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Whole of Government Financial Statements 2017

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Whole of Government Financial Statements 2017 TUVALU WHOLE OF GOVERNMENT FINANCIAL STATEMENTS for the Year Ended 31 December 2017 Government of Tuvalu Financial Statements STATEMENT OF RESPONSIBILITY The Government is pleased to present the Financial Statements of the Government of Tuvalu for the Year Ended 31 December 2017 We hereby declare that: - We have been responsible for the preparation of these Financial Statements and the judgments made in them. - We are responsible for establishing and maintaining a system of internal controls designed to provide reasonable assurance as to the integrity and reliability of financial reporting. - In our opinion these Financial Statements fairly reflect the financial position and operations of the Government of Tuvalu for Year Ended 31 December 2017 The Financial Statements were authorised for issue by the Minister of Finance on 30 June 2018 Hon. Maatia Toafa Mr Talavai Iona Minister for Ministry of Permanent Secretary for Finance and Economic Ministry Finance and Development Economic Development Government of Tuvalu Financial Statements 31-12-2017 STATEMENT OF INCOME AND EXPENDITURE For the Year Ended 31-12-2017 The accompanying notes form part of these financial statements. 2017 2017 2016 Notes Actual Budget Revised INCOME Taxation 9 8,735,452 7,405,728 7,337,401 Interest, Dividends and Rent 10 2,334,876 2,800,182 2,918,929 Fisheries Licenses 20 (a) 24,898,555 24,964,104 34,102,086 Dot TV 7,839,715 7,051,284 6,387,739 External Assistance and Grants 11 12,963,095 17,128,201 15,401,535 Other Income 12/20 (b) 6,124,773 2,547,288 5,612,772 Distribution from Tuvalu Trust Fund 3,300,000 6,699,996 4,780,000 TOTAL INCOME 66,196,465 68,596,783 76,540,462 EXPENDITURE Wages, Salaries, and Allowances 18,252,552 19,404,608 17,410,132 Contributions to Tuvalu National Provident Fund 1,591,972 1,540,580 1,487,255 Travel 13 4,699,613 2,879,965 3,876,044 Fuel, Electricity and Communications 2,740,949 2,304,687 2,931,506 Maintenance 3,814,383 5,103,001 2,409,853 Bank Charges and Fees 1,194,372 1,052,513 449,723 Grants and Subsidies (incl. Scholarships Support) 14 14,345,392 20,727,853 17,566,120 Tuvalu Medical Treatment Scheme 6,550,978 3,004,000 4,091,001 Other Expenses 15 8,699,519 9,156,904 9,451,401 Special Development Expenditures 5,119,879 5,697,711 12,139,048 TOTAL EXPENDITURE 67,009,607 70,871,822 71,812,082 RECURRENT SURPLUS / (DEFICIT) (813,143) (2,275,039) 4,728,380 OTHER GAIN AND LOSS Unrealised Gain (Loss) on Trust Fund Investment 4 978,806 8,512,350 Unrealised Gain (Loss) on Investment in Corporations 5 894,952 1,027,058 Unrealised Gain (Loss) on Fisheries Debtors 8 320,493 0 Movement on Tuvalu Development Fund Operation 16 1,836,552 569,179 Unrealised Gain (Loss) on Currency Movement (Offshore Loans) (12,798) 118,447 Doubtful Debts (Expense) 6 (91,921) (185,287) TOTAL OTHER REVENUE AND EXPENDITURE 3,926,084 10,041,747 TOTAL SURPLUS / (DEFICIT) 3,112,941 14,770,127 Disclosure; Italic amounts are revised figures. Refer to the Note 20 for details Government of Tuvalu Financial Statements 31-12-2017 STATEMENT OF ASSETS AND LIABILITIES Prepared in accordance with Public Finance Act s31(1)(i) For the Year Ended 31-12-2017 The accompanying notes form part of these financial statements. 