Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1694265479257.pdf (Malta)
IT-TNAX-IL LEĠIŻLATURA P.L.

8692 Dokument imqiegħed fuq il-Mejda tal-Kamra tad-Deputati fis-Seduta Numru 501 tat-3 ta’ April 2017 mill-Ministru għall-Finanzi.

___________________________ Raymond Scicluna Skrivan tal-Kamra GOVERNMENT OF MALTA Annual Financial Statements 2016 In Terms of Section 65 of the Financial Administration and Audit Act, 1962 THE TREASURY - FLORIANA List of Statements 1.

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 1 5 6 8 10 12 13 Note: Figures in Statements may not add up due to rounding 125/2017 Treas.

43/2016 Treas.

N.A.O.
45/2017 ABSTRACT OF THE CONSOLIDATED FUND ACCOUNT FOR 2016 Revenue Customs and Excise Duties Licences, Taxes and Fines Income Tax Value Added Tax Fees of Office Reimbursements Public Corporations Central Bank of Malta Rents Dividends on Investment/Receipts Interest on loans made by Government Social Security Grants II Ill IV v VI VII VIII IX X XI XII XIII XIV Miscellaneous Receipts STATEMENT 1 2016 € 2015 € (170,137,720) (23,536,200) 277,506,407 311,008,551 1,328,269,691 724,798,345 71,356,763 28,649,993 290,404,789 280,871,708 1,184,627,755 699,998,113 51,722,556 28,794,337 50,000,000 29,883,232 39,147,116 98,119 804,388,725 102,339,420 39,516,313 48,000,000 29,261,529 34,935,951 360,571 739,583,040 176,164,697 70,073,275 Total Ordinary Revenue 3,806,962,675 3,634, 798,321 XV XVI XVII Loans Repayment of loans made by Government Extraordinary Receipts 597,901,700 12,184,000 1,130,749 473,234,600 40,416,000 757,535 Total Non-Ordinary Revenue 611,216,449 514,408,135 TOTAL REVENUE 4,418, 179,125 4,149,206,456 Transfers from Contingencies Fund 40 13 4,418, 179,165 4,149,206,469 Page 1 ABSTRACT OF THE CONSOLIDATED FUND ACCOUNT FOR 2016 STATEMENT 1 (cant) 2016 € 2015 € Recurrent Expenditure 1 Office of the President House of Representatives 2 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 Ministry for European Affairs and Implementation of the Electoral
 Manifesto 12 Ministry for Foreign Affairs 13 Ministry for Education and Employment 14 15 Ministry for Sustainable Development, the Environment and Climate Education Change Industrial and Employment Relations 16 Ministry for Transport and Infrastructure 17 Ministry for Gozo 18 Ministry for Social Dialogue, Consumer Affairs and Civil Liberties 19 20 Ministry for the Economy, Investment and Small Business Commerce 21 22 Ministry for Finance 23 24 26 27 28 29 30 31 32 33 Ministry for the Family and Social Solidarity 34 35 36 37 38 Ministry for Justice, Culture and Local Government 39 Treasury Pensions Inland Revenue V.A.T.
Customs Contracts Economic Policy Ministry for Energy and Health [Ministry for] Health Social Policy Social Security Benefits Social Welfare Standards Elderly and Community Care Judicial 4,699,296 4,628,660 1,024,950 3,000,000 33,828,095 580,812 1,085,256 1,309,395 2,066,433 7,088,099 32,827,571 26,622,412 250,540,923 217,801 ,092 ,831,878 127,037,365 6,055,434 91,967,163 7,959,768 5,994,594 10,971,762 1,504,054 1,233,617 65,811,925 449,484,914 59,837,001 252,540,462 868,377,995 1,062,242 84,921,553 27,600,412 13,412,090 Page 2 ABSTRACT OF THE CONSOLIDATED FUND ACCOUNT FOR 2016 Recurrent Expenditure (Continued) 40 Local Government 41 Ministry for Tourism 42 Ministry for Home Affairs and National Security 43 44 45 Correctional Services 46 Probation and Parole 47 Civil Protection Armed Forces of Malta Police STATEMENT 1 (cant) 2016 € 2015 € 39,537,858 67,353,685 14,516,935 46,308,781 57,721,148 11,171,815 1,077,764 5,664,800 37,880,784 53,604,771 20,480,502 44,203,393 57,147,737 10,864,122 1,031,646 4,940,362 TOTAL RECURRENT EXPENDITURE 3,264,337,877
