Notes to Financial Statements - Ministry of Finance and Planning

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14 | FINANCIAL STATEMENTS Financial Statements 2012 Financial Performance Statement of the Democratic Socialist Republic of Sri Lanka for the year 2012, Cash Flow Statement, Financial Position as at 31st December 2012, Change in Net Assets, Financial Statement consisting of accounting policy and the report of Auditor General’s opinion are forwarded herewith. By these financial statements, financial resources allocated by the Appropriation Act No. 52 of 31st December 2011 for the year 2012 have been described as utilization process of recurrent expenditure and capital expenditure of twenty two (22) Special Spending Units , fifty four (54)Government Ministries , ninety two (92) Government Departments and twenty five (25) District Secretariats / Kachcheries. In addition, the actual position regarding the process of collection of revenue approved by the said Act has also been explained. Further, the Financial Statements reveal the information relating to capital contribution or shareholdings in the, thirty three (33) Commercial Public Corporations, hundred and eight (108) Government Owned Companies/ Other Companies/Plantation Companies and Development Banks and also information relating to allocation of financial resources to nine (09) Provincial Councils by the Central Government. These Financial Statements are prepared under historic cost convention in conformity with Generally Accepted Accounting Principles. Historical cost is applied as the measurement base. The cash based accounting is adopted. In addition, information regarding movable assets required for accounting process on accrual basis have been included as a Note from the year 2004. The Department of Valuation has commenced the assessing of government owned lands and buildings in the year 2012 and the process is to be completed in 2013 and as such, action has been taken to implement the preparation of accounting on accrual basis as a pilot progarmme from the year 2013. The Comoputerized Integrated Government Accounting System (CIGAS) used to report public accounts has been modernized. So that it could be implemented with new technological accessories and the new programme will be implemented w.e.f. 2013. Similarly, according to the instruction given in the Handbook on Government Finance Statistics in the year 2001, preparation of public accounts figures has been commenced and which will enable Republic Account information to be rated with other countries. 556
Ministry of Finance and Planning, Sri Lanka > Annual Report 2012 Statement of Financial Performance for the year ended 31 st December, 2012 Budget Estimates (Revised) 2012 Rs Note 2012 Rs. Actual 2011 Rs. REVENUE 896,599,000,000 Tax Revenue 845,296,533,956 812,647,344,688 177,303,000,000 Income Tax 1 172,593,144,170 157,308,604,799 497,740,000,000 Taxes on Domestic Goods & Services 2 462,164,109,919 467,560,957,884 221,556,000,000 Taxes on International Trade 3 210,539,279,866 187,777,782,005 141,732,000,000 Non Tax Revenue & Others 4 151,520,394,790 130,295,690,314 1,038,331,000,000 TOTAL REVENUE (a) 996,816,928,746 942,943,035,002 Less : EXPENDITURE 273,982,480,155 Wages, Salaries and Other Employment Benefits 5 272,620,034,131 251,128,858,679 114,307,984,794 Other Goods & Services 6 110,014,410,382 112,186,124,259 334,403,493,850 Subsidies, Grants and Transfers 7 326,576,268,727 303,839,501,876 410,850,643,934 Interest Payments 8 408,986,710,093 353,008,964,120 640,581,569 Other Recurrent Expenditure 9 133,266,321 33,768,120 1,134,185,184,302 TOTAL RECURRENT EXPENDITURE (b) 1,118,330,689,656 1,020,197,217,054 95,854,184,302 REVENUE DEFICIT (a) - (b) 121,513,760,909 77,254,182,052 554,156,623,698 Public Investments 10 471,088,878,311 398,518,995,838 650,010,808,000 BUDGET DEFICIT 592,602,639,220 475,773,177,890 FINANCING THE BUDGET DEFICIT 241,555,343,000 Foreign Borrowings 11 365,698,416,536 287,012,381,370 (153,320,000,000) Foreign Debt Repayments (152,898,693,427) (72,262,198,510) 88,235,343,000 NET FOREIGN BORROWINGS 212,799,723,109 214,750,182,860 20,000,000,000 Foreign Grants 12 16,070,771,882 15,961,635,355 108,235,343,000 TOTAL FOREIGN FINANCE 228,870,494,992 230,711,818,215 946,952,232,000 Domestic Non-Bank Borrowings 13 725,869,311,452 695,393,866,280 (451,809,000,000) Domestic Debt Repayments 14 (449,915,078,355) (470,075,014,039) 495,143,232,000 NET DOMESTIC BORROWINGS 275,954,233,097 225,318,852,241 16,470,000,000 Recoveries from On-lending 15 16,409,105,273 14,877,712,658 500,000,000 Sale of Capital assets 831,151,867 514,298,415 - Net Change in Deposit Accounts and Liabilities 22,160,865,071 6,527,187,288 - (Increase)/ Decrease in Cash & Cash Equivalents 48,376,788,920 (2,176,690,927) 620,348,575,000 TOTAL FINANCING 592,602,639,220 475,773,177,890 557
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Note 34 Ministry of Finance and Pla
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Notes to Financial Statements - Ministry of Finance and Planning

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