By S. Siapha Mulbah
Report from the just ended national county sports meet shows that government through the Ministry of Youth and Sports(MYS) was only able to save 10.6% of resources generated in its United States Dollars account and 22% in its Liberian Dollars account of funds generated from sponsorship and other support collected towards the event.
After reportedly spending 89.4% of US$331,000 and 78% of LR$41,123,002.85 from the total income generated from the recent edition of the nation’s largest sporting festival, the ministry broke silence recently about the financial component stressing financial transparency.
According to Minister Jeror Cole Bangalu, the highest contributor to the county meet last edition was the government of Liberia who made U$180,000 and L$21,398,002.85 for operation and other expenses particularly for preparation and other initiatives by the fifteen counties.
The report further declared that gate intake through ticket sale by vision prints contributed US$64,000 and LR$16,770,000 for all the matches played at Samuel Kanyon Doe Sports complex after the preliminary rounds across the country.
However, the gate intake collected in the four hosting counties of the preliminary rounds were not captured in the report though sources close to the MYS reported that the ministry is entitled to an undisclosed percentage of funds raised in every county meet group stage.
The minister explained that the expenditure component of the financial report covers every expense for goods and services used for the county meet and other social corporate responsibility of the ministry as well as support to national team and former players.
The balance currently in the account of the ministry according to the report is U$35,346 and L$9,077,642.85 from the income. With the release of the income component of the report, it is not clear whether the ministry will identify other initiatives to be undertaken from the competition’s fund.
With the alarming challenges in hosting the competition at the national sports stadium, the ministry’s report is expected to meet up with some remedies to cover sporting infrastructure development.
MYS Expends Nearly 90% Of County Meet Revenue
