Annual Report 2008 - Ministry of Finance and Planning

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8. Financial Statements - 2008 290 Analysis of Total Expenses of the Statement of Financial Performance for the year ended 31st December 2008 By Functional Classification Actual (Rs. Million) 2008 2007 Recurrent Capital Total % Recurrent Capital Total % Governance, Operations and Monitoring 402,559 5,269 7,828 42.36 353,486 57,634 411,120 46.40 National Security 169,139 44,469 213,608 20.67 123,914 36,011 159,925 18.05 Art , Culture and Religion 1,956 1,098 3,054 0.30 1,717 1,075 2,792 0.32 Livelihood and Regional Development 20,694 33,752 4,446 5.27 4,131 5,777 9,908 3.38 Social Protection 1,271 2,284 3,555 0.34 16,956 2,860 19,816 2.24 Human Resource Development 74,763 22,858 97,621 9.44 69,396 24,815 94,211 10.63 Infrastructure Development 24,008 131,816 155,824 15.08 20,495 102,464 122,959 13.88 Production, Services and Environment 41,247 24,953 66,200 6.40 23,975 20,006 43,981 4.96 Science, Technology, Research and 835 674 1,509 0.15 692 549 1,241 0.14 Development Total Expenses 736,472 297,173 1,033,645 100 614,762 271,191 885,953 100 Note : These figures are presented in Economic format in accordance with Classification of Functions of Government (COFOG) and based on Standard Programmes of Budget Estimate - 2005. Ministry of Finance and Planning Sri Lanka Annual Report 2008
8. Financial Statements - 2008 Statement of Accounting Policies 291 Reporting Entity These Financial Statements are of the Government of the Democratic Socialist Republic of Sri Lanka and encompass the Reporting Entity of the Central Government comprised of Government Ministries & Departments. Public Corporations, State Owned Enterprises, Statutory Boards and Provincial Councils are not covered in these statements. However cash outflows to those entities taken place during the reporting year and the total interest the Government is having in the Commercial Public Corporations and State Owned Enterprises in the form of capital contribution and loans granted are recognized in these Financial Statements. Basis of Preparation These Financial Statements are prepared under historic cost convention in conformity with Generally Accepted Accounting Principles. Required guidance has been obtained from Sri Lanka Accounting Standards and International Public Sector Accounting Standards. The measurement base applied is historical cost. The Cash based accounting has been used unless otherwise stated. Reporting Period The reporting period of these Financial Statements is the year ended 31st December 2007. Investment Income is recognized in the period it is earned and collected. Premiums and Discounts Premiums and discounts on the issue of a debt instrument are treated as (an adjustment to the) cost of borrowings. Gains Related gains arising from sale of assets are recognized in the period in which transaction occurs. Unrealized foreign exchange gains on monetary assets and liabilities are recognized in the Statements of Financial Position as at the end of the Reporting Period. Expenses All expenses are recognized in the period in which it is incurred. Foreign Currency Transactions Transactions in Foreign currencies are translated into Sri Lanka Rupee using the exchange rate on the date of transaction. Exchange differences arising on settlement of these transactions are recognized in the Statement of Financial Performance. Basis of Combination Ministries & Departments are combined using the classification codes for revenue collected and expenditures incurred. Accordingly total financial assets, liabilities, revenues and expenses are added together line by line. Revenue Central Government provides many services and benefits that do not generate revenue. Therefore revenue is raised by way of taxes, fees & charges imposed under various statutes approved by the Parliament. Revenue is earned by the Government in exchange for the provision of its products and services to the society. Assets Equity investments in State Owned Enterprises are recorded at cost and shown separately, but investments in Statutory Boards are not separately disclosed in the accounts as they operate like other Government Departments relying for their recurrent and capital expenditure from the government. Liabilities In the Statement of Financial Position, all local borrowings are recorded at cost. Where foreign borrowings are subject to variation of exchange rates such foreign monetary liabilities are translated at the exchange rate as at the end of the Reporting Period. All such revenue collected through the relevant Ministries & Departments is recognized at the time of collection. Ministry of Finance and Planning Sri Lanka Annual Report 2008
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2008 Annual Report Ministry of Fina
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2 This Report is Published in terms
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4 Heads of Treasury Departments (as
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6 Heads of Statutory Boards / State
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8 Contents Chapter 1 - Macro Econom
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10 Contents Contd. Table 3.9 - Key
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12 Contents Contd. Table 7.8 - Valu
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14 Contents Contd. Chart 3.1 - Accu
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16 Sri Lanka at a Glance - 2008 KEY
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18 Sri Lanka at a Glance - 2008 Con
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1. Macro Economic Perspectives 20 E
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1. Macro Economic Perspectives 22 T
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1. Macro Economic Perspectives 24 O
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1. Macro Economic Perspectives 26 C
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1. Macro Economic Perspectives 32 M
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1. Macro Economic Perspectives 36 W
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1. Macro Economic Perspectives 38 B
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1. Macro Economic Perspectives 40 B
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1. Macro Economic Perspectives 42 L
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1. Macro Economic Perspectives 44 i
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2. Fiscal Developments - 2008 46 An
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2. Fiscal Developments - 2008 48 Ta
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2. Fiscal Developments - 2008 50 Go
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2. Fiscal Developments - 2008 100 B
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2. Fiscal Developments - 2008 124 T
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138 Ministry of Finance and Plannin
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3. Performance of Public Enterprise
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4. Reform Initiatives 174 An Overvi
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4. Reform Initiatives 176 also prov
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4. Reform Initiatives 178 Finance/R
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4. Reform Initiatives 180 Environme
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4. Reform Initiatives 182 Pradeshiy
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4. Reform Initiatives 184 SALIENT F
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4. Reform Initiatives 186 The Credi
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4. Reform Initiatives 188 Name of t
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4. Reform Initiatives 190 Project P
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4. Reform Initiatives 192 TERMS OF
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4. Reform Initiatives 194 Table 4.8
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4. Reform Initiatives 196 grounds,
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5. Foreign Financing of the Budget
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6. A Sectoral Perspective 236 An Ov
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6. A Sectoral Perspective 238 Table
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Annual Report 2008 - Ministry of Finance and Planning

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