Office of the Auditor Hemisphere House 9 Church Street Hamilton HM 11, Bermuda Tel: (441)296-3148 Fax: (441)295-3849 Email: auditbda@ibl.bm AUDITOR'S REPORT To the House of Assembly, the Governor and the Senate I have audited the statement of financial position of the Consolidated Fund of the Government of Bermuda as at March 31, 2000, and the statements of operations and accumulated 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. Except as described in the following paragraph, I conducted my audit in accordance with auditing standards generally accepted in Bermuda and Canada. 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. I have not been able to obtain adequate assurance on the completeness and accuracy of the actuarial valuations and extrapolations on which the pension liability of $251.7 million and pension-related expenditure of $41.4 million have been calculated. As a direct result of this limitation and similar limitations in prior years, I have also not been able to determine the proper classification of a $74.2 million difference between the accrued benefit obligation recorded at March 31, 1999 and that calculated as a result of a shadow valuation performed as at March 31, 1999. The difference has been recorded as an experience loss and is being amortised over the eight year period from April 1, 1999 to March 31, 2007. This treatment would be correct if the difference is an experience loss. However, if the difference is the result of past errors, generally accepted accounting principles would require the amount be accounted for in the current year. Accordingly, I was unable to determine whether any adjustments might be necessary to pension liability, pension-related expenditure and deficit for the year. In my opinion, except for the effect of adjustments, if any, which I might have determined to be necessary had I been able to satisfy myself concerning the matters referred to in the preceding paragraph, 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, 2000 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 3 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, 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. Significant financial activities of the Government occur outside the Consolidated Fund. Therefore readers should not use the Consolidated Fund's financial statements to understand and assess the Government's management of public financial affairs and resources as a whole. Hamilton, Bermuda September 14, 2000 Larry T. Dennis, C.A. Auditor Government of Bermuda Consolidated Fund Statement of Responsibility for the Financial Statements March 3 1 , 2000 The Accountant General, subject to the general direction and control of the Minister of Finance, is responsible for the preparation of the financial statements of the Consolidated Fund. 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 judgement. In order to fulfil 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. The audited financial statements are tabled before the Legislature annually 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. Donald A. M. Scott Financial Secretary Ministry of Finance Hamilton, Bermuda September 14, 2000 PL Anthony Richardson, C.A. Accountant-General Ministry of Finance Government of Bermuda - Consolidated Fund Statement of Financial Position 2000 Actual $ Assets 1999 Actual As at March 31 $ Schedule Current 23,798,097 Cash and Deposits 13,784,391 Accounts Receivable 1 71,419,234 63,771,031 Prepaid Supplies 2 10,756,993 10,708,199 2,325,523 2,319,528 27,229,173 20,462,511 135,529,020 111,045,660 Prepaid Expenses Due from Government Funds and Agencies 3a Due from Bermuda Housing Corporation 4 40,000,000 29,000,000 Long-Term Receivables 5 912,400 977,370 176,441,420 141,023,030 Liabilities Current Accounts Payable and Accrued Liabilities 6 54,168,171 58,059,319 Deferred Revenue 7 62,306,266 53,454,130 Due to Government Funds and Agencies 3b 21,290,520 16,856,112 Debt - Current Portion 8 1,146,000 1,200,000 138,910,957 129,569,561 Debt - Net of Sinking Fund 8 139,590,162 145,486,860 Pensions (Note 7) 9 251,692,739 221,132,008 530,193,858 496,188,429 353,752,438 355,165,399 176,441,420 141,023,030 Accumulated Deficit The accompanying notes and schedules are an integral part of these financial statements. Government of Bermuda - Consolidated Fund Statement of Qperations and Accumulated Deficit 2000 Original Estimates For the year ended March 31 2000 1999 Actual Actual Schedule Revenue 10,12 551,637,374 586,981,989 551,202,604 11,13 511,017,188 544,250,317 481,115,872 Expenditure Current Capital Development 14 33,649,482 33,190,883 44,613,138 Capital Acquisition 15 15,459,444 16,985,445 15,126,733 560,126,114 594,426,645 540,855,743 (8,488,740) (7,444,656) 10,346,861 Surplus (Deficit) Before the under-noted items (Note 10) Employee Leave Entitlements 11,451,677 Government Employee Health Insurance Fund (1,179,374) Deferred Revenue (1,414,686) (3,326,677) (1,452,138) Transfer of Designated Surplus 1,412,961 5,568,046 Balance, Beginning of Year 355,165,399 360,733,445 Balance, End of Year 353,752,438 355,165,399 (8,488,740) Accumulated Deficit The accompanying notes and schedules are an integral part of these financial statements. Government of Bermuda - Consolidated Fund Statement of Changes In Financial Position For the year ended March 31 2000 1999 Actual Actual $ ~~i CASH PROVIDED BY (USED IN): OPERATING ACTIVITIES Surplus 1,412,961 5,568,046 Increase in Pension Liability 30,560,731 2,201,731 (Increase) Decrease in non-cash working capital (5,074,258) Items not affecting cash: 833,940 26,899,434 8,603,717 64,970 114,681 FINANCING ACTIVITIES Decrease in Long-Term Receivables Repayment of Demand Loan Facility (1,208,958) Increase in Sinking Fund (4,741,740) (4,333,776) (11,000,000) (1,000,000) Advances to Bermuda Housing Corporation Repayment of Loan Facility - (21,000,000) Proceeds from Demand Loan Facility - 3,500,000 Proceeds from Loan Facility - 20,000,000 (16,885,728) (2,719,095) Net Increase in Cash and Deposits 10,013,706 5,884,622 Cash and Deposits, Beginning of Year 13,784,391 7,899,769 Cash and Deposits, End of Year 23,798,097 13,784,391 The accompanying notes and schedules are an integral part of these financial statements. 