GOVERNMENT OF LIBERIA
FINANCIAL STATEMENTS OF THE
CONSOLIDATED FUND ACCOUNT
QUARTER ONE OF FISCAL YEAR 2014/2015
MINISTRY OF FINANCE & DEVELOPMENT PLANNING
NOVEMBER 2014
Government of Liberia
First Quarter Consolidated Fund Account for the period ended 30th September 2014
Table of Contents
STATEMENT OF RESPONSIBILITY FOR THE PREPARATION OF THE FIRST QUARTER CONSOLIDATED FUND
ACCOUNT ........................................................................................................................................................ 3
REPORT OF THE COMPTROLLER AND ACCOUNTANT GENERAL, R.L. ............................................................. 4
1.
Introduction ........................................................................................................................................ 4
2.
Summary ............................................................................................................................................. 4
3.
The FY2014/2015 National Budget ..................................................................................................... 4
4.
Revenue Estimates for FY 2014/2015 ................................................................................................. 5
5.
Total Expenditure ................................................................................................................................ 7
6.
The Public Debt ................................................................................................................................... 9
7.
Conclusion ......................................................................................................................................... 11
CONSOLIDATED FUND ACCOUNT FOR THE QUARTER ENDED 30TH SEPTEMBER 2014 .............................. 12
NOTES OF EXPLANATION AND ELABORATION RELATING TO THE CONSOLIDATED FUND ACCOUNT ...... 16
1.
General Information.......................................................................................................................... 17
2.
Accounting Policies ........................................................................................................................... 17
(a)
Basis of Preparation ................................................................................................................ 17
(b)
Reporting Entity....................................................................................................................... 17
(c)
Reporting Currency and Translation of Foreign Currencies .................................................... 18
(d)
Reporting Period ..................................................................................................................... 18
(e)
Receipts ................................................................................................................................... 18
(f)
Expenses .................................................................................................................................. 19
(g)
Property, Plant and Equipment (Physical Assets or Fixed Assets) .......................................... 19
(h)
Inventories............................................................................................................................... 19
(i)
Contingencies .......................................................................................................................... 19
(j)
Commitments and Guarantees ............................................................................................... 20
3. Tax Revenue......................................................................................................................................... 20
(a)
Taxes on income and Profit ..................................................................................................... 20
(c)
Taxes on Goods and Services .................................................................................................. 22
1
Government of Liberia
First Quarter Consolidated Fund Account for the period ended 30th September 2014
(d)
International Trade Taxes........................................................................................................ 22
(e)
Social Development Funds ...................................................................................................... 23
4. Non-Tax Revenue.................................................................................................................................. 24
(a)
Property Income ...................................................................................................................... 24
(b)
Administrative Fees ................................................................................................................. 24
(c)
Administrative Penalties and Interests ................................................................................... 25
5. External Assistance ............................................................................................................................... 25
6. Domestic Borrowing ............................................................................................................................. 25
7. Payments – Operations ........................................................................................................................ 26
8. Interest And Loan Repayments ............................................................................................................ 27
2
Government of Liberia
First Quarter Consolidated Fund Account for the period ended 30th September 2014
STATEMENT OF RESPONSIBILITY FOR THE PREPARATION OF THE FIRST QUARTER
CONSOLIDATED FUND ACCOUNT
The First Quarter Consolidated Fund Account, as set out on pages 15 to 17, has been prepared in
accordance with the provisions of the Public Financial Management (PFM) Act, 2009 and its
attendant Regulations, and in compliance with Cash Basis International Public Accounting
Standards (Cash-IPSAS) adopted by the Government of Liberia.
In accordance with the provisions of the Public Financial Management Act, we are responsible for
the control and accounting of the Consolidated Funds and all other public funds received, held and
expended on behalf of the Government of Liberia.
Under the provisions of the same Act, we are required to prepare unaudited quarterly interim
accounts of the National Budget to be submitted to the President, Legislature and the General
Public, forty-five days after the end of the quarter to which it relates.
Accordingly, we are pleased to submit the required interim unaudited Consolidated Fund Account,
in compliance with the PFM Act and its attendant Regulations. We have provided, and will continue
to provide, all of the information and explanations as may be required in connection with
Consolidated Fund Accounts herein.
In preparing the Consolidated Fund Account, the most appropriate accounting policies have been
consistently applied and supported by reasonable and prudent judgment and estimates. To the
best of our knowledge and beliefs, the Consolidated Fund Account agrees with the books of
accounts, which have been properly kept.
We accept responsibility for the integrity of the financial statements, the financials presented
therein, the financial information they contain and their compliance with the provisions of the
Public Financial Management Act of 2009 and its attendant Regulations.
----------------------------------Amara M. Konneh
Minister
Ministry of Finance & Development Planning
Government of Liberia
October 31, 2014
3
Government of Liberia
First Quarter Consolidated Fund Account for the period ended 30th September 2014
REPORT OF THE COMPTROLLER AND ACCOUNTANT GENERAL, R.L.
1. Introduction
This Report provides commentary and analysis of the cash receipts and payments (as well as
financial performance) of the Consolidated Fund of the Government of Liberia for the first quarter
ended 30th September 2014. The accompanying Quarter Consolidated Fund Account provides
useful information on the Government’s financial performance for the first quarter ended 30th
September 2014.
The first Quarter Consolidated Fund Account of the Government of Liberia for the financial period
ended 30th September 2014 has been prepared in accordance with Section 37 of the Public
Financial Management (PFM) Act of 2009 and Regulation I.12 of the PFM Regulations for the PFM
Act 2009. Furthermore, the Annual Consolidated Fund Account has been prepared in compliance
with Cash Basis International Public Sector Accounting Standards (Cash Basis IPSAS) adopted by the
Government.
2. Summary
Table 1 shows a snapshot of financial performance for the first quarter of the fiscal year under
review and the closing financial position as compared with the first quarter of the prior fiscal year.
Table 1: Financial Performance Q1 FY14/15 vs. Q1 FY13/14
Actual FY
2014/15
Actual
FY2013/14
Change
%
Variance
US $'000
US $'000
US $'000
Total Revenue
129,565
107,648
21,917
20%
Total Expenses
104,299
90,749
13,549
15%
Surplus/(deficit)
25,267
16,899
8,368
50%
Financing costs
(1,876)
(1,106)
(770)
70%
Net surplus/(deficit) for the period
23,391
15,792
7,598
48%
3. The FY2014/2015 National Budget
In accordance with Section 8 (1) of the 2009 PFM law, the FY2014/15 Draft Budget was formulated
for implementation in the third year of the Medium Term Expenditure Framework (MTEF).
The total draft budget for the Fiscal Year 2014/2015 is US$605.87 million or an equivalent of
L$49,681.10 billion against revenue projection of US$473.25 million or an equivalent of
L$38,806.66 billion, showing a gap or proposed deficit of US$132.62 Million or an equivalent of
L$10,874.44 billion. The projected exchange rate is US$1.00 to L$82.00 against revenue projection
of the same rate.
4
Government of Liberia
First Quarter Consolidated Fund Account for the period ended 30th September 2014
The draft budget of US$605.87 million comprises the recurrent budget, which makes up US$490.07
million (80.89%) of this amount, and the Public Sector Investment (PSIP) component of US$115.80
million (19.11%).
The budget is broken down into eleven (11) Medium Term Expenditure Framework’ (MTEF) sectors,
namely: Agriculture, US$4.78m (0.79%); Education, US$64.29m (10.61%); Energy and Environment,
US$24.44m (4.03%); Health, US$100.23m (16.54%); Industry and Commerce, US$14.66m (2.42%);
Infrastructure and Basic Services, US$62.00m (10.23%); Municipal Government, US$30.51m
(5.04%); Public Administration, US185.50m (30.62%); Security and Rule of Law, US$82.50m
(13.62%); Social Development Services, US$9.00m (1.49%) and Transparency and Accountability,
US$27.97m (4.62%), as depicted in Table 2.
