Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1698137165773.pdf (Malta)
IT-TLETTAX-IL LEĠIŻLATURA P.L.

4657 Dokument imqiegħed fuq il-Mejda tal-Kamra tad-Deputati fis-Seduta Numru 316 tal-30 ta’ Marzu 2020 mill-Ministru fl-Uffiċċju tal-Prim Ministru, f’isem il-Ministru għall-Finanzi u s-Servizzi Finanzjarji.

___________________________ Raymond Scicluna Skrivan tal-Kamra GOVERNMENT OF MALTA Annual Financial Statements 2019 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 9 11 12 Note: Figures in Statements may not add up due to rounding Treas.

35/2020 Treas.

125/2020 N.A.O.
45/2020 ABSTRACT OF THE CONSOLIDATED FUND ACCOUNT FOR 2019 Revenue I Customs and Excise Duties Licences, Taxes and Fines II III Income Tax IV Value Added Tax V Fees of Office VI Reimbursements VII Central Bank of Malta VIII Rents IX Dividends on Investment/Receipts X Interest on loans made by Government XI Social Security XII Grants XIII Miscellaneous Receipts STATEMENT 1 2019 € 2018 € (308,759,977) (66,495,656) 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 73,383,799 312,141,946 386,692,777 1,573,144,411 927,969,568 82,220,356 49,136,807 35,000,000 30,408,246 45,768,119 48,788 967,831,221 100,780,846 48,631,911 Total Ordinary Revenue 4,972,882,868 4,559,774,994 XIV Loans XV Repayment of loans made by Government XVI Proceeds from Sale of Shares XVII Extraordinary Receipts 449,712,800 --- 977,627 --- 243,526,500 --- 888,888 91,000,000 Total Non-Ordinary Revenue 450,690,427 335,415,388 TOTAL REVENUE 5,423,573,295 4,895,190,382 Transfers from Contingencies Fund 4 11 5,423,573,299 4,895,190,393 Page 1 ABSTRACT OF THE CONSOLIDATED FUND ACCOUNT FOR 2019 STATEMENT 1 (cont) 2019 € 2018 € Recurrent Expenditure 1 Office of the President 2 House of Representatives 3 Office of the Ombudsman 4 National Audit Office 5 Office of the Prime Minister 6 7 Government Printing Press 8 Electoral Office 9 Public Service Commission Information 10 Ministry for Health 11 Ministry for the Economy, Investment and Small Businesses 12 Commerce 13 Ministry for Education and Employment 14 Education 15 Ministry for Energy and Water Management 16 Ministry for European Affairs and Equality 17 Industrial and Employment Relations 18 Ministry for Finance 19 Economic Policy Treasury 20 22 Commissioner for Revenue 23 Customs 24 Contracts 25 Ministry for Tourism 26 Ministry for Home Affairs and National Security 27 Armed Forces of Malta 28 Police 29 Correctional Services 30 Probation and Parole 31 Civil Protection 32 Ministry for Justice, Culture and Local
 Government 33 34 35 Ministry for the Environment, Sustainable Development and Climate Change 36 Ambjent Malta Judicial Local Government --- 11,408,324 1,657,547 98,968,526 16,142,060 52,414,038 68,802,213 14,231,257 1,213,089 5,903,507 70,733,200 18,521,817 43,536,315 95,830,311 --- Page 2 ABSTRACT OF THE CONSOLIDATED FUND ACCOUNT FOR 2019 Recurrent Expenditure (Continued) 37 Ministry for Foreign Affairs and Trade Promotion 38 Ministry for Transport, Infrastructure and Capital Projects 39 Ministry for Gozo 40 Ministry for the Family, Children's Rights and Social Solidarity 41 Social Policy 42 Social Security Benefits 43 Pensions 44 Elderly and Community Care 45 Commissioner for Standards in Public Life [Inland Revenue [V.A.T.
[Social Welfare Standards STATEMENT 1 (cont) 2019 € 2018 € 33,216,703 104,147,817 42,586,403 92,429,969 363,533,404 997,939,837 101,468,473 145,412,601 368,332 --- --- --- 31,045,587 95,503,095 36,281,664 79,223,005 327,330,883 965,229,239 105,480,277 128,818,312 --- 9,318,893 10,678,169 1,319,473 TOTAL RECURRENT EXPENDITURE 4,216,202,369 3,821,447,482 21 Public Debt Servicing Contribution to Sinking Fund - Local Contribution to Sinking Fund - Local Contribution to Special MGS Sinking Fund Interest - Local Repayment of Loan - Local Early Repayment of MGRSB Interest - Local Repayment of Loan - Local Contribution to Sinking Fund - Foreign Interest - Foreign Contribution to Sinking Fund - Foreign Interest - Foreign Interest - Short-term