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We refer to your article in the MaltaToday issue of Sunday, 27 November 2005 entitled: “Zebbug, St Julians, Mosta have greatest debts”. Unfortunately, the Sliema Local Council was classified as the ninth out of the top 10 local councils in Malta having the greatest debts.
We acknowledge that Sliema Local Council owes Lm59,708 to its creditors and provided Lm37,772 for bills on account of works carried out in the locality but not yet invoiced by the respective suppliers. This amounts to a total of Lm97,480. These figures were quoted from the Council’s latest audited financial report for the year ended 31 March 2005.
With regret we must say that your analysis of the financial situation of our Council leaves much to be desired. This revolves around the simple reason that the figures quoted in the article represent only part of the financial picture of the Council as on 31 March 2005. No opinion was expressed on the current assets held by the Council, with special reference to the amount of bank and cash balances on that same date. On 31 March 2005, the Sliema Council held the amount of Lm 127,988 as liquid cash in its bank accounts. Additionally, it was owed the amount of Lm 51,112 from its debtors, prepaid expenses of Lm20,693 and accrued income of Lm 7,920.
Having said all this, the Council is proud to state that it achieved a highly positive financial indicator of 39% when the minimum required by the Financial Procedures regulating Local Councils stands at 10%. In this respect, our analysis provides strong evidence that the Sliema Council is, and will remain accountable and diligent in the administration of public funds entrusted to it.
Lino Bartolo
Executive Secretary
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