Table 2: Budget Appropriation by MTEF Sectors
BUDGET APPROPRIATION BY MTEF SECTORS
MTEF SECTORS
DRAFT BUDGET
US $'000
% OF
BUDGET
Agriculture
4,776
0.79%
Education
64,295
10.61%
Energy and Environment
24,437
4.03%
100,229
16.54%
Industry and Commerce
14,661
2.42%
infrastructure and Basic Services
61,996
10.23%
Municipal Government
30,513
5.04%
185,497
30.62%
82,497
13.62%
9,001
1.49%
27,965
4.62%
605,867
100%
Health
Public Administration
Security and Rule of Law
Social Development Services
Transparency and Accountability
4. Revenue Estimates for FY 2014/2015
The draft estimated revenue to support the operations of the Government of Liberia is US$473.25
million. The core envelope is US$430.25m (90.91%) of the amount, with borrowing amounting to
US$28m (5.92%). The US$430.25 million in core revenue comprises Tax revenue of US$399.17m
(71.67%); Non tax revenue of US$56.02m (11.84%), Grant of US$35.06m (7.41%), and contingent
revenue of US$15m (3.17%), as shown in Table 3 below.
5
Government of Liberia
First Quarter Consolidated Fund Account for the period ended 30th September 2014
Table 3: Revenue Estimates FY14/15
DESCRIPTION
TOTAL REVENUE
ESTIMATES
% OF REVENUE
ESTIMATES
Core Revenue
430,252
90.91%
Tax Revenue
339,171
71.67%
Non-Tax Revenue
56,020
11.84%
Grant
35,061
7.41%
Borrowing
28,000
5.92%
Contingent Revenue
15,000
3.17%
473,252
100%
Total Revenue
Comparative Analysis of first quarter revenue collected
Total revenue collection of US$129.56 million includes borrowing of US$5 million for the fight
against the Ebola Virus Disease (EVD) for first quarter FY2014/15, which shows a US$21.9 million
(20%) increase in collections when compared to FY2013/14 collection of US$107.6 million.
Comparing the first quarter FY14/15 revenue collections to that of the same period in FY 13/14, tax
revenue US$95.8 million constitutes an increase of US$2.6 million (3%) above FY2013/14 (US$93.2
million); non-tax revenue of US$16 million shows an increase of US$4.3 million (37%) above
FY2013/14 (US$11.7 million); and grants collected for the first quarter FY 14/15 amounted to
US$12.6 million on account of budget support from USAID Fixed Assets Reimbursement
Arrangement (FARA), as compared to US$2.6 million in the first quarter of FY13/14, as shown in
Table 4 below.
Table 4: Actual Revenue Receipts Q1 FY14/15 vs. Q1 FY13/14
Account Title
TAX REVENUE
COMPARATIVE ANALYSIS OF ACTUAL REVENUE RECEIPTS
FOR THE FINANCIAL PERIOD ENDED 30th SEPTEMBER 2014/15
1st. Qtr. Actual
1st. Qtr. Actual
Change
FY14/15
FY13/14
US$'000'
US$'000'
US$'000'
95,899
93,249
2,650
% Change
3%
NON-TAX REVENUE
16,061
11,746
4,315
37%
GRANT
12,605
2,653
9,952
375%
-
-
-
-
5,000
-
5,000
-
107,648
21,917
20%
CONTINGENT REVENUE
BORROWING
GRAND TOTAL REVENUE RECEIPTS
129,565
6
Government of Liberia
First Quarter Consolidated Fund Account for the period ended 30th September 2014
Figure 1: Actual Revenue 2014/15 against 2013/14
Revenue in thousands of currency units
120,000
Actual Revenue 2014/15 against 2013/14
100,000
80,000
60,000
40,000
20,000
-
Contingent
Revenue
Grant
Borrowing
16,061
-
12,605
5,000
11,746
2,653
-
-
Tax Revenue
Non-Tax Revenue
Actual 2014/15
95,899
Actual 2013/14
93,249
Figure 2: Share of each revenue Source to Total Revenue Receipts in FY 2014/15
ACTUAL 2014/15
Grants
10%
Contingent Revenue
0%
Non Tax Revenue
12%
Borrowing
4%
Tax Revenue
74%
5. Total Expenditure
The total cash payments for the first quarter in FY2014/15 amounted to US$105.26 million,
representing an increase of US$9.16 million (9.53%) when compared to FY2013/14 (US$96.10
Million). The increase in expenditure was driven by Capital expenditure of US$0.65 Million,
representing an increase of about 45.05% (US$0.2 Million), when compared to FY2013/14 US$0.44
Million.
7
Government of Liberia
First Quarter Consolidated Fund Account for the period ended 30th September 2014
The total US$88.11 million spent on Operations (wages, salaries, goods and services) accounts for
about 84% of the total cash paid out, and represents an increase of 20% or US$14.91 million when
compared to the US$73.20 million spent in quarter one FY2013/14. Transfers or Grant amounted
to US$13.41 million, of which US$9.00 Million was transferred to the Ebola Trust Fund against the
US$20.00 Million emergency spending authority endorsed by the National Legislature to fight
Ebola. The amount of transfers that occurred in first quarter of FY14/15 represents a decrease of
15% or US$2.33 million, when compared to US$15.74 million in transfers for the same quarter of
FY2013/14. Interest and Loan repayments decreased by 56% (or US$3.62 million) to US$2.84
million, when compared to US$6.46 million in FY2013/14. Other payment such as Social Benefit
amounted to US$0.26 million and US$0.27 million in FY13/14 as shown in Figure 3.
Expenditure in thousands of currency units
Figure 3: Actual Disbursements FY14/15 against FY13/14
100,000
90,000
80,000
70,000
60,000
50,000
40,000
30,000
20,000
10,000
-
Actual Disbursements 2014/15 against 2013/14
Operations
Transfers
Capital
Expenditures
Interest and
Loan
Repayments
Other
payments
Actual 2014/15
88,108
13,408
645
2,837
263
Actual 2013/14
73,197
15,735
445
6,459
266
Figure 4: Share of Expenditure Categories to Total Expenditure in FY 2014/15
Capital Expenditures
1%
Interest and Loan
Repayments
3%
Transfers
13%
ACTUAL 2014/15
Other payments
0%
Operations
84%
8
Government of Liberia
First Quarter Consolidated Fund Account for the period ended 30th September 2014
6. The Public Debt
Total public debt, comprising both external and domestic debt, increased from US$648.20 in the
fourth quarter of FY 2013/14 to USD 694.83m during the first quarter ended September 30, 2014.
This increase represents 7.19% or USD 46.63m when compared with the previous quarter. The
increase is primarily due to disbursement on active post HIPC loans, which include credits from the
World Bank International Development Association (IDA), the African Development Bank (AfDB)
and the European Investment Bank (EIB); and the International Monetary Fund’s (IMF) credit for
Balance of Payment support. Disbursement on the domestic front is due only to the Central Bank
of Liberia (CBL) Emergency Loan for the fight against Ebola (see table 2).
Of the total debt of US$694.83m, domestic debt is 42.94% or US$298.36m and external debt
accounts for 57.06% or US$396.47m. The Chart below shows the trend in the increase of total
public debt during the reporting period (see table 1).
Table 5: Disbursement
CATEGORY
Q1 FY2014/15
Total Disbursement
External:
World Bank/IDA
AfDB
48.15
43.15
17.19
0.12
EIB
14.54
IMF
11.30
Domestic:
5.00
CBL Emergency Loan- Ebola
5.00
Figure 5: Public Debt Q1 FY 14/15 vs. Q4 FY 13/14
800
648.2
700
694.83
600
500
400
300
293.55
298.36
354.65
396.47
200
100
0
Domestic
External
Q4-FY 2013-14
Total
Q1-FY 2014-15
9
Government of Liberia
First Quarter Consolidated Fund Account for the period ended 30th September 2014
External Debt Profile
As at September 30, 2014, total external debt stood at USD 396.47 million, when compared with
USD 354.65 million recorded at end-June 2014. This increase is due primarily to disbursement on
the World Bank/IDA credits, the EIB Hydro Project credit and the IMF credit for balance of payment
support.
Table 6: Movements in external debt stock (USD millions)
Disbursed Outstanding Debt (period start)
Disbursements
Principal Repayments
Net Flows On Debt Stock
Interest Payments
Exchange rate / other adjustments1
FY2014/15
Q1
354.65
43.16
-0.77
42.39
0.63
-0.57
FY2013/14
Q4
342.24
14.50
-2.04
12.46
0.46
-0.05
Total Debt Service
Disbursed Outstanding Debt (period end)
1.41
396.47
2.50
354.65
DETAILS
Source: DMU, MoF
FY2013/2014 Q1 vs. FY2014/2015 Q1
Comparatively, total public debt, comprising both external and domestic debt as at end-September
2013 stood at US$603.50 million while the total debt stock was U$694.83 million as at ended
September 30, 2014. This represents an increase of 15% or USD 91.33 million when compared with
quarter one of the previous fiscal year.
