Sainiani Boila 
file Photo
The Public Rental Board experienced a net loss of $1.3 million in the 2023 financial year, a significant decline from its four million dollar net profit in 2022.
This financial downturn has attracted the attention of the Standing Committee on Public Accounts.
Committee member Hem Chand has requested clarification on how a recent salary restructure may have impacted the board’s financial performance.
“The reason given in the report that caused the net loss recorded in 2023 was mainly due to an increase in employee benefit expenses of more than half a million, that is, $525,236, so, is it because of the restructure or additional positions, or was there a job evaluation exercise carried out?”
PRB General Manager Timoci Naleba attributes the loss to two primary factors, including a long-overdue job evaluation exercise and a significant revaluation of PRB’s assets.
“JEE was conducted in accordance with the board’s human resources policy to ensure staff salaries met market standards. However, he emphasized that the salary adjustments were modest, with the recommended increases reduced to just 20 percent across the board.”
Naleba says the more substantial financial impact came from the revaluation of PRB’s property portfolio, which was carried out on the instruction of the Auditor General.
The PRB is committed to providing affordable housing for low-income families, but its recent financial losses highlight a challenge: balancing its social mission with staying financially sound.
The Standing Committee will continue investigating the salary restructure and its wider financial effects on the PRB.
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