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GOVERNMENT OF BALOCHISTAN

Statement of Cash Receipts and Payments

For the Year Ended 30 June 2008

Note2008 (Rupees in Million) 2007 (Rupees in Million)

PROVINCIAL CONSOLIDATED FUND

RECEIPTS

Taxation- Transfer from Federal Government 8 22,191 - 17,690 -

Taxation- Provincial Government's Own Collection 9 887 - 924 -

Non-Tax Revenue and Other Receipts

General Administration 10 302 - 256 -

Economic Services 11 434 - 869 -

Development Surcharge and Royalties 12 7,966 - 13,237 -

Interest on Loans and Advances 13 - - 131 -Dividend and Profit Share 14 28 - 28 -

Others 15 1,426 - 1,269 -

10,156 - 15,790 -

Grants and Aid 16 22,583 - 19,277 -

Borrowings

Foreign Debt 17 799 - - -

Domestic Debt 18 - - 13,057 -

799 - 13,057 -

Capital Receipts #

Recovery of Loans and Advances 19 81 - 79 -

Trading Activities 20 3,424 - - -

Receipts of District Governments 21 2,210 - - -

TOTAL RECEIPTS 62,331 - 66,817 -

#

Receipts/Payments

controlled byGovernment

Payments byThird Party

Receipts/Payments



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Statement of Cash Receipts and Payments


2008 (Rupees in Million) 2007 (Rupees in Million)

Note

PAYMENTS

Operations

Salaries and Employee Benefits 22 11,066 - 9,363 -

Operating Expenses 4,636 - 3,438 -

15,702 - 12,801 -

Transfers

Grants, Subsidies and Write-off of Loans 23 5,159 - 2,663 -

Other Transfer Payments 80 - - -

5,239 - 2,663 -

Expenditure on

Physical Assets 480 - 673 -

Civil Works 22,274 - 19,370 -22,754 - 20,043 -

Debt and Interest Payments

Principal Repayment of Debt 24 7,003 - 12,274 -

Servicing of Debt 25 4,149 - 412 -

11,152 - 12,686 -

Other Payments

Loans and Advances 26 363 - 2 -

Payments of District Governments 27 14,461 - 13,402 -

TOTAL PAYMENTS 69,671 - 61,597 -

(7,340) - 5,220 -

NET RECEIPT OF PUBLIC ACCOUNT 28 630 - 956 -

INCREASE / (DECREASE) IN CASH (6,710) - 6,176 -

CASH AT THE BEGINNING OF THE YEAR (10,168) N/A* (16,344) N/A

INCREASE / (DECREASE) IN CASH (6,710) N/A* 6,176 N/A

CASH AT THE END OF THE YEAR 29 (16,878) N/A (10,168) N/A

The annexed notes 1 to 33 form an integral part of these financial statements.

*Not Applicable

____________________________Accountant General Balochistan

Receipts/Payments



Receipts/Payments



NET RECEIPT/ (PAYMENT) OF PROVINCIAL

CONSOLIDATED FUND

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Statement of Cash Flows

For the Year Ended 30 June 20082008 2007

Note Rupees Rupees

in Million in Million

CASH FLOWS FROM OPERATING ACTIVITIES

Taxation- Transfers from Federal Government 8 22,191 17,690

Taxation- Provincial Government's Own Collection 9 887 924

Non-Tax Revenue and Other Receipts 10,156 15,790

Grants and Aid 16 22,583 19,277

Trading Activities 20 3,424 # - #

Operations - Payments (15,702) # (12,801) #

Servicing of Debt 25 (4,149) # (412) #

Transfers (5,239) (2,663) #

Receipts of District Governments 21 2,210 # -

Payments of District Governments - Revenue Expenditure 27 (13,166) (13,402)

Cash from Operating Activities 23,195 # 24,403

CASH FLOWS FROM INVESTING ACTIVITIES

Investment Recovery - -

Recovery of Loans and Advances 19 81 79

Expenditure on Physical Assets, Civil Works and Others (22,754) (20,043)

Payments of Loans and Advances 26 (363) (2)

Payments of District Governments - Capital Expenditure 27 (1,295)

Cash used in Investing Activities (24,331) # (19,966)

CASH FLOWS FROM FINANCING ACTIVITIES

Receipt of Foreign Debt 17 799 # -

Receipt of Domestic Debt 18 - 13,057

Principal Repayment of Debt 24 (7,003) (12,274)

Net Receipt of Public Account 28 630 956

Cash from/(used in) Financing Activities (5,574) 1,739

NET INCREASE /(DECREASE) IN CASH AND CASH EQUIVALENTS (6,710) 6,176

CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR (10,168) (16,344)

CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 29 (16,878) (10,168)


____________________________

Accountant General Balochistan

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Statement of Comparison of Budget and Actual Amounts by Function


2008 (Rupees in Million ) 2007 (Rupees in

Budgeted Amounts Budgeted Amounts

Note Original Revised Original Revised

RECEIPTS

Revenue

Taxation 22,267 23,963 23,081 25,948 28,6

Non-Taxation 21,914 36,603 36,160 10,818 23,2

Total revenue receipts 44,181 60,566 59,241 36,766 51,

Capital

Domestic Debt 6,735 2,700 - 6,750 4,7

Foreign Debt 7,490 2,169 799 14,951 13,4

Recoveries of Loans and Advances 68 75 81 59

Total capital receipts 14,293 4,944 880 21,760 18,

Receipts of District Governments 15,853 15,853 16,671 14,955 14,9

74,327 81,363 76,792 73,481 85,

PAYMENTS

Revenue

General Public Service 34,988 35,794 32,209 19,446 20,2

Economic Affairs 11,443 11,779 6,171 11,724 11,8

Public Order and Safety Affairs 4,847 5,148 5,473 4,056 4,4

Education Affairs and Services 2,080 2,080 1,674 1,068 1,0

Health Affairs and Services 1,347 1,347 1,134 1,252 1,2

Housing and Community Amenities 276 440 479 88 1

Recreation, Culture and Religion 241 245 227 240 2

Social Protection 74 74 65 78

Environment Protection 11 11 12 - 7

Total revenue payments 55,307 56,918 47,444 37,952 40,0

Capital

General Public Service 1,806 2,434 366 15,751 15,7

Economic Affairs 8,201 12,477 10,762 6,152 13,3

Public Order and Safety Affairs 73 2,601 2,549 36 2,5

Education Affairs and Services 1,973 1,973 403 1,961 1,9

Health Affairs and Services 574 574 222 420 4

Housing and Community Amenities 253 5,569 5,129 147 3,0

Recreation, Culture and Religion 167 167 84 85 1

Social Protection 113 1,142 489 92 8

Environment Protection 315 2,532 2,223 321 3,4

Total capital payments 13,475 29,469 22,227 24,965 41,5

Payments of District Governments 15,853 15,853 14,461 14,955 14,9

84,635 102,240 84,132 77,872 96,6


Accountant General

ActualAmounts

TOTAL RECEIPTS 31

TOTAL PAYMENTS 31

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Statement of Comparison of Budget and Actual Expenditure by Department


