Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1694265456652.pdf (Malta)
IT-TNAX-IL LEĠIŻLATURA P.L.

4863 Dokument imqiegħed fuq il-Mejda tal-Kamra tad-Deputati fis-Seduta Numru 256 tal-1 ta’ April 2015 mill-Ministru għall-Finanzi.

_______________________________ Raymond Scicluna Skrivan tal-Kamra GOVERNMENT OF MALTA Annual Financial Statements 2014 In Terms of Section 65 of the Financial Administration and Audit Act, 1962 THE TREASURY- FLORIANA List of Statements I.

Consolidated Fund 2.

Treasury Clearance Fund 3.

Sinking Funds for the Redemption of Loans 4.


Contingencies Fund 5.

Social Security Account 6.

Good Causes Fund 7.

School Council Fund Page I 5 6 8 10 12 13 Note: Figures in Statements may not add up due to rounding 20412015 Treas.

Treas.

5912014 N.A.O.
4512015 ~-- - - - - - - - - - - - - - - - - - - , ABSTRACT OF THE CONSOLIDATED FUND ACCOUNT FOR 2014 STATEMENT1 2014 € 2013 € Balance as at January 1 (95, 1 05,876) (80, 123,472) Revenue I Customs and Excise Duties Licences, Taxes and Fines II Income Tax Ill Value Added Tax IV v Fees of Office VI VII VIII Reimbursements Public Corporations Central Bank of Malta IX Rents X Dividends on Investment XI XII XIII Grants XIV Miscellaneous Receipts [Repayment of, and] Interest on Loans made by Government Social Security 302,607,413 244,124,235 1,068,088,921 639,675,627 77,383,894 25,095,000 815,000 50,000,000 28,786,577 17,873,937 1,191,070 699,191,297 176,802,541 55,573,557 178,400,994 223,992,041 967,647,967 587,170,640 38,329,170 30,201,117 815,000 48,000,000 25,072,911 25,495,684 2,361,727 645,295,439 173,716,625 45,605,162 Total Ordinary Revenue 3,387,209,070 2,992,1 04,477 i· i Loans XV XVI Repayments of loans made by Government [Extraordinary Receipts 648,841,400 627,083,600 30,282 28,379,680 Total Non-Ordinary Revenue 648,841,400 655,493,562 TOTAL REVENUE 4,036,050,470 3,647,598,039 Transfers from Contingencies Fund 27 19 4,036,050,497 3,647,598,058 Page 1 ABSTRACT OF THE CONSOLIDATED' FUND ACCOUNT FOR 2014 STATEMENT 1 (cant) 2014 € 2013 € Recurrent Expenditure ·Office of the President 2 House of Representatives 3 Office of the Ombudsman 4 National Audit Office 5 Office of the Prime Minister Public Service Commission 6 7 Information 8 Government Printing Press 9 Electoral Office 10 Government Property Division
 11 12 Ministry for European· Affairs and Implementation of the Electoral Judicial Manifesto 13 Ministry for Foreign Affairs 14 Ministry for Tourism 15 Local Government 16 17 18 Ministry for Sustainable Development, the Environment and .
Ministry for Education and Employment Education Climate Change Ministry for Social Dialogue, Consumer Affairs and Civil Liberties Industrial and Employment Relations Trade Services [Commerce] Social Policy [Security] Social Security Benefits Social Welfare Standards Elderly and Community Care 19 Ministry for Transport and Infrastructure 20 Ministry for Gozo 21 22 23 Ministry for the Economy, Investment and Small Business 24 25 Ministry for the Family and Social Solidarity 26 27 28 29 30 Ministry for Home Affairs and National Security 31 32 33 Correctional Services 34 35 Civil Protection 36 37 Ministry for Finance 38 39 Armed Forces of Malta Police Land and Public Registry Division Probation and Parole [Services] Treasury Pensions ' 3,843,350
