Auditor General's Report on the Public Accounts of Montserrat 2004

7. Because of the unauthorized expenditure on the Consolidated Fund and
the inability to verify some revenue streams, the Audit Certificate has been
given a qualified opinion.
Financial Performance
8. For the fiscal year under review, a surplus of $4.81M of recurrent
revenue over recurrent expenditure was recorded. The surplus was reduced
by $3.93M when compared with that recorded for 2003. The reduction in
the surplus may be attributable to work conducted to complete ash clearing
programme.
9. The collection of local Recurrent Revenue exceeded projected levels
by 2.92% or $910,747 when compared with projections for the year. There
was a 2.12% increase in collections when compared with that collected for
2003.
10. Actual Budgetary Aid increased by $10,577,309. This increase was
given to primarily meet subventions for transport subsidy; to make part
payment on Social Security Contribution Arrears; and other Emergency
Expenditure.
11. Total savings realized on Recurrent Expenditure amounted to
$1,062,243 despite two Votes – Consolidated Fund Services and Ministry of
Communications and Works – being overspent.
12. Capital Revenue – proceeds of external grants – fell short of
projected levels for the year by 24.78%. When compared with 2003, there
was a marginal increase of 0.87% on total capital revenue collection.
13. Capital Expenditure incurred totaled EC$18,183,580 being 40.3% of
authorized expenditure for the year.
Cash Position of Government
14. The total sum of all government bank accounts reflected a positive
balance of EC$29,499,992 at the end of the fiscal year. The following gives
a breakdown of bank balances in summarized form.
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