DEPARTMENTS




General Administration 4,704 4,747 3,433 3,952 3,954 2,378

Provincial Excise 112 136 132 81 95 89

Stamps 7 7 4 7 7 15

Charges on account of Motor Vehicle Act 9 12 7 9 9 5

Other Taxes and Duties 23 23 18 17 19 17

Pension 1,037 1,506 1,569 943 1,181 1,237

Administration of Justice 406 437 405 352 377 352

Police 3,506 3,724 3,856 2,618 3,017 3,151

Levies 410 410 86 732 732 402

Jails and Convict Settlements 175 214 188 147 154 158

Civil Defence 13 13 10 15 15 12

Narcotics Control 16 16 13 11 14 12

Civil Works 2,489 2,639 2,619 2,280 2,367 2,092Public Health Services 581 647 650 512 996 973

Works Urban/B-WASA 180 271 271 - 265 265

Education 9,453 9,453 8,323 8,189 8,197 7,788

Archives 8 8 3 6 6 2

Health 3,327 3,327 2,896 2,976 2,975 2,486

Population Welfare - - - 293 295 265

Manpower and Labor Management 261 261 244 236 236 216

Sports and Recreation Facilities 41 44 37 37 37 35

Social Security and Social Welfare 185 186 173 162 168 161

Culture Services 135 135 114 105 107 93

Natural Calamities 243 270 408 21 21 76

Auqaf 24 26 25 28 28 22

Food 123 123 106 114 114 104

Agriculture 1,846 1,857 1,791 1,602 1,602 1,520Land Revenue 152 153 141 144 145 122

Animal Husbandry 766 780 718 653 653 642

Forestry 250 250 216 204 204 190

Fisheries 84 99 87 74 74 68

Cooperation 36 36 32 30 30 28

Irrigation 2,686 2,803 2,742 2,565 2,565 2,236

Rural Development 34 40 36 32 46 46

Industries 137 154 143 129 129 128

Stationery and Printing 17 19 19 15 16 16

Mineral Resources 62 65 59 51 55 53

Subsidies 567 567 - 641 641 200

Debt Servicing and other Obligations 5,091 5,090 4,150 5,382 5,382 1,768

District Governments 348 448 709 473 473 -

Transport Department - 9 - - - -Performance Grant - - - - - -

Provincial Public Safety & PCCB - 12 8 - - -

Fiscal Equalization Grant (FEG) 13 13 16 - - -

Public Debt Discharge 8,368 8,368 7,003 8,764 8,764 10,918

Loans and Advances 350 387 363 220 220 2

State Trading-Food 4,995 4,995 116 5,660 5,660 515

Investment to Non-Financial Institutions 100 100 - - - -

District Reconciliation 615 714 2,210 (221) 362 -

Development 14,797 30,793 23,522 12,656 29,258 20,739

68,782 86,387 69,671 62,917 81,665 61,597

-

Payments of District Governments 15,853 15,853 14,461 14,955 14,955 13,402

TOTAL 31 84,635 102,240 84,132 # 77,872 96,620 74,999

ActualAmounts

ActualAmounts

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Statement of Comparison of Budget and Actual Expenditure by Department


DEPARTMENTS




ActualAmounts

ActualAmounts

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Notes to the Financial Statements


1. REPORTING ENTITY

a) Centralized Accounting Entities; for which the Accountant General has the primary responsibility for accounting and reporting.

b)

c)

1 District Awaran 16 District Kohlu

2 District Barkhan 17 District Loralai

3 District Bolan 18 District Mastung

4 District Chagai 19 District Musa Khel

5 District Jaffarabad 20 District Nushki

6 District Dera Bugti 21 District Pishin

7 District Dera Murad Jamali 22 District Panjgoor

8 District Gwadar 23 District Quetta

9 District Jhal Magsi 24 District Sibi10 District Kalat 25 District Turbat

11 District Kharan 26 District Washak

12 District Khuzdar 27 District Zhob

13 District Killa Abdulla 28 District Ziarat

14 District Killa Saifullah 29 District Lasbella

15 District Sherani

These financial statements include all centralized and district governments.

Provincial Government of Balochistan the Government conducts its operations under the Rules of Business 2007. These ruleswere made pursuant to Article 139 of the Constitution of the Islamic Republic of Pakistan, 1973 "the Constitution" and envisagesProvincial Government as comprising of Provincial departments and their attached departments. Financial procedures of theConstitution describes the Government as Provincial Consolidated Fund and Public Account of the Province for which AnnualBudget Statement is authorized by the Provincial Assembly in the form of budgetary grants. These financial statements focus onreporting the budgetary activity of the government for the financial year.

Article 170 of the Constitution confers the powers of defining the form, principles and methods of the accounts of the province tothe Auditor General of Pakistan, with the approval of the President. New Accounting Model was prescribed by the AuditorGeneral of Pakistan in 2000 which describes Provincial Government as an accounting and reporting entity comprising of;

Self Accounting Entities; there are no Self Accounting Entities for which the Principal Accounting Officer has the primaryresponsibility for accounting and reporting.

Exempt Entities; special purpose authorities/ organizations and all the government owned corporations/ companies which arerequired to prepare their financial statements under their specific statute or Companies Ordinance, 1984 are classified asexempt entities. Financial statements of these entities are not consolidated in the financial statements of the ProvincialGovernment. New investments by the Provincial Government in such entities are capitalized and any grants to the entities areclassified as an expense of the Provincial Government, if any, in the financial year to which they pertain. Return from theseentities in the form of dividends or interest is classified as non-tax revenue.

Under Balochistan Local Government Ordinance, 2001, district governments were established. The district government consists ofZila Nazim and district administration. Auditor General of Pakistan under section 114 of the said Ordinance prescribed LocalGovernment Accounts Manual for district governments. This Manual requires preparation of annual Finance and Appropriation

Accounts by each district government. Presently district governments only prepare appropriation accounts. Local governmentAccounts Manual also requires that accounts of the district governments are consolidated in the financial statements of theprovince. In these financial statements, accounts of the following district governments have been consolidated.

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2. BASIS OF CONSOLIDATION

3. STATEMENT OF COMPLIANCE

4. ACCOUNTING CONVENTION AND BASIS OF PREPARATION

5. REPORTING AND BUDGET PERIOD

The reporting and budget period of these financial statements is the financial year 2007-2008 (from 1 July, 2007 to 30 June, 2008).

6. REPORTING CURRENCY

The reporting currency of these financial statements is Pakistani Rupees.

The financial statements have been prepared by consolidating the accounts of all centralized and self accounting entities and 29

district Governments. Material intergovernmental transactions such as transfers from provincial governments which comprises,receipts of district governments have been eliminated in consolidation.