51,699,462 9,421,774 856,912 4,352,056 3,843,350 104,587,639 4,596,539 87,329,008 Page 2 ;. '
1: '' I ' ABSTRACT OF THE CONSOLIDATED FUND ACCOUNT FOR 2014 Recurrent Expenditure (Continued) Inland Revenue 41 42 VAT.
43 Customs 44 Contracts 45 46 Ministry for Energy and the Conservation of Water 47 Ministry for Health Economic Policy STATEMENT 1 (cant) 2014 € 2013 € 7,439,489 5,593,945 11,268,338 1,292,694 1,232,236 46,309,432 414,577,687 7,264,926 6,332,488 10,251,567 1,131,641 1,019,609 35,910,579 374,812,999 TOTAL RECURRENT EXPENDITURE 2,857,049,790 2,632,648,852 40 Public Debt Servicing Contribution to Sinking Fund - Local Contribution to Special MGS Sinking Fund Interest- Local Repayment of Loan - Local Contribution to Sinking Fund - Foreign Interest - Foreign Interest- Short-term borrowing 3,261,123 50,000,000 226,913,224 367,504,355 4,059,000 222,525,405 370,283,460 6,465,000 2,305,483 6,465,000 2,802,836 1,877,535 2,576,605 TOTAL PUBLIC DEBT SERVICING 658,326,719 608,712,306 TOTAL RECURRENT EXPENDITURE AND PUBLIC DEBT SERVICING 3,515,376,509 3,241,361,159 Page 3 :i l• I .
i ,, I I' ABSTRACT OF THE CONSOLIDATED FUND ACCOUNT FOR 2014 Capital Expenditure I Office of the President II Office of the Prime Minister Ill Ministry for European Affairs and Implementation of the Electoral Manifesto IV Ministry for Foreign Affairs v Ministry for Tourism VI Ministry for Education and Employment VII Ministry for Sustainable Development, the Environment and Climate Change VIII Ministry for Transport and Infrastructure IX Ministry for Gozo X Ministry for Social Dialogue, Consumer Affairs and Civil Liberties XI Ministry for the Economy, Investment and Small Business XII Ministry for the Family and Social Solidarity XIII Ministry for Home Affairs and National Security XIV Ministry for Finance XV Ministry for Energy and the Conservation of Water XVI Ministry for Health STATEMENT 1 (cant) 2014 € 2013 € 187,998 12,411,892 23,481,368 1,291,390 17,797,383 68,283,051 47,045,880 83,921,382 9,551,663 2,326,078 46,839,499 4,688,852 11,933,323 24,486,050 24,931,127 41 '192,469 16,123,680 14,482,892 1,554,367 20,757,277 51,114,740 39,961,492 59,552,538 6,683,326 2,507,692 65,583,668 4,441,628 14,635,969 17,114,657 12,110,548 28,061,052 !I !
TOTAL CAPITAL EXPENDITURE 420,369,406 354,685,525 XIV Ministry for Finance Investment- Equity Acquisition 28,734,880 66,533,759 TOTAL CAPITAL EXPENDITURE AND INVESTMENT 449,1 04,286 421,219,284 TOTAL EXPENDITURE 3,964,480, 795 3,662,580,443 Transfers to Contingencies Fund (27) (19) Balance as at December 31 (23,536,200) (95, 1 05,876) Examined and found to agree with Treasury Books ~«474:4(, /.R Anthony C. Mifsud .