The increase is primarily due to disbursements on active post HIPC loans which include credits from
the World Bank IDA, AfDB and EIB; and the IMF credit for Balance of Payment support.
Disbursement on domestic front is due primarily to the CBL Emergency Loan for the fight against
Ebola.
1
Refers to foreign exchange gains/losses well as other adjustments due to data reconciliation.
10
Government of Liberia
First Quarter Consolidated Fund Account for the period ended 30th September 2014
Figure 6: Public Debt Q1 FY 14/15 vs. Q1 FY 13/14
800
603.5
694.83
600
400
310.01
293.49 298.36
396.47
200
0
Domestic
External
Q1-FY 2013-14
Total
Q1-FY 2014-15
Interest and Loan Repayments
Total public debt service for quarter one of FY 2014/15 totaled US$2.84 million, of which external
debt accounts for US$1.41 million and domestic debt accounts for US$1.43 million. Principal
repayment of US$0.96 million during the reporting period represented 33.80%, while interest
payment represented 66.20%. When compared with quarter one of the previous fiscal year, debt
service decreased by 56% or US$3.62 million. The Principal repayment decreased by 82% or
US$4.40 million below the quarter one of the last fiscal year and interest payment increased by
69.40% or US$0.77 million compared with quarter one of FY2013/2014, as depicted in Table 7.
Table 7: Total Debt Service
CATEGORY
Principal
Interest
Total Debt Service
FY2014/15 Q1
0.96
1.88
2.84
FY2013/14 Q1
VARIANCE
5.35
1.11
6.46
-4.39
0.77
-3.62
7. Conclusion
The Financial Statements for the period ended 30th September 2014 should be read in conjunction
with the underlying notes and supplementary disclosures, for better understanding and
interpretation.
…………………………
Sekou A. Sanoe
Comptroller and Accountant General, R.L.
Government of Liberia
October 31, 2014
11
Government of Liberia
First Quarter Consolidated Fund Account for the period ended 30th September 2014
CONSOLIDATED FUND ACCOUNT FOR THE QUARTER ENDED 30TH
SEPTEMBER 2014
12
Government of Liberia
First Quarter Consolidated Fund Account for the period ended 30th September 2014
STATEMENT NO. 1 - STATEMENT OF CASH RECEIPTS AND PAYMENTS (CONSOLIDATED FUND)
FOR THE FINANCIAL PERIOD ENDED 30th SEPTEMBER 2014/15
- RECEIPTS BY TYPE AND PAYMENTS CLASSIFICATION BY NATURE
For the Financial Period Ended
For the Financial Period Ended
September 30, 2014/15
September 30, 2013/14
NOTES Receipts/Payments
Payments by
Receipts/Payments
Payments by
controlled by entity
Third Party US
controlled by entity
Third Party
US $'000
$'000
US $'000
US $'000
RECEIPTS
TAX RECEIPTS
3
95,899
41,750
570
9,207
38,632
5,740
-
93,249
36,510
679
13,093
38,560
4,407
-
4
16,061
16,061
-
11,745
11,745
-
5
12,605
12,605
-
2,653
2,653
-
6
5,000
5,000
-
-
-
129,565
-
107,648
-
-
73,197
-
Taxes on Income and Profits
Property Taxes
Taxes on Goods and Services
Taxes on International Trade
Other Taxes
OTHER RECEIPTS: NON – TAX RECEIPTS
Other Receipts
EXTERNAL ASSISTANCE
Grants from Multilateral Agencies
Grants from Bilateral Agencies
Borrowings from Multilateral
Agencies
Borrowings from Bilateral Agencies
Other Borrowings
DOMESTIC ASSISTANCE
Other Borrowings
TOTAL RECEIPTS
PAYMENTS
7
Operations
Wages, Salaries and other
Employee Benefits
Supplies and Consumables
88,108
Transfers
Grants
Other Transfer Payments
Capital Expenditures
Purchase/Construction of plant and
equipment
Interest and Loan Repayments
Repayment of borrowings
Interest payments
Other payments
55,413
48,758
32,695
24,439
13,408
13,408
-
15,735
15,735
-
645
-
445
-
645
8
445
2,837
962
1,876
-
6,459
5,353
1,106
-
263
-
266
-
13
Government of Liberia
First Quarter Consolidated Fund Account for the period ended 30th September 2014
Social Benefits
263
Total payments
105,260
Increase/(Decrease) in Cash and
Cash Equivalents
266
96,102
-
24,305
-
11,546
-
Cash and Cash Equivalents
Foreign Currency translation
Difference
-
-
Ending Cash as at September 30th
24,305
-
11,546
-
-
STATEMENT NO. 2 - STATEMENT OF COMPARISON OF BUDGET AND ACTUAL AMOUNTS (CONSOLIDATED FUND)
FOR THE FINANCIAL PERIOD ENDED 30th SEPTEMBER 2014/15
- Budget Approved on the Cash Basis (Classification of Payments by Sector)
Current
Draft
Difference:
Actual FY
Percentage
Actual FY
Budget FY
Budget FY Final Budget
NOTE 2014/15
Variance
2013/14
2014/15
2014/15
and Actual
US $'000
%
US $'000
US $'000
US $'000
US $'000
CASH INFLOWS
TAX RECEIPTS
Taxes on Income and Profits
Property Taxes
Taxes on Goods and Services
Taxes on International Trade
Other Taxes
95,899
41,750
570
9,207
38,632
5,740
93,778
40,926
904
11,493
34,594
5,860
339,171
149,457
5,002
45,424
126,577
12,711
473,252
2,121
824
(335)
(2,286)
4,039
(120)
1,106
1,106
(935)
(935)
5,000
5,000
7,292
2%
2%
-37%
-20%
12%
-2%
7%
7%
-7%
-7%
6%
OTHER RECEIPTS: NON – TAX RECEIPTS
Other Receipts
16,061
16,061
14,955
14,955
56,020
56,020
-
-
15,000
15,000
12,605
12,605
13,540
13,540
35,061
35,061
5,000
5,000
-
28,000
28,000
129,565
122,274
107,648
38,543
41,467
185,497
2,924
7%
33,996
9
CONTINGENT REVENUE
Contingent Tax Revenue
Contingent Other Revenue
EXTERNAL ASSISTANCE
Grants from Multilateral Agencies
Grants from Bilateral Agencies
Other Borrowings
DOMESTIC ASSISTANCE
Other Borrowings
TOTAL RECEIPTS
CASH OUTFLOWS
Classification by Administrative Units
Public Administrative Services Sector
93,249
36,510
679
13,093
38,560
4,407
11,745
11,745
-
2,653
2,653
2,653
-
9
14
Government of Liberia
First Quarter Consolidated Fund Account for the period ended 30th September 2014
Municipal Government
Transparency And Accountability
Security And The Rule Of Law
Health
Social Development Services
Education
Energy And Environment
Agriculture
Infrastructure And Basic Services Sector
Industry And Commerce Sector
Total payments
NET CASH FLOW
1,740
7,830
16,118
9,954
1,089
17,830
5,582
762
2,289
3,523
105,260
2,269
8,398
18,245
12,015
1,237
19,908
5,896
845
2,588
3,679
116,547
30,513
27,965
82,497
100,229
9,001
64,295
24,437
4,776
61,996
14,661
605,867
530
567
2,128
2,061
148
2,078
314
82
299
156
11,287
23%
7%
12%
17%
12%
10%
5%
10%
12%
4%
10%
2,559
4,020
16,917
11,887
984
15,727
1,848
991
2,112
5,061
96,102
24,305
5,726
(132,615)
(18,579)
-324%
11,545
15
Government of Liberia
First Quarter Consolidated Fund Account for the period ended 30th September 2014
NOTES OF EXPLANATION AND ELABORATION RELATING TO THE
CONSOLIDATED FUND ACCOUNT
16
Government of Liberia
First Quarter Consolidated Fund Account for the period ended 30th September 2014
The numbered notes that follow relate directly to the content of the Financial Statements and are
numbered accordingly.
1.