8 Government of Bermuda - Consolidated Fund Notes to the Financial Statements March 3 1 , 2000 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 expenditure 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 account 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. Reporting Entity These financial statements report the financial position, operations and changes in financial position resulting from the activities of the Consolidated Fund only. They are not summary consolidated financial statements of the Bermuda Government. Separate audited financial statements are prepared for all other Government organisations. The Government adheres to the general practice of using a Consolidated Fund as its general operating fund. Schedules 12 to 15 provide information concerning the operations and capital expenditure of individual Government departments and funds and agencies comprising the Consolidated Fund. 3. Summary of Significant Accounting Policies The recommendations of the Public Sector Accounting Board of the Canadian Institute of Chartered Accountants are the primary source for the disclosed basis of accounting. Recommendations of the Accounting Standards Board of the Canadian Institute of Chartered Accountants, other authoritative pronouncements, accounting literature and published financial statements relating to either the public sector or analogous situations in the private sector are used to supplement the recommendations of the Public Sector Accounting Board where it is considered appropriate. The preparation of financial statements in conformity with the disclosed basis of accounting requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenditures during the year. Actual results could differ from estimates. 9 Government of Bermuda - Consolidated Fund Notes to the Financial Statements March 3 1 , 2000 3. Significant Accounting Policies (cont'd) The significant accounting policies are as follows: (a) Method The financial statements are prepared on the accrual basis of accounting. (b) Revenue Revenues are accounted for in the fiscal year in which the transactions or events occurred that gave rise to the revenues. Revenues not practicably measurable until cash is received are accounted for upon receipt. Amounts received or receivable prior to the end of the year, which relate to revenues that will be earned in a subsequent fiscal year, are reported as deferred revenue on the Statement of Financial Position. (c) Expenditure Expenditures are accounted for in the fiscal year that goods and services are acquired, a liability is incurred, or grant payments are due. Contributions to Government funds and agencies are expensed in the year the expenditure is incurred. Classification of expenditure between current account items and capital account items follows the classification in the Approved Estimates. (d) Interdepartmental Revenue and Expenditure Interdepartmental revenues and expenditures are not eliminated. (e) Assets Assets include: (i) cash and claims by the Government on outside organisations and individuals arising from events and transactions occurring prior to the year-end. (ii) prepaid supplies intended for use in departmental operations and maintenance activities, valued at cost less a provision for obsolescence, where applicable. (f) Tangible Capital Assets The Government intends to proceed with the capitalisation of significant tangible fixed assets as soon as is practical. When the assets are capitalised, their net book value will be recorded as a reduction of deficit. 10 Government of Bermuda - Consolidated Fund Notes to the Financial Statements March 3 1 , 2000 3. Significant Accounting Policies (cont'd) (f) Tangible Capital Assets (cont'd) In the interim, the Government continues to charge the cost of tangible fixed assets to capital expenditure in the year of purchase or construction, which is consistent with prior years. (g) Liabilities Liabilities are recorded for financial obligations to outside organisations and individuals occurring as a result of transactions and events arising on or before the year-end. They are the result of contracts, agreements and legislation in force at year-end that require the Government to repay borrowings or to pay for goods and services acquired or provided on or before the year-end. Liabilities also include grant payments due where no direct value is received in return. (h) Translation of Foreign Currencies The financial statements are reported in Bermuda dollars. The Bermuda dollar is valued at par with the United States dollar. Assets and liabilities denominated in foreign currencies are translated at the exchange rate prevailing at the year-end date. Revenues and expenditures originating in foreign currencies are translated at the exchange rate in effect on the date the specific transactions occurred. Translation gains and losses are included in the Statement of Operations and Accumulated Deficit. 4. Approved Estimates of the Government of Bermuda (a) Estimation Process Annually, the Government presents a Budget of expected revenue and expenditure for the following fiscal year. The Government's spending Estimates for the fiscal year commencing April 1 are presented to the Members of the Legislature following the presentation of the Budget by the Minister of Finance. The Estimates outline the spending plans of each Ministry/Department submitted for approval to the Legislature in the Appropriations Act. The Estimates referred to in the financial statement schedules are from the original Approved Estimates of Revenue and Expenditure for the fiscal year 1999/00 and do not reflect changes arising from the tabling of Supplementary Estimates (b) Comparison of Actual to Estimates for Expenditure The Ministry of Finance prepares annual Approved Estimates on the modified cash basis. The financial statements are prepared on an accrual basis. Due to the difference in accounting, Schedule 16 restates actual expenditure to the modified cash basis. The most significant differences are as follows: 11 Government of Bermuda - Consolidated Fund Notes to the Financial Statements March 3 1 , 2000 4. Approved Estimates of the Government of Bermuda (cont'd) ( b ) Comparison of Actual to Estimates for Expenditure (cont'd) (i) Bad Debts - for financial statement purposes, a provision is established and expensed for accounts receivable where collection is doubtful. For budget purposes, no such provision is made. (ii) Pension - the financial statement pension related expenditure is explained in Note 7. For budget purposes, estimated pension expense is equal to its funding payments. (iii) Government Borrowing Sinking Fund (Note 5) - transfers to the Sinking Fund are recorded as cash transfers. For budget purposes, the Sinking Fund contribution is