Clerk's

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