FBOA agrees to begin providing audited accounts
20 June, 2019, 7:07 am
MEMBERS of the Fiji Bus Operators Association have unanimously agreed to begin providing audited accounts for each of their companies from the next financial year.
According to FBOA, at the annual general meeting held on Saturday, June 15, 2019, the members agreed that electronic ticketing data now provided a good basis for tracking and auditing income.
The decision is in line with recent regulations making it mandatory for companies to begin collating and providing audited records.
The FBOA said in a statement that members had urged the bus industry regulators, including the Independent Bus Fare Review Committee, to help them mitigate the rising costs incurred over the 10 years since the last increase, by granting an increase for Stages 1 to 4.
“We are hopeful the Government will consider our proposal to help us mitigate the severe impacts of all-round cost increases, especially for stages 1 to 4,” said incoming FBOA president Nisar Ali Shah.
In previous fare reviews, a percentage increase was given to each stage and in the process, the increases given to stage 1 to 4, which forms the bulk of operators’ trips – were unfairly distorted.
“The fare for Stage 4 is $1.84 while the fifth stage is $2.33, a large difference between the two stages. Therefore, if stages 1 to 4 are granted increases, the fare structure will be a bit more consistent and will still be affordable for the travelling public.”
Mr Shah told members that he looked forward to continuing the work of the association’s executives over the next two years, including working with the regulators on an updated fare structure after a decade at the same level.