Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1694265552474.pdf (Malta)
GOVERNMENT OF MALTA Annual Financial Statements 2020 In Terms of Section 35 of the Public Finance Management Act, 2019 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 9 11 12 Note: Figures in Statements may not add up due to rounding Treas.

08/2021 Treas.

125/2020 N.A.O.
45/2021 ABSTRACT OF THE CONSOLIDATED FUND ACCOUNT FOR 2020 STATEMENT 1 2020 € 2019 € Balance as at January 01 (357,233,573) (308,759,977) Revenue I Customs and Excise Duties II Licences, Taxes and Fines Income Tax III IV Value Added Tax V Fees of Office VI Sales - Goods VII Sales - Services VIII Sales - Others IX Reimbursements X Central Bank of Malta XI Rents XII Dividends on Investment/Receipts XIII XIV Social Security XV Grants XVI Miscellaneous Receipts Interest on loans made by Government 264,415,650 310,325,583 1,536,706,604 767,656,500 116,315,759 2,313,361 27,543,795 7,008,048 4,097,489 31,500,000 34,790,555 26,059,999 8,524 1,063,423,381 110,664,753 86,467,008 332,123,158 397,034,068 1,765,801,268 944,741,377 84,245,900 --- --- --- 48,517,684 28,000,000 35,561,602 32,644,157 89,898 1,046,139,701 184,600,255 73,383,799 Total Ordinary Revenue 4,389,297,008 4,972,882,868 Loans XVII XVIII Repayment of loans made by Government XIX Proceeds from Sale of Shares 1,549,790,600 914,872 888,888 449,712,800 --- 977,627 Total Non-Ordinary Revenue 1,551,594,360 450,690,427 TOTAL REVENUE 5,940,891,369 * 5,423,573,295 Transfers from Contingencies Fund 1 4 5,940,891,370 5,423,573,299 * Suspense accounts, totalling to €2,370,910 are still being closed in FY 2020.
Treasury is working in closing these accounts with a zero balance and eventually the respective balances will be accounted for in the Financial Report for 2020.
Page 1 ABSTRACT OF THE CONSOLIDATED FUND ACCOUNT FOR 2020 STATEMENT 1 (cont) 2020 € 2019 € Recurrent Expenditure 1 Office of the President 2 House of Representatives 3 Office of the Ombudsman 4 National Audit Office 5 Commissioner for Standards in Public Life 6 Office of the Prime Minister 7 8 Government Printing Press 9 Electoral Office Information 10 Public Service Commission 11 Ministry for Health 12 Ministry for the Economy, Investment and Small Businesses 13 Commerce 14 Ministry for Education and Employment 15 Education 16 Ministry for Energy and Water Management 17 Ministry for Finance 18 Economic Policy Treasury 19 21 Commissioner for Revenue 22 Customs 23 Contracts 24 Ministry for Tourism 25 Ministry for Home Affairs and National Security 26 Armed Forces of Malta 27 Police 28 Probation and Parole 29 Civil Protection 30 Ministry for Justice, Culture and Local Government 31 32 Ministry for the Environment, Sustainable Development and Climate Change 33 Ambjent Malta 34 Ministry for Foreign Affairs and Trade Promotion 35 Ministry for Transport, Infrastructure and Capital Projects 36 Ministry for Gozo Local Government 9,233,973
Page 2 ABSTRACT OF THE CONSOLIDATED FUND ACCOUNT FOR 2020 Recurrent Expenditure (Continued) 37 Ministry for the Family, Children's Rights and Social Solidarity
 38 Social Policy 39 Social Security Benefits 40 Pensions 41 Elderly and Community Care 42 Ministry for European Affairs and Equality Industrial and Employment Relations 43 [Correctional Services [Judicial STATEMENT 1 (cont) 2020 € 2019 € 117,613,375 362,515,892 1,076,911,224 101,979,947 164,161,271 20,160,911 1,690,873 --- --- 92,429,969 363,533,404 997,939,837 101,468,473 145,412,601 22,461,001 1,543,498 16,992,598 23,712,011 TOTAL RECURRENT EXPENDITURE 4,638,868,703 4,216,202,369 20 Public Debt Servicing Interest - Local Repayment of Loan - Local Contribution to Special MGS Sinking Fund Interest - Local Repayment of Loan - Local Early Repayment of MGRSB Contribution to Sinking Fund - Foreign Interest - Foreign Contribution to Sinking Fund - Foreign Interest - Foreign Interest - Short-term borrowing Interest - Short-term borrowing 20,000,000 181,195,925 461,582,832 4,122,900 50,000,000 192,273,129 437,226,853 2,446,400 50,000 8,631 327 50,000 9,697 422 TOTAL PUBLIC DEBT SERVICING 666,960,615 682,006,501 TOTAL RECURRENT EXPENDITURE AND PUBLIC DEBT SERVICING 5,305,829,318 4,898,208,871 Page 3 ABSTRACT OF THE CONSOLIDATED FUND ACCOUNT FOR 2020 Capital Expenditure I Office of the President II House of Representatives III Office of the Prime Minister IV Ministry for Health V Ministry for the Economy, Investment and Small Businesses VI Ministry for Education and Employment VII Ministry for Energy and Water Management VIII Ministry for Finance IX Ministry for Tourism X
