Notes to Financial Statements - Ministry of Finance and Planning

Financial Statements
Explanatory Notes
Note 09 - Lease of Vehicles
According to the budget circular No 150 Department of National
Budget has been procured 670 numbers of vehicles on Leased
basis in 2011 and paid Rs. 275,866,391 as a lease installment
during the year .This amount included in the Object code No
2101-Acquisition of Vehicles.
Note 26 - Deposits and other Liabilities
Rs. 19,817,306,000 received from Sangri- La Hotels Lanka
(Pvt) Ltd and Avic International Hotels Lanka Limited for the
land allocated to hotel development has been deposited in
Treasury General Deposit Account (6000).
Note 30 - Accumulated Total Investment
and Accumulated Revenue Deficit
The presentation of composition of the accumulated revenue deficit,
which has been derived in the newly introduced reporting formats,
has not been possible for periods prior to 2004 as the information
required for ascertaining the same has not been compiled during
pre-2004 periods. Total investments in physical assets are comprised
of accumulated value of property, plant and equipment held by
Ministries, Departments and Statutory Boards, at cost.
Among other physical assets held in the form of property, plant
and equipment, major items included are the accumulated value
of physical assets of the infrastructure facilities provided by the
State over the years in Transport, Irrigation, Health, Education
etc., at cost.
Therefore, there are difficulties associated with presenting the
detailed itemized composition of such assets held by or prevailed
under the supervision of the relevant Ministries, Departments
and other Institutions as a detailed system of documentation and
information had not been maintained to itemize the total value
of such assets in the Cash Based Accounting System adopted.
Similarly, total accumulated depreciation on those assets is also
not calculated in the Cash Based Accounting System.
However, for the fulfillment of requirements on the
accountability on those physical assets in property, plant and
equipment held by Ministries and Departments, especially in
respect of movable physical assets, Annual Verification Procedure
is followed for reporting the position to the Auditor General in
terms of provisions in Section 3 of Chapter XIII of Government
Financial Regulations, for securitization.
Note 34 - Expenditure committed in
2010/2011 and paid in 2012
The total recurrent and capital expenditure incurred during the
year 2012 includes recurrent expenditure of Rs.23,227 million
and capital expenditure of Rs.32,021 million incurred for the
years 2010 and 2011. Accordingly, total recurrent and capital
expenditure for the year 2012 activities was Rs.1,095,104 million
and Rs.1,041,882 million respectively. The relevant details are
included in Note 34.
Note 35 - Excluded Revenue
The VAT on specified projects under the sections c (xxiii) and f(ii)
of the exemption schedule of the Value Added Tax Act No. 14
of 2002 and respective amendments thereto and the relevant
taxes on vehicles procured by public servants under the Trade and
Investment Policy Circular No. 01/2010 dated 10.12.2010 are not
included. However, these have been captured under the economic
classification of revenue and expenditure.
Note 36 - Bond Issued to Bank of Ceylon
Bond Issued to BOC for capitalized the CPC dues has been
accounted under the Government domestic borrowings.
610