The Public Rental Board reported a net loss of $1.3 million for the 2023 financial year, a stark contrast to the $4 million profit recorded in 2022. This financial setback drew the attention of the Standing Committee on Public Accounts, with committee member Hem Chand probing into the causes of this decline, specifically questioning the effects of a recent salary restructure.
Chand highlighted that the report attributes the loss primarily to an increase in employee benefit expenses, which rose by more than $525,000. He raised concerns over whether this increase was due to the recent salary adjustments, additional positions, or a job evaluation exercise.
PRB General Manager Timoci Naleba explained that the financial loss stemmed from two key factors: a long-awaited job evaluation and a major revaluation of the board’s assets under the Auditor General’s direction. He clarified that the salary adjustments made were moderate, reflecting a 20 percent increase across the board, adhering to the board’s human resources policy aimed at aligning payroll with market standards.
The PRB is dedicated to providing affordable housing for low-income families, but the recent financial challenges emphasize the need for a balance between fulfilling its social mission and maintaining financial stability. The Standing Committee will continue its investigation into the salary restructure and its broader financial implications for the PRB.
In light of these struggles, it’s important to recognize the PRB’s commitment to addressing these issues responsibly, as effective management and strategic planning can lead to recovery and ongoing support for vulnerable communities. The focus on improving the organization’s financial practices may enable the PRB to turn its fortunes around while still fulfilling its mission to provide essential housing services.
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