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Compliance Financial Performance
Meghalaya

Report of 2014 - Compliance, Financial and Performance Audit on State Finances of Government of Meghalaya

Date on which Report Tabled:
Mon 16 Jun, 2014
Date of sending the report to Government
Government Type
State
Sector Finance

Overview

This Report on the Finances of the Government of Meghalaya is being brought out with a view to assess objectively the financial performance of the State during the year 2012-13. The aim of this Report is to provide the State Government with timely inputs based on actual data so that there is a better insight into both well performing as well as ill performing schemes/programmes of the Government. To give a perspective to the analysis, an effort has been made to compare the achievements with the targets envisaged by the State Government in the budget estimates of 2012-13, Meghalaya Fiscal Responsibility and Budget Management (MFRBM) Act, 2006 (amended in October 2011) and projections made by the Thirteenth Finance Commission (XIII FC).

Based on the audited accounts of the Government of Meghalaya for the year ending March 2013, this report provides an analytical review of the Annual Accounts of the State Government. The report is structured in three Chapters. Chapter I is based on the audit of Finance Accounts and makes an assessment of Meghalaya Government's fiscal position as on 31 March 2013. It provides an insight into trends in expenditure, borrowing pattern besides a brief account of central funds transferred directly to the State implementing agencies through off-budget route. Chapter II is based on audit of Appropriation Accounts and it gives the grant-by-grant description of appropriations and the manner in which the allocated resources were managed by the service delivery departments. Chapter III is an inventory of Meghalaya Government's compliance with various reporting requirements and financial rules.

The report also has an appendage of additional data collected from several sources in support of the findings. The fiscal position of the State viewed in terms of key fiscal parameters - revenue surplus, fiscal deficit, primary deficit - indicated significant improvement in the financial health of the State during 2012-13 relative to previous four years (2008-12). During 2012-13, the State has returned to the status of revenue surplus as the revenue deficit which was RS 180.34 crore during 2011-12 turned to revenue surplus of a significant amount of RS 536.81 crore during the current year. This achievement was, however, mainly due to increase of central transfer in the form of share of Union Taxes and Duties and grants-in-aid by RS 614.98 crore (17.14 per cent) during 2012-13 against RS 201.19 crore (5.94 per cent) during the previous year and marginal increase in revenue expenditure by RS 164.73 crore (3.41 per cent) during the current year against a substantial increase of RS 822.07 crore (20.49 per cent) during the previous year.

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