President Uhuru Kenyatta's Jubilee Party has made a colossal loss of Ksh250.6 million in the financial year ending June 30, 2021.
The Party's revenue dipped to Ksh611.7 million from Ksh862.3 million that was recorded in 2019, even as the party faces uncertainty ahead of the 2022 General Election.
The huge loss in revenue came as a result of increased party's expenditure by Ksh111.9 million after it posted Ksh646.4 million in expenses up from Ksh534.5 million in 2020.
Jubilee, however, managed to cut its expenses on employees costs from Ksh166.6 million in 2020 to Ks166.3 million in 2021. The repairs and maintenance cost was also reduced from Ksh113.6 million to nil.
Speaking to Kenyans.co.ke, Jubilee Secretary-General confirmed that their financial results of the year 2020/2021 have already been submitted to Auditor General Nancy Gachungu.President Uhuru Kenyatta (right) with Jubilee Secretary-General Raphael Tuju (left) at the All Saints Cathedral, Nairobi in October 2015File
"We have already submitted the financial report and the file is with the Auditor General," Tuju told Kenyans.co.ke.
The financial costs for the ruling party dropped from Ksh6.3 million in 2020 to Ksh3.99 million in 2021.
Their total assets dipped to Ksh380.7 million compared to Ksh429.4 million in the financial year ended June 2020.
Additionally, the party was able to cut its liabilities by Ksh12.6 million after it recorded Ksh159.1 million. That was a drop from Ksh171.77 million in 2020.
The party in the financial year ending June 30, 2018, was exposed for massive mismanagement of funds by the Auditor General.
"The statement of financial position as of June 30, 2018, reflects current liabilities balance of Sh133,558,229 which exceeds current assets of Sh67,278,244 by Sh66,279,985 implying that the party was operating with negative working capital, thus technically bankrupt," reads the report.
"In the circumstances, the continued existence of the party is dependent on continued financial support from creditors, bankers and well-wishers."
The latest financial report comes amidst fallout with lawmakers allied to Deputy President William Ruto who even threatened to stop their remittance to the party.
In the financial year ending June 30, 2018, the party had received Ksh871.2 million which they shared with Orange Democratic Movement (ODM).Jubilee Vice Chairman David Murathe and Secretary General Raphael Tuju address the media outside Jubilee Party offices in 2020
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