Appendix 6 - Consolidated Fund Financial Statements - 1997 AUDITOR'S REPORT To the House of Assembly, the Governor and the Senate I have audited the statement of assets and liahilities of the Consolidated Fund of the Government of Bermuda as at March 31, 1997, and the statements of revenue, expenditure and deficit and changes in financial position for the year then ended. These financial statements are the responsibility of the Government. My responsibility is to express an opinion on these financial statements based on my audit. I conducted my audit in accordance with generally accepted auditing standards. Those standards require that I plan and perform an audit to obtain reasonable assurance whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the Government, as well as evaluating the overall financial statement presentation. In my opinion, these financial statements present fairly, in all material respects, the financial position of the Consolidated Fund of the Government of Bermuda as at March 31, 1997 and the results of its operations and the changes in its financial position for the year then ended, in accordance with the stated accounting policies disclosed in Note 2 to the financial statements. As required by Section 6 of the Audit Act 1990, I also report that, in my opinion, these stated accounting policies have been applied, in all material respects, on a basis consistent with that of the preceding year. As described in Note 2(a), these financial statements represent the financial transactions of the Consolidated Fund and have been prepared primarily to provide accountability for the financial resources appropriated by the Legislature of Bermuda. These financial statements are not the summary consolidated financial statements, as contemplated by the Canadian Institute of Chartered Accountants and the Institute of Chartered Accountants of Bermuda, that would report the financial position and results of operations of the Government of Bermuda. Hamilton, Bermuda November 24, 1997 Larry T. Dennis, C.A. Auditor Auditor Bermuda o 1996 and 1997 Annual Reports 133 Appendix 6 - Consolidated Fund Financial Statements - 1997 GOVERNMENT OF BERMUDA CONSOLIDATED FUND STATEMENT OF RESPONSIBILITY MARCH 31, 1997 The Accountant-General, subject to the general direction and control of the Minister of Finance, is responsible for the preparation of financial statements which present the financial position of the Consolidated Fund as at March 31, 1997 and the results of operations for the year then ended. The financial statements of the Consolidated Fund are prepared by the Accountant-General in accordance with the requirements of governing legislation. The financial statements are based upon information provided by Government departments and where necessary, information is based upon best estimates and judgment. To fulfill its accounting and reporting responsibilities, the Accountant-General maintains systems of financial management and internal control to provide reasonable assurance that transactions are properly authorised by the Legislature, executed in accordance with prescribed regulations and properly recorded to maintain accountability of public money and safeguard the assets and properties under Government administration. Annually, the audited financial statements are tabled before the Legislature and are referred to the Public Accounts Committee, which reports to the Legislature on the results of its examination together with any recommendations it may have with respect to the financial statements and accompanying audit opinion. On behalf of the Government of Bermuda. Hardy Financial Secretary Ministry of Finance Heather A. Jacobs Matthews, C.A. Accountant-General Ministry of Finance Hamilton, Bermuda November 24, 1997 Auditor Bermuda o 1996 and 1997 Annual Reports 134 Appendix 6 - Consolidated Fund Financial Statements -1997 G O V E R N M E N T OF B E R M U D A C O N S O L I D A T E D FUND S T A T E M E N T OF ASSETS AND LIABILITIES M A R C H 3 1 , 1997 1997 1996 $ $ ASSETS CURRENT ASSETS Cash and deposits (Note 3) Accounts receivable (Note 4) Inventories Prepaid expenses Due from Government funds and agencies (Note 5) 3,287,758 51,239,710 8,924,035 1,904,804 21,368,633 18,659,999 46,793,788 7,351,739 2,074,550 15,243,823 86,724,940 90,123,899 DUE FROM B E R M U D A H O U S I N G C O R P O R A T I O N (Note 6) 29,000,000 31,000,000 1,797,501 1,592,760 117,522,441 122,716,659 54,980,859 33,517,756 12,628,487 8,937,609 20,000,000 46,576,659 30,788,743 10,585,550 6,359,969 130,064,711 94,310,921 L O N G - T E R M DEBT (Note 9) 110,000,000 130,000,000 PENSION LIABILITY (Note 10(c)) 186,800,000 173,200,000 426,864,711 397,510,921 (315,259,436) 5,917,166 (279,952,3 83) 5,158,121 (309,342,270) (274,794,262) 117,522,441 122,716,659 L O N G - T E R M R E C E I V A B L E S (Note 7) LIABILITIES CURRENT LIABILITIES Accounts payable and accrued liabilities Deferred revenue Due to G o v e r n m e n t funds and agencies (Note 8) Deposits held Current portion of long-term debt (Note 9) DEFICIT Deficit Designated surplus (Note 1 1) Contingent liabilities (Note 12) C o m m i t m e n t s (Note 13) The accompanying notes and schedules are an integral part of these financial statements. Auditor Bermuda o 1996 and 1997 Annual Reports 135 Appendix 6 - Consolidated Fund Financial Statements - 1997 GOVERNMENT OF BERJVIUDA CONSOLIDATED FUND STATEMENT OF REVENUE, EXPENDITURE AND DEFICIT FOR THE YEAR ENDED MARCH 31, 1997 1997 $ $ 476,520,467 436,035,797 438,509,953 61,146,479 12,171,088 401,804,092 41,177,015 8,483,989 511,827,520 REVENUE (Schedules 1 and 3) 1996 451,465,096 35,307,053 15,429,299 279,952,383 278,733,216 EXPENDITURE Current (Schedules 2 and 4) Capital development (Schedules 2 and 5) Capital acquisitions (Schedules 2 and 6) EXCESS OF EXPENDITURE OVER RHVENUE DEFICIT, BEGINNING OF YEAR Transfer from reserve for unspent capital appropriations (Note 14) Transfer from contingencies fund (Note 14) DEFICIT, END OF YEAR (13,210,132) (1,000,000) 315,259,436 279,952,383 The accompanying notes and schedules are an integral part of