Monday, December 25, 2006

The "Boo Boo" Report

The Financial Audit Court and its accounts for 2005 was fresh air for this damp year. We're glad to see it, and glad to discuss openly where the public money is being spent.

I haven't read the entire report, but I would like to point out a couple of points that would make 2006's report even more astonishing.

  • First of all, its peculiar that the financial audit court reports to the royal court. I think it should report to parliment (not this one), remidied from there, and then the issue is escalated to the King. The annual report should not overtake legistlation in my opinion.

  • The report did not cover public lands, which is the biggest area of concernt right now.

  • The report was prepared in June. Presenting it around christmas minimizes the findings, since there is a time lag between June and December. Maybe it was to avoid a hectic elections season or something, but hopefully next year its going to be more timely.

  • The big Enchilada of that report was the Formula 1, just like GOSI was the hot potato a couple of years ago. Now can we take this issue a step further and investigate whether some of these grand projects are actually expecting returns based on solid feasiblity studies, or are they individualistic aspirations? The reason I say this is because there are lots of mega projects in the pipeline; namely, a golf course, a desert spa, a financial wharf, a business district, theme parks, a foodcourt lagoon, and the four seasons hotel to name a few. Its unimaginable if one of these mega projects goes bust and the government has to pick up the tab.

The people that worked on this report must be applauded. Thank you once again. Much respect!