General Information
The Financial Statements presented above reflect the Cash Receipts and Payments of the
Government of Liberia for the first Quarter ended 30th September 2014, on the basis of monies
received by, held in or paid out of the Consolidated Fund during the period under review. The
Government, through the Office of the Comptroller and Accountant General, operates a centralized
treasury function that administers cash expenditures on behalf of all Ministries and Agencies
(M&As) during the financial period. The amounts appropriated to line Ministries and Agencies are
not expended directly by these Ministries and Agencies, but are disbursed on their behalf by the
Office of the Comptroller and Accountant General on presentation of appropriate documentation
and authorization.
The first quarter Consolidated Fund Account is for the Government of Liberia and encompasses the
financial transactions of the consolidated fund relating to Government Ministries and Agencies. A
list is attached of constitutionally established and other statutory institutions that receive cash
transfers, but whose annual accounts are not included. Also all forms of external assistance
provided through the Consolidated Fund (direct budgetary support) have been captured for the
financial period ended 30th September 2014.
2.
Accounting Policies
These are the specific principles, bases, conventions, rules and practices adopted by the
Government of the Republic of Liberia in preparing and presenting the Consolidated Financial
Statements. The principal accounting policies adopted in the preparation of the financial
statements therein are set out below. These policies have been consistently applied to all years
presented, unless otherwise stated.
(a) Basis of Preparation
These financial statements have been prepared in accordance with the requirements of the Public
Financial Management Act, 2009 and in compliance with the Cash Basis International Public Sector
Accounting Standard (Cash Basis IPSAS). The measurement basis applied is the historical cost,
except where otherwise stated in the accounting policies below. The accounting policies adopted
have been consistently used throughout.
(b) Reporting Entity
The financial statements are for the central Government of Liberia and encompass the financial
transactions on the Consolidated Fund relating to Government Ministries and Agencies.
17
Government of Liberia
First Quarter Consolidated Fund Account for the period ended 30th September 2014
(c) Reporting Currency and Translation of Foreign Currencies
i.
Functional and Presentation (or Reporting) Currency
The Republic of Liberia operates a dual currency regime comprising the Liberian Dollar (LD) and
the United States of America Dollar (US $) both of which are legal tenders. The attendant
Financial Regulations to the PFM Act of 2009 states that:
‘The monetary unit of Liberia for all government agency accounting and financial reporting shall
be the Liberian Dollar. The United States Dollars may also be used for financial reporting
purposes, but the Liberian Dollar is the base currency.’’
Hence, for the purpose of the Consolidated Financial Statements being submitted, the United
States Dollar is used as the reporting currency, which is permitted under the attendant Financial
Regulations to the PFM Act of 2009.
ii.
Translation of Transactions in Foreign Currency
Foreign currency transactions and transactions in Liberian Dollar are translated into United
States Dollar using the exchange rates prevailing at the dates of the transactions. Closing
monetary balances are translated into the reporting currency using the closing rates. Foreign
exchange gains and losses resulting from the settlement of such transactions and from the
translation at year-end exchange rates of monetary assets and liabilities denominated in foreign
currencies, are recognized in the statement of financial performance.
(d) Reporting Period
The reporting period for these financial statements is the first quarter of the financial period of the
Government, which runs from 1st July 2014 to the 30th September 2014.
(e) Receipts
Receipts represent cash received by the Government and paid into the Consolidated Account
during the financial year, comprising Taxes on Income and Profit, Property Taxes, Domestic Taxes
on goods and services, Maritime Revenue, Taxes on International Trades, Grants, Borrowings and
Non-Tax Receipts. Many services and benefits are provided by the Government to the public but
these do not necessarily give rise to revenue to the Government. Equivalently, payment of tax and
other dues do not necessarily result in an entitlement to the taxpayer to receive the equivalent
value in services or benefits because there is no explicit relationship between payments of tax and
other dues, and the receipt of goods and services from the Government. Receipts are recognized
as follows:
i.
Taxes
Taxes are recognized when they are received and under the control of Government.
18
Government of Liberia
First Quarter Consolidated Fund Account for the period ended 30th September 2014
ii.
Grants
Grants are recognized when received. Similarly, grants and transfers to other entities of
Government are recognized when disbursement is made.
iii.
Non-Tax Revenue
Non-Tax Receipts are fees or charges collected and proceeds from sales of designated services
by the Government. Sales of services are recognized in the period in which the payment for the
service is received and not necessarily when the service is rendered. Non-Tax Receipts, whether
directly collected by the Government or collected by another entity on its behalf, are recognized
when received.
(f) Expenses
All expenses are recognized in the statement of Cash Receipts and Payments when paid out.
However, expenses relating to domestic arrears, interest expense and other liabilities are accrued
by inclusion in the Statement of Financial Performance and Statement of Financial Assets and
Liabilities. There are no Statements of Financial Performance and Financial Assets and Liabilities for
the quarter ended September 30, 2014
(g) Property, Plant and Equipment (Physical Assets or Fixed Assets)
Property, plant and equipment principally comprises land, buildings, plant, vehicles, equipment,
highways, specialist military equipment and any other infrastructure assets; but does not include
regenerative natural resources such as forests and mineral resources. Under the Government’s
cash basis of accounting, purchases of property, plant and equipment are expensed fully in the year
of purchase. Proceeds from disposal of property, plant and equipment are recognized as non-tax
receipt in the period in which they are received.
(h) Inventories
Consumable supplies are expensed in the period in which they are paid for.
i.
Employee benefits
Employee benefits include salaries, wages, allowances, pensions and other relatedemployment costs. Employee benefits are recognized when they are paid. No provision is made
for accrued leave or reimbursable duty allowances.
(i) Contingencies
Contingent liabilities are recorded in the Statement of Contingent Liabilities (on memorandum
basis) when the contingency becomes evident and under the cash accounting method. They are
recognized only when the contingent event occurs and payment is made. Contingent assets are
neither recognized nor disclosed.
19
Government of Liberia
First Quarter Consolidated Fund Account for the period ended 30th September 2014
(j) Commitments and Guarantees
Long term Commitments including operating and capital commitments arising from noncancellable contractual or statutory obligations as well as Guarantees made by the Government
will be reported as Notes to the Financial Statements.
3. Tax Revenue
Total tax revenue projected amounted to US$93.77 million for the first quarter while actual tax
receipts amounted to US$95.8 million for the first quarter FY 14/15. Components of tax revenue
include: Taxes on income & profit taxes, real property taxes, general taxes on goods and services,
taxes on international trade, and other taxes including social development contributions from the
mining, agricultural, and petroleum sectors.
NOTE 3 - COMPARATIVE ANALYSIS OF ESTIMATED AND ACTUAL TAX REVENUE FOR
THE FINANCIAL 1st QUATER ENDED 30th SEPTEMBER 2014
Account Title
1st. Qtr
Actual
US$'000'
FY 14/15
1st. Qtr Proj. Draft Estimate
US$'000'
US$'000'
FY 14/15
FY 14/15
Var. (Actual vs.
Estimate)
Percentage
US$'000'
Variance
FY 14/15
1st. Qtr Actual
US$'000'
FY 13/14
TAX REVENUE
Taxes On Income & Profits
41,750
40,926
149,457
824
2%
36,510
Property/Real Estate Taxes
570
904
5,002
(335)
-37%
679
9,207
11,493
45,424
(2,286)
-20%
13,093
38,632
34,594
126,577
4,039
12%
38,560
5,740
5,860
12,711
(120)
-2%
4,407
95,899
93,778
339,171
2,121
2%
93,249
Total Taxes On Goods And Services
Taxes On International Trade
Other Taxes
TOTAL TAX RECEIPTS
(a) Taxes on income and Profit
Taxes on income and Profit for FY 14/15 actual is US$41.7 million; when measured against
projection of US$40.9 million, this shows an over performance of US$824k or 2%. When measured
against FY 13/14 actual of US$36.5 million, Taxes on income & profit over performed by US$5.2
million in the first quarter of FY 14/15, representing a 14% increase.
20
Government of Liberia
First Quarter Consolidated Fund Account for the period ended 30th September 2014
Fig. 3a Taxes on income and Profit
NOTE 3a - COMPARATIVE ANALYSIS OF ESTIMATED AND ACTUAL TAX REVENUE FOR THE FINANCIAL 1st QUATER ENDED 30th SEPTEMBER
2014
1st. Qtr
Actual
US$'000'
FY 14/15
1st. Qtr Proj.