These financial statements have been prepared in accordance with the New Accounting Model (NAM). In December 2000, AuditorGeneral of Pakistan prescribed NAM with the approval of the President of Pakistan under Article 170 of the Constitution ofIslamic Republic of Pakistan and the implementation of NAM is an ongoing process. However commitment, asset and liabilityaccounting practices have not yet been implemented and memorandum registers for assets and commitments do not exist andaccounting of liabilities is not done in accordance with NAM.

These financial statements have been prepared under the cash basis of accounting which recognizes transactions and events only

when cash is received or paid by the entity. Assets and liabilities in the disclosed notes are on a historical cost basis.

These financial statements have been prepared as per the requirements of NAM that supports international best practices. Thestatement of receipts and payments, statements of comparison of budget and actual amounts by function, statements of comparisonof budget and actual expenditure by department and notes forming parts thereof have been prepared on the format of Cash BasisIPSAS - Financial Reporting under the Cash Basis of Accounting. The statement of cash flows as required by IPSAS 2 - Cash FlowStatements has also been presented, as encouraged by Cash Basis IPSAS.

The Financial Statements for the financial year 2007-2008 have been prepared and presented in order to make a fair presentation ofall the relevant financial information without making any change in the fundamentals applied and all policies have been applied ona basis consistent with the previous year.

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7. SIGNIFICANT ACCOUNTING POLICIES

7.1. Revenue recognition

7.2. Recognition of expenditure

a) Payments made through cheque

Expenditure is recognized on the date the cheque is issued.

b) Inter government transfersExpenditure is recognized on the date the transfer is made by the transferor.

c) Payments directly in bank accounts

Direct payments into bank account, expenditure is recognized on the date the payment advice is issued to the bank.

d) Direct payments by State Bank of Pakistan (SBP)

e) Imprest payments

Expenditure is recognized when the required claim vouchers are submitted and imprest account is reimbursed.

7.3. Foreign currency

7.4. Employee benefits

The government has following plans for its employees:

a) General Provident Fund

b) Pension

c) Encashment of leave

Revenue is recognized on the date of receipt of money by the bank or clearance of cheque. Revenue is recognized on a gross basisand any related costs are recorded separately. Receipts representing recovery of any previous overpayment are adjusted againstrelevant expenditure, if it occurs in the same financial year.

Expenditure is recognized on the date when payment is made or cheque is issued. Financial year to which the payments pertain isdetermined by the date on which a cheque or payment advice is issued. Policies for recognition of expenditure are as follows;

Repayment of loans and other direct payments by the SBP, expenditure is recognized on the date State Bank of Pakistanadvises the relevant accounting office.

Transactions in foreign currencies are recorded in the books at the rates of exchange prevailing on the date of transaction.Exchange differences arising on settlement of these transactions are recognized in the Statement of Receipts and Payments, but arenot disclosed separately.

The contributions made by the government and interest on provident fund balance are recorded as expenditure in that financialyear to which they relate with a credit to liability. The balance outstanding is presented as liability.

The entitlement of government employees to a stream of payments after they retire from service. No liability for pension isrecognized in the financial statements and pension payments made during the year are recorded as expenditure.

This represents liability arising from entitlements to the various forms of leave earned by government employees. No provisionis made and the expenditure is recognized on the basis of payments made during the year.

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7.5. Investments

7.6. Cash and cash equivalents

For the purpose of cash flow statement, cash and cash equivalents comprise cash with State Bank of Pakistan.

7.7. Liability

7.8. Public Debt

7.9. Assets

7.10. Loans and advances

7.11. Payments by third parties

All investments acquired by the government are initially measured at cost being the fair value of consideration given plustransaction costs that are directly attributable to their acquisition.

Subsequent to initial recognition, investments are carried at historical cost. Any dividends received against investments arerecognized when received in the provincial consolidated fund.

Liabilities are future sacrifices of economic benefits that the government is presently obliged to make as a result of the pasttransaction. All liabilities are recorded at historical cash value.

Public Debt comprise cash inflows from banks, similar lending agencies, commercial institutions and amounts owing in respect ofnon-cash assistance provided by third parties and foreign borrowings. All debts raised are classified as either floating or permanentdebts depending on the nature of the transaction.

Assets are future economic benefits controlled by the government as a result of past transactions or other past events. Assets arerecorded at cost and currently no depreciation is charged.

Loans and advances include loans and advances due from autonomous bodies, financial and non-financial institutions, governmentservants for house building and purchase of conveyance and other loans. Loans to government servants are interest bearing andinterest is calculated in accordance with the General Financial Rules.

The Provincial Government also benefits from goods and services purchased on its behalf as a result of cash payments made by

third parties during the periodby way of loans and contributions in the shape of grants and aids. The payments made by thethird parties do not constitute cash receipts or payments by the Provincial Government as defined in the Cash BasisIPSAS - Financial Reporting under the Cash Basis of Accounting, but do benefit the Provincial Government as theProvincial Government does not receive cash (including cash equivalents) directly from, or gain control of the bankaccounts or similar facility established for its benefit by, the third party. Payments by third parties, if any, are disclosedin the payments by third parties column in the Statement of Cash Receipts and Payments and notes to the financialstatements.

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Rupees Rupees


8

Direct Taxes

Income Tax 7,281 6,301

Wealth Tax 2 -

Capital Value Tax 134 -

7,417 6,301

Indirect Taxes

Sales Tax 7,871 6,298

Custom Duty 2,976 2,671

Federal Excise 3,927 2,420

14,774 11,389

22,191 17,690

9

Direct Taxes

Income Tax- Agriculture 10 -

Wealth Tax - 2

Property Tax 69 59

Land Revenue 40 36

Tax on Profession, Trade and Callings 1 1

Capital Value Tax - 121

120 219

Indirect Taxes

Receipts Under Motor Vehicles Act 329 345

Stamp Duties 158 150

Provincial Excise 246 204

Others 34 6

767 705

887 924

10 GENERAL ADMINISTRATION RECEIPTS

Fiscal Administration 11 9

Community Services 110 86

Social Services 48 50

Economic Regulations 3 3

Law and Order 130 108

302 256

TAXATION - TRANSFERS FROM FEDERALGOVERNMENT

TAXATION - PROVINCIAL GOVERNMENT'S OWNCOLLECTION

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Rupees Rupees

Note in Million in Million

11 ECONOMIC SERVICES RECEIPTS

Cooperation, Irrigation, Embankment-Drainage 137 -

Food and Agriculture 184 161

Fisheries and Animal Husbandry 45 68

Receipt under Oilfields and Mineral Development - 381

Forest 45 83

Printing and industries 18 176

Others 5 -

434 869

12

Development Surcharge on Gas 12.1 5,286 10,995

Royalty on Natural Gas 12.2 2,680 2,242

7,966 13,237

12.1

12.2

2008 2007

Rupees Rupees


13 INTEREST ON LOANS AND ADVANCES

Interest on Domestic Loan 13.1 - 131

- 131

13.1 Interest On Domestic Loan

Financial Institutions - 131- 131

DEVELOPMENT SURCHARGEAND ROYALTIES

The development surcharge on natural gas is levied under the Natural Gas Development Surcharge Ordinance,1967. In pursuance of the said Ordinance, the federal government has to fix the sale price for the consumersand prescribe a price for the gas companies. The difference between the two prices is the margin available tothe government as development surcharge. The surcharge on natural gas is transferred to the provincesaccording to the production of gas in a province.