considered an expenditure. (iv) Retirement Pay - certain Government employees are entitled to retirement leave benefits that are accrued at year-end. For budget purposes, retirement pay is estimated based on anticipated spending for the current year. 5. Government Borrowing Sinking Fund The Government Borrowing Sinking Fund (GBSF) was established as a separate legal entity for the repayment of government borrowing under the provisions of the Government Loans Act 1978, as amended, effective March 31, 1993. During each financial year, the Consolidated Fund must pay to the GBSF 2.5% of the public debt outstanding in the Consolidated Fund at the end of the preceding year, subject to certain exclusions and interest provisions as defined by the legislation. The GBSF assets may only be applied to reduce or cancel public debt. The assets are invested in accordance with the Public Funds Act 1954 and are shown as a reduction of debt issued on the Consolidated Fund Statement of Financial Position. Separate financial statements are prepared for the GBSF which readers should refer to for further information. 6. Contingencies Fund On March 14, 1979 the House of Assembly passed a resolution to withdraw $1 million from the Consolidated Fund to set up a Contingencies Fund under the provisions of Section 10(1) of the Public Treasury (Administration and Payments) Act 1969, as amended. The purpose of the Contingencies Fund is to allow the Minister of Finance to authorise urgent and unforeseen expenditure up to $1 million prior to the approval of the Legislature by supplementary estimate. The Contingencies Fund balance is not segregated from general operating cash and deposits. During the current fiscal year, no expenditure was made from the Contingencies Fund. 12 Government of Bermuda - Consolidated Fund Notes to the Financial Statements March 3 1 , 2000 7. Pensions (a) Contributory 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 currently in operation - the Public Service Superannuation Fund (PSSF) and the Ministers and Members of the Legislature Pensions Fund (MMLPF). These plans provide pensions based on length of service and final earnings of each individual. Cost of living increases are calculated by reference to the Consumer Price Index on a biennial basis. Employees contribute 5% of their basic salary for PSSF and ministers and members contribute 12.5% of their salary for MMLPF. The Government matches the participant's contribution in each plan. 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 Liability The pension liability is calculated on an actuarial basis. Actuarial valuations are performed triennially using the projected benefit method, pro rated on services. A shadow valuation was performed on the PSSF as at March 31, 1999, and the results were extrapolated to provide the PSSF's liabilities as at March 31, 2000. For the MMLPF the most recent actuarial report was prepared at March 31, 1997. An extrapolation was done of the MMLPF's liabilities as at March 31, 2000. Actuarial valuations are based on a number of assumptions about future events, such as inflation rates, interest rates, wage and salary increases, employee turnover and mortality. The assumptions used reflect Government's best estimates of expected longterm rates and short-term forecasts. The most significant assumptions are that the average investment return will be greater than the average rate of salary increase by 2% and the cost of living increase will average 4% per annum. Pension fund assets are primarily marketable investments in organisations external to the Government reporting entity. Market-related asset values have been used to determine the pension liability and pension related expenditure. Pension fund assets are valued using the market related yalue method, which recognises the differences between the actual return on assets and the expected return on assets over a period of five years. A full actuarial valuation is planned for the PSSF and the MMLPF as at March 31, 2001. 13 Government of Bermuda - Consolidated Fund Notes to the Financial Statements March 3 1 , 2000 7. Pensions (cont'd) (c) Pension Related Expenditure Pension related expenditure recognised by the Consolidated Fund comprises the cost of pension benefits earned by employees during the year, interest on the pension benefit liability (net of pension plan assets) and amortisation of the Government's share of any experience gains or losses, less contributions made by the employees. The estimated total cost of the Government's share of plan amendments related to past service are expensed in the year the plan is amended. A net unamortised loss of $33,344,327 is reported in Schedule 9. The amount comprises an unamortised experience loss on the pension liability of $64,908,112 and an unamortised experience gain on the asset valuation of $7,469,601 for 1999 and $24,094,184 for 2000. (d) Non-Contributory Defined Benefit Pension Plan The Bermuda Department of Tourism North America Retirement Plan (BDTRP) provides retirement, disability and death benefits for Department of Tourism employees residing in North America. In accordance with the BDTRP Agreement, the Government is required to provide funding necessary to ensure that benefits based on actuarial valuations will be fully provided for at retirement. The most recent actuarial report was prepared at March 31, 1999 and extrapolated to March 31, 2000 using the same long-term assumptions. At March 31, 2000, the excess of net assets over actuarial present value of accrued pension benefits was $1,072,321. (e) 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 residency requirements. Contributions to the CPF are compulsory for persons employed in Bermuda, the selfemployed 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 current legislated obligations. 