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

More documents

Recommendations

Info

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$29,499,992 at the end of the fiscal year. The following gives a breakdown of bank balances in summarized form. vi
Description Amount (EC$) Consolidated Fund 17,176,572 Development Fund 12,323,420 TOTAL 29,499,992 Public Debt 15. Public debt refers to the cumulative total of governmental financial obligations. At the end of the fiscal year, total Public Debt amounted to EC$34,929,259. Debt per capita amounted to $7,461.92 per person. 16. The external portion of the debt stood at EC$12,429,259. Principal repayments during the period amounted to EC$860,248 being 2.68% of actual local recurrent revenue recorded for 2004. When compared against GDP (in current prices for the year) it represents 0.91%. 17. Domestic debt stood at EC$22.5M. This figure includes outstanding payment to the Social Security Fund of EC$21.4M for retroactive contributions for government employees and Treasury Development Bonds of EC$1.1M. 18. Total debt servicing amounted to EC$379,011 being 1.18% of local recurrent revenue for the year. Absence of Internal Audit 19. Frequent staff turnover through migration, promotion and natural attrition, lack of suitably qualified and knowledgeable replacements, and absence of internal audit departments in large ministries and in the major revenue collection department continues to have a negative impact on the internal control systems. This has led to deterioration in financial management. Management is however embarking on some capacity development initiatives to change this situation. Key findings relating to Ministries/Departments/Statutory Agencies 20. Several Ministries/Departments were in breach of financial regulations when they recorded overstatements on their Appropriation Accounts. This vii
Page 1 and 2: REPORT OF THE AUDITOR GENERAL ON TH
Page 3 and 4: TABLE OF CONTENTS ABBREVIATIONS USE
Page 5: REPORT OF THE AUDITOR GENERAL ON TH
Page 9 and 10: CHAPTER 1 1.0 INTRODUCTION 1.1 <str
Page 11 and 12: 1.4 Purpose of Audit Office 6. The
Page 13 and 14: 13. The first draft of the 2004 Ann
Page 15 and 16: 2.2 Movement of Assets and Liabilit
Page 17 and 18: of realism of the budget and the ex
Page 19 and 20: 38. Table 3 below provides a compar
Page 21 and 22: 43. The Inland Revenue and the Cust
Page 23 and 24: 55. The graph below highlights expe
Page 25 and 26: Emergency Department 168,587 Legal
Page 27 and 28: 2.5 DEVELOPMENT FUND 2.5.1 Statemen
Page 29 and 30: to be done to ensure that all accou
Page 31 and 32: that GOM should have been making co
Page 33 and 34: 3.1.4 Recruitment Process and Appoi
Page 35 and 36: 110. We therefore reiterate that it
Page 37 and 38: deposited or overpaid. Most of this
Page 39 and 40: Location Amount Outstanding 2004 EC
Page 41 and 42: areas. Management should therefore
Page 43 and 44: 3.13 PUBLIC LIBRARY 3.13.1 Trust Fu
Page 45 and 46: 4.7 Montserrat Electricity Services
Page 47 and 48: CHAPTER 5 5.0 THE OFFICE OF THE AUD
Page 49 and 50: Revenue 175. The positive variance
Page 51 and 52: Working Paper Preparation Systems-b
Page 53 and 54: ACKNOWLEDGEMENT AND APPRECIATION Th
Page 55 and 56: Montserrat, and the sums expended h
Page 57 and 58:
APPENDIX 1 GOVERNMENT OF MONTSERRAT
Page 59 and 60:
CONSOLIDATED REVENUE FUND - 2004 An
Page 61 and 62:
GOVERNMENT OF MONTSERRAT DEVELOPMEN
Page 63 and 64:
CASHFLOW STATEMENT 2004 (with compa
Page 65 and 66:
F. Expenditure Expenditure for Gove
Page 67 and 68:
10. Advances to Other Government Ad
Page 69 and 70:
APPENDIX 2 NO. 07 OF 2001 AUDIT ACT
Page 71 and 72:
"Public Body" for the purposes of t
Page 73 and 74:
Auditor General in
Page 75 and 76:
(g) adequate regulations, direction
Page 77 and 78:
audit or any duties incompatible wi
Page 79 and 80:
the provisions of section 10 (1)(d)
Page 81 and 82:
Government together with any reserv
Page 83:
APPENDIX 3 OFFICE OF THE AUDITOR GE
show all

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

Create successful ePaper yourself

Delete template?

Save as template?