Royalty on crude oil and natural gas is received under Pakistan Petroleum Production Rules, 1949 at the rate of12.5% on the well head value of production. Federal Government collects royality on crude oil and natural gaswhich is transferred to the provinces on well head production basis after deduction of 2% collection charges.

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Rupees Rupees


14 DIVIDEND AND PROFIT SHARE

Dividends Receipts 14.1 28 28

28 28

14.1 Dividends Receipts

Non-Financial Institutions 28 28

28 28

15 OTHER RECEIPTS

Sale of Land 1,087 944

Miscellaneous Receipts 339 88

Other - 237

1,426 1,269

16 GRANTS AND AID

Development Grants 10,247 10,101

Non Development Grants 12,336 9,176

22,583 19,277

17 FOREIGN DEBT - RECEIPTS

Federal Government 799 -

799 -

18 DOMESTIC DEBT - RECEIPTS

Permanent Debt 18.1 - 11,955

Floating Debt 18.2 - 1,102

- 13,057

18.1

18.2

This represents borrowings from Federal Government. Repayment period and interest rate for these borrowingsis determined in accordance with terms and conditions of each loan.

Floating debt represents the borrowings of temporary nature such as Ways and Means Advances or CashCredit Accommodation from the State Bank of Pakistan. These are repayable within twelve months.

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Rupees Rupees


19 RECOVERY OF LOANS AND ADVANCES

Non-Financial Institutions - 23

Government Servants 81 56

81 79

20 TRADING ACTIVITIES

Sale of Wheat 3,424 -

3,424 -

21 RECEIPTS OF DISTRICT GOVERNMENTS

Grants from Provincial Government 16,671 13,402

Less: Grants from Provincial Government 21.1 (14,461) (13,402)

2,210 -

21.1 Grants received from provincial government have been eliminated against transfers to District Governments,while consolidating these accounts, in order to avoid the duplicate effect of receipts and payments.

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Rupees Rupees


22 SALARIES AND EMPLOYEE BENEFITS

Pay of Officers 1,360 1,032

Pay of Other Staff 3,469 2,923

Allowances 4,668 4,171

Retirement Benefits 1,569 1,237

11,066 9,363

23

Grants, Subsidies and Write-off of Loans 19,620 16,065

Less: Transfers to District Governments 21.1 (14,461) (13,402)

5,159 2,663

24 PRINCIPAL REPAYMENT OF DEBT

Domestic Debt 24.1 7,003 12,274

7,003 12,274

24.1 Domestic Debt

Permanent Debt 5,677 10,805

Floating Debt 1,326 1,469

7,003 12,274

25 SERVICING OF DEBT

Domestic Debt 4,149 412

4,149 412

26 LOANS AND ADVANCES

Government Employees 26.1 363 2

363 2

GRANTS, SUBSIDIES ANDWRITE-OFF OF LOANS

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Rupees Rupees


26.1 Government Employees

House Building Advance 363 2

363 2

2008 2007

Rupees Rupees


27 PAYMENTS OF DISTRICT GOVERNMENTS

Revenue Expenditure 27.1 13,166 11,982

Capital Expenditure 27.2 1,295 1,420

14,461 13,402

27.1 Revenue Expenditure

Education Affairs and Services 6,652 6,551

Health Affairs and Services 1,762 1,548

Economic Affairs 2,927 2,607

General Public Service 1,223 739

Housing and Community Amenities 478 434

Social Protection 20 18

Recreation, Culture and Religion 104 85

13,166 11,982

27.2 Capital Expenditure

Education Affairs and Services - 4

Health Affairs and Services - 5

Economic Affairs 683 843

General Public Service 196 36

Housing and Community Amenities 413 -

Social Protection 3 5

Environment Protection - 527

1,295 1,420

Advances to government employees are provided according to Rule 252, 253, 256, 262 and 263 of the GeneralFinancial Rules as per their entitlements.

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Rupees Rupees


28 NET RECEIPT OF PUBLIC ACCOUNTS

Receipts

Trust and other Public Accounts 87,772 83,547

Special Deposits 8,876 9,438

State Provident Fund 1,168 1,096

97,816 94,081

Payments

Trust and other Public Accounts (88,380) (82,491)

Special Deposits (8,326) (9,600)

State Provident Fund (480) (1,034)

(97,186) (93,125)

630 956

28.1

2008 2007

Rupees Rupees


29 CASH AND BANK

Provincial Government's Balance (23,272) (14,353)

District Governments' Balance 6,394 4,185

(16,878) (10,168)

30 ASSETS AND LIABILITIES

Assets

Long Term Assets 144,209 120,686

Loans and Advances 484 201

Current Assets 79 75

Cash and Bank (16,878) (10,168)

127,894 110,794

Liabilities and equity

Public Debt 10,013 20,364Special Deposits and Trust Accounts 8,296 8,506

Deferred Liabilities 4,641 3,892

Residual Equity 104,944 78,032

127,894 110,794

The public account consists of those moneys received by the Government for which it has a fiduciary duty, butnot at liberty to appropriate for the general services of Government, unless provided under an Act of ProvincialAssembly or rules made by the Governor. The balances in the public account are carried forward at year end,to be used for the specific purpose for which they are established.

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31 COMPARISON OF BUDGET AND ACTUAL AMOUNTS

2008 2007

Note

Receipts

76,792 80,219

Less : Grants from Provincial Government 21 (14,461) (13,402)

Actual receipts in Statement of Cash Receipts and Payments 62,331 66,817

Payments

84,132 74,999

Less : Transfers to District Governments 23 (14,461) (13,402)

Actual payments in Statement of Cash Receipts and Payments 69,671 61,597

32 AUTHORIZATION FOR ISSUE

33 GENERAL

33.1 Level of Precision

33.2 Corresponding Figures

Accountant General Balochistan

The approved budget is developed on the same accounting basis (cash basis), functional classification basisand for the same period as for the financial statements. It encompasses the same entities as the financialstatements as identified in note 1 above.

The Statements of Comparison of Budgeted and Actual Amounts by Function and Actual Expenditure byDepartment are presented on a gross basis. Grants received by district governments from provincialgovernment have been eliminated against transfers to district governments in Statement of Cash Receipts andPayments as explained in note 2 and 21.1, for which a reconciliation is presented below.

