| Approximately $4 billion contained in special accounts is currently owed to the nation’s coffers, a state of affairs that warrants urgent action, according to the 2011 Report of the Auditor General which was recently tabled in parliament.The Audit Report, which offers an assessment of the Public Accounts, the Accounts of Ministries, Departments and Regions for the fiscal year ended December 31, 2011, revealed that 11 special accounts held at the Bank of Guyana together make up a balance of approximately $4.306 Billion.This sum, according to the Report, appears to be funds that were transferrable to the Consolidated Fund.It was pointed out, too,Gilbert Arenas Jersey, that eight of the existing accounts reflect static balances totalling $1.774 billion over the last five years.On the assumption that such monies were funds that should have been paid over to the Consolidated Fund, it was outlined that the total of all Government bank accounts held at the Bank of Guyana,cheap nfl jerseys china, including the overdraft on the Consolidated Fund,Cheap Jerseys USA, would give a positive balance of $63.082 billion.According to the Audit Report, in January 2004, a new Consolidated Fund No. 0160000407 was established in accordance with Section 51 of the Fiscal Management and Accountability (FMA) Act with a transfer of $5 billion from the old Consolidated Bank Account.This bank account, the report notes, reflected a balance of $535 million as at December 31, 2011. The reconciliation of this account, it added,Boston Celtics Jerseys, was done monthly.Further, the Report highlights that a number of Government bank accounts were rendered non-operational in 1994 and also at the time of implementation of the Integrated Financial Management and Accounting System (IFMAS) in 2004.As at December 31, 2011,Cheap Hurricanes Jerseys, a total of 17 Government bank accounts were listed as inactive and the net accumulated balance of these accounts and other operational accounts (excluding the balances on the bank accounts of special projects) was $58.776 billion compared to a balance of $50.100 billion as at December 31, 2010. This, according to the audit details,http://www.soccerpro.us.com/Arsenal-FC/, represents the best available estimate of the cash position of the Government as at December 31, 2011.The Audit Report has also sought to emphasise that the old Consolidated Fund bank account No. 400 was not reconciled since February 1988. In this regard a cash book was reconstructed for the period 1989 through 2003 in order to aid the reconciliation process. However, the audit points to the fact that despite attempts by the Accountant General’s Department to reconcile the monthly transactions on the account from January 1994, it was found that a proper reconciliation was still not done.It was revealed that the Consolidated Fund continued to be overdrawn over the years resulting in an overdraft in 1992 of $36.823 billion compared with an overdraft of $44.434 billion at the end of 2003. This in fact reflected a net increase of $17.611 billion.At the end of 2004 the overdraft of the old Fund was $45.550 billion compared to $46.900 billion at the end of 2005.A static overdrawn balance of $46.906 billion was recorded in 2006 and 2007 and at the end of 2008, the overdraft decreased to $46.866 billion compared with $46.823 billion at the end of 2009.In 2010 there was a further decrease to $46.776, an amount that remained static as at December 31, 2011.The Audit Report states that in 2006, amounts totalling $15.226 billion were transferred from the Deposit Fund, General Account and the Non-Sub Accounting bank accounts to the new Consolidated Fund (Account No 407) instead of the old Consolidated Fund. Had these amounts been transferred to the old Consolidated Fund and the amount that was used to open the new Fund repaid, then the overdraft would have been reduced to $26.550 billion at the end of 2011.As was outlined in previous Audit Reports, the 2011 document adds that “the Audit Office once again recommends that the Ministry of Finance urgently review the status of the accounts with a view to paying into the Consolidated Fund, all funds that are transferrable.” |
