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State Finances Government of Sikkim

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State Finances Government of Sikkim Report of the Comptroller and Auditor General of India on State Finances for the year ended March 2017 Government of Sikkim Report No 2 of 2017 TABLE OF CONTENTS Paragraph Particulars Page No. Preface iii Executive summary v Chapter I: Finances of the State Government 1.1 Introduction 2 1.2 Summary of fiscal transactions 2 1.3 Fiscal reforms path in Sikkim 3 1.4 Budget 2016-17 5 1.5 Resources of the State 6 1.6 Revenue Receipts 9 1.7 Application of resources 15 1.8 Quality of expenditure 23 Financial analysis of Government expenditure and 1.9 26 investments 1.10 Assets and liabilities 30 1.11 Debt management 35 1.12 Fiscal imbalances 39 1.13 Follow Up 42 1.14 Conclusion and Recommendations 42 Chapter II: Financial Management and Budgetary Control 2.1 Introduction 45 2.2 Summary of Appropriation Accounts 45 2.3 Financial accountability and budget management 46 2.4 Contingency Fund 52 2.5 Outcome of review of selected grants 52 2.6 Conclusion and Recommendations 55 Chapter III: Financial Reporting 3.1 Failure to submit Utilisation Certificates 57 3.2 Non-submission/delay in submission of accounts 59 Status of submission of accounts of autonomous 3.3 bodies/Statutory Corporations and placement of Audit 60 Reports before the State Legislature 3.4 Departmental Commercial Undertakings 61 3.5 Misappropriation, losses, etc. 62 3.6 Reconciliation of expenditure and receipts 62 3.7 Conclusion and Recommendations 62 i LIST OF APPENDICES Page Title Appendix No. State Profile 1.1 A 65 Layout of Finance Accounts 1.1 B 66 Structure of Government Accounts 1.1 C 67 Time series data on the State Government finances 1.2 69 Abstract of Receipts and Disbursements for the year 2016- 1.3 72 17 Summarised financial position of the Government of 1.3 74 Sikkim as on 31 March 2017 (continued) Statement showing the funds transferred to the State Implementing Agencies under the programmes/schemes 1.4 75 outside the State budget during 2016-17 Tax and Non-Tax Revenue collected during 2012-17 1.5 76 Statement showing the investment at the end of 2016-17 1.6 77 Statement of various grants/appropriations where savings were more than ` 1 crore each and more than 20 per cent of 2.1 78 total provision Statement showing the rush of expenditure 2.2 79 Statement showing the cases where supplementary provisions (` 10 lakh or more in each case) proved 2.3 80 unnecessary Statement showing results of review of substantial 2.4 81 surrenders made during the year Statement showing the details of saving of ` 1 crore and 2.5 85 above not surrendered Statement showing surrender of funds in excess of ` 1 crore 2.6 86 on 30 and 31 March 2017 Statement showing the pending DC bills for the years up to 2.7 88 2016-17 Statement showing names of bodies and authorities, the 3.1 89 accounts of which had not been received under section 14(1) Statement showing names of bodies and authorities, the 3.2 90 accounts of which had not been received (entrustment audit) Statement showing placement of Separate Audit Report 3.3 90 ii PREFACE 1. This Report has been prepared for submission to the Governor of Sikkim under Article 151(2) of the Constitution of India. 2. Chapters I and II of this Report contain audit observations on matters arising from examination of Finance Accounts and Appropriation Accounts respectively of the State Government for the year ended 31 March 2017. Information has been obtained from the Government of Sikkim wherever necessary. 3. Chapter III on 'Financial Reporting' provides an overview and status of the State Government's compliance with various financial rules, procedures and directives during the current year. 4. The Report containing the findings of performance audit and compliance audit in various departments, audit of Statutory Corporations, Boards, Government Companies and Revenue Receipts is presented separately. iii Executive Summary EXECUTIVE SUMMARY Background This Report on the Finances of the Government of Sikkim is being brought out with a view to assess objectively the financial performance of the State during the year 2016-17. The aim of this Report is to provide the State Government with timely inputs based on actual data so that there is a better insight into both well performing as well as ill performing schemes/programmes of the Government. In order to give a perspective to the analysis, an effort has been made to compare the normative assessment made by the XIV Finance Commission (XIV FC). A comparison has been made to see whether the State has given adequate fiscal priority to the developmental as well as Social Sector and Capital Expenditure and whether the expenditure has been