Annual Report 2008 - Ministry of Finance and Planning

More documents

Recommendations

Info

8. Financial Statements - 2008 286 Financial Statements Accompanying Statement of Financial Performance & Statement of Cash Flows for the year, and the Statement of Financial Position as at the end of the year 2008 with relevant explanatory “Notes” and a Statement of Contingent Liabilities have been prepared and presented by the Department of State Accounts of the General Treasury. These Statements have been prepared in reporting formats introduced in 2006 to present Financial Statements for the year 2005, in full compliance with Generally Accepted Accounting Principles and practices and required guidance has been obtained from Sri Lanka Accounting Standards and International Public Sector Accounting Standards. This is indeed the first step in the transitional stage of preparing and presenting the Government Financial Statements on the Basis of Accrual Accounting as against the present practice of Cash Based Accounting. In designing these formats for presenting these reports, different types of formats adopted by different countries for making advanced Public Sector financial reporting had been considered and ideas were taken from them to have an advanced presentation in consistent with the classification and presentation of the Annual Budget of the Government to enable to provide the reader with a clear view on the Financial Performance of the Government in compared with main targets of the Annual Budget as approved by Parliament. An incremental approach to implementing accrual accounting has been in place since 2004. Accordingly, documenting process of collecting information to be disclosed outside the Accounting System, pertaining to asset management, commitments and liabilities was designed. This is the second time that relevant information on noncurrent assets acquired after 01-01-2004 are disclosed in Financial Statements until accrual accounting principles are fully adopted. These financial statements encompass the financial operations of seventy two Government Ministries, one hundred and eighteen Government Departments and twenty five District Secretariats/ Kachcheries performed in the process of making use of the financial resources allocated to them during the year 2008 in terms of the Annual Budget for implementing the intended work programs and projects for achieving the set goals and objectives. Basic information pertaining to the financial resources allocated by the Government in 2008 to nine Provincial Councils and Public Enterprises comprised of main two categories, i.e. Commercial Public Corporations, thirty three in number and the other Public Corporations and Statutory Boards getting involved in activities in regulatory, manpower development, infrastructure development etc., has also been furnished. In compiling these reporting statements, the relevant data is collected in a specially designed system taken place in the form of a network involving above mentioned Public Institutions, by making use of electronic data transmission methodologies. Through this network all the financial data generated in the system gets transmitted to the central data base of the Department of State Accounts, being the Central Agency of the Government for financial information processing. In full conformity with the vision of the Department to be the Centre for Excellence in Government Financial Information, all the necessary internal controls, checks and balances and required level of supervision is exercised to maintain the integrity, accuracy and completeness of the data collected, stored and processed in order to assure the quality of information generated and furnished, as it is the main Government Department which is responsible for presenting the Annual Financial Statements of the Government in Parliament to discharge the responsibility for the public accountability on Financial resources utilized by the Government. Ministry of Finance and Planning Sri Lanka Annual Report 2008