Rupeesin Million

Rupeesin Million

Actual receipts in Statement of Comparison of Budget andActual Amounts by Function

Actual payments in Statements of Comparison of Budget andActual Amounts by Function and Actual Expenditure byDepartment

Under section 7 of the Auditor General's (Functions, Powers and Terms and Conditions of Service) Ordinance,2001, read with Article 171 of the Constitution, the Auditor-General submits the certified financial statements of theGovernment of Balochistan together with the audit reports on these financial statements to the Governor ofBalochistan who shall cause them to be laid before the Provincial Assembly. These financial statements have beenauthorized forissue on _______________________.

Figures in these consolidated financial statements have been rounded off to the nearest million of rupees,unless otherwise stated.

Corresponding figures, wherever necessary, have been rearranged and reclassified for the purposes ofcomparison.

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FEDERAL GOVERNMENT

Notes to the Consolidated Financial Statement


8. TAXATION

8.1.

8.2.

8.3.

8.4.

8.5.

2007 2006

8.6. Taxation Others

Direct Taxes

Tax on Profession, Trade and Callings 3,698 3,68

Capital Value Tax 4,214 3,42

Land Revenue 182 36Other Direct Taxes 3,040 24

11,134 7,71

Indirect Taxes

Receipts Under Motor Vehicles Act 695 61

Stamp Duties 410 45

Provincial Excise 97 7

Others Indirect Taxes 1,204 1,41

2,406 2,55

13,540 10,27

The Federal levy on income (Income Tax), with effect from July 01, 2002, is governed by the Income Tax Ordinance, 2001 anIncome Tax Rules, 2002. It is an annual charge on the taxable income for a tax year, if it exceeds the maximum amount that not chargeable to tax. Tax rates and method of calculating taxable income varies with fiscal status of the tax payer. The broacategories of taxpayers include companies, non salaried individuals, association of persons, Hindu undivided families ansalaried individuals.

Sales Tax is a tax on consumption, levied on manufacturers and retailers as well as on the importers, wholesalers, distributordealers and specified services @ 15%. However, all the exports and other goods/ items mentioned in the fifth schedule to SaleTax Act, 1990 or in a notification issued under section 4 of the Act are chargeable to tax @ 0%.

Goods imported into Pakistan are liable to custom duties at the rates specified in the first schedule to the Customs Act, 1969 (Iof 1969).

The federal excise duty is leviable under the Federal Excise Act, 2005 on execisable goods produced or manufactured iPakistan or imported into Pakistan or such goods as the Federal Government may, by notification in the official Gazette, specifyas are produced or manufactured in the non-tariff areas and are brought to the tariff areas for sale or consumption therein; anservices, provided or rendered in Pakistan.

Workers Welfare Tax is leviable under Workers Welfare Act @ 2% of the income where the taxpayer owns an industriestablishment and his income is Rs. 500,000 or more.

Rupeesin Million

Rupeesin Million

Income TaxSales Tax

CustomsFederal Excise

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FEDERAL GOVERNMENT



8.7. Provincial Share

8.7.1.

2007 2006

9. GENERAL ADMINISTRATION RECEIPTS

Fiscal Administration 291 26

Community Services 802 63

Social Services 710 53

Economic Regulations 333 35

Law and Order 531 26

Organs of State 73 7

Statistics 10

2,750 2,13

10. ECONOMIC SERVICES RECEIPTS

Receipts under Oilfields and Mineral Development Act 875 2,19

Special Communication Organization Receipts 1,391 1,26

Food and Agriculture 169 19

Fisheries and Animal Husbandry 76 17

Forest and Irrigation 14

2,525 3,83

11. DEFENCE SERVICES RECEIPTS

Administrative Services 75,452 64,15

General Headquarters 2 8

Military Engineering Services 848 78

Air Force 873 51

Pakistan Navy 342 47

Procurement, Research & Product Development 296 18

Receipts on certain measures of Inter-Services Nature 261 58

Defence Services Others 1,708 98

In pursuance of the NFC Award, 1996 effective from 1 July, 1997, the divisible pool is arrived at by deducting 5% collectiocharges by the Federal Government. The federal share in the net proceeds of the divisible pool is 62.5% and the remainder to thfour provinces. Province wise share in the divisible pool is worked out on the basis of the respective population in thpercentages fixed in the Distribution of Revenues and Grant-in-Aid (Amendment) Order, 2002.

Rupeesin Million

Rupeesin Million

Income tax

Sales taxCustom duty

Federal exciseOthers

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FEDERAL GOVERNMENT



79,782 67,77

11.1.

2007 2006

12. DEVELOPMENT SURCHARGE AND ROYALTIES

Petroleum Development Levy 12.1 30,809 24,59

Development Surcharge on Gas 12.2 35,126 30,60

Royalty on Crude Oil 12.3 7,788 8,44

Royalty on Natural Gas 12.3 19,340 10,73

93,063 74,38

Less: Provincial Share 12.4 (64,917) (46,62

28,146 27,75

12.1.

12.2.

12.3.

12.4.Provincial Share

Defence services receipts mainly represent receipts realized on account of service charges in accordance with the protocoagreements, dues from civil agencies, sale & auction of obsolete stores, charges realized on account of use of army aviatiofacilities and leave salary etc. of armed forces personnel on deputation abroad.

Rupeesin Million

Rupeesin Million

Petroleum development levy was imposed through Finance Ordinance, 2001 at per liter price of various selected producnotified by the Government.

The development surcharge on natural gas is levied under the Natural Gas Development Surcharge Ordinance, 1967. I

pursuance of the said ordinance, the federal government has to fix the sale price for the consumers and prescribe a price for thgas companies. The difference between the two prices is the margin available to the government as development surcharge. Thsurcharge on natural gas is transferred to the provinces according to the production of gas in a province.

Royalty on crude oil an natural gas is received under Pakistan Petroleum Production Rules, 1949 at the rate of 12.5% on the wehead value of production.

Development surcharge on gas, royalty on crude oil and royalty on natural gas are transferred to the provinces on the basis well head production after deduction of 2% collection charges.

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FEDERAL GOVERNMENT



2007 2006

13. EXTRAORDINARY RECEIPTS

Sale of Other Government Assets 11

Sale of Land -

Fees, Fines and Forfeitures 22 1

Sale of Machinery and Equipments 1 -

Others 15,506 13,76

15,540 13,78

13.1.

