Fishing Insights and Tidal Data for Successful Weekend Excursions
Discover crucial information on tides, wind forecasts, and atmospheric conditions to optimize your fishing trips around the 23rd to 26th of October. Explore tide patterns, wind directions, water levels, and more for Port A and plan your fishing strategy accordingly. Learn how to interpret tide data, leverage low tides for fishing cuts, and understand the significance of barometric pressure on fishing success. Enhance your angling experience with expert insights from reliable sources.
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E EXAMINATION XAMINATION OF F FISCAL ISCAL P POLICY which was laid before the Houses of Parliament on October 8, 2024 OF THE THE C COMPONENTS OMPONENTS OF OLICY P PAPER APER I INTERIM NTERIM R REPORT OF THE THE EPORT
I reviewed the Fiscal Policy Paper (FPP), which was laid before the Houses of Parliament on October 8, 2024, in accordance with the Financial Administration and Audit (FAA) Act. Auditor Auditor General s General s Comments Comments I adhered to the standards issued by the International Association of Supreme Audit Institutions and International Standard on Assurance Engagement (ISAE) 3000. The FPP met the requirements of the Third Schedule and included the minimum content under the Fiscal Responsibility Statement, Macroeconomic Framework and Fiscal Management Strategy. In addition, the FPP included the Fiscal Risk Statement (FRS) as required by the enhanced fiscal rules.
Auditor Generals Auditor General s Responsibilities Responsibilities Section 48B (6) of the FAA Act requires the Auditor General to examine the components of the Fiscal Policy Paper and provide a report to the Houses of Parliament indicating whether: - The Conventions & assumptions underlying preparation of the FPP comply with principles of prudent fiscal management. There are public bodies that do not form part of the specified public sector that were part thereof in the preceding fiscal year. Reasons given for deviations from the Budget are reasonable, having regard to the circumstances. A public private partnership involves only minimal contingent liabilities.
a) Regarding the conventions and assumptions underlying the preparation of the Fiscal Policy Paper The principles of prudent fiscal management require the budget to be informed by reasonable revenue projections, underpinned by realistic macroeconomic assumptions, and that related risks and risk-mitigating measures are identified The risks identified were related to economic growth, inflation, interest rates, exchange rates and commodity price changes, the operations of public bodies and public private partnerships and climate change.
a) Regarding the conventions and assumptions underlying the preparation of the Fiscal Policy Paper (contd.) Regarding Public bodies, a build-up of domestic arrears was highlighted as a major fiscal risk, requiring continued monitoring within the established ceiling of $6,400.0 million. As at August 2024, total domestic arrears of public bodies amounted to $7.5bn, exceeding the ceiling by $1.1bn, mainly attributable to CAP and NWC, together accounting for 96.4% of the $7.5bn in arrears. The FPP Interim indicated an increase of $33.2bn in Non-tax Revenue relative to the approved budget, was due to a securitization transaction; however, the FPP Interim report did not elaborate on the nature of the transaction and did not provide an assessment of risk.
a) Regarding the conventions and assumptions underlying the preparation of the Fiscal Policy Paper (cont d) Responding to AuGD s query regarding its own risk assessment, the Ministry indicated that given that it is not the GOJ s bond, there is no recourse to the GOJ. Investors needed to conduct their own credit and risk assessments. The First Supplementary Estimates for FY2024/25 includes a securitization contingency of $2.4 billion; however, in the absence of a risk assessment, I am not able to determine the adequacy of the contingency provision.
Regarding the conventions and assumptions underlying the preparation of the Fiscal Policy Paper Given the materiality and effects of the securitization transaction on the Fiscal Policy Paper, in the absence of a risk assessment, I cannot confirm that the FPP FY2024/25 Interim Report conforms with the principles of prudent fiscal management.
b) Regarding explanations for deviation in revenue for April-August 2024 vis-a-vis Original budget Tax revenue marginally exceeded budget by 0.9%, primarily reflecting greater than budgeted PAYE (16.1%) and tax on interest (33.9%) receipts. Non-tax revenue was 28.4% above budget, given higher than anticipated inflows from de- earmarked companies, the public sector pension scheme, and miscellaneous revenue. Within tax revenue, higher income and profits was dominated by corporate taxes, due to stronger company performance, and higher tax on interest due to stronger growth in local currency deposits.
Explanations for deviation in revenue for April August 2024 vis-a-vis Original budget Overall I found the explanations for the deviations relative to Budget to be reasonable, having regard to the circumstances.
c) pursuant to my c) pursuant to my application of criteria application of criteria prescribed pursuant to prescribed pursuant to regulations made under regulations made under Section 50 (1), there are Section 50 (1), there are public bodies that do public bodies that do not form part of the not form part of the specified public sector, specified public sector, and identifying those and identifying those bodies (if any) which in bodies (if any) which in the preceding financial the preceding financial year formed part of the year formed part of the specified public sector: specified public sector: The FAA Act requires the Minister, no later than August 31, in every third year, to provide the Auditor General with a list of public bodies that the Minister wishes the Auditor General to consider for certification. The next request for certification is anticipated for August 2025.
d) a public private partnership involves only minimal contingent liabilities No new PPP is being pursued currently. The FAA Act requires the Auditor General to assess whether a public private partnership (PPP) involves only minimal contingent liability accruing to the Government . Arising from the impact of the COVID pandemic, four of five PPP concessionaires submitted claims to the GOJ under the Force Majeure clause and other sections of their respective PPP agreements. The FPP FY2024/25 Interim Report highlighted that on June 24, 2024, Cabinet approved an adjustment to the commencement and completion dates for the 300-metre runway extension and the Runway End Safety Area Implementation works at the NMIA from the first quarter of 2024 and to be completed 36 months thereafter.
Inclusion of terms and conditions of the securitization transaction could enhance transparency of the FPP and clarify any concept of risk. Recommendations Recommendations