US$'000'
FY 14/15
31,351
34,164
135,352
(2,814)
-8%
7
5
422
2
49%
7,090
7,729
38,934
(638)
-8%
8,485
379
567
2,095
(188)
-33%
563
Withholding Taxes (Residents)
23,874
25,864
93,902
(1,990)
-8%
18,690
TAXES ON NON-RESIDENT
10,104
6,103
12,472
4,001
66%
8,452
295
659
1,633
(364)
-55%
320
-
-
-
-
-
0
41,750
40,926
149,457
824
2%
36,510
Account Title
Draft Estimate
US$'000'
FY 14/15
Var. (Actual vs.
Estimate)
US$'000'
FY 14/15
Percentage
Variance
%
1st. Qtr Actual
US$'000'
FY 13/14
TAXES ON INCOME & PROFITS
TAXES ON RESIDENT
PIT Section 200A (Residents)
CIT Section 200B (Residents)
Presumptive Section 200C (Small
Tax)
ADDITIONAL TAXES
Taxes on Allocable Income and Profit
TOTAL TAX RECEIPTS
27,738
(b) Real Property Taxes
Real Property Taxes underperformed by US$335k of its FY14/15 projection. When compared to FY
13/14 actual, taxes on property underperformed by US$ 110k. There needs to be a vigorous
enforcement, public awareness, and sensitization effort which will see a growth in revenue for the
2nd quarter.
NOTE 3b - COMPARATIVE ANALYSIS OF ESTIMATED AND ACTUAL TAX REVENUE FOR THE 1st QUATER ENDED 30th SEPTEMBER 2014
1st. Qtr
1st. Qtr
1st. Qtr Proj. Draft Estimate Var. (Actual vs. Percentage
Actual
Actual
Account Title
FY14/15
FY14/15
Estimate)
Variance
FY14/15
FY13/14
US$'000'
US$'000'
US$'000'
%
US$'000'
US$'000
Taxes On Property
Recurrent Taxes On Immovable Property
569
904
5,002
(336)
-37%
679
Taxes On Unimproved Land Within City
56
63
211
(6)
-10%
76
4
-
-
4
-
4
508
842
4,791
(333)
-40%
600
-
-
-
-
-
-
Estate, Inheritance, & Gift Taxes
1
-
-
1
-
-
Taxes On Financial & Capital Transactions
-
-
-
-
-
1
Other Non-Recurrent Taxes On Property
-
-
-
-
-
-
Other Recurrent Taxes On Property
-
-
-
-
-
0
570
904
5,002
(335)
-37%
679
Taxes On Unimproved Land Outside City
Taxes On Improved Land No Matter Where
Situated
Recurrent Taxes On Net Wealth
Total Tax Receipts
21
Government of Liberia
First Quarter Consolidated Fund Account for the period ended 30th September 2014
(c) Taxes on Goods and Services
Taxes on Goods and Services, key components of which include general goods and services tax,
domestic excises, fiscal monopolies, business and professional licenses, motor vehicle taxes, and
maritime, constituted 0.07% or US$9.2 million of the total quarterly collection of US$124.5 million.
Actual receipts failed to achieve its target by US$1.4 million; taxes on goods and services, when
matched against FY13/14, underperformed by US$5 million due to the shock in the economy
caused by the Ebola epidemic.
Of an estimated US$1 million expected in maritime revenue for the quarter, only US$808k was
realized, leaving a variance of US$240k. When compared to FY13/14, maritime revenue dropped
in the current quarter by US$1 million.
Fig. 3c – TAXES ON GOODS & SERVICES
NOTE 3c - COMPARATIVE ANALYSIS OF ESTIMATED AND ACTUAL TAX REVENUE
FOR THE FINANCIAL 1st QUATER ENDED 30th SEPTEMBER 2014
Account Title
1st. Qtr Actual
Draft Estimate Var. (Actual
1st. Qtr Proj.
FY14/15
FY14/15
vs. Estimate)
FY14/15
US$'000'
US$'000'
US$'000'
Percentage
Variance
%
1st. Qtr Actual
FY13/14
US$'000'
TAXES ON GOODS & SERVICES
General Taxes On Goods & Services
5,832
6,945
19,126
(1,113)
-16%
7,486
Excise Taxes (Domestic)
1,030
1,196
2,773
(165)
-14%
1,270
Taxes On Profits Of Fiscal Monopolies
-
-
-
-
Taxes On Specific Services
Taxes On Use Of Goods And On
Permission To Use Goods Or Perform
Activities
Other Taxes On Goods And Services
-
-
-
-
808
1,048
5,853
(240)
-23%
1,825
1,536
2,304
17,673
(768)
-33%
2,512
TOTAL TAX RECEIPTS
9,207
11,493
45,424
(2,286)
-20%
13,093
(d) International Trade Taxes
International trade taxes experienced a significant increase when compared to its projection of
US$34.5 million. US$38.6 million was realized leaving a positive variance of US$4m. One of the
major reasons for the increase in performance is lower dutiable imports than projected.
While Cost, Insurance and Freight (CIF) remained the basis of the projections on imports. Most of
the goods imported were concessionary imports exempted by agreements and treatise, and
imports of Ebola treatment materials. Total duty exempt for this quarter was US$38.806 million.
On the export side, the low volume of export is on account of the forestry sector, which was heavily
affected by the presidential moratorium on Private Use Permits (PUPs). Also, the new policy change
from the bid premium to stumpage premium needed time adaptation. As a result, export
contributed little to international trade taxes.
22
Government of Liberia
First Quarter Consolidated Fund Account for the period ended 30th September 2014
FIG. 3d – INTERNATIONAL TRADE
NOTE 3d - COMPARATIVE ANALYSIS OF ESTIMATED AND ACTUAL TAX REVENUE
FOR THE FINANCIAL 1st QUATER ENDED 30th SEPTEMBER 2014
1st. Qtr
Actual
FY14/15
US$'000'
1st. Qtr Proj.
FY14/15
Draft
Estimate
FY14/15
US$'000'
Var. (Actual
vs.
Estimate)
US$'000'
Percentage
Variance %
1st. Qtr
Actual
FY13/14
US$'000'
36,173
22,080
32,026
19,003
119,440
67,205
4,147
3,078
13%
16%
36,245
20,239
13,709
13,960
46,829
(252)
-2%
14,463
-
1
3
(1)
-100%
3,751
Import Duties on petroleum products
5,665
3,695
14,424
1,969
53%
2,025
ECOWAS trade levy
1,361
816
3,237
545
67%
1,216
Other Imports
1,346
530
2,713
816
154%
574
OTHER CUSTOMS CHARGES ON IMPORTS
14,093
13,023
52,235
1,070
8%
16,006
EXCISE ON IMPORTS
2,399
2,512
6,846
(114)
-5%
2,027
60
55
291
5
9%
88
38,632
34,594
126,577
4,039
12%
38,360
Account Title
TAXES ON INTERNATIONAL TRADE
CUSTOMS AND OTHER IMPORT DUTIES
IMPORT DUTIES
Import Duties on Goods other than rice and
petroleum
Import duties on rice
FEES AND OTHER LEVIES ON EXPORT
TOTAL TAX RECEIPTS
(e) Social Development Funds
Social Development Contribution from mining, petroleum, and agriculture showed a decrease over
the estimates by US$120k. An early payment of US$3m from Putu Iron was the key contribution in
other tax revenue.
NOTE 3e - COMPARATIVE ANALYSIS OF ESTIMATED AND ACTUAL TAX REVENUE
FOR THE FINANCIAL 1st QUATER ENDED 30th SEPTEMBER 2014
1st. Qtr Actual 1st. Qtr Proj. Draft Estimate Var. (Actual vs. Percentage
Account Title
FY14/15
FY14/15
FY14/15
Estimate)
Variance
US$'000'
US$'000'
US$'000'
US$'000'
%
OTHER TAXES
SOCIAL DEV. FUNDS
5,740
5,860
12,711
(120)
-2%
FORESTRY
1
AGRICULTURE
50
100
(50)
-100%
MINERAL MINING
5,740
5,810
12,610
(70)
-1%
PETROLEUM
OTHER
TOTAL TAX RECEIPTS
5,740
5,860
12,711
(120)
-2%
1st. Qtr Actual
FY13/14
US$'000'
4,406
50
1,816
2,540
4,406
23
Government of Liberia
First Quarter Consolidated Fund Account for the period ended 30th September 2014
4. Non-Tax Revenue
Total Non-tax revenue collection over performed by US$1.10 million for the quarter under review,
when compared to the quarterly estimate of US$14.9 Million. Analyzing the key components of
nontax revenue, it can clearly be seen that the most over performance was recorded in the Royalty
and Rent sector accounting for US$5.3 million. However, a comparison of the performance of
FY14/15, which amounted to US$16 Million, to the FY13/14 actual of US$11.75m shows a growth
of US$ 4.3 million.