 Ministry for Home Affairs and National Security XI Ministry for Justice, Culture and Local Government XII Ministry for the Environment, Sustainable Development and Climate Change XIII Ministry for Foreign Affairs and Trade Promotion XIV Ministry for Transport, Infrastructure and Capital Projects XV Ministry for Gozo XVI Ministry for the Family, Children's Rights and Social Solidarity XVII Ministry for European Affairs and Equality STATEMENT 1 (cont) 2020 € 2019 € 480,933 84,201 41,920,750 45,752,870
€ 2019 € TOTAL CAPITAL EXPENDITURE 1,037,129,697 555,042,859 VIII Ministry for Finance Investment - Equity Acquisition 36,980,000 18,795,163 TOTAL CAPITAL EXPENDITURE AND INVESTMENT 1,074,109,697 573,838,021 TOTAL EXPENDITURE 6,379,939,015 5,472,046,892 Transfers to Contingencies Fund Balance as at December 31 (1) (4) (796,281,219) (357,233,573) Examined and found to agree with Treasury Books Charles Deguara Auditor General Paulanne Mamo Accountant General Page 4 STATEMENT OF THE TREASURY CLEARANCE FUND FOR 2020 STATEMENT 2 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 Debits € Credits € Balances as at December 31 (Debit)/Credit € 948,997,810 250,612,425 23,294 300,000,000 2,179,446 255,202,383 --- 88,606,069 94,223,586 ** *** 41,830,672 1,557,537 --- 1,690,646,522 27,560 32,121,842 1,624,429,217 19,141,938 427,242,206 28,738,556 17,240,065 --- 2,034,646,522 47,140 54,045,873 1,624,429,217 34,622,306 448,567,879 935,905,694
 266,294,953 23,294 644,000,000 2,199,026 277,126,414 --- 104,086,437 115,549,258 1,939,845,013 *** 3,836,997,495 4,242,337,557 2,345,185,076 Advances Accounts Special Advances (12,222,822) *** 460,000 139,224 (12,543,598) (12,222,822) *** 460,000 139,224 (12,543,598) 1,927,622,191 *** 3,837,457,495 4,242,476,781 2,332,641,478 * In Investment in Industry, there were two investments which had a downwards revaluation amounting to €578,113 which was not accounted for in the accounting system since it has not
 been realised yet ** The difference between the closing balance of the Annual Financial Statements 2019 and opening balance results from the fact that the recording of a receipt of gross interest payment on an investment held by the Sinking Fund in the year 2019 was recorded using the T&A procedure instead of the commitment routine.
The difference was adjusted in the year 2020 accounts.
*** The opening balance does not correspond with the closing balance of 2019 due to some Below the Line accounts now falling under a different category in CFMS 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 2020 STATEMENT 3 Sinking Fund LOCAL LOANS Balances as at January 1 € Contributions € Interest/ Dividends/ Other € Revaluation/ Currency adjustment € Less Actual Payments € Balances as at December 31 € Special MGS Sinking Fund 254,540,423 20,000,000 2,001,865 --- --- 276,542,288 TOTAL LOCAL LOANS 254,540,423 20,000,000 2,001,865 --- --- 276,542,288 BREAK DOWN OF INVESTMENTS (LOCAL) Central Bank of Malta Deposit Accounts Malta Government Stocks TOTAL INVESTMENTS 2019 € 2020 € 133,336,924 121,203,499 163,188,789 113,353,499 254,540,423 276,542,288 Page 6 STATEMENT OF THE SINKING FUNDS FOR THE REDEMPTION OF LOANS FOR 2020 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 C 590,521 48,500 --- --- 107,100 531,921 Government of Canada 71,439 1,500 --- (4,695) 16,038 52,205 TOTAL FOREIGN LOANS 661,960 50,000 --- (4,695) 123,138 584,126 TOTAL SINKING FUNDS 255,202,383 20,050,000 2,001,865 (4,695) 123,138 277,126,414 BREAK DOWN OF INVESTMENTS (FOREIGN) Central Bank of Malta Deposit Accounts TOTAL INVESTMENTS 2019
 € 2020 € 661,960 584,126 661,960 584,126 Examined and found to agree with Treasury Books Charles Deguara Auditor General Paulanne Mamo Accountant General Page 7 ABSTRACT OF THE CONTINGENCIES FUND FOR 2020 Balance as at January 1, 2020 Advances to the Consolidated Fund Warrant No.
Vote and Subhead 1 Rec 12 5316 Reimbursements from the Consolidated Fund of Advances made during 2020 Warrant No.