8. Financial Statements - 2008 Statement of Financial Performance for the year ended 31st December 2008 287 Budget Estimates Actual 2008 2008 2007 Rs. Note Rs. Rs. REVENUE 674,568,590,000 Tax Revenue 585,770,456,047 509,216,529,939 143,291,000,000 Income Tax 1 126,541,183,372 107,168,400,031 405,463,590,000 Taxes on Domestic Goods & Services 2 322,270,996,870 300,185,146,641 125,814,000,000 Taxes on External Trade 3 136,958,275,805 101,862,983,267 119,820,910,000 Non Tax Revenue & Others 4 77,828,631,783 62,348,014,277 794,389,500,000 TOTAL REVENUE (a) 663,599,087,830 571,564,544,216 Less : EXPENDITURE 180,316,321,423 Wages, Salaries and Other Employment Benefits 5 175,760,107,079 155,658,627,654 112,202,856,798 Other Goods & Services 6 102,015,093,858 68,275,011,076 258,871,137,766 Subsidies, Grants and Transfers 7 246,603,499,778 209,445,019,337 216,031,000,000 Interest Payments 8 212,093,904,543 181,383,803,283 767,421,315,987 Total Recurrent Expenditure (b) 736,472,605,258 614,762,461,350 26,968,184,013 REVENUE SURPLUS/ (DEFICIT) (a) - (b) (72,873,517,428) (43,197,917,134) 424,984,012,472 Public Investments 9 297,173,279,278 271,190,996,676 (398,015,828,459) BUDGET DEFICIT (370,046,796,706) (314,388,913,810) FINANCING THE BUDGET DEFICIT 130,000,000,000 Foreign Borrowings 10 120,291,761,846 176,834,397,184 (100,607,700,318) Foreign Debt Repayments (93,688,610,487) (71,140,379,224) 29,392,299,682 NET FOREIGN BORROWINGS 26,603,151,359 105,694,017,960 28,750,000,000 Foreign Grants 11 22,143,248,459 17,372,510,005 58,142,299,682 TOTAL FOREIGN FINANCING 48,746,399,818 123,066,527,964 578,000,000,000 Domestic Non-bank Borrowings 12 535,690,956,497 392,639,676,497 (287,427,489,555) Domestic Debt Repayments 13 (285,515,698,867) (236,573,034,188) 290,572,510,445 NET DOMESTIC BORROWINGS 250,175,257,630 156,066,642,309 13,494,000,000 Recoveries from On-lending 14 13,525,904,919 11,676,975,493 - Divestiture Proceeds & others 119,930,844 545,526,695 - Net Change in Deposit Accounts and Liabilities 32,488,749,419 12,888,373,010 - (Increase)/ Decrease in Cash & Cash Equivalents 24,990,554,076 10,144,868,341 362,208,810,127 TOTAL FINANCING 370,046,796,706 314,388,913,812 Ministry of Finance and Planning Sri Lanka Annual Report 2008
Page 1:
2008 Annual Report Ministry of Fina
Page 4 and 5:
2 This Report is Published in terms
Page 6 and 7:
4 Heads of Treasury Departments (as
Page 8 and 9:
6 Heads of Statutory Boards / State
Page 10 and 11:
8 Contents Chapter 1 - Macro Econom
Page 12 and 13:
10 Contents Contd. Table 3.9 - Key
Page 14 and 15:
12 Contents Contd. Table 7.8 - Valu
Page 16 and 17:
14 Contents Contd. Chart 3.1 - Accu
Page 18 and 19:
16 Sri Lanka at a Glance - 2008 KEY
Page 20 and 21:
18 Sri Lanka at a Glance - 2008 Con
Page 22 and 23:
1. Macro Economic Perspectives 20 E
Page 24 and 25:
1. Macro Economic Perspectives 22 T
Page 26 and 27:
1. Macro Economic Perspectives 24 O
Page 28 and 29:
1. Macro Economic Perspectives 26 C
Page 30 and 31:
Page 32 and 33:
1. Macro Economic Perspectives 30 G
Page 34 and 35:
1. Macro Economic Perspectives 32 M
Page 36 and 37:
Page 38 and 39:
1. Macro Economic Perspectives 36 W
Page 40 and 41:
1. Macro Economic Perspectives 38 B
Page 42 and 43:
1. Macro Economic Perspectives 40 B
Page 44 and 45:
1. Macro Economic Perspectives 42 L
Page 46 and 47:
1. Macro Economic Perspectives 44 i
Page 48 and 49:
2. Fiscal Developments - 2008 46 An
Page 50 and 51:
2. Fiscal Developments - 2008 48 Ta
Page 52 and 53:
2. Fiscal Developments - 2008 50 Go
Page 54 and 55:
2. Fiscal Developments - 2008 52
Page 56 and 57:
Page 58 and 59:
2. Fiscal Developments - 2008 56 Bo
Page 60 and 61:
2. Fiscal Developments - 2008 58 Sp
Page 62 and 63:
2. Fiscal Developments - 2008 60