NOTE 4 - COMPARATIVE ANALYSIS OF ESTIMATED AND ACTUAL NON TAX REVENUE FOR
THE FINANCIAL 1st QUATER ENDED 30th SEPTEMBER 2014
Draft
1st. Qtr Actual 1st. Qtr Proj.
Var. (Actual vs. Percentage
Estimate
Account Title
FY14/15
FY14/15
Estimate)
Variance
FY14/15
US$'000'
US$'000'
US$'000'
%
US$'000'
NON-TAX REVENUE
INTEREST INCOME
8
107
(8)
-100%
DIVIDENDS
1st. Qtr
Actual 13/14
US$'000'
-
408
1,800
(408)
-100%
3,000
11,328
10,679
42,276
649
6%
5,451
Other Property Income
-
-
-
-
-
-
SALE ON ASSETS
1
49.93
71
(49)
-97%
-
ADMINISTRATIVE FEES AND LICENSES
3,237
2,880
10,026
357
12%
3,249
FINES, PENALTIES & FORFEITS
1,469
929.19
1,655
540
58%
37
2
0
-
-
RENT
SALES OF OTHER GOODS AND SERVICES
MISCELLANEOUS AND UNIDENTIFIED
REVENUE
TOTAL NON-TAX RECEIPTS
0
25
1.20
84
24
2023%
8
16,061
14,955
56,020
1,106
7%
11,745
(a) Property Income
As stated above, the key tax lines that over performed in property is US$5.3 million overage in rent
revenue from the mining sector, and forestry revenue generation of US$ 2.7 million compared to
the projections. This over performance was solely due to royalty payment made by Arcelor Mittal
on its iron ore shipment for the mining sector and the new PUP policy in the forestry sector,
respectively.
For the agriculture sector, US$1.5 million was recorded due to a sign on bonus concessionary
payment made by Maryland Oil palm.
(b) Administrative Fees
Administrative Fees & Charges over performed by US$357k, mainly on account of LTA fees and
Ministry of Foreign Affairs consulate fees. However, the amount fell short of FY13/14 actual by
US$12k.
24
Government of Liberia
First Quarter Consolidated Fund Account for the period ended 30th September 2014
(c) Administrative Penalties and Interests
Administrative penalties and interests experienced a significant increase due to inadvertent under
projection. This was due to the underperformance of penalties and interest in the first quarter of
last fiscal year. Compared to the previous fiscal year, in which the tax line experienced a major overperformance, the increase in administrative penalties and interest is due to the proper placement
in the new chart of account.
5. External Assistance
A total of US$12.6m was received in the first quarter as budget support grant. The source of the
grant was International Organizations – the United States Agency for International Development
(USAID) Fixed Amount Reimbursement Arrangement (FARA) for the health sector. Much of the
budget support grants are expected in the third and fourth quarter of the fiscal year.
NOTE 5 - COMPARATIVE ANALYSIS OF ESTIMATED AND DIRECT BUDGET SUPPORT
FOR THE FINANCIAL 1st QUATER ENDED 30th SEPTEMBER 2014
Draft
1st. Qtr Actual 1st. Qtr Proj.
Var. (Actual
Percentage
Estimate
Account Title
FY14/15
FY14/15
vs. Estimate)
Variance
FY14/15
US$'000'
US$'000'
US$'000'
%
US$'000'
1st. Qtr Actual
FY13/14
US$'000'
GRANTS
FROM FOREIGN GOVERNMENTS
FROM INTERNATIONAL
ORGANIZATIONS
GRANTS FROM OTHER GENERAL
GOVERNMENT UNITS (DOMESTIC
GOVERNMENT TRANSFERS)
TOTAL GRANTS RECEIPTS
-
-
-
-
-
12,605
13,540
35,061
(935)
-7%
2,653
-
-
-
-
-
-
12,605
13,540
35,061
(935)
-7%
2,653
6. Domestic Borrowing
Initial domestic borrowing of US$5 million emanated from the Central Bank of Liberia (CBL) to set
up the Ebola Trust Fund for the fight against the Ebola Virus Disease (EVD) for first quarter
FY2014/15.
NOTE 6 - ANALYSIS OF ESTIMATED BORROWING FOR THE FINANCIAL PERIOD ENDED 30th SEPTEMBER 2014/15
Account Title
1st. Qtr Actual 1st. Qtr Proj. Draft Estimate Var. (Actual
FY14/15
FY14/15
FY14/15
vs. Estimate)
US$'000'
US$'000'
US$'000'
US$'000'
Percentage
Variance
%
1st. Qtr Actual
FY13/14
US$'000'
BORROWING
FROM EXTERNAL SOURCES
-
-
-
-
FROM DOMESTIC SOURCES
5,000
-
28,000
5,000
-
TOTAL BORROWING RECEIPTS
5,000
-
28,000
5,000
-
25
Government of Liberia
First Quarter Consolidated Fund Account for the period ended 30th September 2014
7. Payments – Operations
The total amount of cash payments made during the first quarter of FY2014/15 amounted to
US$105.26 million, which is US$9.16 million or 10% above FY2013/14 payments (US$96.10 million).
The increase is primarily on account of an increment in Capital Expenditure. Operational expenses
(wages and salaries) increased by US$14.91 Million or 20%, as compared to FY13/14.
Comparative analysis of estimated and actual payments for the financial period under review is
presented below by Economic Classification and by Administrative Sector:
NOTE 7 - COMPARATIVE ANALYSIS OF ESTIMATED AND ACTUAL PAYMENTS MADE DURING
THE FINANCIAL PERIOD ENDED 30th SEPTEMBER 2014/15
Variance
Percentage
Actual Amount Final Budget Draft Budget (Actual vs Final
Account Title
Variance
US $'000
US $'000
US $'000
Budget)
%
US $'000
Comparative Analysis by Economic Classification
Wages, Salaries and other Employee
55,413
59,659
243,985
4,246
7%
Benefits
Wages and Salaries
53,255
57,447
236,669
4,193
7%
Social Contributions
1,822
1,822
5,881
0
0%
Other Employee Costs
337
390
1,435
54
14%
Actual
FY 2013/14
US $'000
48,758
47,289
1,469
-
Supplies and Consumables
General Expenses
Travel Expenses
Utilities
Rent
Fuel and Lubricants
Repairs and Maintenance
Office Materials, Consumables &
Services
Consultancy services/Audit/Studies
Specialized Materials and Services
Education and Training Related
32,695
11,848
796
1,959
1,153
2,611
457
36,686
15,617
948
2,102
1,349
4,141
699
143,562
73,163
8,092
5,352
6,461
19,036
6,816
3,991
3,769
152
144
195
1,530
242
11%
24%
16%
7%
14%
37%
35%
24,439
18,066
2,724
588
990
4,735
410
171
557
4,114
386
69%
373
827
3,664
210
1,154
4,000
667
5,376
15,077
2,839
327
336
457
28%
8%
68%
1,256
5,883
1,109
Other Expenses
Other General Expenses
Insurance, Licenses and Charges
Arrears(Budgeting)
20,847
20,847
21,070
21,057
12
70,399
69,662
736
222
210
12
1%
1%
100%
6,372
6,370
2
Transfer Payments
Grants
Other Transfer Payments
13,408
13,408
16,901
16,901
74,379
74,379
3,493
3,493
21%
21%
15,735
15,735
263
266
1,168
4
1%
266
Social Benefits
26
Government of Liberia
First Quarter Consolidated Fund Account for the period ended 30th September 2014
NOTE 7 - COMPARATIVE ANALYSIS OF ESTIMATED AND ACTUAL PAYMENTS MADE DURING THE FINANCIAL PERIOD ENDED 30th SEPTEMBER 2014/15
Account Title
Comparative Analysis by Economic Classification
Capital Expenditures
Buildings and structures
Machinery, Furniture and Equipment
ICT Infrastructure
Other Fixed Assets
Strategic Stocks
Non-Produced Assets
Actual
Amount
US $'000
660
645
15
Original
Budget
US $'000
Percentage
Variance
%
Actual FY
2013/14
US $'000
1
0%
100%
-
106,468
(462)
338
(311)
(490)
-
116,547
605,867
11,287
(3)
0%
31%
-33%
-338%
10%
96,102
Comparative Analysis by Administrative Sectors
PUBLIC ADMINISTRATIVE SERVICES SECTOR
38,543
41,467
MUNICIPAL GOVERNMENT
1,740
2,269
TRANSPARENCY AND ACCOUNTABILITY
7,830
8,398
SECURITY AND THE RULE OF LAW
16,118
18,245
HEALTH
9,954
12,015
SOCIAL DEVELOPMENT SERVICES
1,089
1,237
EDUCATION
17,830
19,908
ENERGY AND ENVIRONMENT
5,582
5,896
AGRICULTURE
762
845
INFRASTRUCTURE AND BASIC SERVICES SECTOR
2,289
2,588
INDUSTRY AND COMMERCE SECTOR
3,523
3,679
185,497
30,513
27,965
82,497
100,229
9,001
64,295
24,437
4,776
61,996
14,661
2,924
530
567
2,128
2,061
148
2,078
314
82
299
156
7%
23%
7%
12%
17%
12%
10%
5%
10%
12%
4%
33,996
2,559
4,020
16,917
11,887
984
15,727
1,848
991
2,112
5,061
GRAND TOTAL
605,867
11,287
10%
96,102
523
2,837
191
771
1,241
635
2,375
191
1,109
930
145
Public Sector Investment
GRAND TOTAL
3,974
1,413
1,725
313
Variance (Actual
vs Final Budget)
US $'000
15
15
-
Interest and Loan Repayments
Domestic Debt Repayments
External Debt Repayments
Interest Payments-Domestic Debt
Interest Payments-External Debt
645
645
Final Budget
US $'000
105,260
105,260
116,547
32,332
15,989
6,819
5,066
4,458
445
418
26
6,459
5,353
971
135
8. Interest And Loan Repayments
Interest payments on borrowing are recognized in the Statement of Cash Receipts and Payments only when
paid or received. Repayments of loan principal amounts are captured in the Statement of Cash Receipts and
Payments, with details shown in STATEMENT NO.8, Statement of Outstanding Public Debts as at 30th
September 2014.
