Sunday October 1, 2023 – Former Prime Minister Raila Odinga’s ODM generated a whopping Ksh1.3 billion worth of revenues in the full financial year ended June 30, 2023.
However, this is a 36 per cent drop from the previous financial year, where the party generated a cool Ksh2.2 billion.
The party’s unaudited financial statements show that a majority of the party’s income came from accrued government transfers which brought in Ksh1.1 billion.
The party also netted Ksh240 million from government transfers and another Ksh31 million from public contributions and donations.
Instructively, the amount netted from public contributions and donations reduced by 90 per cent compared to the corresponding period, the previous year, when the party received Ksh322.1 million.
The party’s balance sheet also shows that ODM spent Ksh610.6 million on campaigns and another Ksh108.5 million on conferences and meetings.
Other activities that gobbled up a huge chunk of the amount include; administrative expenses (Ksh127.5 million), party policy and advocacy (Ksh43 million) and branch coordination and support (Ksh31 million).
Financial costs consumed Ksh611,739 while civic education cost the political outfit Ksh60,000.
Additionally, the financial statement shows that total expenses amounted to Ksh922 million down from Ksh1.1 billion the previous year.
Notably, the financial statement shows that the party has total assets worth Ksh10.5 billion, underlining strong balance sheet strength.
According to the registrar of political parties, Ann Nderitu, ODM will receive Ksh308 million from the Political Parties Fund in the Financial Year 2023/2024.
The Kenyan DAILY POST