 3,056,833,968 25 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 50,000,000 222,124,392 485,398,534 3,261 '123 25,000,000 230,405,382 349,377,156 6,465,000 1,329,351 6,465,000 1,817,317 379 108,047 TOTAL PUBLIC DEBT SERVICING 768,578,778 616,434,025 TOTAL RECURRENT EXPENDITURE AND PUBLIC DEBT SERVICING 4,032,916,656 3,673,267,993 Page 3 ABSTRACT OF THE CONSOLIDATED FUND ACCOUNT FOR 2016 Capital Expenditure I Office of the President II Ill Ministry for European Affairs and Implementation of the Electoral Office of the Prime Minister Manifesto IV Ministry for Foreign Affairs v Ministry for Education and Employment VI Ministry for Sustainable Development, the Environment and Climate Change VII Ministry for Transport and Infrastructure VIII Ministry for Gozo IX Ministry for Social Dialogue, Consumer Affairs and Civil Liberties X Ministry for the Economy, Investment and Small Business XI Ministry for Finance XII Ministry for Energy and Health XIII Ministry for the Family and Social Solidarity XIV Ministry for Justice, Culture and Local Government XV Ministry for Tourism XVI Ministry for Home Affairs and National Security STATEMENT 1 (cant) 2016 € 2015 € 175,523 11,967,711 122,000 14,893,823 35,085,312 1,459,884 35,136,372 35,881,190 49,382,502 6,019,635 801,737 38,405,796 25,792,147
 17,804,265 4,535,074 7,391,704 16,699,661 23,761,671 38,162,811 2,049,727 83,484,100 95,467,205 79,757,152 14,510,939 3,138,187 60,422,134 20,748,243 108,104,090 5,622,536 23,856,151 4,268,809 23,861,199 TOTAL CAPITAL EXPENDITURE 310,300,181 578,469,106 XI Ministry for Finance Investment- Equity Acquisition 12,993,015 44,070,878 TOTAL CAPITAL EXPENDITURE AND INVESTMENT 323,293,195 622,539,984 TOTAL EXPENDITURE 4,356,209,851 4,295,807,977 Transfers to Contingencies Fund (40) (13) Balance as at December 31 (108,168,447) (170,137,720) Examined and found to agree with Treasury Books Auditor General r Paula~amo Accountant General \~(:-,11~.
Page 4 STATEMENT OF THE TREASURY CLEARANCE FUND FOR 2016 STATEMENT2 Balances as at Transactions during the year January 1 (Debit)/Credit € Debits € Credits € Balances as at December 31 (Debit)/Credit € 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 838,545,381 181 ,429,457 23,294 222,050,000 2,017,505 172,058,618 43,532,436 99,998,072 1,862,567 10 22,001,396 4,973,160 939,889,917 394,682 105,334,601 736,450,451 21,465,746 1,235,614,569 971,839,917 470,549 146,257,295 736,450,451 72,068,237 1 '187,900,224 858,684,211 186,402,607 23,294 254,000,000 2,093,372 212,981,313 94,134,927 52,283,727 1 ,559,654, 764 3,041,012,543 3,141,961,230 1,660,603,450 Advances Accounts Special Advances (96,037,248) 20,106,011 (75,931 ,237) (96,037,248) 20,106,011 (75,931 ,237) 1,463,617,516 3,041,012,543 3,162,067,241 1,584,672,213 Examined and found to agree with Treasury Books Charles Deguara Auditor General Paulanne Mamo Accountant General ~ ~~$ Page 5 STATEMENT OF THE SINKING FUNDS FOR THE REDEMPTION OF LOANS FOR 2016 STATEMENT 3 Sinking Fund LOCAL LOANS Balances lnteresU Revaluation/ as at Contributions Dividends/ Currency Less Actual Balances as at January 1 € Other adjustment Payments December 31 € € € € € Malta Government Stock 2018 I Special MGS Sinking Fund 78,042,825 72,715,882 3,261,123 2,710,818 50,000,000 (11 ,063,016) 84,014,766 111 ,652,866 TOTALLOCALLOANS
 150,758,707 53,261,123 (8,352, 198) 195,667,632 BREAK DOWN OF INVESTMENTS (LOCAL) Central Bank of Malta Deposit Accounts Malta Government Stocks TOTAL INVESTMENTS 2015 € 2016 € 83,179,508 117,913,133 77,754,499 67,579,199 150,758,707 195,667,632 Page 6 STATEMENT OF THE SINKING FUNDS FOR THE REDEMPTION OF LOANS FOR 2016 STATEMENT 3 (cont) Sinking Fund FOREIGN LOANS Balances Interest!
Revaluation/ as at Contributions Dividends/ Currency Less Actual Balances as at January 1 Other adjustment Payments December 31 € € € € € € European Union Loan B Loan C 366,418 721,303 106,000 56,000 (927) (1 ,898) 188,500 103,200 282,991 672,204 Council of Europe Fund for Development 2002 2003 3,381,256 16,701,050 1,800,000 4,500,000 (10,473) (36,734) 2,550,000 7,550,000 2,620,783 13,614,316 Government of Canada 129,885 3,000 (349) 7,689 16,838 123,387 TOTAL FOREIGN LOANS 21,299,911 6,465,000 (50,381) 7,689 10,408,539 17,313,681 TOTAL SINKING FUNDS 172,058,618 59,726,123 (8,402,579) 7,689 10,408,539 212,981,313 BREAK DOWN OF INVESTMENTS (FOREIGN) Central Bank of Malta Deposit Accounts 2015 € 2016 € 21,299,911 17,313,681 TOTAL INVESTMENTS 21,299,911 17,313,681 Examined and found to agree with Treasury Books Auditor General ~ J_, r. ~ s: Paulanriamo Accountant (Jenera!
!.