27
Government of Liberia
First Quarter Consolidated Fund Account for the period ended 30th September 2014
STATEMENT NO. 8 - SUMMARY STATEMENT OF OUTSTANDING PUBLIC DEBTS AS AT 30TH SEPTEMBER 2014
DETAILS
Outstanding Borrowing during Loan Repayment
Balance
the quarter
during the quarter
US $
US $
US $
Foreign
Exchange
Adjustment
US $
Interest
Payments
Quarter 1
US $
Outstanding
Balance US $
EXTERNAL PUBLIC DEBTS
MULTILATERAL LOANS
WORLD BANK GROUP
76,073,497
17,193,183
-
93,177,452
89,228
IMF
98,293,803
11,304,130
-
109,597,934
-
3,526,150
-
(771,046.77)
2,755,103
94,474
-
118,632
-
118,632
182,229
20,655,715
-
-
20,655,715
-
IFAD
5,940,661
-
-
5,940,661
-
OFID
13,092,340
-
-
13,092,340
268,654
EU/EIB
12,333,575
14,544,021
-
26,877,596
-
3,037,312
-
-
(124,389.33)
2,912,323
-
232,953,053
43,159,966
771,047
(124,389.33)
275,127,755
634,585
AfDB GROUP
African Development Fund
BADEA
ECOWAS/EBID
Total Multilateral Loans
-
-
BILATERAL LOANS
-
A) PARIS CLUB
-
BELGIUM
-
-
-
DENMARK
-
-
-
FINLAND
-
-
-
FRANCE
-
-
-
GERMANY
-
-
-
ITALY
-
-
-
JAPAN
-
-
-
28
Government of Liberia
First Quarter Consolidated Fund Account for the period ended 30th September 2014
NETHERLANDS
-
-
-
NORWAY
-
-
-
SWEDEN
-
-
-
SWITZERLAND
-
-
-
UNITED KINGDOM
-
-
-
UNITED STATES
-
-
-
-
-
-
Total Paris Club Loans
-
-
-
B) NON PARIS CLUB
FRANCE
2,690,992
(208,174.60)
2,482,817
CHINA
5,464,393
61,129.01
5,525,522
-
KUWAIT
9,590,647
(213,660.72)
9,376,987
-
18,537,773
(3,459.60)
18,534,314
-
SAUDI ARABIA
TAIWAN
-
85,417,778
-
Total Non-Paris Club Loans
121,701,583
85,417,778
-
-
(364,165.91)
121,337,417
-
Total Bilateral Loans
121,701,583
-
-
(364,165.91)
121,337,417
-
Financial Institutions
-
-
Suppliers Credits
-
-
-
-
396,465,172.38
634,584.78
COMMERCIAL DEBTS
Total Commercial Debts
TOTAL EXTERNAL PUBLIC DEBTS
-
-
-
354,654,636
43,159,966
(771,046.77)
(488,555.24)
DOMESTIC PUBLIC DEBTS
Other General Government Units
29
Government of Liberia
First Quarter Consolidated Fund Account for the period ended 30th September 2014
Central Bank of Liberia (CBL) Loans
-
Central Bank of Liberia (CBL) [Ebola Loan]
Central Bank of Liberia (CBL) Long Term
Loan
Central Bank of Liberia (CBL)
Infrastructure Loan
-
5,000,000
5,000,000
-
259,440,420
-
259,440,420
871,204
10,000,000
-
10,000,000
-
-
45,262
CBL T-Bills
Total Central Bank of Liberia (CBL) Loans
269,440,420
5,000,000
-
-
274,440,420
916,466
4,350,000
(150,000.00)
-
4,200,000
27,490
486,478
(40,540.00)
-
445,938
2,486
Liberia Bank for Development and Investment (LBDI)
LBDI Loan (LTL Loan Payment)
LBDI (BMC Loan)
Total LBDI Loan
Total Other General Government Units
Loans
4,836,478
-
(190,540.00)
-
4,645,938
29,976
274,276,898
5,000,000
(190,540.00)
-
279,086,358
946,442
Other Domestic Public Debts
Ecobank - Liberia Electricity Corporation
(LEC) Loan
23,015
23,015
-
Ecobank - Government of Liberia (GOL)
Loan
62,893
62,893
-
12,250,000
12,250,000
294,624
Pre-NTGL Salary Arrears
1,323,772
1,323,772
-
Vendors' Arrears
1,935,704
1,935,704
-
Ecobank - HFO Loan
30
Government of Liberia
First Quarter Consolidated Fund Account for the period ended 30th September 2014
Salary Arrears
3,679,911
Other Domestic Public Debts
19,275,295
-
TOTAL DOMESTIC PUBLIC DEBTS
293,552,192
5,000,000
TOTAL PUBLIC DEBTS OUTSTANDING
648,206,828
48,159,966
3,679,911
-
-
-
19,275,295
294,624
190,540
-
298,361,652
1,241,066
(961,586.77)
(488,555.24)
694,826,825
1,875,651
-
NOTE 9- Classification by Administrative Units - Ministries and Agencies
FY2014/15
Ministry/Agency
PUBLIC ADMINISTRATIVE SERVICES SECTOR
Actual Amount
US $'000
Current
Budget
US $'000
FY2013/14
Draft Budget
US $'000
Variance
(Actual vs
Current Budget)
US $'000
Percentage
Variance
%
Actual
US $'000
38,543
41,467
185,497
2,924
7%
33,996
National Legislature
7,645
8,309
30,039
664
8%
9,183
Ministry of State for President
1,052
1,317
6,201
265
20%
2,611
258
334
2,039
75
23%
281
Office of the Vice President
Ministry of Finance
-
Ministry of Planning and Economic Affairs
Civil Service Agency
-
12,670
-
506
6,083
6,725
24,291
642
10%
2,004
General Services Agency
201
223
1,313
21
10%
257
Ministry of Information, Culture & Tourism
434
469
1,867
35
8%
481
2,765
3,013
15,203
248
8%
2,883
Liberia Inst. of Public Admin.