borrowing Interest - Short-term borrowing --- 50,000,000 192,273,129 437,226,853 2,446,400 50,000 9,697 422 1,630,562 50,000,000 203,190,937 391,694,251 568,000 57,000 363,271 390 TOTAL PUBLIC DEBT SERVICING 682,006,501 647,504,412 TOTAL RECURRENT EXPENDITURE AND PUBLIC DEBT SERVICING 4,898,208,871 4,468,951,894 Page 3 ABSTRACT OF THE CONSOLIDATED FUND ACCOUNT FOR 2019 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 European Affairs and Equality IX Ministry for Finance X Ministry for Tourism XI Ministry for Home Affairs and National Security XII Ministry for Justice, Culture and Local Government XIII Ministry for the Environment, Sustainable Development and Climate Change XIV Ministry for Foreign Affairs and Trade Promotion XV Ministry for Transport, Infrastructure and Capital Projects XVI Ministry for Gozo XVII Ministry for the Family, Children's Rights and Social Solidarity STATEMENT 1 (cont) 2019 € 2018 € 669,682 200,510 45,134,451 27,524,847 40,063,802 58,375,215 43,352,020 31,258,926 29,353,908 12,276,236 32,089,726 19,045,876 57,850,118
 2,092,603 132,449,973 11,502,841 11,802,121 445,312 53,750 41,301,365 30,795,920 55,684,091 92,903,546 48,528,678 45,739,252 28,317,863 26,061,297 20,854,090 21,004,510 61,497,997 2,297,892 99,577,278 10,135,538 19,791,337 TOTAL CAPITAL EXPENDITURE 555,042,859 604,989,717 IX Ministry for Finance Investment - Equity Acquisition 18,795,163 63,513,093 TOTAL CAPITAL EXPENDITURE AND INVESTMENT 573,838,021 668,502,810 TOTAL EXPENDITURE 5,472,046,892 5,137,454,704 Transfers to Contingencies Fund (4) (11) Balance as at December 31 (357,233,573) (308,759,977) 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 2019 STATEMENT 2 Balances as at January 1 (Debit)/Credit € Transactions during the year 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 930,889,536 * 235,944,751 * 23,294 290,000,000 2,105,307 208,324,672 --- 81,547,162 89,275,647 38,777,911 101126 --- 1,185,072,394 25,809 29,615,706 479,817,420 39,152,932 707,993,434 56,886,185 14,768,800 --- 1,195,072,394 99,948 76,511,417 479,817,420 46,211,840 715,969,891 948,997,810 250,612,425 23,294 300,000,000 2,179,446 255,220,382 --- 88,606,069 97,252,104 1,838,110,369 2,480,556,732 2,585,337,894 1,942,891,531 Advances Accounts Special Advances (32,021,651) 560,000 20,075,430 (12,506,221) (32,021,651) 560,000 20,075,430 (12,506,221) 1,806,088,718 2,481,116,732 2,605,413,324 1,930,385,310 * The opening balance does not agree with the corresponding closing balance for the year 2018 as in 2019, 'Malta Development Bank' was re-classified from the category 'Acquisition of Shares' to 'Other Investments' as per 'The Malta Development Bank Act Cap.
574.'
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 2019 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 207,594,713 50,000,000 (3,054,290) --- --- 254,540,423 TOTAL LOCAL LOANS 207,594,713 50,000,000 (3,054,290) --- --- 254,540,423 BREAK DOWN OF INVESTMENTS (LOCAL) Central Bank of Malta Deposit Accounts Malta Government Stocks TOTAL INVESTMENTS 2018 € 2019 € 105,732,414 101,862,299 133,336,924 121,203,499 207,594,713 254,540,423 Page 6 STATEMENT OF THE SINKING FUNDS FOR THE REDEMPTION OF LOANS FOR 2019 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 648,521 48,500 --- --- 106,500 590,521 Government of Canada 81,438 1,500 (10) 5,331 16,820 71,439 TOTAL FOREIGN LOANS 729,959 50,000 (10) 5,331 123,320 661,960 TOTAL SINKING FUNDS 208,324,671 50,050,000 (3,054,300) 5,331 123,320 255,202,383 BREAK DOWN OF INVESTMENTS (FOREIGN) Central Bank of Malta Deposit Accounts TOTAL INVESTMENTS 2018 € 2019 € 729,959 661,960 729,959 661,960 Examined and found to agree with Treasury Books Charles Deguara Auditor General Paulanne Mamo Accountant General Page 7 ABSTRACT OF THE CONTINGENCIES FUND FOR 2019 Balance as at January 1, 2019 Advances to the Consolidated Fund Warrant No.
Vote and Subhead 1 2 3 4 Rec 38 Rec 16 Cap V Rec 18 5672 6773 7836 5755 Reimbursements from the Consolidated Fund of Advances made during 2019 Warrant No.