14. INTEREST ON LOANS AND ADVANCES

Interest on Domestic Loan 14.1 35,755 34,38

Interest on Loans and Advances to Govt. Servants 50 4

Loans and Advances - Others 526 1,88

36,331 36,31

14.1. Interest On Domestic Loan

Provinces 18,052 21,62

Azad Kashmir Govt. 250 3,81

District Governments 176 10

Financial Institutions 4,561 4,10

Non-Financial Institutions 12,716 4,75

35,755 34,38

14.1.1

15. DIVIDEND AND PROFIT SHARE

Dividends Receipts 15.1 59,970 64,75

Profit share 15.2 75,049 24,89

135,019 89,64

Rupeesin Million

Rupeesin Million

Extraordinary receipts are special and non recurring receipts unconnected with expenditure previously debited to a capitfunction. These include receipts of bonus

Interest on loans and advances granted by the federal government is chargeable in accordance with the terms and conditions oeach loan. Interest rate is determined by the finance division in accordance with the actual borrowing cost of the federagovernment and is charged using simple interest rate on an yearly basis.

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FEDERAL GOVERNMENT



2007 2006

15.1. Dividends Receipts

Financial Institution

National Insurance Corporation 500 50

State Life Insurance Corporation 134 23

Pakistan Re-Insurance Corporation 34 9

Others 50 3

718 86

Non-Financial Institution

Oil and Gas Development Corporation 34,662 39,85

Pakistan Telecommunication Corporation 6,342 9,51

Pakistan Petroleum Limited 5,377 3,49

Govt. Holding (Pvt) Ltd. 4,500 1,50

Pak Arab Refinery 3,600 3,60

Pakistan State Oil Company Limited 1,269 1,13

Sui Northern Gas Pipe Lines Limited 539 53

National Fertilizer Corporation 529 3,16

Sui Southern Gas Company Ltd. 527 60

Others 1,907 4859,252 63,88

59,970 64,75

15.2. Profit share

State Bank of Pakistan 15.2.1 69,270 13,93

Pakistan Telecommunication Authority 5,779 10,95

75,049 24,89

15.2.1

16. DEVELOPMENT GRANTS

Foreign Governments 20,474 7,71

Federal Government 761 10,97

21,235 18,68

Rupeesin Million

Rupeesin Million

The share of profits from the State Bank of Pakistan represents distributable profits to the federal government against thappropriation of net profits of the bank.

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FEDERAL GOVERNMENT



2007 2006

17. FOREIGN DEBT - RECEIPTS

Loans from International Development Association 60,494 65,99

Asian Development Bank 53,586 27,53

Pakistan Sovereign Bond 45,449 47,86

Islamic Development Bank (ST) (IDB) 16,669 11,95

Chinese Loan 11,377 3,42

Loans from International Bank for Re-construction and Development 9,099 8,24French Credit 3,527 3,24

International Fund for Agricultural Development (IFAD) 1,889 30

Dollar Bond N.C.C. 1,321 -

German Export Credit 1,228 34

Yen Credit from Japan 1,141 8,38

Kuwait 217 60

E. I. Bank 45 35

O.P.E.C. Special Fund Loan 5 41

U.S.A. (Project/Commodity) - 1,30

Saudi Arabian Loan - 37

Sweden - 10

206,047 180,46

18. DOMESTIC PERMANENT DEBT - RECEIPTS

National Prize Bonds 95,531 88,85

Pakistan Investment Bonds 86,021 -

Special U.S. Dollar Bonds 15 39

Federal Investment Bonds 4 11,23

Foreign Currency Bearer Certificate 2 -

Govt. Bonds issue to HBL - 9,80

181,573 110,29

19. DOMESTIC FLOATING DEBT- NET

Floating Debt- Receipts

6 Months Market Treasury Bills purchased by SBP 1,379,688 1,337,68

6 Months Market Treasury Bills (Auction) 830,294 696,55

Treasury Bills for Ways and Means 20 5

2,210,002 2,034,29

Floating Debt- Payments

6 Months Market Treasury Bills purchased by SBP 1,435,688 1,155,08

6 Months Market Treasury Bills (Auction) 606,890 716,99

Treasury Bills for Ways and Means 20 5

Rupeesin Million

Rupeesin Million

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FEDERAL GOVERNMENT



Promissory Note 132 20

Others - 11

2,042,730 1,872,45

167,272 161,84

2007 2006

20. PRIVATIZATION PROCEEDS

OGDCL through GDR & SPO 48,745 -

Pak American Fertilizers Limited 9,000 -

Pakistan Telecommunications Company Limited 8,046 70,93

Javedan Cement 3,900 -Pakistan Oil Fields 1,500 -

Lyallpur Chemicals & Fertilizers 273 -

Karachi Electric Supplies Company (KESC) - 15,45

National Refinery Limited - 3,76

Pak Arab Fertilizers Limited - 3,48

Mustehkam Cement - 1,49

United Bank Limited - IPO - 1,05

Kot Adu Power Company Limited (KAPCO) - IPO - 39

Pakistan Petroleum Limited (PPL) - IPO - 21

Fellati's Hotel Lahore - 13

Bolan Textile Mills - 12

Kohat Cement - 4Ittehad Chemicals - 2

United Industries Limited -

NC Dandot -

International Advertising Limited -

Pakistan International Airlines (PIA) - IPO 9

71,464 97,24

20.1.

21. RECOVERY OF LOANS AND ADVANCES

Provinces 31,997 20,39

Non-Financial Institution 19,856 9,84

Rupeesin Million

Rupeesin Million

Net sale proceeds remitted by Privatization Commission after meeting privatization related expenditure are transferred to FederGovernment or the entities entitled to such proceeds. According to the Privatization Commission Ordinance the net privatizatioproceeds received by the Federal Government are utilized in the following manner:-

(a) 90% for retirement of Federal Government Debt.(b) 10% for poverty alleviation programs

The disbursements are made in accordance with the provisions of the Ordinance and Privatization Commission (Delegation oPowers) Regulation, 2002 which delegates administrative and financial powers, within the ambit of the Ordinance, to thChairman and the Secretary PC for running the day to day business of the Commission.