Page 64 and 65:
Page 66 and 67:
Page 68 and 69:
Page 70 and 71:
Page 72 and 73:
2. Fiscal Developments - 2008 70 Tr
Page 74 and 75:
Page 76 and 77:
2. Fiscal Developments - 2008 74 Th
Page 78 and 79:
Page 80 and 81:
Page 82 and 83:
Page 84 and 85:
2. Fiscal Developments - 2008 82 20
Page 86 and 87:
Page 88 and 89:
Page 90 and 91:
Page 92 and 93:
2. Fiscal Developments - 2008 90 Me
Page 94 and 95:
Page 96 and 97:
Page 98 and 99:
Page 100 and 101:
Page 102 and 103:
2. Fiscal Developments - 2008 100 B
Page 104 and 105:
Page 106 and 107:
Page 108 and 109:
2. Fiscal Developments - 2008 106 I
Page 110 and 111:
Page 112 and 113:
Page 114 and 115:
Page 116 and 117:
2. Fiscal Developments - 2008 114 P
Page 118 and 119:
Page 120 and 121:
Page 122 and 123:
Page 124 and 125:
Page 126 and 127:
2. Fiscal Developments - 2008 124 T
Page 128 and 129:
Page 130 and 131:
Page 132 and 133:
Page 134 and 135:
Page 136 and 137:
2. Fiscal Developments - 2008 134 D
Page 138 and 139:
Page 140 and 141:
138 Ministry of Finance and Plannin
Page 142 and 143:
3. Performance of Public Enterprise
Page 144 and 145:
Page 146 and 147:
Page 148 and 149:
Page 150 and 151:
Page 152 and 153:
Page 154 and 155:
Page 156 and 157:
Page 158 and 159:
Page 160 and 161:
Page 162 and 163:
Page 164 and 165:
Page 166 and 167:
Page 168 and 169:
Page 170 and 171:
Page 172 and 173:
Page 174 and 175:
Page 176 and 177:
4. Reform Initiatives 174 An Overvi
Page 178 and 179:
4. Reform Initiatives 176 also prov
Page 180 and 181:
4. Reform Initiatives 178 Finance/R
Page 182 and 183:
4. Reform Initiatives 180 Environme
Page 184 and 185:
4. Reform Initiatives 182 Pradeshiy
Page 186 and 187:
4. Reform Initiatives 184 SALIENT F
Page 188 and 189:
4. Reform Initiatives 186 The Credi
Page 190 and 191:
4. Reform Initiatives 188 Name of t
Page 192 and 193:
4. Reform Initiatives 190 Project P
Page 194 and 195:
4. Reform Initiatives 192 TERMS OF
Page 196 and 197:
4. Reform Initiatives 194 Table 4.8
Page 198 and 199:
4. Reform Initiatives 196 grounds,
Page 200 and 201:
5. Foreign Financing of the Budget
Page 202 and 203:
Page 204 and 205:
Page 206 and 207:
Page 208 and 209:
Page 210 and 211:
Page 212 and 213:
Page 214 and 215:
Page 216 and 217:
Page 218 and 219:
Page 220 and 221:
Page 222 and 223:
Page 224 and 225:
Page 226 and 227:
Page 228 and 229:
Page 230 and 231:
Page 232 and 233:
Page 234 and 235:
Page 236 and 237:
Page 238 and 239: 6. A Sectoral Perspective 236 An Ov
Page 240 and 241: 6. A Sectoral Perspective 238 Table
Page 242 and 243: 6. A Sectoral Perspective 240 Agric
Page 244 and 245: 6. A Sectoral Perspective 242 Shift
Page 252 and 253: 6. A Sectoral Perspective 250 Lives
Page 254 and 255: 6. A Sectoral Perspective 252 In te
Page 256 and 257: 6. A Sectoral Perspective 254 Box 6
Page 258 and 259: 6. A Sectoral Perspective 256 Distr
Page 260 and 261: 6. A Sectoral Perspective 258 the P
Page 262 and 263: 7. Development Finance 260 An Overv
Page 264 and 265: 7. Development Finance 262 Table 7.
Page 266 and 267: 7. Development Finance 264 Krushi N
Page 268 and 269: 7. Development Finance 266 Crushi N
Page 270 and 271: 7. Development Finance 268 Agro Liv
Page 272 and 273: 7. Development Finance 270 Chart 7.
Page 274 and 275: 7. Development Finance 272 The tota
Page 276 and 277: 7. Development Finance 274 Small an
Page 278 and 279: 7. Development Finance 276 It is al
Page 280 and 281: 7. Development Finance 278 SMERDP N
Page 282 and 283: 7. Development Finance 280 (RFSDP)
Page 284 and 285: 7. Development Finance 282 • Pape
Page 286 and 287: 7. Development Finance 284 appointe
Page 290 and 291: 8. Financial Statements - 2008 288
Page 330 and 331: 328 8. Financial Statements - 2008
Page 332 and 333: 330 8. Financial Statements - 2008
Page 334: 8. Financial Statements - 2008 332
show all

Annual Report 2008 - Ministry of Finance and Planning

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?