Extra week added to 2017-18 fiscal year boosted bonuses at NB Liquor
Posted May 21, 2019 04:04:03 PM.
FREDERICTON — What a difference a week makes — at least when it comes to employee and management bonuses at NB Liquor.
The Crown-owned liquor corporation had to pay out almost $405,000 in extra sales incentive and executive bonus payments at the end of the 2017-18 fiscal year because they had to add an extra week to the fourth quarter.
In a statement, the corporation says the added week was an effort to comply with accounting procedures set out in the province’s Liquor Control Act.
The added week increased the net income for the corporation, and in turn, the bonuses.
However, by removing the week from the first quarter of 2018-19, targets weren’t met and no bonuses were paid for that quarter.
There was no mention of the impact of the added week in NB Liquor’s annual report for 2017-18, but officials say future annual reports will detail the actual number of weeks to ensure there is no confusion.
The Canadian Press
