ANNUAL REPORT 2009 - 2010
Chairman’s Report The Corporation during the 2009-10 financial year embarked on an ambitious plan to move the organization to a service oriented entity, while effecting development plans for the five selected areas, during a period of global as well as national recession. The national landscape saw Jamaica preparing to enter a Standby Arrangement under a 27 month programme with the International Wayne Chen
Monetary Fund, to assure adequate foreign reserves over the period, as
the country engages in the streamlining of public sector expenditure. This includes the divestment of loss making public entities and facilities and the strengthening of the legislative frame work and debt management strategy.
Against this background, the Corporation has sought to improve its own efficiencies and to commence the process of divesting management of non-core functions. Consequently, Corporate Goals with a three year life cycle were established to include :
1. Returning the Corporation to its core functions as defined by the UDC Act
2. Redesigning the Corporation structure and staffing in alignment with the mission and objectives of the
UDC (including transforming the culture to one of providing excellent customer service delivery)
3. Assuring the financial viability and solvency of the Corporation
These were underpinned by strategic initiatives inclusive of –
• Restructuring the corporate balance sheet • Identifying and divesting non-core assets • Restructuring the Corporation • Implementing an enterprise wide project management methodology. In reviewing the performance for the period, the Corporation was able to achieve or at a minimum, start the implementation of some of the strategic initiatives. In some instances, the progress was not at the pace expected, but I believe that inroads have been made, an overview of which has been provided in the pages of this Annual Report.
Indeed as the Corporation seeks to return to core functions, we are cognizant that there will be challenges, especially in how the expectations of the Corporation will be dealt with. Honourable Prime Minister, we welcome the challenge as we advance the process of national development and on behalf of the Board, Management and Staff of the Urban Development Corporation, I present the Annual Report of the Corporation for the financial year April 2009 to March 2010.
Wayne Chen Chairman