these financial statements. Auditor Bermuda o 1996 and 1997 Annual Reports 136 Appendix 6 - Consolidated Fund Financial Statements - 1997 GOVERNMENT OF BERMUDA CONSOLIDATED FUND STATEMENT OF CHANGES IN FINANCIAL POSITION FOR THE YEAR ENDED MARCH 31, 1997 1997 1996 $ $ CASH PROVIDED BY (USED IN): OPERATING ACTIVITIES Excess of expenditure over revenue (15,429,299) 759.045 3,780,508 13,600,000 723,383 (5,214,068) (5,000,000) (17,167,500) Items not affecting cash: Increase in designated surplus Decrease (increase) in non-cash working capital Increase (decrease) in pension liability (35,307,053) (24,919,984) FINANCING ACTIVITIES Proceeds from loan facility Issue of loan facility proceeds to Bermuda Housing Corporation Repayment of receivable due from Bermuda Housing Corporation Increase in long-term receivables 35,000,000 (35,000,000) CASH AND DEPOSITS, BEGINNING OF YEAR CASH AND DEPOSITS, END OF YEAR 4,000.000 (456.875) 1,795,259 NET DECREASE IN CASH AND DEPOSITS 2,000.000 (204.741) 3,543,125 (15,372,241) (21,376,859) 18,659,999 40,036,858 3,287,758 18,659,999 The accompanying notes and schedules are an integral part of these financial statements. Auditor Bermuda o 1996 and 1997 Annual Reports 137 Appendix 6 - Consolidated Fund Financial Statements - 1997 GOVERNMENT OF BERMUDA CONSOLIDATED FUND NOTES TO THE FINANCIAL STATEMENTS MARCH 31,1997 1. AUTHORITY The Consolidated Fund (the Fund) operates under the authority of the Bermuda Constitution Order 1968 and amendments, and the Public Treasury (Administration and Payments) Act 1969 and amendments. All public money is paid into the Fund and legislative authority must be obtained for any expendinire out of the Fund. The Legislature provides authority to make payments out of the Fund in annual appropriation acts, supplementary estimates and other statutes. Unused spending authority for current appropriations lapses at the end of the fiscal year. Unused spending authority for uncompleted capital projects is carried forward to subsequent fiscal years, subject to the approval of the Minister of Finance. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The financial statements are prepared in accordance with the stated accounting policies. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenditure during the reporting period. Actual results could differ from those estimates. The significant accounting policies are as follows: (b) Reporting Entity The Government of Bermuda (the Government) adheres to the general practice of using a Consolidated Fund as its general operating fund. Schedules 3 to 6 provide information on Government departments comprising the Consolidated Fund. The financial statements are not summary consolidated financial statements of the Government. They are the financial statements of the Consolidated Fund prepared in accordance with the stated basis of accounting. (b) Basis of Accounting (i) Method The financial statements are prepared on the accmal basis of accounting, (ii) Interdepartment Revenue and Expenditure Interdepartment revenue and expenditure are not eliminated. Auditor Bermuda o 1996 and 1997 Annual Reports 138 GOVERNMENT OF BERMUDA CONSOLIDATED FUND NOTES TO THE FINANCIAL STATEMENTS MARCH 31, 1997 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) (iii) Translation of Foreign Currencies The financial statements are reported in Bermuda dollars. Assets and liabilities are translated at the exchange rate prevailing at the balance sheet date. Revenue and expenditure are translated at the rate of exchange in effect on the date they occur. Translation gains and losses are included in the statement of revenue, expenditure and deficit. (iv) Inventories Inventories are maintained for use in departmental operation and maintenance activities and are valued at cost with provision for obsolescence, as required. (v) Designated Surplus The Ministry of Works and Engineering, Parks & Housing designated surplus accounts provide for the renewal and replacement of plant, machinery and equipment. Income from recovery charges from the sale of certain services and supplies are credited to the surplus accounts, and the renewal and replacement expenditures are charged to these accounts. (vi) Revenue Recognition Fees and taxes which the Government can reasonably expect to receive are accrued when they are earned. Revenue not measurable until cash is received is accounted for in the year of receipt. (vii) Current and Capital Account Expenditure Classification of expenditure between current account items and capital account items follows the classification in the Approved Estimates. (viii) Capital Assets Capital assets of the Government such as land, land improvements, buildings and equipment are charged to expenditure at the time of acquisition or construction. It is the intention of the Government to commence capitalisation of significant tangible capital assets over the next five years. The net book value of these assets will be recorded as a reduction of the deficit. Auditor Bermuda o 1996 and 1997 Annual Reports 139 Appendix 6 - Consolidated Fund Financial Statements - 1997 GOVERNMENT OF BERMUDA CONSOLIDATED FUND NOTES TO THE FINANCIAL STATEMENTS MARCH 31, 1997 3. CASH AND DEPOSITS (a) Cash and deposits is comprised of: 1997 $ Deposits Cash Bank indebtedness 1996 $ 18,000,000 5,658,356 (4,998,357) 3,287,758 (b) 2,063,239 5,842,534 (4,618,015) 18,659,999 Government Borrowing Sinking Fund Under the provisions of the Government Loans Act 1978, as amended, effective March 31, 1993, a Government Borrowing Sinking Fund was established for the repayment of Government borrowing. The Sinking Fund balance is not segregated from general operating cash and deposits. The amount of cash required to be segregated into the Government Borrowing Sinking Fund is as follows: 1997 $ Balance, beginning of year Increase per Section 12 of the Loans Act Balance, end of year (c) 1996 $ 6,787,149 3,803,613 4,061,395 2,725,754 10,590,762 6,787,149 Contingencies Fund Under the provisions of Section 10(1) of the Public Treasury (Administration and Payments) Act 1969, as amended, on