2 of 2019 € 1 1 1 1 STATEMENT 4 € 1,165,000 (4) 4 Balance as at December 31, 2019 1,165,000 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 2019 STATEMENT 5 2019 € 2018 € Source of Funds A.
Social Security Contributions 691,139,702 648,831,222 B.

Direct Contribution by Government in terms of the Social Security Act, 1987 354,999,999 318,999,999 Total Receipts 1,046,139,701 967,831,221 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 21,258,790 558,608,111 76,683,118 142,204,799 12,119,428 22,033,747 531,145,244 74,060,985 139,763,589 11,932,620 Total Expenditure on Benefits payable under the Contributory Schemes * 810,874,246 778,936,185 B.

Administration Expenses 8,323,609 8,052,948 C. Expenses in connection with Health Recurrent Services W 1.

Ministry for Health l 2.


Elderly and Community Care Total Payments Welfare Gap - Difference 658,899,166 148,617,438 583,387,961 130,706,185 815,840,213 722,147,093 1,626,714,459 1,501,083,278 580,574,758 533,252,057 W Includes an expenditure of €481,423 and €519,597 in 2019 and 2018 respectively under Health (Gozo) Recurrent Vote.

l Includes an expenditure of €3,204,837 and €1,887,873 in 2019 and 2018 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 2019 `` 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) 2019 € 2018 € 39,510,734 31,818,370 24,742,425 50,095,876 18,504,859 9,257,941 8,705,744 4,429,642 39,312,497 29,251,657 22,000,611 55,441,790 18,334,227 9,212,972 8,985,621 3,753,678 Total Expenditure on Benefits payable under the Non-Contributory Schemes 187,065,591 186,293,053 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 2019 STATEMENT 6 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 € 3,125,828 1,734,841 4,860,669 1,050,157 3,810,512 4,860,669 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 2019 STATEMENT 7 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 € 1,737,754 * 2,520,579 4,258,334 2,358,228 1,900,105 4,258,334 * The Opening Balance of €1,737,754 for 2019, as submitted by the Ministry for Education and Employment (Education Department), is different from the Closing Balance of €1,809,753 for 2018 as published in both Annual Financial Statements for 2018 and in the Financial Report (2018).
The Ministry for Education and Employment (Education Department) explained that last year, figures were taken from the Bank statements while this year the statement figures were updated from the accounting system.

The figures for the following schools were taken from the Bank statements since they do not have access to the system; St. Margaret College, St. Ignatius College (Siggiewi Primary and Tal-Handaq Secondary), Maria Regina College (Most Secondary), St. Thomas More College (ALP Secondary Paola).
Examined and found to agree with Treasury Books Charles Deguara Auditor General Paulanne Mamo Accountant General Page 12