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FEDERAL GOVERNMENT



Others 3,755 1,20

Financial Institution 3,447 2,89

Government Servants 975 91District Governments/TMAs 198 55

60,228 35,80

2007 2006

22. TRADING ACTIVITIES

Pakistan Post Office - Receipts 5,661 4,96

Sale of wheat 876 10

Sale of fertilizer 3 -

6,540 5,06

23. SALARIES AND EMPLOYEE BENEFITS

Pay of Officers 7,123 5,08

Pay of Other Staff 19,388 17,16

Regular Allowances 22,086 17,84

Other Regular Allowances 6,456 4,30

Retirement Benefits 47,481 41,63

102,534 86,03

24. PRINCIPAL REPAYMENT OF DEBT

Foreign Debt

Asian Development Bank 15,850 13,34

International Bank for Re-construction and Development 14,503 15,45

Islamic Development Bank (ST) (IDB) 11,742 16,24

EURO Bonds - 9,30

International Development Association 7,728 7,16

Korea 3,378 5,77

Yen Credit from Japan 3,006 3,36

Turkey - 1,55

French Credit 1,920 1,41

Dollar Bond N.C.C. 1,321 1,27

Italian Credit 1,300 3

Others 8,923 6,46

69,671 81,39

Domestic Debt - Permanent


Pakistan Investment Bonds 39,805 15,10

Special U.S. Dollar Bonds 5,502 10,89

Rupeesin Million

Rupeesin Million

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FEDERAL GOVERNMENT



Federal Investment Bonds 3,518 7,97

Others 5,491 7,44

139,773 126,72

209,444 208,12

2007 2006

25. SERVICING OF DEBT

Foreign Debt 49,455 42,06

Domestic Debt 326,892 202,54

376,347 244,60

26. LOANS AND ADVANCES

Revenue Expenditure 2,610 2,71

Capital Expenditure


Provincial Governments 55,338 44,24

District Governments 23,211 20,05

Financial Institutions - 35

Government Employees 26.1 1,707 1,29

Others 15,268 16,41

119,479 105,84

122,089 108,55

26.1. Government Employees

House Building Advance 1,423 1,05

Motor Cycle Advance 150 12

Motor Car Advance 127 10

Cycle Advance 7

1,707 1,29

26.2.

27. INVESTMENTS - PAYMENTS

Pakistan Railways 6,515 5,33

Pakistan Iran Investment Co. 2,000 -

Karachi Electric Supply Corporation 1,971 38

E.C.O. Trade and Development Bank 1,787 -

P.I.A. Corporation 1,405 1,53

Islamic Development Bank 780 -

Pak. Burnei Investment Co. Ltd. 759 -

Pak. Oman Investment Company 750 -

Pakistan Television Corporation 687 46

Rupeesin Million

Rupeesin Million

Advances to government employees are provided according to Rule 252, 253, 256, 262 and 263 of the General Financial Ruleper their entitlements.

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FEDERAL GOVERNMENT



Utility Stores Corporation of Pakistan 113 11

National Book Foundation 16 -

G.O.P in (WAPDA) - 6,39Pakistan Textile City Ltd. Karachi - 25

Peoples Steel Mills - 3

16,783 14,50

2007 2006

28. NET RECEIPT OF PUBLIC ACCOUNT

Receipts

Other Public Accounts 2,483,101 2,666,59

National Saving Schemes 433,789 371,05

Deposits 319,045 304,33

State Provident Fund 14,320 11,84

3,250,255 3,353,82

Payments

Other Public Accounts (2,471,313) (2,647,13

National Saving Schemes (377,816) (367,10

Deposits (346,003) (295,60

State Provident Fund (8,812) (8,37

(3,203,944) (3,318,21

46,311 35,60

28.1.

29. CASH AND BANK

Cash with State Bank of Pakistan (SBP) 29,291 (9,98

Cash Balance with Treasuries (239) (24

29,052 (10,22

30. ASSETS AND LIABILITIES

Assets

Long Term Assets 30.1 188,846 166,84

Investments 30.2 447,835 431,05

Loans and Advances 30.3 892,042 808,37

Current Assets 30.4 33,476 34,57

Cash and Bank 30 29,052 (10,22

1,591,251 1,430,61

Liabilities

Public Debt 30.5 2,555,409 2,209,96

Rupeesin Million

Rupeesin Million

The public account consists of those moneys received by the Government for which it has a fiduciary duty, but not at liberty tappropriate for the general services of Government, unless provided under an Act of Parliament or Presidential order. Thbalances in the public account are carried forward at year end, to be used for the specific purpose for which they are established

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Special Deposits and Trust Accounts 30.6 1,015,845 977,68

Deferred Liabilities 30.7 67,243 60,18

Capital Receipts 30.8 262,539 191,073,901,036 3,438,90

Residual Equity 30.9 (2,309,785) (2,008,28

2007 2006

30.1.Long Term Assets

R & D General Public services 63,204 48,55Construction and Transport 46,583 43,52

Community Development 18,494 18,49

Irrigation Dams and Canals 16,863 16,82

Transfers 16,640 16,34

State Trading and Agriculture 7,538 7,05

Petroleum and Natural Gas 5,192 5,19

Communication 2,624 2,62

General Economic Affairs 2,255 2,07

Others 9,453 6,15

188,846 166,84

30.2. Investments

Financial Institution 30.2.1 15,299 9,97

Non-Financial Institution 30.2.2 432,536 421,08

447,835 431,05

30.2.1. Investments in Financial Institution

International Monetary Fund Subscription 3,646 3,64

Islamic Development Bank 2,682 1,90

Pakistan Iran Investment Co. 2,000 -Share Capital of E.C.O. Trade and Development Bank 1,787 -

Pak. Burnei Investment Co. Ltd. 759 -

State Life Insurance Corporation 650 65

Nationalized Banks 632 63

Asian Development Bank 617 61

State Bank of Pakistan - Reserve Fund Contribution 460 46

International Bank for Reconstruction & Development. 348 34

Development Banks - 34

Others 1,718 1,37

Rupeesin Million

Rupeesin Million

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FEDERAL GOVERNMENT



15,299 9,97

2007 2006

30.2.2. Investments in Non-Financial Institution

Karachi Electric Supply Corporation 95,047 93,07

G.O.P in (WAPDA) 75,859 75,85

Investment in WAPDA (Power Wing) 59,517 59,51

Pakistan Railways 53,629 47,11

Investment in T&T Fund (P.T.C.) 26,867 26,86

Pakistan Steel Mills Corporation 21,525 21,52

P.I.A. Corporation 17,506 16,10

Oil and Gas Development Corporation 12,968 12,96

Karachi Shipyard and Engineering Works 9,765 9,76

Union Taxas Oil Company 7,752 7,75

Development of Tribal Areas 6,310 6,31

Resources Development Corporation 5,657 5,65Peoples Steel Mills 4,278 4,27

Govt. Holding (Pvt) Ltd. 4,250 4,25

Union Taxas of Pakistan- U.T.P. Badin-I 3,551 3,55

Pakistan Television Corporation 3,479 2,79

Saindak Metal (Pvt) Limited 3,211 3,21

Pakistan Industrial Development Corporation 1,796 1,79

Occidental of Pakistan Inc. 1,706 1,70

Pak. Oman Investment Company 1,500 75

Others 16,363 16,23

432,536 421,08

30.2.3.

30.3. Loans And Advances

Opening Balance 772,644 702,60

Add: Disbursements - Capital expenditure 26 119,479 105,84

Less: Recoveries 21 (81) (7

Closing Balance 30.3.1 892,042 808,37

30.3.1. Loans and Advances-Closing Balance

Rupeesin Million

Rupeesin Million

During the year additions to the investment portfolio of the federal government was Rs. 16.783 billion (2005-2006: Rs. 14.50billion).