14 Government of Bermuda - Consolidated Fund Notes to the Financial Statements March 3 1 , 2000 8. Contingent Liabilities (a) Guarantees In August 1994, the Government introduced the National Education Guarantee Scheme to provide qualifying students with financial guarantees on bank loans for postsecondary education. The repayment of principal and accrued interest is guaranteed by the Government. In the event of default by the student, the banks will call on the Guarantee contract. At March 31, 2000, $3,825,000 (1999 - $3,746,000) is outstanding on guaranteed student loans with local banks. (b) Claims and Potential Claims The Government is s jbject to claims and potential claims related, to breach of contract, damages to persons and property and like items. The effect of legal claims cannot be determined until they are settled or dismissed. No liability has been admitted and no provision for claims is included in the financial statements. Any resulting losses will be recorded and charged to operations in the year an amount can reasonably be determined. The best estimate of contingent liabilities for claims received and claims under litigation, or possible litigation, for which specific amounts are claimed or potential settlements can be quantified is $2,945,000 (1999 - $4,117,500). (c) Environmental Liabilities The Government recognises that there could be a liability for restoration of the environment at the bases formerly occupied by the US, UK and Canadian militaries. It is anticipated that such costs would include clean up and restoration of facilities and removal of hazardous materials. A reasonable estimate of costs attributable to the Government cannot be determined at this time. The determination of these costs will depend on such factors as the amount of environmental pollution, waste disposal methods and acceptance of responsibility by third parties. Negotiations are ongoing with overseas governments to determine their liability. The Government will endeavour to determine and disclose environmental costs and liabilities in accordance with Generally Accepted Accounting Principles. 9. Commitments The Government has ongoing operational and capital development commitments to fund a variety of programs for public welfare including health, education, social services, protection of persons and properties, and management of natural resources. These ongoing operational and capital development commitments are detailed and published in the annual Approved Estimates. 15 Government of Bermuda - Consolidated Fund Notes to the Financial Statements March 3 1 , 2000 10. Adjustments To Surplus The following adjustments were made to surplus: (a) Employee Leave Entitlement - reduction in the Employee Leave Entitlement of $11.5 million, following a comprehensive review of the liability to ensure that the financial records reflect accurately the liability at March 31, 2000, and to correct the overly conservative provisioning methods of earlier years. (b) Government Employee Health Insurance Fund (GEHI) - premium increases and interest thereon of $1.2 million that has not been reflected in the Consolidated Fund in earlier years. (c) Deferred Revenue - deferred revenue of $1.4 million for 1999/00 and $3.3 million for 1998/99 was recorded for departments to reflect instances where no amount had been recorded in earlier years. (d) Designated Surplus - Works & Engineering accounts that provided for the renewal and replacement of certain capital items were transferred to accumulated deficit for 1998/99-$1.5 million. 11. Uncertainty Due To Year 2000 Issue The Year 2000 issue arises because many computerised systems use two digits rather than four to identify a year. Date-sensitive systems may recognize the year 2000 as 1900 or some other date, resulting in errors when information using year 2000 dates is processed. In addition, similar problems may arise in the same systems which use certain dates in 1999 to represent something other than a date. Although the change in date has occurred, it is not possible to conclude that all aspects of the Year 2000 issue that may affect Government including those related to customers, suppliers, or other third parties, have been fully resolved. 12. Comparative Figures Certain of the 1999 figures have been restated to conform with the 2000 financial statement presentation. 13. Supplementary Estimates Supplementary estimates are required by The Bermuda Constitution'Order 1968 before expenditure is incurred in excess of amounts appropriated. During the year expenditures of $5.9 million were incurred in excess of amounts appropriated without supplementary estimates. 16 Government of Bermuda - Consolidated Fund Notes to the Financial Statements March 3 1 , 2000 14. Subsequent events The following events occurred subsequent to March 31, 2000: (a) Effective April 1, 2000, the Government increased the legislated borrowing limit from $185 million to $250 million. (b) Effective June 2000, Government re-negotiated its five-year loan facility of USD $110 million that elapsed with a syndicate of banks. The new loan facility has increased to USD $150 million. All terms and conditions of the facility have remained substantially the same. (c) Effective July 2000, the Bermuda Housing Corporation entered into a loan arrangement with the Bank of Butterfield for $25 million, which expires in December 2010. Interest is payable at .25% per annum over the Bank of Butterfield's $BMD Base Rate. The Government of Bermuda has provided a comfort letter to the Bank of Butterfield in relation to this loan. 17 Government of Bermuda - Consolidated Fund Schedule 1: Accounts Receivable 2000 Actual $ Tax Commissioner Payroll Tax Other Taxes Land Tax Judicial Registrar of Companies Post Office Customs Works & Engineering Telecommunications Tourism Airport Operations Education Fire Services Civil Aviation Marine & Ports Personnel Services Health Accountant General Agriculture & Fisheries Youth, Sport, Parks & Recreation Public Transportation Board Registry General Financial Assistance Office of the Auditor Police Statistics Child & Family Services Archives Human Affairs Defence Environment Information Services 1999 Actual As at March 31 $ 44,768,315 7,760,146 5,772,500 3,818,304 3,783,325 3,358,399 2,811,582 2,426,265 1,922,139 1,691,213 1,366,978 616,882 510,745 501,865 402,846 168,846 144,189 114,772 78,779 78,640 77,327 50,745 34,751 22,500 18,880 2,850 328 94 82,304,205 18 72,520,315 10,884,971 8,749,284 71,419,234 Less: Provision for Doubtful Accounts 38,642,546 4,836,228 4,848,636 4,480,915 2,329,475 3,162,805 2,921,559 2,980,442 1,201,000 1,593,725 1,161,576 766,492 706,094 199,274 827,074 17,042 143,194 1,371,195 76,036 79,028 65,034 2,862 62,900 216 13,834 29,455 905 773 63,771,031 G o v e r n m e n t of Bermuda - Consolidated Fund Schedule 2: Prepaid Supplies As at March 31 2000 1999 Actual Actual $ Works & Engineering Public Transportation Police Defence Education Marine & Ports Prisons Agriculture & Fisheries Post Office 5,181,112 3,069,224 973,486 646,386 521,450 465,225 187,650 107,018 25,580 11,177,131 418,864 10,756,993 19 11,127,063 420,138 Less: Provision for Obsolescence 5,304,707 3,026,507 956,094 683,915 