Auditor General's Report on the Public Accounts of Montserrat 2004
Auditor General's Report on the Public Accounts of Montserrat 2004
Auditor General's Report on the Public Accounts of Montserrat 2004
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to be d<strong>on</strong>e to ensure that all accounting <strong>of</strong>ficers understand <strong>the</strong> principle <strong>of</strong><br />
annual budgeting whereby appropriati<strong>on</strong>s can <strong>on</strong>ly be used for needs arising<br />
in <strong>the</strong> fiscal year and that warrants lapse at <strong>the</strong> end <strong>of</strong> <strong>the</strong> fiscal year.<br />
Fur<strong>the</strong>r expenditures must be authorized by Parliament through <strong>the</strong><br />
issuance <strong>of</strong> a warrant raised in <strong>the</strong> next financial year. For fiscal year <strong>2004</strong><br />
<strong>on</strong>e project – Extensi<strong>on</strong> <strong>of</strong> Pris<strong>on</strong> - was allowed to c<strong>on</strong>tinue without <strong>the</strong><br />
relevant warrant being raised.<br />
2.6 OTHER STATEMENTS<br />
2.6.1 Statement <strong>of</strong> C<strong>on</strong>tingent Liabilities<br />
Date Debtor Creditor Liability<br />
December 31, <strong>2004</strong> GSB SUNDRY $25,140,604<br />
2.6.2 Statement <strong>of</strong> Special Funds<br />
78. Net movement <strong>on</strong> this fund amounted to $14,911 <strong>the</strong>reby increasing<br />
<strong>the</strong> balance at end <strong>of</strong> <strong>the</strong> fiscal year to $583,927. The movement<br />
c<strong>on</strong>sisted <strong>of</strong> write-<strong>of</strong>f <strong>of</strong> $10,081 for <strong>the</strong> Fish Hook Snelling Project and net<br />
deposits to <strong>the</strong> account.<br />
2.6.3 Statement <strong>of</strong> <strong>Public</strong> Debt<br />
79. <strong>Public</strong> debt refers to <strong>the</strong> cumulative total <strong>of</strong> governmental financial<br />
obligati<strong>on</strong>s. To this end, it is inclusive <strong>of</strong> amounts borrowed to finance its<br />
expenditures and outstanding payments for goods and services <strong>the</strong><br />
government c<strong>on</strong>tracted for but has not yet paid. The Statement <strong>of</strong> <strong>Public</strong><br />
Debt outlines <strong>the</strong> outstanding government Debt instruments (primarily<br />
external loans and domestic b<strong>on</strong>ds). O<strong>the</strong>r fiscal exposures such as<br />
c<strong>on</strong>tingent liabilities, government guaranteed loans, statutory n<strong>on</strong>c<strong>on</strong>tributory<br />
pensi<strong>on</strong> payments, and outstanding c<strong>on</strong>tributi<strong>on</strong>s to technical<br />
advisory agencies are not included in this Statement. Note however that<br />
c<strong>on</strong>tingent liability for <strong>the</strong> Government Savings Bank is detailed elsewhere in<br />
<strong>the</strong> accounts.<br />
80. Total <strong>Public</strong> Debt amounted to EC$35,258,405. This includes an<br />
outstanding payment to Social Security. Paragraph 84 below provides an<br />
explanati<strong>on</strong> for this. <strong>Public</strong> Debt per capita 2 which represents what each<br />
2 The M<strong>on</strong>tserrat Statistics Department <strong>2004</strong>-populati<strong>on</strong> estimate was 4,681.<br />
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