2 of 2020 € 1 STATEMENT 4 € * 5,000,000 (1) 1 Balance as at December 31, 2020 5,000,000 * The opening balance does not agree with the closing balance of December 31, 2019 since there has been a revision of Act from the Annual Statements of 2019 to 2020 namely the ‘Public Finance Management Act, Act no.
XXI of 2019’ (Section 13 (1)) Examined and found to agree with Treasury Books Charles Deguara Auditor General Paulanne Mamo Accountant General Page 8 STATEMENT IN TERMS OF THE SOCIAL SECURITY ACT, 1987 FOR 2020 STATEMENT 5 2020 € 2019 € Source of Funds A.

Social Security Contributions 709,379,684 691,139,702 B.

Direct Contribution by Government in terms of the Social Security Act, 1987 354,043,698 354,999,999 Total Receipts 1,063,423,381 1,046,139,701 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 19,997,777 598,230,627 82,195,433 148,845,599 29,001,000 21,258,790 558,608,111 76,683,118 142,204,799 12,119,428 Total Expenditure on Benefits payable under the Contributory Schemes * 878,270,436 810,874,246 B.

Administration Expenses 8,295,366 8,323,609 C. Expenses in connection with Health Recurrent Services W 1.

Ministry for Health l 2.


Elderly and Community Care Total Payments Welfare Gap - Difference 773,809,442 169,466,199 658,899,166 148,617,438 951,571,007 815,840,213 1,829,841,444 1,626,714,459 766,418,062 580,574,758 W Includes an expenditure of €561,453 and €481,423 in 2020 and 2019 respectively under Health (Gozo) Recurrent Vote.

l Includes an expenditure of €5,304,928 and €3,204,837 in 2020 and 2019 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 9 STATEMENT IN TERMS OF THE SOCIAL SECURITY ACT, 1987 FOR 2020 `` Non Contributory Benefits also payable under the Social Security Act, 1987 are shown hereunder: Social Assistance i.

Children's Allowance ii.

Old Age Pensions iii.

Disability Pensions / Allowance iv.

v. Medical Assistance vi.

vii.

viii.
Bonus Supplementary Assistance In-work Benefit STATEMENT 5 (cont) 2020 € 2019 € 41,795,339 36,169,566 29,120,831 47,357,208 18,524,756 9,851,710 9,299,407 6,521,969 39,510,734 31,818,370 24,742,425 50,095,876 18,504,859 9,257,941 8,705,744 4,429,642 Total Expenditure on Benefits payable under the Non-Contributory Schemes 198,640,787 187,065,591 Examined and found to agree with Treasury Books Charles Deguara Auditor General Paulanne Mamo Accountant General Page 10 STATEMENT OF THE GOOD CAUSES FUND FOR 2020 STATEMENT 6 In terms of Section 35 (1) (b) of the Public Finance Management Act, 2019, 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 € 3,810,512 1,392,770 5,203,282 1,871,169 3,332,113 5,203,282 Examined and found to agree with Treasury Books Charles Deguara Auditor General Paulanne Mamo Accountant General Page 11 STATEMENT OF THE SCHOOL COUNCIL FUND FOR 2020 STATEMENT 7 In terms of Section 35 (1) (b) of the Public Finance Management Act, 2019, 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 € 1,888,690 * 1,532,543 3,421,233 1,366,166 2,055,067 ** 3,421,233 * The Opening Balance of €1,888,690 for 2020, as submitted by the Ministry for Education and Employment (Education Department), is different from the Closing Balance of €1,900,105 for 2019 as published in both Annual Financial Statements for 2019 and in the Financial Report (2019).
The Ministry for Education and Employment (Education Department) explained that the inconsistency is due to; corrections being made after the closing of the financial year 2020, accounts including project funds which were omitted from 2019 figures and schools which were not finished with the postings in time for the compilation of this Statement.
** The Closing Balance of €2,055,067 is different from the balance provided by the Ministry for Education and Employment (Education Department) due to incorrect balances submitted by various schools, to which reason has not been yet provided.

Examined and found to agree with Treasury Books Charles Deguara Auditor General Paulanne Mamo Accountant General Page 12