547,710 440,971 167,159 10,708,199 - Government of Bermuda - Consolidated Fund Schedule 3a: Due From Gov't Funds and Agencies As at March 31 2000 1999 Actual Actual $ Public Service Superannuation Fund Bermuda Monetary Authority West End Development Corporation Hospital Insurance Fund Small Business Development Corporation Bermuda Housing Corporation Cedarbridge Academy Golf Courses Parish Councils Tourism North America Retirement Plan Stonington Beach Hotel Ltd. National Pension Commission Bermuda Hospitals Board 23,383,248 1,179,898 898,763 427,341 417,993 323,783 310,863 135,338 63,697 42,122 40,061 6,066 27,229,173 14,826,491 1,349,039 455,237 126,328 335,759 26,837 263,675 36,322 78,048 2,964,775 20,462,511 Government of Bermuda - Consolidated Fund Schedule 3b: Due To Gov't Funds and Agencies As at March 31 2000 Actual Gov't Employee Health Insurance Fund Ministers and Members Pensions Fund Contributory Pension Fund National Sports Center Bermuda Hospitals Board Bermuda College Bermuda Land Development Company Mutual Reinsurance Fund Cedarbridge Academy Parish Councils 1999 Actual 10,249,409 4,004,912 3,585,940 2,203,144 662,206 340,817 134,945 109,147 6,678,164 3,817,067 5,468,784 21,290,520 20 327,131 81,377 132,780 293,059 57,750 16,856,112 Government of Bermuda - Consolidated Fund Schedule 4: Due From Bermuda Housing Corporation As at March 31 2000 1999 Actual Actual Balance, Beginning of Year 29,000,000 28,000,000 Advances 11,000,000 1,000,000 40,000,000 29,000,000 Repayments Balance, End of Year The Government has loaned funds to the Bermuda Housing Corporation on the same terms and conditions as the loan facility described in Schedule ; Government of Bermuda - Consolidated Fund Schedule 5: Long-Term Receivables As at March 31 2000 Actual Education Student Loans 1999 Actual 1,342,981 1,377,370 100,000 Airport Operations Contract Deposit 1,342,981 21 430,581 500,000 912,400 Less: Current Portion of Student Loans 1,477,370 977,370 Government of Bermuda - Consolidated Fund Schedule 6: Accounts Payable and Accrued Liabilities For the year ended March 31 2000 1999 Actual Actual $ Department Trade Accounts Employee Leave Entitlements Deposits Held Teachers' Salaries Employee Retirement Pay Entitlements Interest on Debt Salaries, Wages and Benefits 22,732,072 10,414,766 9,618,115 5,859,191 2,770,029 2,763,023 10,975 16,525,479 19,964,901 9,074,592 5,443,571 2,695,394 2,657,843 1,697,539 54,168,171 58,059,319 Government of Bermuda - Consolidated Fund Schedule 7: Deferred Revenue For the year ended March 31 2000 Actual Actual $ Registrar of Companies Transport Control Tax Commissioner Immigration Civil Aviation Post Office Health Community Affairs Youth, Sport, Parks & Recreation Tourism Social Insurance Child & Family Services Education Police Works & Engineering Telecommunications Airport Operations 1999 $ 35,538,454 12,884,966 8,479,942 3,866,047 935,059 312,096 112,368 72,514 66,493 34,190 2,050 1,790 210 87 62,306,266 22 30,420,610 11,404,270 6,460,000 3,869,960 601,703 311,960 50,768 4,288 39,244 4,100 798 184,499 100,000 1,930 53,454,130 Government of B e r m u d a - Consolidated Fund Schedule 8: Debt - Net of Sinking Fund A s at March 31 2000 1999 Actual Actual $ Senior Notes Due 2004 - US$ Issue Date: June 14, 1994. Interest: 7.59% payable semi-annually, June 14 and December 14. Notes Due: June 14, 2004. 75,000,000 75,000,000 Loan Facility - US$ On May 23, 1995, the Government negotiated a five year loan facility of US $110 million with a syndicate of banks (Note 14(b)). Interest: LIBOR + .17% payable quarterly. Facility Fee: .08% per annum payable quarterly. 65,000,000 65,000,000 Senior Notes Due 2007 - US$ Issue Date: November 26, 1997. Interest: 6.72% payable semi-annually, May 26 and November 26. Notes Due: November 26, 2007. 20,000,000 20,000,000 2,291,042 3,500,000 162,291,042 163,500,000 1,146,000 1,200,000 21,554,880 16,813,140 139,590,162 145,486,860 Demand Loan Facility - BD$ On June 16, 1998, the National Sports Centre negotiated a demand loan facility of $4.2 million. Interest: 3 month LIBOR + 1.75% payable annually. Repayment of principal and interest will emanate from a capital grant approved by Government of $1.4 million, annually on April 1, 1 9 9 9 - 2 0 0 1 . Less: Current Portion - Demand Loan Facility Less: Due from Sinking Fund (Note 5) 23 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 F u n d S c h e d u l e 9: P e n s i o n s 2000 1999 Actual For the year ended March 31 Actual Pension Liability Accrued Benefit Obligation PSSF MMLPF 525,953,596 14,901,113 540,854,709 (217,833,113) (3,609,566) (255,817,643) Unamortised Estimation Adjustments PSSF MMLPF 434,038,000 (251,838,964) (3,978,679) Net Fund Assets PSSF MMLPF 419,706,000 14,332,000 (221,442,679) 33,344,327 33,344,327 Pension Liability PSSF MMLPF (8,536,687) (8,536,687) 240,770,305 10,922,434 210,409,574 10,722,434 251,692,739 221,132,008 Pension Related Expenditure Cost of Pension Benefits 20,446,900 Employee Contributions (10,332,553) Interest on Pension Liability 22,873,435 25,907,000 (9,936,332) 15,380,919 Amortisation of Experience Gains and Losses: 1999 experience gain (1,067,086) 1999 experience loss 9,272,588 Valuation Adjustment (18,835,958) Increase in MMLPF 200,000 41,393,284 24 122,434 12,638,063 Government of Bermuda - Consolidated Fund Schedule 10: Revenue By Type For the year ended March 31 Taxes & Duties Customs Duty Payroll Tax Land Tax Stamp Duty Passenger Tax Hotel Occupancy Tax Non-Bermudian Land Acquisition Tax Foreign Currency Purchase Tax Corporate Services Tax Betting Tax Timesharing Tax 2000 Original Estimates 2000 1999 Actual Actual 450,602,800 415,590,585 34,825,000 19,414,000 7,383,400 8,589,140 6,500,000 6,300,000 5,629,000 2,104,000 2,700,000 1,700,000 2,791,000 2,212,000 2,720,000 1,200,000 1,977,000 1,300,000 931,500 350,000 38,066,654 17,124,941 8,295,560 8,149,353 7,530,544 5,988,339 5,876,980 2,740,771 2,681,327 2,508,981 2,406,446 2,148,085 2,074,511 1,730,930 1,688,408 1,038,107 996,846 304,469 34,340,026 17,043,909 7,611,343 8,320,507 5,051,477 6,195,818 5,674,799 2,343,313 2,726,605 2,274,691 2,879,811 2,016,400 2,961,274 1,315,248 1,626,750 1,129,604 944,365 347,563 111,351,252 104,803,503 15,143,134 1,000,000 3,635,000 1,500,000 16,731,223 3,555,480 2,725,913 1,022,939 992,382 20,368,379 2,416,314 5,127,034 1,047,158 1,849,631 21,278,134 TOTAL REVENUE 166,307,214 149,269,537 26,040,984 21,194,662 21,654,731 13,176,541 11,263,870 3,096,870 1,985,412 1,430,061 170,703 108,626,040 Other