March 14, 1979 the House of Assembly passed a resolution to withdraw $1,000,000 from the Consolidated Fund to set up a Contingencies Fund. The purpose of the Contingencies Fund is to allow the Minister of Finance to authorise expenditure up to $1,000,000 prior to the approval of the Legislature by supplementary estimate. The Contingencies Fund balance is not segregated from general operating cash and deposits. Auditor Bermuda o 1996 and 1997 Annual Reports 140 GOVERNMENT OF BERMUDA CONSOLIDATED FUND NOTES TO THE FINANCIAL STATEMENTS MARCH 31, 1997 3. CASH AND DEPOSITS (continued) (c) Contingencies Fund (continued) 1997 $ Balance, beginning of year Expenditure Reimbursement by supplementary appropriation Balance, end of year 1996 $ 686,078 (132,295) 103,043 764,954 (78,876) 656,826 686,078 ACCOUNTS RECEIVABLE 1997 $ 31,509,093 5,460,660 2,773,619 2,519,758 1,681,351 2,375,938 1,405,431 1,919,086 1,338,852 56,557,341 50,983,788 5,317,631 4,190,000 51,239,710 Less: allowance for doubtful accounts $ 35,429,040 6,243,606 3,014,923 2,661,838 2,033,479 1,494,845 1,437,093 1,433,790 2,808,727 Tax Commissioner Accountant-General Registrar of Companies Works & Engineering Judicial Post Office Telecommunications Airport Operations Other departments 1996 46,793,788 Auditor Bermuda o 1996 and 1997 Annual Reports 141 Appendix 6 - Consolidated Fund Financial Statements - 1997 GOVERNMENT OF BERMUDA CONSOLIDATED FUND NOTES TO THE FINANCIAL STATEMENTS MARCH 31, 1997 5. DUE FROM GOVERNMENT FUNDS AND AGENCIES 1997 Public Service Superannuation Fund Bermuda Hospitals Board Bermuda Housing Corporation Bermuda Monetary Authority West End Development Corporation Bermuda Small Business Development Corporation Bermuda Land Development Company Bermuda College Tourism North America Retirement Plan Parish Councils 1996 17,237,027 1,358,013 1,209,286 724,607 395,912 190,509 184,339 47,834 21,106 11,890,572 1,236,731 259,218 1,243,158 393,241 139,005 77,590 4,308 21,368,633 15,243,823 DUE FROM BERMUDA HOUSING CORPORATION On May 31, 1995, the Government loaned $35 million to the Bermuda Housing Corporation (BHC) on the same terms and conditions as the loan facility described in Note 9(b). At March 31, 1997, BHC has repaid $6 million (1996 - $4 million). LONG-TERM RECEIVABLES 1997 1996 $ $ Tourism advances to hotels Education student loans Tax Commissioner deferred payroll tax due October 1999 Airport Operations contract deposit due April 2000 Tourism sale of "Bermuda Journey" Accountant-General deferred land tax 1,277,330 892,769 750,000 100,000 42,920 11,812 1,277,330 1,015,370 531,170 Less: provision for advances to hotels 3,074,831 1,277,330 2,870,090 1,277,330 1,797,501 1,592,760 Auditor Bermuda o 1996 and 1997 Annual Reports 142 42,920 3,300 GOVERNMENT OF BERMUDA CONSOLIDATED FUND NOTES TO THE FINANCIAL STATEMENTS MARCH 31, 1997 DUE TO GOVERNMENT FUNDS AND AGENCIES 1997 Contributory Pension Fund Ministers and Members of the Legislature Pensions Fund Bermuda Hospitals Board Government Employees Health Insurance Fund Bermuda Housing Corporation Mutual Re-insurance Fund West End Development Corporation Bermuda College Other Tourism North America Retirement Plan 5,255,975 3,151,236 2,117,502 1,055,216 537,758 440,249 31,762 26,840 11,949 5,978,566 2,651,750 234,296 1,577,750 44,008 10,329 87,437 1,414 12,628,487 9. 1996 10,585,550 LONG-TERM DEBT 1997 $ 75,000,000 35,000,000 20,000,000 Current portion of long-term debt - Bonds $ 75,000,000 35,000,000 20,000,000 130,000,000 Senior notes due 2004 Loan facility Bonds 1996 130,000,000 20,000,000 110,000,000 (a) 130,000,000 Senior notes due 2004 On June 14, 1994, the Government issued US $75 million 7.59% Senior Notes Due 2004. The notes mature on June 14, 2004 and interest is payable semi-annually on June 14 and December 14. Auditor Bermuda o 1996 and 1997 Annual Reports 143 Appendix 6 - Consolidated Fund Financial Statements - 1997 GOVERNMENT OF BERMUDA CONSOLIDATED FUND NOTES TO THE FINANCIAL STATEMENTS MARCH 31, 1997 9. LONG-TERM DEBT (continued) (b) Loan facility On May 23, 1995, the Government negotiated a five year loan facility of US $110 million with a syndicate of banks. This facility is available until May 22, 2000. Interest is calculated on the amount drawn down at LIBOR plus 0.17% for years one through three, and LIBOR plus 0.22% for years four and five. A facility fee of 0.08% is payable on the facility balance. (c) Bonds On November 30, 1992, the Government issued BD $20 million 6.5% Government of Bermuda Bonds. The bonds mature on November 30, 1997 and interest is payable semiannually on May 31 and November 30. 10. PENSION PLANS (a) Defined Benefit Pension Plans The Government administers contributory defined benefit pension plans for substantially all of its employees, quango employees, and ministers and members of the Legislature. There are two plans - the Public Service Superannuation Fund (PSSF) and the Ministers and Members of the Legislature Pensions Fund (MMLPF). The plans provide pensions based on length of service and final earnings, with cost of living increases calculated by reference to the Retail Price Index. Employees contribute 5% of their salary for PSSF and ministers and members contribute 12.5% of their salary for MMLPF with the Government contributing equal amounts. The Public Service Superannuation Act, 1981 and the Ministers and Members of the Legislature (Salaries and Pensions) Act 1975, as amended, provide that, if at any time the Funds are insufficient to meet the payments chargeable against them, the deficiency shall be made up out of the Consolidated Fund. (b) Pension Fund Assets Pension fund assets are primarily marketable investments of organisations external to the Government reporting entity. Marketable investments are valued at market value; nonmarketable assets are valued at cost. Auditor Bermuda o 1996 and 1997 Annual Reports 144 GOVERNMENT OF BERMUDA CONSOLIDATED FUND NOTES TO THE FINANCIAL STATEMENTS MARCH 31, 1997 10. PENSION PLANS (continued) (c) Pension Liability The pension liability at March 31 includes the following components: Accrued