GNOC reports a net deficit of over D1M

Tuesday, January 13, 2009

The treasurer of the Gambia National Olympic Committee (GNOC), Mr Louis Sarkis, has revealed that the 2007 audited financial statement of the Committee has disclosed a net deficit of D1,351,486 (one million, three hundred and fifty one thousand, four hundred and eighty six dalasis) for the year ended 31 December 2007.

Comparing the figure to a surplus of D 1,182,276 (one million, one hundred and eighty two thousand, two hundred and seventy six dalasis) in the previous year, Mr Sarkis admitted a rather downward trend in the operations of the Gambia National Olympic Committee.

Speaking to the delegates at the 2008 Ordinary Session of the General Assembly of the GNOC held at the Olympic House at Mile 7, on Saturday, treasurer Sarkis said the operating income of D5,946,629 (five million, nine hundred and forty six thousand, six hundred and twenty nine dalasis) represents a significant decrease of D4,459,005 (four million, four hundred and fifty nine thousand and five dalasis) less than that achieved in 2006.

He said the drop in the income was mainly due to the non-recurrences of some major activities like the Commonwealth Games in Melbourne and the Zanoca Games that took place in 2006 for which grants were received.

He said the 2007 expenditure level has increased out of proportion with the level of income mainly due to the extra expenditure. Sarkis said the significant increase in the overseas travels by Bureau members and an increment in the number of National Associations during the year has also impacted on the budget.

He said there has been a spill over effect of the negative results of 2007 into 2008, hinting that the Bureau will critically review its budget in 2009 with a view to rationalizing and streamlining budget lines as a rescue package in order to restore the financial position of the Committee.

One of the immediate measures so far taken by the Bureau, according Mr Sarkis, is the move to sub-let the ground floor of Olympic House in order to generate additional funds.

Author: By Nanama Keita