::;, I ~ II l · Page 7 ABSTRACT OF THE CONTINGENCIES FUND FOR 2016 Balance as at January 1, 2016 Advances to the Consolidated Fund Warrant No.
Vote and Subhead STATEMENT 4 € € 1,165,000 Rec 05 Cap XV Cap XV Rec 05 Cap VI Cap Ill Cap Ill Rec 10 Cap II Cap II Cap Ill Cap Ill Cap V Cap VI Cap VI Cap VII Cap IX Cap IX Cap X Cap XII Cap XIII Cap XIII Cap XIV Cap XV Cap XVI Cap XVI Page 8 ABSTRACT OF THE CONTINGENCIES FUND FOR 2016 Warrant No.
Vote and Subhead STATEMENT 4 (cant) € € Rec 20 Cap XII Rec 38 Rec 22 Cap VIII Cap VIII Cap VI Cap V Cap VI Rec 32 Rec 32 Cap XII Cap XII Cap XVI 5859 7129 5860 5861 7837 7937 7368 7318 7804 5862 5863 7836 7936 7930 Reimbursements from the Consolidated Fund of Advances made during 2016 Warrant No.2 of 2016 Balance as at December 31, 2016 (40) 40 1,165,000 Examined and found to agree with Treasury Books Charles Deguara Auditor General Paulcffl~amo Accountant.
General ~~.31 1\ • Page 9 STATEMENT IN TERMS OF THE SOCIAL SECURITY ACT, 1987 FOR 2016 STATEMENT 5 2016 € 2015 € Source of Funds A.

Social Security Contributions 537,796,963 494,745,446 B.

Direct Contribution by Government in terms of the Social Security Act, 1987 266,591,762 244,837,593 Total Receipts 804,388,725 739,583,039 Application of Funds A.

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

Retirement Pensions iii.

iv.


Widows Pensions v. Short-term Benefits Bonus 25,281,017 479,228,190 69,068,249 125,331,922 13,295,132 24,676,865 444,805,598 66,195,240 119,001,224 13,520,716 Total Expenditure on Benefits payable under the Contributory Schemes * 712,204,509 668,199,643 B.

Administration Expenses 7,385,320 7,086,403 C. Expenses in connection with Health Recurrent Services  1.

[Ministry for] Health  2.


Elderly and Community Care Total Payments Welfare Gap - Difference 498,660,087 95,616,605 449,963,122 86,145,743 601,662,012 543,195,268 1,313,866,521 1,211,394,912 509,477,796 471,811,872  Includes an expenditure of €522,427 and €478,208 in 2016 and 2015 respectively under Health (Gozo) Recurrent Vote.

 Includes an expenditure of €1,289,853 and €1,224,190 in 2016 and 2015 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 STATEMENT IN TERMS OF THE SOCIAL SECURITY ACT, 1987 FOR 2016 Non Contributory Benefits also payable under the Social Security Act, 1987 are shown hereunder: i.

Children's Allowance ii.

Old Age Pensions iii.

Disability Pensions I Allowance iv.

Social Assistance v. Medical Assistance vi.

vii.

Supplementary Assistance viii.
In-work Benefit [Child Supplement Benefit Bonus STATEMENT 5 (cant) 2016 € 2015 € 40,824,545 23,550,405 17,131,737 69,036,765 18,308,359 9,649,516 7,735,588 2,258,569 41,662,470 23,519,964 15,329,205 75,936,609 18,239,016 10,280,121 7,374,837 7,836,130 Total Expenditure on Benefits payable under the Non-Contributory Schemes 188,495,485 200,178,352 Examined and found to agree with Treasury Books Auditor General f12 Paulanne Mamo Accountant General \} :!> \'t' Page 11 STATEMENT OF THE GOOD CAUSES FUND FOR 2016 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 Examined and found to agree with Treasury Books Charles Deguara Auditor General € 1,739,545 1 ,594,137 3,333,682 1,063,000 2,270,682 3,333,682 f,J Paulanne?amo Accountant f]ererat \~/p 1\'.

Page 12 STATEMENT OF THE SCHOOL COUNCIL FUND FOR 2016 STATEMENT?
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 € 1,220,850 * 2,031,027 3,251,877 1,951,808 1,300,069 3,251,877 • The Opening Balance of €1 ,220,850 for 2016, as submitted by the Ministry for Education and Employment (Education Department), is different from the Closing Balance of €1,243,448 for 2015 as published on the Financial Report (2015).
The Ministry for Education and Employment (Education Department) explained that this discrepancy is a result of two errors in 2015- the omission of three schools and the inclusion of a unit erroneously included in 2015.

Examined and found to agree with Treasury Books Charles Deguara Auditor General ,f./~ Paulanne Mamo Accountant General l?>{J 11:-'- Page 13