Benefit Obligations Pension Liability 1997 Pension Liability 1996 Increase $000 $000 $000 $000 $000 364,900 14,200 189,200 3,100 175,700 11,100 162,300 10,900 13,400 200 379,100 PSSF MMLPF Net Fund Assets 192,300 186,800 173,200 13,600 Actuarial valuations are performed triennially using the projected benefit method pro rated on services. The most recent actuarial report was prepared at March 31, 1995 for PSSF and March 31, 1994 for MMLPF. For other years, the accrued benefit obligation is based on extrapolations of the most recent actuarial valuation. The actuarial valuations are based on a number of assumptions about future events, such as inflation rates, interest rates, wage and salary increases and employee turnover and mortality. The assumptions used reflect the Government's best estimates of expected long-term rates and short-term forecasts. The most significant assumptions are that the average investment return will be greater than the average rate of salary escalation by 2% and the cost of living increase will average 4% per annum. (d) Other Pension Plans (i) Contributory Pension Fund The Contributory Pension Fund (CPF) was established under The Contributory Pensions Act 1970 and subsequent amendments. The purpose of the CPF is to provide old age pension, disability and death benefits for persons satisfying certain contribution, citizenship and/or residency requirements. Contributions to the CPF are compulsory for persons employed in Bermuda, the self-employed and employers. There is no legislative provision for the Consolidated Fund to provide for any shortfall if, at any time, the CPF has insufficient funds to meet its obligations. Auditor Bermuda o 1996 and 1997 Annual Reports 145 Appendix 6 - Consolidated Fund Financial Statements - 1997 GOVERNMENT OF BERMUDA CONSOLIDATED FUND NOTES TO THE FINANCIAL STATEMENTS MARCH 31, 1997 10. PENSION PLANS (continued) (ii) Bermuda Department of Tourism North America Retirement Plan The Bermuda Department of Tourism North America Retirement Plan (the Plan) provides retirement, disability and death benefits for the Department of Tourism employees located in North America. The Plan is a non-contributory, defined benefit pension plan. In accordance with the Plan Agreement, the Government is required to provide funding necessary to ensure that benefits based on triennial actuarial valuations will be fully provided for at retirement. The most recent actuarial report was prepared at March 31, 1995. At March 31, 1997 the excess of net assets over actuarial present value of accrued pension benefits is $72,000. (e) Pension-related Expenditure Pension-related expenditure includes the following: 1997 $000 Current period pension contributions PSSF CPF MMLPF Additional funding contribution PSSF Ministers and Members pensions for the period prior to formation of separate pension fund Ex-gratia payments Increase (decrease) in net unfunded pension liability 1996 $000 8,815 4,684 247 8,582 4,626 220 500 500 572 221 588 202 13,600 (5,000) 28,639 9,718 Pension-related expenditure is included in employer overhead, other personnel costs and pension obligation in Schedule 2. Auditor Bermuda o 1996 and 1997 Annual Reports 146 GOVERNMENT OF BERMUDA CONSOLIDATED FUND NOTES TO THE FFNANCIAL STATEMENTS MARCH 31, 1997 11. DESIGNATED SURPLUS Balance March 31, 1996 Net Recovery Charges Expenditure during the year Balance M a r c h 3 1, 1997 $ $ $ $ 1,257,108 918,305 1,248,748 798,015 546,463 389,482 12. 828,824 412,789 262,000 152,000 21,650 115,000 431,410 774 375,047 157,708 68,279 1,654,522 1,330,320 1,135,701 792,307 568,113 436,203 5,158,121 V e h i c l e s and e q u i p m e n t Water trading Port R o y a l G o l f C o u r s e St. G e o r g e ' s G o l f C l u b Quarry products Ocean View Golf Course 1,792,263 1,033,218 5,917,166 CONTINGENT LIABILITIES (a) Guarantees (i) (ii) (b) The grant to the Bermuda Small Business Development Corporation (the Corporation) from the Government is to cover any shortfall in the operation of the Corporation. Included in the grant are amounts required to cover the payout on defaulted guarantees given by the Corporation, subject to review by the Minister of Finance. The Corporation has guarantees outstanding as at March 31, 1997 of $2,059,000 (1996 - $2,296,000). In August 1994, the Government introduced the National Education Guarantee Scheme to provide qualifying students with financial guarantees on bank loans for post-secondary education. The repayment of the principal and accmed interest is guaranteed by the Government and in the event of default by the student, the banks will call on the Guarantee contract. At March 31, 1997, $2,736,000 (1996 - $1,833,000) is outstanding in student loans with local banks. Claims and Potential Claims The contingent liabilities of the Government for claims and potential claims consist of potential losses related to breach of contract, damages to persons and property and like items. If they become actual liabilities, they are recorded in the financial statements in the fiscal year in which that occurs. An amount of $4,739,000 (1996 - $4,878,000) is estimated as a contingent liability for claims received and claims which are actually under litigation, or may be litigated, for which specific amounts are claimed or potential settlements can be quantified. Auditor Bermuda o 1996 and 1997 Annual Reports 147 Appendix 6 - Consolidated Fund Financial Statements - 1997 GOVERNMENT OF BERMUDA CONSOLIDATED FUND NOTES TO THE FFNANCIAL STATEMENTS MARCH 31, 1997 13. COMMITMENTS (a) General Commitments to outside organisations in respect of contracts entered into before March 31, 1997 amount to $36.3 million. These commitments will become expenditure of the Consolidated Fund when terms of the contracts are met. Payments in respect of these contracts and agreements are subject to the voting of supply by the Legislature. (b) Legislative (i) Unspent Capital Appropriations In accordance with Section 6 of the Appropriations Act 1996, unspent capital appropriations for incomplete capital projects to be carried forward to future years are as follows: 1997 $000 (ii) $000 23,889 644 20,524 196 24,533 Capital development Capital acquisition 1996 20,720 Total Authorised Funding Total authorised funding represents the estimated total cost of new and continuing capital development projects and is subject to the voting of supply by the Legislature. Future expenditure for new and continuing capital development projects is estimated as follows: 1997 $000 Total authorised funding Appropriated capital development expenditure Unappropriated capital development expenditure 1996 $000 289,466 289,466 197,686 197,686 355,849 171,069 91,780 91,780 184,780 Auditor Bermuda o 1996 and 1997 Annual Reports 148 GOVERNMENT OF BERMUDA CONSOLIDATED FUND NOTES TO THE FINANCIAL STATEMENTS MARCH 31, 1997 14. TRANSFERS At March 31, 1996, the Contingencies Fund and Reserve for Unspent Capital Appropriations balances were transferred to Deficit. 