IFinance 4.5.3 !!TOP!!
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Table of Contents FOREWORD... 2 ABBREVIATIONS AND ACRONYMS... 3 EXECUTIVE SUMMARY... 4 REVENUE PERFORMANCE... 4 PERFORMANCE OF INFLOWS OF GRANTS AND LOANS... 4 PERFORMANCE OF EXPENDITURES... 5 DEVELOPMENT BUDGET EXPENDITURES... 5 1 INTRODUCTION... 6 1.1 BACKGROUND TO THE REPORT... 6 1.2 KEY OBJECTIVES OF THE REPORT... 6 1.3 METHODOLOGY... 6 1.4 LAYOUT OF THE REPORT... 7 2 PERFORMANCE OF DOMESTIC REVENUES... 8 2.1 INTRODUCTION... 8 2.2 OVERALL PERFORMANCE IN REVENUE COLLECTION IN THE FIRST QUARTER... 8 2.3 TAX REVENUE PERFORMANCE IN THE FIRST QUARTER OF 2012/13 FINANCIAL YEAR... 9 2.4 PERFORMANCE OF NON TAX REVENUES IN THE FIRST QUARTER OF 2012/13 FINANCIAL YEAR... 10 2.5 CONCLUSION... 12 3 PERFORMANCE IN INFLOWS OF GRANTS IN THE FIRST QUARTER... 13 3.1 INTRODUCTION... 13 3.2 PERFORMANCE IN OVERALL INFLOWS OF GRANTS IN THE FINANCIAL YEAR... 13 3.3 PERFORMANCE OF DEDICATED GRANTS IN THE FIRST QUARTER OF THE FINANCIAL YEAR... 14 3.4 CONCLUSION... 15 4 PERFORMANCE OF EXPENDITURES IN THE FIRST QUARTER... 16 4.1 INTRODUCTION... 16 4.2 PERFORMANCE OF OVERALL EXPENDITURES IN THE FIRST QUARTER OF THE FINANCIAL YEAR... 17 4.3 EXPENDITURES UNDER PERSONAL EMOLUMENTS... 18 4.4 OTHER RECURRENT TRANSACTIONS (ORT)... 18 4.5.1 Internal Travel... 19 4.5.2 External Travel... 20 4.5.3 Motor Vehicle Running Expenses... 20 4.6 EXPENDITURES UNDER DEVELOPMENT BUDGET... 20 4.7 CONCLUSION... 21 5 OVERALL FISCAL PERFORMANCE IN THE QUARTER... 22 5.1 INTRODUCTION... 22 5.2 FIRST QUARTER OUTTURN ON FISCAL POSITION... 22 6 CONCLUSION AND RECOMMENDATIONS... 24 Ministry of Finance Quarter 1 of 2012/13 FY 1
4.5.2 External Travel The Foreign Travel Budget line has almost trebled in the First Quarter of the 2012/13 Fiscal Year compared to the 2011/12 Fiscal Year. This is a reflection on the exchange adjustment as it affected both the cost of air tickets as well as the kwacha amount of the allowances. 4.5.3 Motor Vehicle Running Expenses Motor Vehicle Running expenses Budget line has almost doubled in the First Quarter of the 2012/13 Fiscal Year compared to the same period in the last Financial Year. This is a reflection of the increase in the pump price for fuels as well as general increase in vehicle servicing costs. 4.6 Expenditures under Development Budget On Development Budget Expenditures, Government planned to spend K22.6 billion in the First Quarter of the Financial Year, of which, K13.2 billion was to be financed using domestic resources (Part II) and K9.4 billion was for Foreign Financed Projects (Part I). As depicted by Chart 4.2 below, the outturn on Development Budget Expenditures was that K29.1 billion was spent implying that there was an overexpenditure of K6.4 billion. The overexpenditure was on account of favourable donor inflows in the Quarter under review which translated into increased activities under the Donor Funded Development Budget Projects. Ministry of Finance Quarter 1 of 2012/13 FY 20 2b1af7f3a8