!

:!> / J.- Auditor General N. Camilleri B.A.

(Hons.
), M.B.A. (Bath, UK), CPFA Accountant General Page 4 I •• STATEMENT OF THE TREASURY CLEARANCE FUND FOR 2014 STATEMENT2 Deposit Accounts Acquisition of Shares Other Investments Deposits Fund Account Short-Term Borrowing Trust Funds Sinking Funds for the Redemption of Loans Malta Government Stocks Court Deposits Other Deposits Balances as at January 1 (Debit)/Credit € Transactions during the year Balances as at Debits € Credits € December 31 (Debit)/Credit € !
II 1,435,073,002 3,162,602,663 3,005,895,604 1,278,365,944 Advances Accounts Special Advances (137,876,589) 1,071,686 27,775,742 (111,172,533) (137,876,589) 1,071,686 27,775,742 (111,172,533) 1,297,196,413 3,163,674,349 3,033,671,346 1,167,193,411 ' Examined and found to agree with Treasury Books ~.,L.

..... - ' 118 Anthony C. Mifsud "1 1 r Auditor General /o OJ -o/Ail" N. Camilleri B.A.

(Hans.
), M.B.A. (Bath, UK), CPFA Accountant General Page 5 STATEMENT OF THE SINKING FUNDS 'FOR THE REDEMPTION OF LOANS FOR 2014 STATEMENT3 Sinking Fund LOCAL LOANS Balances as at January 1 € lnteresU Revaluation/ Contributions Dividends/ Currency Less Actual Balances as at Other adjustment Payments December 31 € € € € € Malta Government Stock 2018 I Special MGS Sinking Fund 69,330,051 3,261 '123 50,000,000 742,830 (455,784) 73,334,004 49,544,216 TOTAL LOCAL LOANS 69,330,051 53,261,123 287,045 122,878,219 BREAK DOWN OF INVESTMENTS (LOCAL) Central Bank of Malta Deposit Accounts Malta Government Stocks TOTAL INVESTMENTS 2013 € 2014 € 27,685,043 55,299,020 41,645,008 67,579,199 69,330,051 122,878,219 i: ' i: Page 6 r~------------------------------------------~----------- ------------~------------------ STATEMENT OF THE SINKING FUNDS FOR THE REDEMPTION OF LOANS FOR 2014 STATEMENT 3 (cant) Sinking Fund FOREIGN LOANS European Union Republic of Italy ,, J 1 ' Balances as at January 1 € lnteresU Revaluation/ Contributions Dividends/ Currency Other adjustment € € € Less Actual Payments € Balances as at December 31 € Loan B Loan C 524,928 802,482 106,000 56,000 766 10,706 184,500 101,100 447,194 768,088 1991 39,533 (9,472) 30,061 U.S.A. Government 407,111 91 40,098 181,025 266,275 Council of Europe Fund for Development 2002 2003 4,876,487 22,780,413 1,800,000 4,500,000 7,813 30,788 2,550,000 7,550,000 4,134,301 19,761,200 Government of Canada 161,566 3,000 522 6,260 16,953 154,396 TOTAL (FOREIGN LOANS) 29,592,519 6,465,000
 41,214 46,358 10,613,638 25,531,453 TOTAL SINKING FUNDS 98,922,570 59,726,123 328,259 46,358 10,613,638 148,409,673 BREAK DOWN OF INVESTMENTS (FOREIGN) Central Bank of Malta Deposit Accounts TOTAL INVESTMENTS 2013 € 2014 € 29,592,519 25,531,453 29,592,519 25,531,453 Examined and found to agree with Treasury Books ~~'"'> /19 Anthony C. Mifsud 0:1.
Auditor General Tr N. Camilleri B.A.

(Hans.

), M.B.A. (Bath, UK), CPFA Accountant General Page 7 -~--- - - - - - - - - - - - ABSTRACT OF THE CONTINGENCIES-FUND FOR 2014 Balance as at January 1, 2014 Advances to the Consolidated Fund Warrant No.
Vote and Subhead STATEMENT4 € € 1,165,000 Rec 05 Rec 05 Rec 25 Cap XIV Cap X Cap X Rec 05 Rec 30 Rec 18 Rec 18 Cap XIV Cap XV Cap VI Rec 23 Rec 21 Rec 37 Rec 01 Cap VII Cap VII Cap XVI Cap XVI ,, l ' ' ' ,, ! '

i' Page 8 ABSTRACT OF THE CONTINGENCIES FUND FOR 2014 Warrant No.
Vote and Subhead 18 19 20 Cap Ill Cap Ill Cap XIV Cap XIV Cap XV Cap XV 7835 7935 7801 7901 7802 7902 Reimbursements from the Consolidated Fund of Advances made during 2014 Warrant No.

2 of 2014 Balance as at December 31, 2014 STATEMENT 4 (cont) € € 1 1 1 1 1 1 (27) 27 1,165,000 Examined and found to agree with Treasury Books ' ~4":,.

- Anthony C. Mifsud Auditor General I ~~ iS"J - tr N. Camilleri B.A.

(Hens.
(Hens.

), M.B.A. (Bath, UK), CPFA Accountant General Page 9 --·~----- STATEMENT IN TERMS OF THE SOCIAL SECURITY ACT, 1987 FOR 2014 STATEMENTS 2014 € 2013 € Source of Funds A.

Social Security Contributions 467,663,579 431,533,800 B.

Direct Contribution by Government in terms of the Social Security Act, 1987 231,527,718 213,761,639 Total Receipts 699,191,297 645,295,439 Application of Funds A.

Benefits payable under the Contributory Schemes Invalidity Pensions i. ii.

Retirement Pensions iii.

Bonus iv.


