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ANNUAL FINANCIAL STATEMENTS of the ROYAL GOVERNMENT of BHUTAN for the YEAR ENDED 30 JUNE 2004

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ANNUAL FINANCIAL STATEMENTS of the ROYAL GOVERNMENT of BHUTAN for the YEAR ENDED 30 JUNE 2004 ANNUAL FINANCIAL STATEMENTS of the ROYAL GOVERNMENT of BHUTAN for the YEAR ENDED 30 JUNE 2004 Department of Budget and Accounts Ministry of Finance FINANCIAL STATEMENTS OF THE ROYAL GOVERNMENT OF BHUTAN FOR THE YEAR ENDED 30 JUNE 2004 S/No. LIST OF CONTENTS PAGE I WRITE UP No. INTRODUCTION 1 OVERVIEW 1 1. RECEIPTS AND PAYMENTS 4 2. OPERATIONAL RESULTS 4 2.1 EXPENDITURE GROWTH 4 2.1.1 CURRENT EXPENDITURE 5 2.1.2 CAPITAL EXPENDITURE 9 2.1.3 LENDING 9 2.1.4 LOAN REPAYMENT 9 3. FINANCING 13 4. GOVERNMENT RECEIPTS BY SOURCE 14 4.1 INTERNAL REVENUE 14 4.2 EXTERNAL GRANTS 16 4.3 BORROWINGS 16 4.3.1 INTERNAL 16 4.3.2 EXTERNAL 17 4.4 RECOVERY OF LOANS 19 4.5 OTHER RECEIPTS AND PAYMENTS 20 5. GOVERNMENT DEBT POSITION 21 6. GOVERNMENT EQUITY HOLDINGS 21 II TABLES A STATEMENT OF VARIANCES 1. Summary of Variance between Budget Estimates and Actual Outcome -FRR-2001 2 2. Summary of Variance between Budget Estimates and Actual Outcome-NA format 3 B CONSOLIDATED RECEIPTS AND PAYMENTS 1. Statement of Consolidated Receipts and Payments 4 C SCHEDULE OF BUDGETARY EXPENDITURE 1. Statement of Total Expenditure for FY 2002-03 and 03-04 4 2. Statement of Current Expenditure vis-à-vis Internal Revenue 6 3. Statement of Interest Payments on Loans for FY 2002-03 and 03-04 7 4. Statement of Interest Payments on Loans for FY 2002-03 & 03-04:by Category 8 5. Statement of On-lending 9 6. Statement of Principal Loan Repayments for FY 2003-04:by Lender 10 7. Statement of Principal Loan Repayments for FY 2002-03 & 03-04:by Category 11 8. Statement of Expenditure by Sector for FY 2003-04 12 D FINANCING FINANCIAL STATEMENTS OF THE ROYAL GOVERNMENT OF BHUTAN FOR THE YEAR ENDED 30 JUNE 2004 S/No. LIST OF CONTENTS PAGE 1. Statement of Fiscal Deficit/Surplus and its Financing 13 E GOVERNMENT RECEIPTS 1. Statement of Government Receipts by Sources 14 2. Statement of Internal Revenue for FY 2002-03 and 03-04 14 3. Statement of Internal Revenue 15 4. Statement of International Assistance (Grants) received during FY 2002-03 & 03-04 16 5. Statement of International Assistance (Loan) received: By Lender 17 6. Statement of International Assistance (Loan) received: By Category 18 7. Statement of Recovery of Loans: By Lender 19 8. Statement of Recovery of Loans: By Agency 19 9. Statement of Other Receipts, Payments and Adjustments 20 F GOVERNMENT CONSOLIDATED ACCOUNT 1. Reconciliation of Government Consolidated Account 22 G GOVERNMENT BUDGET FUND ACCOUNT 1. Reconciliation of Government Budget Fund Account 23 1.1 Credits as per Cash Book but not in Bank Statements 23 1.2 Credits as per Bank Statements but not in Cash Book 23 1.3 Debits as per Cash Book but not in the Bank Statement 24 OTHER SUPPORTING STATEMENTS (CENTRAL BUDGET AND ACCOUNTS H SYSTEM REPORTS) 1. Statement of International Assistance (Grants) received: By Donor 25 2. Statement of International Assistance (Grants) received: By Agency 38 3. Statement of Revised Budget and Booked Expenditure Comparison by Program 50 4. Summary of Expenditure: By Object 92 5. Summary of Expenditure: By Function 94 6. Schedule of Dishonoured Cheques of FY 2003-04 128 7. Schedule of Opening & Closing Cash Balances 130 8. Schedule of Other Recoveries and Remittances 135 9. Schedule of Miscelleneous Receipts and Payments 141 10. Schedule of Revenue Receipts and Remittances 148 11. Schedule of Advances & Suspenses 157 I GOVERNMENT OUTSTANDING LOANS 1. Statement of Outstanding Loans 166 J GOVERNMENT EQUITY HOLDINGS 1. Statement of Government Equity Holdings 167 III GRAPHS 1. Total Expenditure for FY 2002-2003 and FY 2003-04 5 2. Internal Revenue and Current Expenditure for FY 2002-03 and 03-04 6 3. Principal Loan Repayment for FY 2002-03 and 03-04 12 FINANCIAL STATEMENTS OF THE ROYAL GOVERNMNET OF BHUTAN FOR THE YEAR ENDED 30 JUNE 2004 INTRODUCTION The Annual Financial Statements of the budgetary operations of the Royal Government of Bhutan (RGoB) for the Financial Year (FY) 2003-2004 corresponding to the second year of the Ninth Five Year Plan are presented as per the provisions of the Financial Rules and Regulations, 2001 (FRR-2001). The actual outcomes for the year are compared with the budget estimates of the year and also with the outcomes of the previous FY 2002-2003. The Annual Financial Statements for the FY 2003-2004 contains detailed reports on Government financial sources and uses, Reconciliation of Government Budget Fund Account and Government Consolidated Account, Statement of Government Equity Holdings and Statement of Outstanding Loans of the Royal Government as on 30 June 2004. OVERVIEW The FY 2003-2004 started with an approved budget appropriation of Nu. 11,537.737 million and a budget deficit* 383.233 million. At the end of the FY 2003-2004, the budget estimates showed an upward revision of Nu. 13,958.114 million and the budget deficit increased to Nu. 1,524.218 million. This can be attributed mainly due to drop in Government of India’s Program Grant support to Nu. 1,750 million from the initial projection of Nu. 2,000 million, redemption of the National Pension and Provident Fund loan of Nu. 250 million, incorporation of Nu. 294.432 million for adjustment of previous years advances in addition to Nu. 690.822 million of net additional budgets provided under RGoB financing. However, the actual outcomes for the FY 2003-2004 showed a different scenario with a budget surplus of Nu. 1,261.944 million. The comparison of budget estimates with that of actual outcomes as per the format specified in the FRR-2001 is presented on the next page. * Budget deficit/surplus = [domestic revenue + recovery of on-lendings + grants + project-tied borrowings] minus [current expenditures + capital expenditures + lendings + repayments]. Budget Manual, FRR-2001 1 FINANCIAL STATEMENTS OF THE ROYAL GOVERNMNET OF BHUTAN FOR THE YEAR ENDED 30 JUNE 2004 Table A1 - (FAM 11.2): SUMMARY OF VARIATION BETWEEN BUDGET ESTIMATES AND ACTUAL OUTCOME OF FY 2003-2004 (In Million Ngultrum) APPLICATION OF BUDGET ESTIMATES ACTUAL VARIATION PERCENTAGE BUDGET ESTIMATES ACTUAL VARIATION PERCENTAGE SOURCE OF FUNDS OUTCOME REVI./ ORIG./ REVI./ ORIGI./R ORIG./AC ORIG./RE ACT. ACT. ACT. FUNDS APPROVED REVISED EVI. T. APPROVED REVISED OUTCOME V. A. EXPENDITURE: 1 1,274.847 1 3,375.403 1 0,345.669 18.63 (8 .24) ( 22.65) A. INTERNAL RECEIPTS 5 ,214.756 5 ,214.756 5 ,055.195 - (3.06) (3 .06) i. Current 4 ,997.498 5 ,767.860 5 ,149.225 15.41 3.04 ( 10.73) i) Tax 3 ,350.311 3 ,350.311 2 ,689.896 - (19.71) ( 19.71) ii. Capital 6 ,277.349 7 ,607.543 5 ,196.444 21.19 ( 17.22) ( 31.69) ii) Non-Tax 1 ,864.445 1 ,864.445 2 ,365.299 - 2 6.86 2 6.86 B. REPAYMENTS: 2 25.420 4 79.681 4 67.112 112.79 107.22 ( 2.62) B. RECOVERY OF LOANS 4 7.780 4 7.780 6 68.994 - 1 ,300.15 1,300.15 i. Internal - 2 50.000 2 50.000 - - - ii. External 22 5.420 2 29.681 2 17.112 1 .89 (3 .69) ( 5.47) C. GRANTS 4 ,730.433 5 ,170.847 5 ,367.378 9 .31 1 3.46 3 .80 i) In Cash 4 ,488.951 4 ,630.879 4,918.656 3 .16 9 .57 6 .21 C. LENDING 8 5.250 1 50.810 1 19.133 76.90 39.75 ( 21.00) ii) In Kind 2 41.482 5 39.968 4 48.722 D. ADVANCE: - - 6 9.327 - - - D. BORROWINGS 9 52.875 1 ,771.403 1 ,149.240 85.90 2 0.61 ( 35.12) i) Internal - - - - - - E. MISC. PAYMENTS - - - - - - ii) External 9 52.875 1 ,771.403 1 ,149.240 85.90 2 0.61 ( 35.12) E. MISC. RECEIPTS 2 56.440 2 76.940 2 2.378 7 .99 (91.27) ( 91.92) F. SURPLUS - - 1 ,261.944 0 0 F. DEFICIT 3 83.233 1 ,524.168 - 297.71 (100.00) (1 00.00) TOTAL PAYMENTS 1 1,585.517 1 4,005.894 1 2,263.185 20.89 5.85 ( 12.44) TOTAL RECEIPTS 1 1,585.517 1 4,005.894 1 2,263.185 20.89 5 .85 ( 12.44) Source: Department of Budget and Accounts (DBA), Department of Aid and Debt Management (DADM) and Department of Revenue and Customs (DRC). Note: (i) Approved budget estimates is as reported to National Assembly session of June 2003. (ii) Revised budget estimates is as on 30 June 2004. 2 FINANCIAL STATEMENTS OF THE ROYAL GOVERNMNET OF BHUTAN FOR THE YEAR ENDED 30 JUNE 2004 The comparison of budget estimates with that of actual outcomes can also be presented as per the format presented to the National Assembly as below. Table A2: SUMMARY OF VARIANCE BETWEEN BUDGET NAD THE ACTUAL OUTCOME FOR THE FY 2003-2004 (Nu. in millions) Approved Revised Actual DETAILS Budget Budget Outcome OUTLAY 11,537.737 13,958.114 10,332.247 1. EXPENDITURE 11,274.847 13,375.403 10,345.669 i. Current Expenditure 4,997.498 5,767.860 5,149.225 ii. Capital Expenditure 6,277.349 7,607.543 5,196.444 2. NET LENDING 37.470 103.030 ( 549.861) 3. REPAYMENT 225.420 479.681 467.112 4. ADVANCE/SUSPENSE (Net) - - 69.327 5. OTHER PAYMENTS - - - SOURCES OF FINANCE 11,537.737 14,009.290 13,954.191 1.
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