Revenue Other Investment Income Fines & Forfeitures Bermuda Monetary Authority Golf Courses 173,733,818 162,393,612 31,858,883 28,854,409 24,259,598 12,859,595 9,467,319 3,553,885 2,065,758 1,305,717 250,206 421,733,200 Fees, Permits & Licences International Companies Vehicle Licences & Registration Air Terminal & Aviation Postal Services Telecommunications Bus Transportation Immigration Registration of Aircraft Companies Licences Solid Waste Services Services to Seaborne Shipping Companies Local Insurance Fees Registration of Shipping Rentals Ferry Services Wharfage Liquor Licences 164,594,200 155,000,000 27,000,000 22,188,000 22,200,000 13,400,000 10,031,000 3,500,000 2,000,000 1,500,000 320,000 25,027,937 30,808,516 551,637,374 586,981,989 551,202,604 25 Government of Bermuda - Consolidated Fund Schedule 11: Current Expenditure By Type 2000 Original Estimates For the year ended March 31 2000 1999 Actual Actual $ $ Employees Salaries Wages Pension Related Expenditure (Schedule 9) Employer Overhead Other Personnel Costs Training 26,042,504 5,316,070 4,381,291 41,393,284 14,453,240 6,041,813 2,243,484 181,370,473 55,415,613 12,638,063 13,005,005 5,324,721 2,244,863 276,364,229 294,393,001 269,998,738 117,581,515 33,599,887 22,123,968 18,209,308 11,370,000 9,758,858 10,670,496 4,437,343 5,008,213 6,040,448 4,365,441 2,771,202 119,818,917 40,637,492 21,228,434 20,935,063 12,806,194 9,666,954 8,269,046 5,247,974 5,202,029 5,045,608 3,833,822 3,559,792 2,424,768 1,389,398 1,369,531 433,883 98,427,664 35,706,751 16,843,225 17,721,558 13,005,655 9,173,615 6,494,746 4,186,563 4,558,282 5,023,631 3,376,411 2,245,849 1,779,335 1,480,651 1,322,134 519,215 (12,011,589) (10,748,151) 182,322,667 58,301,697 Operations Grants & Contributions Professional Services Advertising & Promotion Materials & Supplies Interest on Debt Energy Repair & Maintenance Communications Transport Rentals Insurance Travel Bad Debts Other Clothing & Uniforms Equipment Transfer to Other Funds Capital Recharges Receipts Credited to Programme 2,504,867 1,584,114 312,386 3,735,000 (1,598,000) (17,822,087) 173,226,958 57,034,222 234,652,959 26 211,117,134 511,017,188 TOTAL CURRENT EXPENDITURE 249,857,316 544,250,317 481,115,872 Government of Bermuda - Consolidated Fund Schedule 12: Revenue By Ministry/ Department For the year ended March 31 2000 Original Estimates 2000 1999 Actual Actual $ $ $ Non-Ministry Departments 01 Governor & Staff 02 Legislature 03 Judicial 04 Attorney-General's Chambers 05 Office of the Auditor 500,000 43,766 9,742 3,280,364 4,530 305,450 35,675 5,250 5,775,262 21,123 537,198 4,776,900 3,643,852 6,374,508 28,000 10,000 4,238,900 - Development, Opportunity & Government Services 19 Archives 40 Community Affairs 47 Small Business Development Corporation 51 Government Information Services 56 Human Affairs 5,000 230,000 92,200 5,169 253,660 130,413 5,744 (4,864) 7,601 296,679 141,322 10,962 390,122 456,564 21,597 4,860,553 176,393,361 8,344,352 603 4,500 267,422,295 45,439,336 1,856,156 28,130,263 169,397,220 8,468,121 669 500 213,781,819 43,963,586 1,645,547 467,057,158 504,342,753 465,387,725 6,500,000 7,530,544 5,051,477 90,500 14,800 4,000 153,710 14,826 132,522 10,637 105,300 172,536 143,159 327,200 Finance 10 Ministry of Finance HQ 11 Accountant-General 12 Customs 13 Post Office 14 Statistics 28 Social Insurance 38 Office of the Tax Commissioner 39 Registrar of Companies 58 Interest on Bermuda Housing Corp. Loan 26,833,000 167,106,518 8,750,340 1,700 4,600 221,465,000 42,896,000 - - - Technology 46 Telecommunications Education 16 Ministry of Education HQ 17 Education 18 Libraries - Health & Family Services 21 Ministry of Health & Family Services HQ 22 Health 23 Child & Family Services 42 Rent Commissioner - - - 562,750 80,000 1,000 (2,570) 696,379 80,611 249 643,750 739,878 774,669 15,659 258,080 240 15,344,298 1,060,742 1,630,233 10,197 111,021 15,660,000 971,128 1,301,900 16,938,675 945,568 1,721,101 18,223,200 Labour, Home Affairs & Public Safety 06 Defence 07 Police 25 Prisons and Senior Training Schools 27 Immigration 29 Registry General 45 Fire Services 648,041 91,687 150 18,309,252 19,726,562 290,172 - 27 - Government of Bermuda - Consolidated Fund Schedule 12: Revenue By Ministry / Department (cont'd) 2000 Original Estimates For the year ended March 31 2000 1999 Actual Actual $ Environment 32 Planning 37 Agriculture & Fisheries 49 Land Valuation 50 Ministry of the Environment HQ 766,000 1,300,942 22,900 5,500 736,779 1,230,282 83,569 925,795 1,202,200 15,260 55,686 2,095,342 2,050,630 2,198,941 159,024 76,507 96,155 5,969,000 8,708,400 19,474,000 6,300,000 2,104,000 5,872,447 8,718,729 17,297,213 5,990,449 2,747,826 6,479,077 8,439,626 17,313,234 6,195,818 2,343,313 42,555,400 40,626,664 40,771,068 7,991,000 8,292,405 9,338,264 1,203,100 806,846 883,512 551,637,374 586,981,989 551,202,604 Tourism 33 Tourism Transport 30 Marine & Ports 31 Airport Operations 34 Transport Control 35 Public Transportation 57 Civil Aviation Works & Engineering 36 Works & Engineering Youth, Sport, Parks & Recreation 20 Youth, Sport, Parks & Recreation TOTAL REVENUE 28 Government of Bermuda - Consolidated Fund Schedule 13: Current Expenditure By Ministry / Department For the year ended March 31 2000 Original Estimates Actual Actual 1,059,356 2,770,558 3,375,461 2,804,110 1,538,068 81,536 3,658,930 1,173,806 2,694,535 6,103,279 2,734,210 1,602,764 53,349 1,940,377 16,500,354 15,288,019 16,302,320 911,132 439,326 4,090,547 1,247,535 460,358 1,134,139 1,595,126 4,379,828 1,017,872 908,246 4,008,265 1,215,038 439,326 1,040,021 1,758,521 3,489,774 703,557 386,873 3,781,954 1,002,782 397,100 929,828 1,519,220 3,257,976 14,257,991 13,877,063 11,979,290 60,877 43,190 2,399,967 29,798,021 Development, Opportunity & Government Services 15 Management Services 19 Archives 26 Personnel Services 40 Community Affairs 47 Small Business Development Corporation 51 Govemment Information Services 52 Cultural Affairs 56 Human Affairs 1999 1,050,864 2,778,048 5,577,039 2,979,484 1,837,411 83,354 2,194,154 Non-Ministry Departments 01 Governor & Staff 02 Legislature 03 Judicial 04 Attorney-General's Chambers 05 Office of the Auditor 08 Public Service Commission 09 Cabinet Office 2000 2,647,029 18,408,949 41,393,284 8,763,012 Legislative Affairs 62 Legislative Affairs Finance 10 Ministry of Finance HQ 11 Accountant-General Pension Related Expenditure 12 Customs 13 Post Office 14 Statistics 28 Social Insurance 38 Office of the Tax Commissioner 39 Registrar of Companies 43 Computer