15. BORROWING LIMIT On March 28, 1991, the Legislature approved an amendment to the Government Loans Act, 1978 which increased Government's borrowing limit to $185,000,000. The excess of the borrowing limit over public debt, as defined by the Act, is calculated as follows: 1997 1996 $000 $000 Total Long-Term Debt (Note 9) Loan Guarantees (Note 12 (a)) Small Business Development Corporation National Education Guarantee Scheme Bermuda Housing Corporation 130,000 130,000 2,059 2,736 2,296 1,833 400 Total Debt 134,795 134,529 50,205 50,471 185,000 185,000 Excess of borrowing limit over debt Borrowing limit 16. COMPARATIVE FIGLIRES Certain of the 1996 figures have been restated to conform with the 1997 financial statement presentation. Auditor Bermuda o 1996 and 1997 Annual Reports 149 Appendix 6 - Consolidated Fund Financial Statements - 1997 Schedule 1 GOVERNMENT OF BERMUDA CONSOLIDATED FUND REVENUE ANALYSIS BY TYPE FOR THE YEAR ENDED MARCH 31, 1997 1997 1996 Actual Original Estimates Variance Actual $ $ $ $ 142,799,445 128,124,329 24,889,073 20,670,230 18,460,349 13,251,287 7,231,123 2,739,736 1,793,073 1,445,231 373,142 138,200,000 115,000,000 24,100,000 20,245,000 15,014,000 14,000,000 7,115,000 2,200,000 2,200,000 1,300,000 275,000 4,599,445 13,124,329 789,073 425,230 3,446,349 (748,713) 116,123 539,736 (406,927) 145,231 98,142 134,476,720 112,694,267 23,463,542 20,022,327 14,589,286 13,192,700 4,257,902 2,662,472 1,779,994 1,197,543 275,343 Fees, Permits & Licences Companies International Vehicle Licences & Registration Postal Services Air Terminal & Aviation Telecommunications Golf Courses Bus Transportation Immigration Services to Seaborne Shipping Companies Licences Insurance Fees Companies Local Registration of Aircraft Solid Waste Services Rentals Ferry Services Registration of Shipping Wharfage Liquor Licences 28,064,108 15,299,751 8,163,726 6,817,246 6,481,209 5,514,339 5,177,076 4,872,058 2,755,929 2,634,010 2,351,720 1,970,821 1,870,108 1,523,679 1,473,629 1,180,650 987,642 677,581 362,402 30,424,000 14,922,000 8,284,000 7,022,000 7,000,000 4,727,000 5,379,000 4,586,000 2,185,000 2,160,000 1,935,000 1,958,000 2,900,000 640,000 1,160,000 1,500,000 800,000 700,000 500,000 (2,359,892) 377,751 (120,274) (204,754) (518,791) 787,339 (201,924) 286,058 570,929 474,010 416,720 12,821 (1,029,892) 883,679 313,629 (319,350) 187,642 (22,419) (137,598) 28,245,456 14,034,390 7,741,326 4,626,131 6,628,427 4,796,309 5,236,320 4,495,719 2,756,464 2,566,161 1,695,003 1,586,744 2,216,735 1,261,835 1,348,343 1,436,554 746,054 605,561 358,767 Other Revenue Other Fines & Forfeitures Bermuda Monetary Authority Investment Income 12,234,817 3,089,331 627,338 614,279 10,725,000 1,950,000 500,000 1,000,000 1,509,817 1,139,331 127,338 (385,721) 9,685,060 2,995,856 1,159,008 1,201,478 476,520,467 452,606,000 23,914,467 436,035,797 Taxes & Duties Customs Duty Payroll Tax Land Tax Passenger Tax Stamp Duty Hotel Occupancy Tax Non-Bermudian Land Acquisition Tax Foreign Currency Purchase Tax Corporate Services Tax Betting Tax Timesharing Tax TOTAL REVENUE Auditor Bermuda > 1996 and 1997 Annual Reports 150 Appendix 6 - Consolidated Fund Financial Statements - 1997 Schedule 2 GOVERNMENT OF BERMUDA CONSOLIDATED FUND EXPENDITURE ANALYSIS BY TYPE FOR THE YEAR ENDED MARCH 31,1997 Actual 1997 Original Estimates 1996 Variance Actual $ $ $ $ CURRENT Employees Salaries Wages Employer Overhead Pension Obligation Other Personnel Costs W & E Departmental Support Training 161,544,494 48,512,040 20,417,776 13,600,000 4,999,047 3,917,714 1,194,439 166,926,000 47,191,000 19,936,000 Operations Professional Services Materials & Supplies Advertising & Promotion Energy Debt Charges Transport & Travel Repair & Maintenance Insurance Communications Rentals Transfers to Designated Surplus Other Clothing, Uniforms & Laundry Bad Debts Equipment Receipts Credited to Programme 32,768,391 18,966,683 18,218,429 9,595,888 7,534,212 7,045,268 5,618,373 5,555,373 4,040,140 2,918,566 1,790,413 1,600,964 1,369,056 947,233 712,578 (15,405,961) 29,397,000 17,318,000 19,711,000 10,118,000 10,670,000 7,084,000 8,685,000 7,012,000 3,363,000 3,280,000 3,389,000 1,163,000 1,220,000 Development Development - Grants & Contributions TOTAL CAPITAL EXPENDITURE 32,260,285 19,591,386 21,905,679 8,708,143 7,498,884 7,169,898 5,194,679 5,646,614 3,320,204 2,764,521 1,456,031 1,805,514 1,338,334 690,000 509,499 (18,534,372) 34,570,000 35,422,000 16,205,000 (1,949,508) 7,097,471 200 34,195,427 27,049,654 15,489,600 438,509,953 436,313,000 (2,196,953) 401,804,092 9,924,000 (2,247,088) 8,483,989 51,969,085 9,177,394 52,835,000 8,928,000 865,915 (249,394) 33,391,008 7,786,007 61,146,479 CAPITAL Acquisition 251,000 (16,763,000) (3,371,391) (1,648,683) 1,492,571 522,112 3,135,788 38,732 3,066,627 1,456,627 (677,140) 361,434 1,598,587 (437,964) (149,056) (947,233) (461,578) (1,357,039) 12,171,088 TOTAL CURRENT EXPENDITURE 153,907,094 46,888,017 19,115,539 (5,000,000) 3,830,275 4,104,816 898,371 36,519,508 28,324,529 16,204,800 Grants & Contributions King Edward VII Hospital Other St. Brendan's Hospital 5,381,506 (1,321,040) (481,776) (13,600,000) (1,153,047) 587,286 619,561 61,763,000 616,521 41,177,015 73,317,567 71,687,000 (1,630,567) 49,661,004 3,846,000 4,505,000 1,814,000 - Auditor Bermuda o 1996 and 1997 Annual Reports 151 Appendix 6 - Consolidated Fund Financial Statements - 1997 Schedule 3 GOVERNMENT OF BERMUDA CONSOLIDATED FUND REVENUE BY MINISTRY / DEPARTMENT FOR THE YEAR ENDED MARCH 31, 1997 1997 1996 Actual 01 02 03 04 05 Variance Actual $ Non-Ministry Departments Governor and Staff Legislature Judicial Attorney General's Chambers Office of the Auditor Original Estimates $ $ $ Ministry of Finance Ministry Headquarters Accountant General Customs Post Office Statistics Social Insurance Office of the Tax Commissioner Registrar of Companies Rent Commissioner Computer Systems & Services 14,000 15,000 2,307,000 2,000 362,000 13,430 (12,400) 1,066,876 10,790 8,483 22,525 4,275 3,333,058 13,672 275,960 3,787,179 10 11 12 13 14 28 38 39 42 43 27,430 2,600 3,373,876 12,790 370,483 2,700,000 1,087,179 3,649,490 13,544 4,920,870 5,192,163 (114,951) 122,000 65,011,348 136,318,550 7,908,866 1,156 4,600 127,941,807 35,862,234 13,544 69,920,870 145,051,163 8,349,049 1,039 65,000,000 139,859,000 8,464,000 , 1,000 5,000 131,475,000 38,073,000 1,000 52,000 (5,000) 12,066,097 (1,117,813) (786) (52,000) 403,832,163 382,930,000 20,902,163 6,481,209 6,377 7,000,000 6,487,586 149,810 143,541,097 36,955,187 214 - Ministry of Technology & Information 46 Telecommunications 51 Information Services Ministry of*Education & Human Affairs 16 Ministry Headquarters 17 Education 56 Human Affairs 39 230 373,170,791 ' (518,791) 6,377 6,628,427 7,324 7,000,000 (512,414) 6,635,751 81,000 68,810 140,992 - 200 - - - 50 149,810 Ministry of Health & Social Services 21 Ministry Headquarters 22 Health 23 Child & Family Services 81,000 68,810 141,242 3,765 546,951 172,561 3,000 465,000 49,000 765 81,951 123,561 4,543 517,357 55,724 723,277 517,000 206,277 577,624 Auditor Bermuda o 1996 and 1997 Annual Reports 152 Schedule 3 (cont'd) GOVERNMENT OF BERMUDA CONSOLIDATED FUND REVENUE BY MINISTRY / DEPARTMENT FOR THE YEAR ENDED MARCH 31, 1997 Actual Variance Actual $ Ministry of Labour, Home Affairs & Public Safety Defence Police Immigration Registry General Ministry Headquarters Fire Services Labour & Training 1997 Original Estimates $ $ $ - 4,385 (85,278) 402,401 131,347 60 317,283 130 14,496,328 13,726,000 770,328 9,687,955 683,305 1,040,930 7,575 3,960 599,000 1,057,000 9,000 6,000 84,305 (16,070) (1,425) (2,040) 609,420 608,739 6,760 4,731 1,735,770 1,671,000 64,770 1,229,650 5,426,210 135,100 5,040,000 286,000 386,210 (150,900) 5,593,809 275,692 5,561,310 5,326,000 235,310 5,869,501 7,321,258 15,550,898 5,177,076 1,870,108 7,022,000 14,934,000 5,379,000 2,900,000 299,258 616,898 (201,924) (1,029,892) 5,341,348 14,073,458 5,236,970 2,216,735 29,919,340 30,235,000 (315,660) 26,868,511 Ministry of Works & Eneincerine. Parks & Housina 36 Works & Engineering 9,093,539 7,510,000 1,583,539 7,586,761 Ministrv of Youth Development. Snort & Recreation 20 Youth Development, Sport & Recreation 497,387 749,000 (251,613) 551,997 4,845 7,094 168,602 55,504 733 14,000 6,000 85,000 56,000 7,528 6,206 - (9,155) 1,094 83,602 (496) 733 52,492 298 236,778 161,000 75,778 66,524 476,520,467 452,606,000 23,914,467 436,035,797 06 07 27 29 44 45 60 32 37 49 50 Ministry of the Environment. Plannine & Natural Resources Planning Agriculture & Fisheries Land Valuation Ministry Headquarters Ministry of Tourism & Marine Services 30 Marine & Ports Services 33 Tourism 31 34 35 57 18 19 40 47 52 Ministry of Transport & Aviation Services Airport Operations Transport Control Public Transportation Civil Aviation Ministrv of Community & Cultural Affairs Libraries Archives Community Affairs Small Business Development Corporation Cultural Affairs REVENUE - All Departments 4,385 63,722 12,103,401 835,347 60 1,489,283 130 1996 149,000 11,701,000 704,000 1,172,000 Auditor Bermuda o 1996 and 1997 Annual Reports 153 5,773 131,720 8,753,621 781,401 295 15,145 - - Appendix 6 - Consolidated Fund Financial Statements - 1997 Schedule 4 GOVERNMENT OF BERMUDA CONSOLIDATED FUND CURRENT EXPENDITURE BY MINISTRY / DEPARTMENT FOR THE YEAR ENDED MARCH 31, 1997 Actual 01 02 03 04 05 08 09 26 Variance Actual $ Non-Ministrv Departments Governor and Staff Legislature Judicial Attorney General's Chambers Office of the Auditor Public Service Commission Cabinet Office Personnel Services 1997 Original Estimates $ $ $ 1996 958,509 2,545,915 4,357,196 2,372,421 1,228,990 81,457 1,842,589 3,348,939 21 22 23 24 25 55 Ministrv of Health & Social Services Ministry Headquarters Health Child & Family Services Hospitals Prisons & Senior Training School Financial Assistance 111,782 100,000 (11,782) - 7,924,000 22,079,000 7,326,000 9,051,000 1,174,000 772,000 946,000 886,000 2,601,000 193,000 2,911,000 10,300,000 445,975 (296,587) (78,789) 128,928 94,196 73,708 (182,847) (3,957) 51,514 5,604 40,106 2,906,964 2,773,407 20,995,054 6,898,047 8,711,499 864,183 853,282 1,034,699 870,251 2,474,886 183,418 2,571,904 7,315,414 66,163,000 3,184,815 55,546,044 429,247 834,517 490,000 1,152,000 60,753 317,483 333,876 1,054,312 1,642,000 378,236 1,388,188 2,760,670 49,123,087 9,216,421 1,970,241 2,859,000 48,978,000 9,649,000 2,023,000 98,330 (145,087) 432,579 52,759 2,609,810 46,513,075 8,576,182 1,883,401 63,509,000 438,581 59,582,468 603,123 11,682,366 6,267,266 52,724,308 12,437,478 10,754,714 676,000 11,583,000 6,569,000 50,775,000 12,193,000 14,702,000 72,877 (99,366) 301,734 (1,949,308) (244,478) 3,947,286 614,915 10,982,401 5,825,950 49,685,027 11,855,770 11,980,914 94,469,255 Ministrv of Education & Human Affairs Ministry Headquarters Education Bermuda College Human Affairs 16,422,825 63,070,419 16 17 41 56 713,984 1,263,764 Ministrv of Technology & Information 46 Telecommunications 51 Information Services 17,450,000 7,478,025 22,375,587 7,404,789 8,922,072 1,079,804 698,292 1,128,847 889,957 2,549,486 187,396 2,870,894 7,393,036 Ministry of Finance Ministry Headquarters Accountant General Customs Post Office Statistics Management Services Social Insurance Office of the Tax Commissioner Registrar of Companies Rent Commissioner Computer