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AFS 2016-17 [Eng] ANNUAL FINANCIAL STATEMENTS of the ROYAL GOVERNMENT OF BHUTAN for the YEAR ENDED 30 JUNE 2017 Department of Public Accounts Ministry of Finance ii Contents 1. EXECUTIVE SUMMARY ................................................................................... 1 2. BASIS FOR PREPARATION .............................................................................. 1 3. FISCAL PERFORMANCE .................................................................................. 1 4. RECEIPTS AND PAYMENTS ............................................................................ 3 5. GOVERNMENT RECEIPTS BY SOURCES .................................................... 4 5.1 DOMESTIC REVENUE ............................................................................... 5 5.2 EXTERNAL GRANTS ................................................................................. 6 5.3 BORROWINGS EXTERNAL BORROWINGS .......................................... 8 5.4 RECOVERY OF LOANS ........................................................................... 10 5.5 OTHER RECEIPTS AND PAYMENTS .................................................... 11 6. OPERATIONAL RESULTS .............................................................................. 12 6.1 GOVERNMENT EXPENDITURE............................................................. 12 7. BUDGET UTILISATION .................................................................................. 25 7.1 UTILIZATION OF CAPITAL BUDGET................................................... 25 8. ACHIEVEMENT OF FISCAL TARGETS ...................................................... 31 9. GOVERNMENT DEBT POSITION ................................................................. 31 9.1 DOMESTIC DEBT ..................................................................................... 31 9.2 EXTERNAL DEBT..................................................................................... 31 10. SOVEREIGN GUARANTEE ............................................................................ 35 11. GOVERNMENT’S EQUITY PORTFOLIO .................................................... 35 12. CONSOLIDATED FUND ACCOUNT ............................................................. 40 13. GOVERNMENT BUDGET FUND ACCOUNT .............................................. 41 14. REFUNDABLE DEPOSIT, REVOLVING AND TRUST FUNDS ACCOUNTS ........................................................................................................ 42 15. OPERATION OF CURRENT DEPOSIT (CD) ACCOUNTS......................... 42 NOTES TO ACCOUNTS: ...................................................................................... 305 iii FIGURES Figure 1. External Grants received ................................................................................8 Figure 2. External Loans received .................................................................................9 Figure 3. Composition of Expenditure ..........................................................................13 Figure 4. Top five current expenditure ........................................................................13 Figure 5. Statement of interest payment ......................................................................14 Figure 6. Top five capital expenditure ........................................................................18 Figure 7. Expenditure composition by Sector ..............................................................25 Figure 8. % Variance between Budget and Actual (summary) ...................................27 Figure 9. % Variance between Budget and Actual – individual ministries ..................28 Figure 10. % Variance between Capital Budget and Actual Expenditure ....................29 Figure 11. % Variance between Capital Budget and Actual – individual ministries ...................................................................................................30 SCHEDULES Schedule 1. Revised Budget and Booked Expenditure comparison ..............................43 Schedule 2. Expenditure by Object Class ......................................................................58 Schedule 3. International Assistance (Grants) received ................................................62 Schedule 4. International Assistance (Loans) received ...............................................124 Schedule 5.Expenditure by IMF Functional Classification .........................................126 Schedule 6. Schedule of Revenue Receipts and Remittances .....................................195 Schedule 7. Schedule of Recoveries and Remittances ................................................212 Schedule 8. Schedule of Miscellaneous Receipts and Payments ................................227 Schedule 9. Schedule of Personal Advances ...............................................................243 Schedule 10. Schedule of Advances and Suspenses....................................................245 Schedule 11. Schedule of Uncashed Cheques .............................................................277 Schedule 12. Schedule of Current Deposits Accounts ................................................291 TABLES Table 1. Financing and Variance .................................................................................... 2 Table 2. Consolidated Receipts and Payments Statement .......................................... …4 Table 3. Government Receipts by Sources ..................................................................... 5 Table 4. Summary of Revenue Collection ...................................................................... 6 Table 5. International Assistance (Grants) Received… .................................................. 7 Table 6. International Assistance (Loans) Received ....................................................... 9 Table 7. Statement of Recoveries ................................................................................. 10 iv Table 8. Statement of Other Receipts and Payments .................................................... 11 Table 9. Summary of Expenditure ................................................................................ 12 Table 10. Statement of Interest Payment ..................................................................... 14 Table 11. Statement of Interest Payment by Lender ..................................................... 15 Table 12. Comparision of Current Expenditure and Domestic revenue ....................... 17 Table 13. Comparison of Capital Expenditure and Repayment with Grants and Loans ........................................................................................... 18 Table 14. Statement of Subsidies and Transfers ........................................................... 19 Table 15. Statement of Principal loan Repayment ........................................................ 20 Table 16. Statement of Principal loan Repayment by Lender ...................................... 21 Table 17. Statement of on-lending ................................................................................ 23 Table 18. Summary of Expenditure by Sector .............................................................. 24 Table 19. Statement of Variance between Budget and Actual ..................................... 26 Table 20. Statement of Variance between Capital Budget and Actual ......................... 28 Table 21. Statement of Outstanding Debt ..................................................................... 33 Table 22. Statement of Government Guarantee ............................................................ 35 Table 23. Statement of Government Equity Holdings (Direct) .................................... 36 Table 24. Statement of Government Equity Holdings through DHI ............................ 38 Table 25. Reconciliation of Government Consolidated Account ................................. 40 Table 26. Reconciliation of Government Budget Fund Account ................................. 41 Table 27. Statement of Refundable Deposit/Revolving and Trust Funds Account ..................................................................................... 42 Table 28. Summary of Current Deposit (CD) Accounts as on June 2017 .................... 42 v vi vii viii ix x 1. EXECUTIVE SUMMARY The original budget for the Fiscal Year (FY) 2016-17 was Nu. 49,981.584 million with an estimated resources of Nu. 41,605.862 million resulting in fiscal deficit of Nu. 8,375.722 million and resource gap Nu. 7,631.475 million. During the FY, the budget was revised to Nu. 55,812.061 million and the resources to Nu. 48,941.674 million which reduced the fiscal deficit to Nu. 6,870.387 million and resource gap to Nu. 5,648.816 million. However, at the close of the FY, the actual expenditure was Nu. 48,017.988 million with the total realized resources of Nu. 42,673.126 million. This resulted in improving the fiscal deficit to Nu. 5,344.862 million, which is 3.3% of Gross Domestic Product (GDP)1. With the borrowing of Nu. 3,227.662 million and repayment of Nu. 2,703.336 million, the resource gap stood at Nu. 4,820.536 million which is about 3.0% of GDP. The resource gap was financed through the issuance of Treasury Bills (T-Bills). The principal amount of T-Bills outstanding at the end of the FY was Nu. 9,959.919 million. With the redemption of closing balance of FY 2015-16 amounting to negative Nu. 4,531.634 million, the Government fund position at the close of the FY stood at Nu. 607.749 million. The Government outstanding debt stock as on 30th June 2017 was Nu. 170,256.761
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