2017 2016 Notes (Revised) GOVERNMENT EQUITY Surplus / (Deficit) 20(b ) 3,112,941 14,770,127 Retained Earnings 188,519,378 161,910,477 TOTAL GOVERNMENT EQUITY 191,632,319 176,680,604 REPRESENTED BY: ASSETS Current Assets Cash & Cash Equivalents 1 (434,347) 875,710 Special Funds 2 1,142,860 1,122,279 Cash Investments 3/20(c ) 21,840,489 27,471,434 Debtors 6 2,615,112 1,033,567 Total current assets 25,164,114 30,502,989 Non-Current Assets Tuvalu Trust Fund 3 & 4 82,597,826 73,619,020 Tuvalu Survival Fund 3a 6,999,982 4,999,985 Tuvalu Development Fund 3b & 16/ 20(c ) 9,331,645 7,477,653 Investments in Corporations 3 & 5 17,217,674 16,322,722 Property, Plant and Equipment 18 58,003,144 52,164,370 Total Non-Current Assets 174,150,271 154,583,751 TOTAL ASSETS 199,314,386 185,086,741 LIABILITIES Less Current Liabilities Accounts Payable 1,489,909 695,255 Unearned Revenue 7 0 0 Accounts Payable - Tuvalu Provident Fund 441,132 469,721 Other Recurrent Liabilities 7 6,713 4,327 Total current liabilities 1,937,753 1,169,303 Less Non-Current Liabilities Offshore Loans 8 5,744,314 6,316,341 Domestic Loans 8 0 920,493 Total non-current liabilities 5,744,314 7,236,834 TOTAL LIABILITIES 7,682,067 8,406,137 TOTAL NET ASSETS 191,632,319 176,680,604 Disclosure; Italic amounts are revised figures. Refer to the Note 20 for details Government of Tuvalu Financial Statements 31-12-2017 STATEMENT OF CHANGES IN EQUITY For the Year Ended 31-12-2017 The accompanying notes form part of these financial statements. 2017 2016 Notes Revised Retained Earnings as at 1 January 176,680,604 188,430,937 Movements reflected on Income Statement Net Surplus/(Deficit) for the period 20(b ) (813,143) 4,728,380 Prior Period Adjustment; Other Gain (Loss) for the period 3,926,084 10,041,747 Movements not reflected on Income Statement Investment in TTF 4 6,000,000 0 Introduction of Property, Plant & Equipment 18 5,838,774 (4,511,762) Write off of Nukufetau Cash Book Prior Year Error Acc Pol 2.5 878 Assets Prior Year Error Acc Pol 2.5 (22,015,983) Accumulated Funds as at 31 December 191,632,318 176,680,604 Disclosure; Italic amounts are revised figures. Refer to the Note 20 for details Government of Tuvalu Financial Statements 31-12-2017 STATEMENT OF REVENUE AND EXPENDITURE BY HEADS For the Year Ended 31-12-2017 The accompanying notes form part of these financial statements. Budget Approved on Cash Basis 2017 2017 Variance Head Head of Expenditure / Government Function Actual Original Budget (Bud - Act) RECURRENT REVENUE A Office of the Governer General 0 0 0 B Office of the Prime Minister 286,007 278,340 7,667 C Legal Services 161,892 74,052 87,840 D Parliament 0 0 0 E Office of the Auditor General 5,360 64,500 (59,140) F Finance and Economic Development 24,018,377 25,750,929 (1,732,552) G Public Utilities 331,857 115,788 216,069 H Health 24,448 15,012 9,436 I Natural Resources 27,767,306 26,479,630 1,287,676 J Home Affairs 58,491 41,328 17,163 K Police and Prison Services 26,025 50,376 (24,352) L Transport