Last November's Commonwealth Head of Governments Meeting (CHOGM) cost nearly Lm2.6 million, according to the finalised audited accounts, details of which were published yesterday by the government.

The net expenditure amounted to Lm2,193,324 because the gross amount included Lm365,951 that was provided by private sponsors. The net amount spent was Lm206,676 less than the projected budget.

These figures were released yesterday after CHOGM task force chairman Salv Stellini presented a report, prepared by Grant Thornton, on the money spent to organise the meeting.

Mr Stellini said it was not possible to present the report by the end of last month due to the extensive number of bills that had to be examined and the fact that some bills were sent in late.

The report highlights various points including the fact that Lm280,000 from the net amount went to the VAT Department, which would cut further the amount forked out by the government to Lm1.9 million.

Furthermore, the equipment bought for CHOGM, at a cost of Lm235,000, has been passed on to government entities, particularly to the Armed Forces and the Police. This report did not quantify the economic benefits of CHOGM or the fact that 4,000 people visited the island in connection with this event. Mr Stellini said it was with "a great sense of satisfaction" that he was presenting the report because, he added, it proved that the government had acted professionally in organising such an important event.