155
158
838
3
2%
143
Liberia Inst. of Stat Geo-In
251
299
1,296
48
16%
231
Bureau of State Enterprises
32
33
33
1
2%
35
Ministry of Foreign Affairs
31
Government of Liberia
First Quarter Consolidated Fund Account for the period ended 30th September 2014
Mano River Union
155
155
602
-
0%
Ministry of Finance and Dev. Planning
5,220
5,834
23,602
614
11%
Liberia Revenue Authority(LRA)
1,666
2,502
10,008
836
33%
Tax Appeal Board
61
61
238
-
0%
National Food Assistance Agency
12
13
13
1
9%
12,551
12,021
67,914
MUNICIPAL GOVERNMENT
1,740
2,269
30,513
530
23%
2,559
Ministry of Internal Affairs
1,402
1,925
27,023
524
27%
2,281
83
83
352
0
0%
Monrovia City Corporation
151
151
2,693
0
0%
154
Paynesville City Corporation
104
110
445
6
5%
124
TRANSPARENCY AND ACCOUNTABILITY
7,830
8,398
27,965
567
7%
4,020
General Auditing Commission
1,150
1,228
5,604
78
6%
1,579
National Elections Commission
4,642
4,966
12,508
324
7%
1,005
Governance Commission
300
330
1,414
29
9%
340
Public Procure. Concess. Com
175
234
1,289
59
25%
198
Center for National Documents,
125
136
563
12
9%
145
Liberia Anti-Corruption Comm.
381
397
2,230
16
4%
410
Land Commission
193
201
833
8
4%
207
Internal Audit Agency
675
675
2,200
-
0%
Financial Intelligence Unit
80
84
433
4
5%
Independent Information Commission
74
81
418
7
8%
Liberia Extr. Ind.Inst (LEITI)
36
66
475
National Claims
National Council of Chief/Elders
106
20
2,586
National Claims
86
54
32
Government of Liberia
First Quarter Consolidated Fund Account for the period ended 30th September 2014
NOTE 9- Classification by Administrative Units - Ministries and Agencies
FY2014/15
Actual
Amount US
$'000
Current
Budget
US $'000
Draft
Budget
US $'000
16,118
18,245
82,497
342
342
Judiciary
3,727
Ministry of Justice
FY2013/14
Variance (Actual
vs Current
Budget)
US $'000
Percentage
Variance
%
Actual
US $'000
2,128
12%
16,917
1,437
0
0%
362
4,097
19,001
370
9%
3,411
5,911
7,219
34,045
1,308
18%
6,233
Ministry of National Defense
2,889
3,111
14,868
222
7%
3,424
National Security Agency
2,043
2,043
6,958
0
0%
1,998
953
1,129
5,045
176
16%
1,295
Ministry/Agency
SECURITY AND THE RULE OF LAW
Law Reform Commission
Executive Protection Services
Ministry of National Security
Human Rights Commission
-
30
164
216
893
52
24%
142
89
89
250
-
0%
23
HEALTH
9,954
12,015
100,229
2,061
17%
11,887
Ministry of Health Soc. Welf
6,805
8,372
85,895
1,567
19%
9,260
John F. Kennedy Medical Center
1,463
1,740
6,519
277
16%
1,504
Phebe Hospital School of Nur
417
588
2,000
171
29%
325
Liberia Inst. of Bio-Med. Res.
96
107
410
11
10%
111
Lib Board for Nurse Midwifer
13
21
169
8
39%
Liberia Pharmacy Board
27
30
142
3
10%
Liberial Medical Dental Coun
60
60
250
0
0%
243
259
1,150
Natl Commission on Small Arms
Lib College of Physicians
33
Government of Liberia
First Quarter Consolidated Fund Account for the period ended 30th September 2014
Liberia Med. Health Prdts Reg
73
79
432
52
National Aids Commission
166
168
645
156
Jackson F Doe Hospital
591
591
2,616
480
1,089
1,237
9,001
148
12%
984
Ministry of Youth and Sports
620
677
5,876
57
8%
321
Ministry of Gender and Dev.
112
174
1,200
62
36%
196
Liberia Refugee Repat. Reset
131
139
610
8
5%
170
National Comm. on Disabilities
37
39
221
2
4%
42
National Veterans Bureau
92
95
400
3
3%
81
Liberia Agency for Commu Empower
97
113
695
16
14%
175
17,830
19,908
64,295
2,078
10%
15,727
Ministry of Education
7,660
8,545
37,147
884
10%
8,450
University of Liberia
7,141
8,051
10,100
910
11%
3,323
Monrovia Consol. School System
729
744
3,685
15
2%
754
Booker Washington Institute
300
314
1,879
14
4%
691
Cuttington University College
-
32
429
32
100%
126
National Commission on Higher
81
108
493
27
25%
114
William V.S. Tubman University
945
1,073
5,056
128
12%
1,148
West African Examinations Council
172
178
742
6
3%
217
Agricultural Indust. Train.
36
43
205
7
16%
62
Zorzor Rural Teacher Training
75
75
600
0
0%
104
Webbo Rur.Teacher Training Ins
67
71
358
4
6%
112
131
149
980
18
12%
101
94
100
604
6
6%
147
SOCIAL DEVELOPMENT SERVICES
EDUCATION
Kakata Rural Teacher Training
Bassa County Community College
34
Government of Liberia
First Quarter Consolidated Fund Account for the period ended 30th September 2014
Bomi County Community College
67
70
308
3
4%
98
Nimba Community College
94
117
544
23
20%
105
Lofa Community College
158
159
645
1
1%
118
Bong Community College
80
80
520
-
0%
55
NOTE 9- Classification by Administrative Units - Ministries and Agencies
FY2014/15
FY2013/14
Variance
(Actual vs
Current
Budget)
US $'000
Percentage
Variance
%
24,437
314
5%
1,848
255
1,140
6
2%
267
27
33
241
6
17%
32
Ministry of Lands, Mines Energy
428
618
3,928
191
31%
662
Forestry Development Authority
831
861
3,695
30
3%
720
75
133
1,700
58
44%
167
3,933
3,933
13,419
-
0%
40
63
314
AGRICULTURE
762
845
4,776
82
10%
991
Ministry of Agriculture
598
668
3,897
70
11%
817
Ministry/Agency
ENERGY AND ENVIRONMENT
Environmental Protection Agency
Forestry Training Institute
Liberia Water and Sewer Corp.
Liberia Electricity Corp.
Rural Renewable Energy Agency
Actual
Amount
US
$'000
Current
Budget
US
$'000
5,582
5,896
249
Draft
Budget US
$'000
Actual
US $'000
35
Government of Liberia
First Quarter Consolidated Fund Account for the period ended 30th September 2014
Cooperative Development Agency
54
63
297
9
14%
70
Liberia Produce Marketing Corp
95
96
378
1
1%
94
Liberia Rubber Development Authority
15
18
203
2
12%
10
2,289
2,588
61,996
299
12%
2,112
Liberia Broadcasting System
212
214
740
2
1%
297
National Housing Authority
143
152
727
9
6%
150
Ministry of Post and Telecomm.
206
220
1,268
14
6%
309
Ministry of Transport
257
302
1,636
45
15%
331
1,099
1,218
51,615
118
10%
618
300
375
2,000
76
20%
322
National Housing Savings Ban
19
25
25
5
22%
35
Liberia Airport Authority
54
83
3,385
29
35%
51
INFRASTRUCTURE AND BASIC SERVICES SECTOR
Ministry of Public Works
National Transit Authority
Liberia Telecommunication Corporation
INDUSTRY AND COMMERCE SECTOR
600
3,523
3,679
14,661
156
4%
5,061
National Investment Commission
389
414
1,160
25
6%
292
Ministry of Commerce and Indus
254
339
1,979
85
25%
359
Ministry of Labor
264
280
1,632
16
6%
336
Liberia Indust. Property Sys.
14
15
58
0
2%
16
Liberia Copyright Office
24
24
99
0
0%
25
36
Government of Liberia
First Quarter Consolidated Fund Account for the period ended 30th September 2014
Liberia Industrial Free Zone A
10
11
9
1
5%
18
National Insurance Corp. of Lib
23
24
24
2
7%
28
2,185
2,186
8,502
2
0%
3,574
45
50
50
5
11%
38
316
336
1,149
21
6%
375
-
-
-
-
605,867
11,287
10%
96,102
Liberia Maritime Authority
National Lottery
National Bureau of Concessions
GRAND TOTAL
105,260
116,547
37