The Chaguaramas Development Authority says it continues to incur what it says is an unusually high wage bill, which accounts for approximately 72 percent of Income.
In a media release the C.D.A. explained that consequently, the Authority has commenced discussions with the respective Unions on a staff rationalisation exercise which has become necessary for the organization to be efficiently and effectively managed.
The CDA said after paying salaries, the Authority is unable to cover operational expenses such as Maintenance and Utilities.
This is in response to current protests by CDA employees, who say they have not been receiving their benefits.
The Authority said it was able to successfully collect rental arrears from the majority of errant tenants.
The release noted that in 2010, Annual Personnel Expenditure amounted to $8.5 Million and Annual Income amounted to $26.7 Million.
Personnel Expenditure therefore amounted to a mere 32 percent of Income.
Further, in 2010, CDA’s debt was $6.7 Million and there was $16.9 Million in savings.
By 2016, the debt was $118 Million and there was only $68,000.00 in savings. In 2017, Annual Personnel Expenditure had risen to $26.7 Million and Annual Income amounted to $34.7 Million.
Personnel Expenditure was therefore as high as 77 percent of the income earned for the year, the statement said.
By 2019, this figure represented 72 percent of Income.