Systems & Services Interest on Debt 881,662 2,275,290 4,227,348 2,724,920 1,132,427 44,834 2,194,690 2,941,654 62,978,185 10 11 12 13 14 15 28 38 39 42 43 58 (44,509) 84,085 11,804 66,579 27,010 (1,457) 199,411 371,061 16,736,016 Ministry of Legislative Affairs & Women's Issues 61 Legislative Affairs & Women's Issues 914,000 2,630,000 4,369,000 2,439,000 1,256,000 80,000 2,042,000 3,720,000 96,498,000 2,028,745 90,944,977 Auditor Bermuda o 1996 and 1997 Annual Reports 154 Schedule 4 (cont'd) GOVERNMENT OF BERMUDA CONSOLIDATED FUND CURRENT EXPENDITURE BY MINISTRY / DEPARTMENT FOR THE YEAR ENDED MARCH 31, 1997 1997 1996 Actual 06 07 27 29 44 45 54 60 Ministry of Labour, Home Affairs & Public Safety Defence Police Immigration Registry General Ministry Headquarters Fire Services Security Services & Delegated Affairs Labour & Training Original Estimates Variance Actual $ $ $ $ 18 19 40 47 52 3 11 30 31 35 36 38 59 CURRENT EXPENDITURE - All Departments 83,100 (9,457) (9,572) 37,441 1,928,490 9,494,550 356,434 931,934 9,515,000 101,512 12,711,408 8,926,702 29,706,003 8,970,000 31,116,000 43,298 1,409,997 8,905,025 32,299,790 40,086,000 1,453,295 41,204,815 14,171,695 1,815,832 12,830,353 297,787 1,140,700 15,309,000 1,736,000 11,539,000 305,000 2,557,000 1,137,305 (79,832) (1,291,353) 7,213 1,416,300 15,701,321 1,813,385 12,206,356 288,003 1,582,993 31,446,000 1,189,633 31,592,058 49,382,800 2,150,000 51,334,000 2,150,000 1,951,200 - 44,872,959 2,041,000 53,484,000 1,951,200 46,913,959 4,542,715 4,831,000 288,285 4,206,426 979,239 334,092 994,242 322,793 948,666 1,053,000 358,000 953,000 272,000 962,000 73,761 23,908 (41,242) (50,793) 13,334 980,003 340,246 846,483 452,447 974,137 3,598,000 18,968 3,593,316 - 2,500,000 (148,000) (13,600,000) (217,904) (70,877) (30,516) (357,014) (110,000) 2,500,000 690,000 (5,000,000) - Non-Cash Valuation Adjustments Bad Debts - Judicial Pension Obligations Bad Debts - Marine & Ports Bad Debts - Airport Operations Bad Debts - Public Transportation Bad Debts - Works & Engineering Bad Debts - Tax Commissioner Sinking Fund Contribution 2,017,000 6,150,000 394,000 954,000 14,534,311 Ministrv of Communitv & Cultural Affairs Libraries Archives Community Affairs Small Business Development Corporation Cultural Affairs 1,933,900 6,159,457 403,572 916,559 148,000 13,600,000 217,904 70,877 30,516 357,014 110,000 Ministry of Youth Develonment, Sport & Recreation 20 Youth Development, Sport & Recreation 42,007,608 3,579,032 Ministry of Works & Engineering, Parks & Housing 36 Works & Engineering 53 Bermuda Housing Corporation (1,898,114) 51,532,800 Ministry of Transport & Aviation Services Airport Operations Transport Control Public Transportation Ministry Headquarters Civil Aviation 45,491,000 30,256,367 31 34 35 48 57 4,143,344 28,870,477 2,834,663 1,115,613 1,178,848 3,708,926 155,737 38,632,705 Ministry of Tourism & Marine Services 30 Marine & Ports Services 33 Tourism 115,454 (1,341,181) (31,307) 101,120 21,669 (918,753) 10,325 144,559 9,413,488 Ministry of the Environment. Planning & Natural Resources Planning Agriculture & Fisheries Land Valuation Ministry Headquarters 4,204,000 29,987,000 2,907,000 1,096,000 213,000 5,605,000 127,000 1,352,000 47,389,114 32 37 49 50 4,088,546 31,328,181 2,938,307 994,880 191,331 6,523,753 116,675 1,207,441 2,500,000 (12,034,311) (4,310,000) 438,509,953 436,313,000 (2,196,953) 401,804,092 Auditor Bermuda o 1996 and 1997 Annual Reports 155 - - Appendix 6 - Consolidated Fund Financial Statements - 1997 Schedule 5 GOVERNMENT OF BERMUDA CONSOLIDATED FIJND CAPITAL DEVELOPMENT EXPENDITURE BY MINISTRY / DEPARTMENT FOR THE YEAR ENDED MARCH 31, 1997 Actual $ Ministry of Finance 10 Ministry Headquarters 13 Post Office 1997 Original Estimates $ 1996 Variance $ Actual S 3,698,933 418,403 2,928,000 250,000 (770,933) (168,403) 824,416 365,672 4,117,336 3,178,000 (939,336) 1,190,088 35,233,506 3,532,278 34,895,000 3,800,000 (338,506) 267,722 22,093,146 5,166,007 38,765,784 38,695,000 (70,784) 27,259,153 250,000 4,257 1,158,526 46,059 250,000 1,890,000 503,000 (4,257) 731,474 456,941 250,000 1,120 281,216 51,556 1,458,842 2,643,000 1,184,158 583,892 590,495 433,000 (157,495) 348,722 Ministry of the Environment, Planning & Natural Resouioces 37 Agriculture & Fisheries 177,299 50 Ministry Headquarters 870,000 1,000,000 692,701 1,000,000 417,042 177,299 1,870,000 1,692,701 417,042 Ministry of Education & Human Affairs 17 Education 41 Bermuda College 22 23 24 25 Ministry of Health & Social Services Health Child & Family Services Hospitals Prisons & Senior Training School Ministry of Labour, Home Affairs & Public Safety 07 Police Ministry of Tourism & Marine Services 30 Marine & Ports Services 221,291 Ministry of Transport & Aviation Services 31 Airport Operations 8,411,348 6,973,000 (1,438,348) 4,221,826 Ministry of Works & Engineering, Parks & Housing 36 Works & Engineering 7,381,853 7,971,000 589,147 6,482,566 Ministry of Youth Development, Snort & Recreation 20 Youth Development, Sport & Recreation Ministry of Community & Cultural Affairs 19 Archives 52 Cultural Affairs 300,000 - (243,522) 132,435 20,000 243,522 CAPITAL DEVELOPMENT - All Departments 243,522 - (243,522) 152,435 61,146,479 61,763,000 616,521 41,177,015 Auditor Bermuda o 1996 and 1997 Annual Reports 156 Schedule 6 GOVERNMENT OF BERMUDA CONSOLIDATED FUND CAPITAL ACQUISITION EXPENDITURE BY MINISTRY / DEPARTMENT FOR THE YEAR ENDED MARCH 31, 1997 1997 Actual $ Non-Ministry Departments 03 Judicial 04 Attorney General's Chambers 10 11 12 13 39 43 Original Estimates $ 1996 Variance $ 15,000 20,210 35,210 4,790 4,790 220,030 11,250 216,948 123,819 22,886 2,593,699 3,188,632 Ministry of Finance Ministry Headquarters Accountant General Customs Post Office Registrar of Companies Computer Systems & Services 15,000 25,000 40,000 505,000 85,000 218,000 122,000 24,000 2,600,000 3,554,000 284,970 73,750 1,052 (1,819) 1,114 6,301 365,368 Ministry of Technology & Information 46 Telecommunications Actual $ 390,379 11,710 8,275 223,201 12,120 2,028,795 2,674,480 6,695 Ministry of Education & Human Affairs 16 Ministry Headquarters 17 