effectively absorbed by the intended beneficiaries. The Report Based on the audited accounts of the Government of Sikkim for the year ended March 2017, this Report provides an analytical review of the annual accounts of the State Government. The Report is structured in three Chapters. Chapter I is based on the audit of Finance Accounts and makes an assessment of the Government of Sikkim’s fiscal position as on 31 March 2017. It provides an insight into trends in committed expenditure, borrowing pattern and a brief account of Central funds transferred directly to the State implementing agencies through off Budget route. Chapter II is based on audit of Appropriation Accounts and gives the grant-by-grant description of appropriations and the manner in which the allocated resources were managed by the service delivery departments. Chapter III is an inventory of Government of Sikkim’s compliance with various reporting requirements and financial rules. The Report also has an appendage of additional data collated from several sources in support of the findings. Audit findings and recommendations Finances of the State Government The fiscal position of the State viewed in terms of key fiscal parameters-revenue surplus, fiscal deficit, primary deficit, etc., indicated that the State had been able to maintain revenue surplus during the last five years and achieved fiscal surplus during 2016-17. Revenue surplus recorded increase (` 682.51 crore) during the year as compared to the previous year. This was due to increase in Revenue Receipts by 21.83 per cent (` 826.01 crore) and increase in Revenue Expenditure of only 3.94 per cent (` 143.50 crore) during 2016-17 as v Audit Report on State Finances for the year ended 31 March 2016 compared to 2015-16. Further, fiscal deficit of ₹ 519.92 crore during 2015-16 turned to fiscal surplus of ₹ 86.30 crore during 2016-17. Revenue Receipts Revenue Receipts increased by ` 826.01 crore (21.83 per cent) from ` 3,784.29 crore in 2015-16 to ` 4,610.30 crore in 2016-17. During 2016-17, 76.05 per cent of the Revenue Receipts were from Government of India as Central transfers in the form of State’s share of taxes and grants-in-aid contributions while only 23.95 per cent revenue was collected from State’s own sources (i.e. Tax and Non-Tax Revenue). The Tax Revenue Receipts at ` 652.56 crore was lower by ` 223.44 crore than the projection made by XIV FC. However, Non-Tax Revenue was higher by ` 158.64 crore. Expenditure During 2016-17, the Total Expenditure increased by 5.10 per cent from ` 4,305.59 crore in 2015-16 to ` 4,525.37 crore during 2016-17. Revenue Expenditure constituted 83.71 per cent, Capital Expenditure constituted 15.92 per cent and loans and advances constituted 0.37 per cent of Total Expenditure during 2016-17. The expenditure on Social and Economic Sectors, which are considered as Development Expenditure, accounted for 65.80 per cent in 2016-17. Capital Expenditure increased by 14 per cent (` 86.31 crore) over the previous year. Fiscal Correction Path Revenue surplus was higher than budget proposal and the target fixed by XIV FC. There was Fiscal surplus during the current year. Ratio of total outstanding debt of the Government to GSDP was, however, higher than the target fixed by XIV FC and budget proposal. Fiscal Liabilities Fiscal liabilities of the State increased by ` 626.25 crore (12.86 per cent) from ` 4,869.20 crore in 2015-16 to ` 5,495.45 crore in 2016-17. The growth rate of outstanding fiscal liabilities which was 17.00 per cent in 2015-16 decreased to 12.86 per cent in 2016-17. The buoyancy of the liabilities with respect to Gross State Domestic Product during the year was 1.15 indicating that for each one per cent increase in Gross State Domestic Product, fiscal liabilities grew by 1.15 per cent. The Debt- Gross State Domestic Product Ratio for the year was higher than the recommended target of XIV FC. Investment and Returns The return from investments was 2.06 per cent. However, some of the Companies/ Corporations were incurring recurring loss. State Government may review the working of the units which were incurring losses and take appropriate action to avoid further financial burden on the Government. Financial Management and Budgetary Control The State Government had not brought out a Budget Manual detailing the procedures for preparation of budget estimates, realisation of revenue, control over expenditure, etc. vi Executive Summary Against the total provision of ` 6,569.09 crore during 2016-17, an expenditure of ` 4,772.15 crore was incurred. This resulted in an unspent provision of ` 1,796.94 crore (27.35 per cent). Excess expenditure of ` 83.99 crore during 2010-11 to 2015-16 required regularisation under Article 205 of the Constitution.
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