Systems & Services 58 Interest on Debt 59 Sinking Fund Contribution 5,108,099 3,928,847 11,157,070 1,558,617 16,680,445 12,638,063 8,546,573 9,521,043 1,178,638 1,114,912 1,877,550 3,913,619 3,353,660 11,435,206 76,598,223 107,948,488 71,818,326 714,518 820,798 798,766 3,995,481 68,601,972 1,266,970 11,187,591 3,965,925 68,576,385 3,429,037 63,342,903 1,330,619 10,957,610 1,137,729 10,750,119 85,052,014 84,830,539 78,659,788 8,658,688 9,783,742 1,737,748 1,188,815 1,449,313 4,393,925 3,688,004 10,250,000 3,250,000 9,593,768 1,533,874 967,964 4,446,592 Technology 46 Telecommunications Education 16 Ministry of Education HQ 17 Education 18 Libraries 41 Bermuda College 29 Government of Bermuda - Consolidated Fund Schedule 13: Current Expenditure By Ministry / Department (cont'd) 2000 Original Estimates For the year ended March 31 Health & Family Services 21 Ministry of Health & Family Services HQ 22 Health 23 Child & Family Services 24 Hospitals 42 Rent Commissioner 53 Bermuda Housing Corporation 55 Financial Assistance 2000 1999 Actual Actual 5,479,242 14,383,328 7,475,968 61,476,417 209,844 2,083,000 15,979,244 5,298,979 14,848,365 6,512,549 63,667,474 207,807 2,083,000 15,759,635 3,265,035 13,070,844 7,018,511 58,144,302 199,189 1,969,000 14,398,088 107,087,043 108,377,809 98,064,969 4,616,913 35,704,716 13,092,195 3,334,075 1,205,586 252,048 6,126,630 177,439 477,826 5,255,583 36,328,569 14,120,770 3,604,430 1,010,902 249,597 6,301,650 172,016 423,258 4,206,821 36,683,915 16,322,534 3,048,088 1,231,634 246,558 6,872,912 148,306 354,644 64,987,428 67,466,775 69,115,412 2,230,801 6,824,282 572,031 1,451,748 2,196,925 6,762,986 549,493 1,466,340 2,201,996 6,574,613 448,197 1,302,132 11,078,862 10,975,744 10,526,938 35,699,207 35,571,800 30,803,008 9,968,367 17,206,093 1,940,839 12,341,-545 672,182 2,476,466 10,675,342 15,851,092 2,149,974 14,060,858 568,235 1,339,574 10,344,804 14,269,003 1,960,804 13,364,879 351,399 1,018,026 44,605,492 44,645,075 41,308,915 42,851,100 43,336,912 41,379,424 11,524,079 11,068,105 10,358,716 511,017,188 544,250,317 481,115,872 Labour, Home Affairs & Public Safety 06 Defence 07 Police 25 Prisons & Senior Training Schools 27 Immigration 29 Registry General 44 Ministry of Labour & Home Affairs HQ 45 Fire Services 54 Security Services & Delegated Affairs 60 Labour & Training Environment 32 Planning 37 Agriculture & Fisheries 49 Land Valuation 50 Ministry of the Environment HQ Tourism 33 Tourism Transport 30 Marine & Ports 31 Airport Operations 34 Transport Control 35 Public Transportation 48 Ministry of Transport HQ 57 Civil Aviation Works & Engineering 36 Works & Engineering Youth, Sport, Parks & Recreation 20 Youth, Sport, Parks & Recreation TOTAL CURRENT EXPENDITURE 30 Government of Bermuda - Consolidated Fund Schedule 14: Capital Development Expenditure By Ministry / Department 2000 Original Estimates Actual Actual 150,000 100,000 6,750,000 100,000 6,750,000 7,000,010 6,850,000 7,000,010 4,668 1,600,000 4,975 4,668 3,492,847 375,000 3,357,550 369,500 3,727,050 11,106,726 377,187 3,867,847 175,000 250,000 250,000 468,000 3,710 250,000 105,302 508,033 1,143,000 867,045 1,217,324 2,530,000 100,000 101,244 62,740 (16,050) 49,723 2,630,000 163,984 33,673 646,869 600,010 209,720 448,615 2,300,000 1,246,879 209,720 2,748,615 300,000 2,788,927 218,203 3,027,120 114,968 6,105,782 3,088,927 3,245,323 6,220,750 11,411,829 13,211,947 10,845,237 1,661,000 4,910,839 5,058,948 33,649,482 Finance 10 Ministry of Finance Headquarters 13 Post Office 1999 4,975 Development, Opportunity & Government Services 19 Archives 52 Cultural Affairs 56 Human Affairs 2000 7,000,000 For the year ended March 31 33,190,883 44,613,138 1,600,000 Education 17 Education 41 Bermuda College Health & Family Services 21 Ministry of Health & Family Services HQ 22 Health 23 Child & Family Services 24 Hospitals Labour, Home Affairs & Public Safety 07 Police 25 Prisons & Senior Training Schools Environment 37 Agriculture & Fisheries 50 Ministry of the Environment HQ Transport 30 Marine & Ports 31 Airport Operations 11,483,913 250,000 18,991 948,333 Works & Engineering 36 Works & Engineering Youth, Sport, Parks & Recreation 20 Youth, Sport, Parks & Recreation TOTAL CAPITAL DEVELOPMENT 31 Government of Bermuda - Consolidated Fund Schedule 15: Capital Acquisition Expenditure By Ministry / Department 2000 Original Estimates For the year ended March 31 2000 1999 Actual Actual $ Non-Ministry Departments 01 Governor & Staff 03 Judicial 04 Attorney-General's Chambers 09 Cabinet Office 56,012 19,139 16,500 91,651 Development, Opportunity & Government Services 15 Management Services 19 Archives 26 Personnel Services 40 Community Affairs 47 Small Business Development Corporation 51 Govemment Information Services 52 Cultural Affairs 56 Human Affairs 13,000 30,715 7,185 - 28,711 25,739 18,572 4,228 73,022 55,307 12,987 - 4,228 11,893 1,399 - 10,858 79,100 79,152 51,399 330,000 221,982 146,500 5,305,000 287,882 7,694 136,350 122,284 7,464,984 387,239 70,009 65,268 113,989 5,332,200 6,003,482 Finance 10 Ministry of Finance HQ 11 Accountant-General 12 Customs 13 Post Office 43 Computer Systems & Services 28,200 25,579 10,904 1,624 8,019,194 5,968,705 - Technology (14,411) 46 Telecommunications Education 17 Education 18 Libraries 41 Bermuda College 1,550,000 62,000 135,000 1,747,000 1,119,063 2,065,896 26,000 16,000 86,597 80,831 50,280 16,050 84,865 36,616 12,000 225,616 233,758 133,481 10,000 400,000 19,288 2,070,587 394,193 9,056 311,299 3,520,001 Health & Family Services 21 Ministry of Health & Family Services HQ 22 Health 23 Child & Family Services 55 Financial Assistance 925,353 2,804,423 119,550 64,066 Labour, Home Affairs & Public Safety 06 Defence 07 Police 2,786,320 323,681 25 Prisons & Senior Training Schools 27 Immigration 45 Fire Services 32 2,065,896 47,710 146,000 169,989 2,719,335 531,622 4,790 972,456 4,398,192 Government of Bermuda - Consolidated Fund Schedule 15: Capital Acquisition Expenditure By M i n i s t r y / Department (cont'd) For ttie year ended March 31 2000 Original Estimates 1999 Actual Actual $ Environment 32 Planning 37 Agriculture & Fisheries 49 Land Valuation 50 Ministry of the Environment HQ 2000 $ $ 101,000 135,358 22,010 258,368 34,282 95,960 15,005 145,247 8,709 188,432 6,619 50,594 254,354 Tourism 7,373 33 Tourism Transport 30 Marine & Ports 31 Airport Operations 34 Transport Control 35 Public Transportation 112,000 23,100 29,500 1,503,500 163,922 14,000 (33,225) 2,561,732 382,233 71,966 59,787 1,377,219 1,668,100 