and Communications 10,169,803 8,864,688 1,305,115 M Education, Youth and Sports 3,472 50,004 (46,532) N Judiciary 4,440 5,748 (1,308) O Foreign Affairs, Trade, Tourism, Environment & Labour 38,988 106,392 (67,404) Distribution from Tuvalu Trust Fund 3,300,000 6,699,996 (3,399,996) TOTAL RECURRENT REVENUE 66,196,465 68,596,783 2,400,318 RECURRENT EXPENDITURE A Office of the Governer General 225,177 235,328 10,151 B Office of the Prime Minister 8,866,544 8,886,327 19,783 C Legal Services 723,244 754,258 31,014 D Parliament 957,274 973,732 16,458 E Office of the Auditor General 388,250 409,858 21,608 F Finance and Economic Development 3,975,628 11,193,114 7,217,487 G Public Utilities 6,237,685 5,293,721 (943,964) H Health 11,515,348 9,522,240 (1,993,108) I Natural Resources 2,878,879 3,000,345 121,466 J Home Affairs 7,437,149 6,590,766 (846,383) K Police and Prison Services 1,776,533 1,852,884 76,351 L Transport and Communications 5,930,690 5,518,966 (411,724) M Education, Youth and Sports 11,756,943 12,545,448 788,505 N Judiciary 539,168 570,928 31,760 O Foreign Affairs, Trade, Tourism, Environment & Labour 3,801,096 3,523,907 (277,189) TOTAL RECURRENT EXPENDITURE 67,009,607 70,871,822 3,862,215 RECURRENT SURPLUS / (DEFICIT) (813,143) (2,275,039) (1,461,896) OTHER GAIN AND LOSS Unrealised Gain (Loss) on Trust Fund Investment 978,806 Unrealised Gain (Loss) on Investment in Corporations 894,952 Unrealised Gain (Loss) on Fisheries Debtors 320,493 Movement on Tuvalu Development Fund Operation 1,836,552 Unrealised Gain (Loss) on Currency Movement (Offshore Loans) (12,798) Doubtful Debts (Expense) (91,921) Government of Tuvalu Financial Statements 31-12-2017 STATEMENT OF RECEIPTS AND PAYMENTS BY HEADS Prepared in accordance with Public Finance Act s31(1)(ii) For the Year Ended 31-12-2017 The accompanying notes form part of these financial statements. Budget Approved on Cash Basis 2017 Adjust for 2017 2017 2017 Variance Head Head / Government Function Expense & Movement of 2017/2018 Accrual Receipts & Final Budget Revenue AP/AR accrual Accrual Movement Payments Provision (Bud - Act) balance Journals RECURRENT RECEIPTS A Office of the Governer General 0 (3,120) 0 (3,120) (3,120) 0 3,120 B Office of the Prime Minister 286,007 12,769 226,193 238,962 524,969 278,340 (246,629) C Legal Services 161,892 (475) 0 (475) 161,417 74,052 (87,365) D Parliament 0 1,627 0 1,627 1,627 0 (1,627) E Office of the Auditor General 5,360 370 0 370 5,729 64,500 58,771 F Finance and Economic Development 24,018,377 (752,727) (1,743,988) (2,496,715) 21,521,662 25,750,929 4,229,267 G Public Utilities 331,857 293 0 293 332,150 115,788 (216,362) H Health 24,448 (803) 0 (803) 23,645 15,012 (8,633) I Natural Resources 27,767,306 (1,590) 76,051 74,461 27,841,767 26,479,630 (1,362,137) J Home Affairs 58,491 (4,440) 0 (4,440) 54,052 41,328 (12,724) K Police and Prison Services 26,025 (5) 0 (5) 26,019 50,376 24,357 L Transport and Communications 10,169,803 (241) 0 (241) 10,169,562 8,864,688 (1,304,874) M Education, Youth and Sports 3,472 (773) 0 (773) 2,699 50,004 47,305 N Judiciary 4,440 2 0 2 4,442 5,748 1,306 O Foreign Affairs, Trade, Tourism, Env.
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