Widows Pensions v. Short-term Benefits 25,846,396 424,427,439 64,554,224 116,837,533 13,962,531 25,876,508 410,957,617 59,456,128 113,693,291 14,944,461 * Total Expenditure on Benefits payable under the Contributory Schemes 645,628,123 624,928,005 B.

Administration Expenses 6,726,735 6,750,484 i .. L i ' c. Expenses in connection with Health Recurrent Services t 1.

Ministry for Health • 2.


Elderly and Community Care 415,070,788 78,185,959 375,263,463 67,559,027 499,983,481 449,572,975 Total Payments 1 '145,611 ,604 1 ,07 4,500,980 Welfare Gap - Difference 446,420,307 429,205,540 t Includes an expenditure of € 493,100 and € 450,464 in 2014 and 2013 respectively under Health (Gozo) Recurrent Vote.

• Includes an expenditure of € 1,191,738 and € 1,125,112 In 2014 and 2013 respectively under Elderly and Community Care (Gozo) Recurrent Vote.
*Represents only the CONTRIBUTORY BENEFITS payable following the introduction of the two-thirds Pension Scheme in 1979.

Page 10 li J!

~------------- ~- - - - - - ---~------ STATEMENT IN TERMS OF THE SOCIAL SECURITY ACT, 1987 FOR 2014 Non Contributory Benefits also payable under the Social Security Act, 1987 are shown hereunder: '- 'I- i.

Children's Allowance ii.

Old Age Pensions iii.

Disability Pensions I Allowance iv.

Social Assistance v. Medical Assistance vi.

Bonus vii.
Bonus vii.

Supplementary Assistance STATEMENT 5 (cant) 2014 € 2013 € 51,435,318 23,258,600 14,106,909 79,647,591 18,842,373 11,110,316 8,879,049 43,352,981 21,879,225 12,786,324 75,317,345 18,364,403 10,988,852 6,840,102 Total Expenditure on Benefits payable under the Non-Contributory Schemes 207,280,156 189,529,232 i ' i !

Examined and found to agree with Treasury Books ~~l~~' l 18 Anthony C. Mifsud 03 Auditor General r.J - o4 N. Camilleri B.A.

(Hans.
(Hans.

), M.B.A. (Bath, UK), CPFA Accountant General Page 11 STATEMENT OF THE GOOD CAUSES FUND FOR 2014 STATEMENT6 In terms of Section 65 (1) (b) of the Financial Administration and Audit Act (1962), this Office is expected to publish "a statement of the receipts and expenditure of any fund or account created by this or any other law".

The following is a statement of Revenue and Expenditure pertaining to the Good Causes Fund of the Ministry for Finance.
Revenue Opening Balance Total Revenue Total Expenditure Total Expenditure Closing Balance Total € !

: 429,521 1,614,677 2,044,198 1,298,077 746,121 2,044,198 Examined and found to agree with Treasury Books ~~'-> 1)9 ,- Anthony C. MifsudO} Auditor General "7j- to -•' .,JA/J N. Camilleri B.A.

(Hans.

), M.B.A. (Bath, UK), CPFA Accountant General Page 12 . '

'.

I !
'.

I !

I ~ i 0: STATEMENT OF THE SCHOOL COUNCIL FUND FOR 2014 STATEMENT7 In terms of Section 65 (1) (b) of the Financial Administration and Audit Act (1962), this Office is expected to publish "a statement of the receipts and expenditure of any fund or account created by this or any other law".

The following is a statement of Revenue and Expenditure pertaining to the School Council Fund of the Ministry for Education and Employment.
Revenue Opening Balance Total Revenue Total Expenditure Total Expenditure Closing Balance Total € * 958,824 2,236,925 3,195,749 2,412,597 ** 783,151 3,195,749 * Opening balance for 2014 concurs with the closing balance as published In the Financial Report for 2013 as the School Council Fund Statement for 2013 was revised by the Ministry for Education and Employment {Education Department) on the 3'd June, 2014 and superseded the one published in the Annual Financial Statements for 2013.
-Closing balance may be further revised due to Incomplete data submitted to Ministry for Education and Employment (Education Department).

Examined and found to agree with Treasury Books ~A,~~ r- ll} Anthony C. Mifsud o j Auditor General N. Camilleri B.A.

(Hans.

), M.B.A. (Bath, UK), CPFA Accountant General Page 13