2,706,429 1,891,205 1,725,000 1,671,905 153,644 141,126 125,879 220,040 15,459,444 16,985,445 15,126,733 Works & Engineering 36 Works & Engineering Youth, Sport, Parks & Recreation 20 Youth, Sport, Parks & Recreation TOTAL CAPITAL ACQUISITION 33 Government of Bermuda - Consolidated Fund Schedule 16: Current Expenditure - Estimates Compared to Actual For the year ended March 31, 2000 Actual Original Estimates Under (Over) Spent $ Non-Ministry Departments 01 Governor & Staff 02 Legislature 03 Judicial 04 Attorney-General's Chambers 05 Office of the Auditor 08 Public Service Commission 09 Cabinet Office For Appropriation $ $ $ 1,059,356 2,767,561 4,898,570 2,813,108 1,520,033 81,536 3,653,294 1,050,864 2,778,048 5,577,039 2,979,485 1,837,411 83,354 2,194,154 (8,492) 10,487 678,469 166,377 317,378 1,818 (1,459,140) 15,288,019 16,793,457 16,500,354 (293,103) 1,017,872 908,246 4,008,265 1,215,038 439,326 1,040,021 1,758,521 3,489,774 985,717 908,246 4,008,265 1,192,354 439,326 1,026,535 1,758,521 3,505,118 911,131 439,326 4,090,546 1,247,536 460,357 1,134,139 1,595,126 4,379,828 (74,586) (468,920) 82,281 55,182 21,031 107,604 (163,395) 874,710 13,877,063 Development, Opportunty & Gov't Services 15 Management Services 19 Archives 26 Personnel Services 40 Community Services 47 Small Business Development Corporation 51 Gov't Information Services 52 Cultural Affairs 56 Human Affairs 1,059,356 2,770,558 3,375,461 2,804,110 1,538,068 81,536 3,658,930 13,824,082 14,257,990 433,909 43,190 43,190 60,877 17,687 2,647,029 18,408,949 41,393,284 8,763,012 9,593,768 1,533,874 967,964 4,446,592 5,108,099 3,928,847 11,157,070 2,647,029 28,857,854 2,399,967 29,798,021 (247,062) 940,167 Legislative Affairs 62 Legislative Affairs Finance 10 Ministry of Finance HQ 11 Accountant-General Pension Related Expenditure 12 Customs 13 Post Office 14 Statistics 28 Social Insurance 38 Office of the Tax Commissioner 39 Registrar of Companies 43 Computer Systems & Services 58 Interest on Debt 59 Sinking Fund Contribution - - - 107,948,488 76,237,485 8,658,688 9,783,742 1,737,748 1,188,815 1,449,313 4,393,925 3,688,004 10,250,000 3,250,000 76,598,223 820,798 820,798 714,518 (106,280) 3,965,925 68,576,385 1,330,619 10,957,610 4,043,421 68,107,829 1,345,943 10,957,610 84,830,539 84,454,803 3,995,481 68,601,972 1,266,970 11,187,591 85,052,014 (47,940) 494,143 (78,973) 229,981 597,211 - 8,820,258 9,602,799 1,533,874 999,430 1,498,830 4,004,682 3,928,577 11,094,152 3,250,000 (161,570) 180,943 203,874 189,385 (49,517) 389,243 (240,573) (844,152) 360,738 Technology 46 Telecommunications Education 16 Ministry of Education HQ 17 Education 18 Libraries 41 Bermuda College 34 Government of Bermuda - Consolidated Fund For the year ended March 31, 2000 Actual Original Estimates Under (Over) Spent $ Health & Family Services 21 Ministry of Health & Family Services HQ 22 Health 23 Child & Family Services 24 Hospitals 42 Rent Commissioner 53 Bermuda Housing Corporation 55 Financial Assistance For Appropriation $ $ $ 5,479,242 14,383,328 7,475,968 61,476,417 209,844 2,083,000 15,979,244 180,263 (427,636) 902,615 (2,191,057) 2,037 108,403,365 107,087,043 (1,316,322) 5,255,583 36,328,569 14,120,770 3,604,430 1,010,902 249,597 6,301,650 172,016 423,258 5,282,083 36,258,491 14,131,295 3,615,918 1,005,722 176,997 6,301,650 172,016 441,608 4,616,913 35,704,716 13,092,195 3,334,075 1,205,586 252,048 6,126,630 177,439 477,826 (665,170) (553,775) (1,039,100) (281,843) 199,864 75,051 (175,020) 5,423 36,218 67,466,775 67,385,781 64,987,428 (2,398,353) 2,196,925 6,762,986 549,493 1,466,340 2,201,011 6,767,811 549,493 1,466,340 2,230,801 6,824,282 572,031 1,451,748 29,791 56,471 22,538 (14,592) 10,975,744 10,984,655 11,078,862 94,207 35,571,800 35,649,918 35,699,207 49,289 10,675,342 15,851,092 2,149,974 14,060,858 568,235 1,339,574 10,638,964 15,825,102 2,149,974 14,074,599 568,235 1,339,574 44,645,075 Environment 32 Planning 37 Agriculture & Fisheries 49 Land Valuation 50 Ministry of the Environment HQ 5,298,979 14,810,964 6,573,353 63,667,474 207,807 2,083,000 15,761,789 108,377,809 Labour, Home Affairs & Public Safety 06 Defence 07 Police 25 Prisons & Senior Training Schools 27 Immigration 29 Registry General 44 Ministry of Labour & Home Affairs HQ 45 Fire Services 54 Security Services & Delegated Affairs 60 Labour & Traininq 5,298,979 14,848,365 6,512,549 63,667,474 207,807 2,083,000 15,759,635 44,596,448 9,968,367 17,206,093 1,940,839 12,341,545 672,182 2,476,466 44,605,492 (670,597) 1,380,991 (209,135) (1,733,054) 103,947 1,136,892 9,044 43,336,912 43,285,232 42,851,100 (434,132) 11,068,105 11,067,436 11,524,079 456,643 544,250,317 513,546,649 511,017,188 _ 217,455 Tourism 33 Tourism Transport 30 Marine & Ports 31 Airport Operations 34 Transport Control 35 Public Transportation 48 Ministry of Transport HQ 57 Civil Aviation Works & Engineering 36 Works|& Enqineerinq Youth, Sport, Parks & Recreation 20 Youth, Sport, Parks & Recreation TOTAL CURRENT EXPENDITURE 35 (2,529,461) G o v e r n m e n t of Bermuda - Consolidated Fund Schedule 17: Commitments - Legislated As at March 31 2000 1999 Actual Actual Unspent Capital Appropriations In accordance with Section 6 of the Appropriations Act 1999, unspent capital appropriations for incomplete capital projects to be carried forward to future years are as follows: Capital Development 27,005,947 5,588,455 5,979,385 32)594,402 Capital Acquisition 19,018,995 24,998,380 Total Authorised Funding Total Authorised Funding represents the estimated total cost of continuing capital development projects and is subject to the voting of supply by the Legislature. Estimated future expenditure for continuing capital development projects is as follows: Total Authorised Funding 368,209,000 (182,859,783) Unappropriated Capital Development 36 (176,065,978) 185,349,217 Appropriated Capital Development 323,556,881 147,490,903 Government of Bermuda - Consolidated Fund Schedule 18: Public Debt - Legislated Limit As at March 31 2000 1999 Actual Actual The Government Loans Act 1978, as amended, defines public debt as debt owed or guaranteed by the Consolidated Fund. Section 2A(1) of the Act limits public debt (net of sinking fund assets) to $185 million. Debt (Schedule 8) 162,291,042 Total Public Debt 3,825,000 3,746,000 166,116,042 National Education Guarantees (Note 8(a)) 163,500,000 167,246,000 Due from Sinking Fund (Schedule 8) (21,554,880) (16,813,140) Net Public Debt 144,561,162 150,432,860 40,438,838 34,567,140 185,000,000 185,000,000 Unused Limit LEGISLATED LIMIT 37