Well in execution, but with fringes to correct personnel, public procurement and project materialization. This could be the summary of the SOCIETY OF THE LAND AND HOUSING SOCIETY OF ARAGÓN Slu, made by the Aragon Chamber of Accounts and corresponding to the period of activity of the years 2019-2022.
Since the creation of land and housing in Aragon in 2022, 100% commercial company of the Aragon government through the Aragonese Public Business Corporation (CEPA), has Built around 3,000 public promotion homes In the three Aragonese provinces, in addition to Promote industrial polygons and logistics platforms In the community.
He has also undertaken other general interest actions such as the rehabilitation of architectural heritage, the urban planning of the Canfranc International Station and other actions such as the Agreement with Amazon Web Services for the data centers of Villanueva de Gállego and the Burgo de Ebro.
From the constitution of society, The Aragon government has contributed 190 million euros. A figure in which the transfers and subsidies received to finance your activity are not taken into account. Only in the period of this Report of Supervision, Land and Housing of Aragon received 84 million euros more for transfers, subsidies and aid of which 27 million euros were charged.
Despite these contributions, This company has generated 98 million losses due to the deterioration of asset value as a consequence of the 2008 crisis. At the close of society, in the exercise of 2022, indebtedness amounted to 11.3 million euroswhich correspond to the pending amount of expiration for mortgage loans to finance the promotion of social housing.
And, although the annual accounts, the economic result and the financial situation between 2019 and 2022 are favorable, the Aragon Chamber of Accounts points to a series of less positive aspects such as the greatest risk of auditing in the valuation of real estate assets and of the existence.
Specifically, at the end of 2022, The average deterioration of the real estate was 32% of real estate investmentsthat is, leased properties or in expectation of lease, and 40% of stocks were real estate for sale, which represents a Value loss of 67 million of euros of all these assets, according to the data of the Supervisory Report.
The most important investments of the analyzed period have been the rehabilitation works of the former Canfranc International Station and its surroundings, as well as those of urbanization for the Agrifood Platform of Epoila, the rehabilitation of the Caminreal railway station or the housing construction on the lot of the Merced barracks.
However, the Supervisory Report points to deviations both amounts and execution deadlines in the nine land and housing contracts of Aragon that have been examined and represent 75% of the total value awarded in these four years analyzed.
The Chamber of Accounts also alerts other incidents such as Urgent processing of two contracts not to lose financing from the Teruel Investment Fund, apart from the modification of a contract three months after its award, which was a 12% cost increase due to calculation errors in the design phase.
Regarding asset sales operations, the Aragon Chamber of Accounts has detected that, as a general rule, The sale price of assets does not cover the losses generated by deterioration. Moreover, on many occasions, the cost of the assets does not contemplate the calculation of some direct and indirect costs of the company.
The Supervisory Report also warns of several breaches of legality regarding staff. For example, in 2022, personnel spending amounted to 1.5 million euros with a template of 25 workers. Precisely, from the report it is recommended to adapt the compensation of the job “responsible for the financial economic department” to the remuneration tables of the Administration of the Autonomous Community of Aragon. It is also advisable to keep the publication of the remuneration tables of the company’s workforce updated.
Recommendations
The report concludes nine other recommendations, in addition to the two related to the personnel area, to contribute to the improvement of public company management. One of them is the need for the Aragon Government to in depth the specialization of the autonomic business sector in order to guarantee a Efficient use of public resources for the overlap that occurs in the activity of some societies.
It also puts the focus on Regulate the orders for execution to your own media To provide this legal security figure, taking into account that, in general, the use of external means above the 50% limit established by the Public Sector Contract Law is required.
In this area, it also recommends that, for long -term operations, the Internal return rate (IRR) to the market interest rates published for the state debt.
Another recommendation focuses on reconciling the confidentiality of the negotiations of the sale of real estate with the transparency obligations of the public sector and with the principle of equal treatment between possible interested parties, since they can cover up subsidies in kind.
Also, the establishment of Preferential acquisition clauses or reversal clauses, that reduce the risk of speculation in subsequent transmissions and be able to recover the discount assets to continue with the promotion policy.
The report affects the need for Emergency processing It is due to justified causes and not to an inadequate planning, or the incorporation of indirect costs to assets to avoid the generation of continuous losses. In addition, it indicates that the Division into lots of the object of the contracts to promote the concurrence of bidders and facilitate SME access.
In Accounting matterit is noted that the memory table of the annual accounts of the real estate investment note must correctly inform the movement of provision and reversal of deterioration, in accordance with the definition of the Effective generating unit of the Accounting and Audit Institute of Accounts ( Icac).
And, as for subsidies and aidthe Government of Aragon is recommended to publish the complete information on subsidies granted in the National Subsidies Database and in the Transparency Portal of the Government of Aragon.
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