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FEDERAL GOVERNMENT




Provincial Governments 30.3.1.1 250,894 227,55East Pakistan 10,080 10,08

Financial Institutions 8,025 9,80

Government Employees 5,665 4,93

Railways 1,543 1,54

Others 120,834 112,34

831,895 772,64

2007 2006

30.3.1.1. Provincial Governments

Advances

Punjab 134,033 116,62

Sindh 39,159 42,22

N.W.F.P. 48,043 43,28

Baluchistan 21,159 16,90

Former West Pakistan 8,501 8,50

250,895 227,55

30.4.Current Assets

Other Receivables 10,121 8,79

Other Assets 4,108 3,28

Civil Departmental Balances 30.4.1 19,247 22,49

33,476 34,57

30.4.1. Civil Departmental Balances

Civil 1,955 1,95

Public Works 21 1

Mint 5,665 5,66

Customs 174 (46

Pakistan Missions Abroad 2,462 2,29

National Savings 3,286 8,42

Pakistan Post Office 1,748 1,59

Defence 748 4

Pakistan PWD 3,295 3,08Geological Survey of Pakistan 14 1

Others (121) (12

19,247 22,49

30.5.Public Debt

Domestic Debt

Government Securities

Opening Balance 1,314,107 1,168,69

Add: Loan Receipts 2,391,576 2,144,59

Rupeesin Million

Rupeesin Million

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FEDERAL GOVERNMENT



Less: Principal Repayment of Loans (2,182,503) (1,999,18

Closing Balance 30.5.1 1,523,180 1,314,10

Permanent Debt 3,919 3,91

1,527,099 1,318,02

Foreign Debt

Opening Balance 891,934 792,86

Add: Loan Receipts 17 206,047 180,46

Less: Principal Repayment of Loans 24 (69,671) (81,39

Closing Balance 30.5.2 1,028,310 891,93

2,555,409 2,209,96

2007 2006

30.5.1. Government Securities

Treasury Bills and Promissory Notes 1,043,412 876,14

Pakistan Investment Bonds 352,936 306,71


Federal Investment Bonds 41,457 44,97

Others (94,834) (83,85

1,523,180 1,314,10

30.5.2.

30.6. Special Deposits And Trust Accounts

Investment Deposit Accounts 30.6.1 841,450 785,47

Grants and Aid 80,748 79,53

Remittances 66,128 55,81

Other Trust Accounts 28,499 28,35

Relief Funds 10,483 11,33

Coinage Account 6,502 6,09

Development Funds 5,187 5,20

Other Funds 4,160 4,04

Education and Training Funds 981 97

Welfare Fund 495 49

Others (28,788) 35

1,015,845 977,68

30.6.1. Investment Deposit Accounts

Defence Savings Certificates 285,964 291,91

Behbood Savings Certificates 195,693 149,47

Rupeesin Million

Rupeesin Million

The total amount of foreign currency has been exchanged at the exchange rate used in its valuation which is the historical rate oexchange. These debts have not been revalued and no exchange difference have been recognized in the books of the feder

government.

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FEDERAL GOVERNMENT



Special Savings Certificates 108,606 101,63

Special Savings Accounts 89,527 86,61

Regular Income Certificates 25,392 42,49Khas Deposit Certificates 39,234 39,23

Pensionary Benefits 46,651 35,18

Savings Bank Accounts 25,622 19,32

Premium Savings Certificates 19,313 19,31

Others 5,448 29

841,450 785,47

2007 2006

30.7.Deferred Liabilities

Provident Fund 30.7.1 50,001 44,49

Postal Life Insurance Fund 13,149 11,57

Welfare Fund 3,941 3,94

Benevolent Fund 143 15

Others 9 1

67,243 60,18

30.7.1. Provident Fund

Armed Forces Personnel 21,712 17,80

Defence Services Officers 9,345 8,54GPF- Defence 8,987 8,55

GPF- Civil 7,916 7,63

GPF- Pakistan Post Office 1,192 1,11

GPF- Foreign Affairs 458 43

GPF- National Savings 230 23

GPF- Pakistan P.W.D 81 7

GPF- Food Wing 1

GPF- Mint 11

GPF- Forest (4) (

GPF- Geological Survey of Pakistan (15) (

Defence Savings Provident Fund- Railway 53 5

Unclaimed Deposits 23 2

Others 11 1

50,001 44,49

30.8.Capital Receipts

Privatization Proceeds 196,269 124,80

Investment Receipts 66,270 66,27

262,539 191,07

30.9.Residual Equity

Rupeesin Million

Rupeesin Million

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FEDERAL GOVERNMENT



Opening Balance #VALUE! (1,755,65

Revenue Account-by functionReceipts during the year #REF! #RE

Payments during the year #REF! #RE

Revenue account deficit by function #VALUE! #VALUE

Miscellaneous adjustments (9) (4,36

Closing Balance 30.9.1 #VALUE! #VALUE

30.9.1. This represents the difference between assets and liabilities disclosed in note 30 to the financial statements.

31. AUTHORIZATION FOR ISSUE

32. GENERAL

32.1.Level of Precision

Figures in these consolidated financial statements have been rounded off to the nearest million of rupees, unless otherwise stated

32.2. Corresponding Figures

Corresponding figures, wherever necessary, have been rearranged and reclassified for the purposes of comparison.

_________________________________ ___________________________

Accountant General Pakistan Revenues Controller General of Accounts

Under section 7 of the Auditor General's (Functions, Powers and Terms and Conditions of Service) Ordinance, 2001, read wi

Article 171 of the Constitution, the Auditor-General submits the certified financial statements of the federal governmetogether with the audit reports on these financial statements to the President of the Islamic Republic of Pakistan who shall causthem to be laid before the National Assembly. These consolidated financial statements have been authorized for issue o________________.

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FEDERAL GOVERNMENT

Consolidated Statement of Assets & Liabilities

As at 30 June 20072007 2006

Note

LONG TERM ASSETS 30 188,846 166,8

INVESTMENTS 31 447,835 431,0

LOANS AND ADVANCES 32 892,042 808,3

CURRENT ASSETS

Other Receivables 10,121 8,7

Other Assets 4,108 3,2Civil Departmental Balances 33 19,247 22,4

Cash and Bank 34 29,052 (10,2

62,528 24,3

TOTAL ASSETS 1,591,251 1,394,8

PUBLIC DEBT 35 2,555,409 2,209,9

SPECIAL DEPOSITS AND TRUST ACCOUNTS 36 1,015,845 977,6

DEFERRED LIABILITIES 37 67,243 60,1

CAPITAL RECEIPTS 38 262,539 191,0

TOTAL LIABILITIES 3,901,036 3,438,9

RESIDUAL EQUITY 39 (2,309,785) (2,044,0

_____________________________________ __________________________

Accountant General Pakistan Revenue Controller General Account

Rupees

in million

Rupees

in million

Ipsas 2007-08 Final

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Transcript of Ipsas 2007-08 Final