Education 52,000 210,000 104,000 190,000 556,000 7,000 76,128 56,476 40,232 179,836 48,562 41,542 37,193 127,297 134,424 1,231,803 12,489 23,989 96,000 1,341,000 13,000 25,000 20,000 1,495,000 (38,424) 109,197 511 1,011 20,000 92,295 26,719 53,000 9,000 26,281 9,000 62,000 35,281 893,400 468,000 11,000 479,000 (425,400) 11,000 (414,400) 177,755 230,000 23,000 1,945,000 10,000 2,208,000 (123,050) 12,826 (2,147,046) 10,000 (2,247,270) 1,865,295 2,352,075 222,998 229,000 6,002 100,150 85,341 78,000 (7,341) 60,734 43,735 43,735 Ministry of Labour, Home Affairs & Public Safety Defence Police Immigration Registry General Fire Services 4,818 1,639,736 1,644,554 4,455,270 06 07 27 29 45 (240,914) (240,914) 26,719 Ministry of Health & Social Services Ministry Headquarters Health Child & Family Services Prisons & Senior Training School 1,200,000 1,200,000 45,000 133,872 47,524 149,768 376,164 21 22 23 25 1,440,914 1,440,914 16,000 7,000 23,000 (27,735) 7,000 (20,735) 12,171,088 9,924,000 (2,247,088) 1,402,705 32 37 49 50 Ministry of the Environment. Planning & Natural Resources Planning Agriculture & Fisheries Land Valuation Ministry Headquarters Ministry of Tourism & Marine Services 30 Marine & Ports Services 33 Tourism 893,400 31 34 35 57 Ministry of Transport & Aviation Services Airport Operations Transport Control Public Transportation Civil Aviation Ministry of Works & Engineering. Parks & Housing 36 Works & Engineering Ministry of Youth Development. Sport & Recreation 20 Youth Development, Sport & Recreation Ministry of Community & Cultural Affairs 19 Archives 47 Small Business Development Corporation CAPITAL ACQUISITION - AH Departments 353,050 10,174 4,092,046 Auditor Bermuda o 1996 and 1997 Annual Reports 157 138,164 675,170 240,967 1,054,301 17,900 253,053 14,995 285,948 177,755 486,780 8,483,989 Appendix 7 - 1997 Schedule of Non-Cash Valuation Adjustments GOVERNMENT OF BERMUDA CONSOLIDATED FUND CURRENT ACCOUNT EXPENDITURES FOR THE YEAR ENDED MARCH 31, 1997 ADJUSTED FOR NON-CASH VALUATION ITEMS Audited F/S 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 Governor and Staff Legislature Judicial Attorney General's Chambers Office of the Auditor Defence Police Public Service Commission Cabinet Office Ministry Headquarters Accountant General Customs Post Office Statistics Management Services Ministry Headquarters Education Libraries Archives Youth Development, Sport & Ministry Headquarters Health Child & Family Services Hospitals Prisons & Senior Training School Personnel Services Immigration Social Insurance Registry General Marine & Ports Services Airport Operations Planning Tourism Transport Control Public Transportation Works & Engineering Agriculture & Fisheries Office of the Tax Commissioner Registrar of Companies Community Affairs Bermuda College Rent Commissioner Computer Systems & Services Ministry Headquarters Fire Services Telecommunications Small Business Development Ministry Headquarters Land Valuation Ministry Headquarters Information Services Cultural Affairs Bermuda Housing Corporation Security Services & Del. Aff. Financial Assistance Human Affairs Civil Aviation Interest on Debt Sinking Fund Contribution Labour & Training Legislative Aff. & Women's Issues CURRENT EXPENDITURES Non-Cash Valuation Adjustments Actual for Appropriation $ $ $ 958,509 2,545,915 4,505,196 2,372,421 1,228,990 4,088,546 31,328,181 81,457 1,842,589 7,478,025 35,975,587 7,404,789 8,922,072 1,079,804 698,292 2,760,670 49,123,087 979,239 334,092 4,542,715 603,123 11,682,366 6,267,266 52,724,308 12,437,478 3,348,939 2,938,307 1,128,847 994,880 9,144,606 14,242,572 1,933,900 29,706,003 1,815,832 12,860,869 49,739,814 6,159,457 999,957 2,549,486 994,242 9,216,421 187,396 2,870,894 191,331 6,523,753 429,247 322,793 297,787 403,572 916,559 834,517 948,666 2,150,000 116,675 10,754,714 1,970,241 1,140,700 7,393,036 1,207,441 111,782 438,509,953 (163,996) 21,270 (2,895) 27,156 (661) (13,593,725) (54,979) (26,451) (5,954) (45,234) 3,615 6,034 (23,160) (52,754) (3,184) 2,064 4,027 2,728 (5,598) (286,235) (70,877) (120) (5,572) 7,975 (59,947) (369,306) (8,246) (112,275) 46,773 (247) (24,766) (2,862) (792) (316) 23,708 (504) 958,509 2,545,915 4,341,200 2,393,691 1,228,990 4,085,651 31,355,337 81,457 1,841,928 7,478,025 22,381,862 7,349,810 8,895,621 1,079,804 698,292 2,754,716 49,077,853 982,854 340,126 4,519,555 603,123 11,629,612 6,264,082 52,724,308 12,439,542 3,348,939 2,942,334 1,131,575 989,282 8,858,371 14,171,695 1,933,780 29,700,431 1,823,807 12,800,922 49,370,508 6,151,211 887,682 2,549,486 994,242 9,263,194 187,396 2,870,647 191,331 6,523,753 429,247 322,793 297,787 403,572 891,793 834,517 945,804 2,150,000 116,675 10,753,922 1,969,925 1,164,408 7,393,036 1,206,937 111,782 Original Estimates $ 914,000 2,630,000 4,369,000 2,439,000 1,256,000 4,204,000 29,987,000 80,000 2,042,000 7,924,000 22,079,000 7,326,000 9,051,000 1,174,000 772,000 2,859,000 48,978,000 1,053,000 358,000 4,831,000 676,000 11,583,000 6,569,000 50,775,000 12,193,000 3,720,000 2,907,000 946,000 1,096,000 8,970,000 15,309,000 2,017,000 31,116,000 1,736,000 11,539,000 51,334,000 6,150,000 886,000 2,601,000 953,000 9,649,000 193,000 2,911,000 213,000 5,605,000 490,000 272,000 305,000 394,000 954,000 1,152,000 962,000 2,150,000 127,000 14,702,000 2,023,000 2,557,000 10,300,000 2,500,000 1,352,000 100,000 436,313,000 Auditor Bermuda o 1996 and 1997 Annual Reports 158 Under (Over) Spent Supplementary Estimates $ $ (44,509) 84,085 27,800 45,309 27,010 118,349 (1,368,337) (1,457) 200,072 445,975 (302,862) (23,810) 155,379 94,196 73,708 104,284 (99,853) 70,146 17,874 311,445 72,877 (46,612) 304,918 (1,949,308) (246,542) 371,061 (35,334) (185,575) 106,718 111,629 1,137,305 83,220 1,415,569 (87,807) (1,261,922) 1,963,492 (1,211) (1,682) 51,514 (41,242) 385,806 5,604 40,353 21,669 (918,753) 60,753 (50,793) 7,213 (9,572) 62,207 317,483 16,196 10,325 3,948,078 53,075 1,392,592 2,906,964 2,500,000 145,063 (11,782) 44,509 1,368,337 1,457 302,862 23,810 99,853 46,612 1,949,308 246,542 35,334 185,575 87,807 1,261,922 1,211 1,682 41,242 918,753 50,793 9,572 11,782 6,688,963