SKN National Assembly: Minister Hamilton lays 2018 financial statement report

2 copies of the Report on the Audited Financial Statements of Social Security for the year 2018 were produced on the table of St Kitts and Nevis National Assembly on Thursday, October 15, 2020.

Monday, 19th October 2020

EUGENE HAMILTON, MINISTER OF SOCIAL SECURITY

St Kitts and Nevis: 2 copies of the Report on the Audited Financial Statements of Social Security for the year 2018 were produced on the table of St Kitts and Nevis National Assembly on Thursday, October 15, 2020. Minister of Social Security, Eugene Hamilton, presented the report papers to the Parliament in conformity with Section 41 of the Social Security Act. He interpreted from the report and introduced some key facts to the nation, describing them as essential facts that each contributor to the Social Security Fund should understand. “As of December 31, 2018, the Social Security Fund figured $1.64 billion equated to $1.52 billion in 2017,” he asserted. Land, plant and equipment totalled $15 million while intangible assets were nearly $168,000. Investment assets were pitched at over $163 million. This includes assets across the Federation including Butlers, Saddle Hill, Winterforest Estate, Pinney’s Estate, and Chapel Street in Nevis as well as at Franklands, Fountain Estates, Douglas Estate, Pelican Resort, Scotch Bonnet, Brighton Estate, and Church Street in St. Kitts. The additional investments totalling around $1.374 billion, included most of the deposits held in different financial organisations. Minister Hamilton moreover reported that the cumulative income for 2018 was $139.4 million, which was weaker than the $144 recorded in 2017. The drop was primarily attributed to a reduction in interest charges in 2018. Contributions to the Social Security Fund were upward from $94.7 million in 2017 to $95.6 million in 2018. Investment revenue declined from $49 million to $42 million. As stated, this was associated with a request in interest rates.