FC 93/8 |
Ninety-Third Session |
Rome, 13 - 17 September 1999 |
Financial Position as at 31 May 1999 (Part I) and Status of Contributions as at 30 June 1999 (Part II)1 |
I. PART I - FINANCIAL POSITION AS AT 31 MAY 1999
B. STATUS OF WORKING CAPITAL FUND AND SPECIAL RESERVE ACCOUNT AS AT 31 MAY 1999
II. PART II - COLLECTION OF ASSESSED CONTRIBUTIONS - OUTSTANDING AND IN ARREARS AS AT 30 JUNE 1999
1. Expenditure and outstanding obligations for the first seventeen months of the Programme of Work of 1998-99, excluding Technical Cooperation (Chapter IV), were as follows:
Seventeen months | |||
to 31.5.99 US$'000 |
to 31.5.97 US$'000 |
||
Total programme of Work (as per Conference resolution 7/97) Less: Technical Cooperation Programme Appropriation Add: Other Income Expenditure to 31 May 1999 Outstanding Obligations at 31 May 1999 Expenditure and Obligations Sub-total Balance at 31 May 1999 available for further obligations |
410,823 147,493 |
650,000 89,447 97,100 657,653 558,316 99,337 |
650,000 \87,613 0 562,387 374,678 133,543 508,221 54,166 |
2. The position of the Technical Cooperation programme at 31 May 1999 was as follows
at 31.5.99 US$'000 |
at 31.5.97 US$'000 |
|
Appropriation (as per Conference resolution 7/17) Funds set aside for approved projects Balance of appropriation available |
89,447 42,560 46,887 |
87,613 53,420 34,193 |
3. The authorised level of the Working Capital Fund is $25 million. The balance at 31 May 1999 was $23.8 million.
4. The authorised level of the Special Reserve Account is set by Conference Resolution 13/81 at 5% of the effective working budget for the subsequent biennium. In the first seventeen months of this biennium, $0.1 million of the related special assessments were received leaving an outstanding balance of $10.9 million at 31 May 1999. In the same period, net losses on exchange of $3.3 million were realised. The Special Reserve Account balance at 31 May 1999 was $28.6 million.
5. The 1999 cashflow forecast (see Appendix A) assumes full spending of the net 1998-99 Programme of Work, excluding TCP. It is expected that the Working Capital will have to be advanced to the General Fund in late August to finance budgetary expenditure until receipt of contributions from the major donor expected in November.
6. Delivery information
Five months to 31/5/99 (US$'000) |
Five months to 31/5/98 (US$'000) |
|
Delivery including commitments | 95,429 | 109,397 |
Percentage of annual budget spent/committed | 35.5% | 41% |
Project servicing costs as percentage of expenditure | 11.3% | 11.9% |
7. Delivery by division:
TCO | 82.0% | 85.0% |
Others | 18.0% | 15.0% |
100.0% | 100.0% |
8. The comparative delivery for the first five months of 1999 and 1998, including the
Administrative and operational services (AOS) costs for the UNDP Programme, are as
follows:
31/5/99 |
31/5/98 |
|
Disbursements | 5,810 |
8,083 |
Commitments | 4,025 |
7,374 |
TOTAL | 9,835 |
15,457 |
Project Servicing/Administrative and Operational Services (AOS) Costs |
0.5 |
0.8 |
1999 | 1998 (for comparison) |
|
9. Amounts outstanding on 1 January | ||
Current Assessments2 Contributions in arrears Total Working Capital Fund Special Reserve Account |
US$ |
US$ |
10. Receipts 1 January to 30 June |
||
Current Assessments Contributions in arrears Total Working Capital Fund Special Reserve Account |
168,183,584.89 11,573,326.32 179,756,911.21 0.00 0.00 |
147,492,160.20 5,148,008.97 152,640,169.17 0.00 8,400.00 |
11. Amounts outstanding at 30 June |
||
Current Assessments Contributions in arrears Total Working Capital Fund Special Reserve Account |
152,216,415.11 139,845,032.80 292,061,447.91 1,614,125.00 10,769,145.91 |
172,907,839.80 131,012,124.16 303,919,963.96 1,620,800.00 10,833,376.91 |
Current Assessments
12. The following statistics show the cumulative month-end percentages of 1999 assessments received during the first six months of 1999, compared to receipts during the previous four years:
Percentages of Current Assessments Received (Cumulative - year to date)
1999 | 1998 | 1997 | 1996 | 1995 | |
January February March April May June July August September October November December |
9.36 12.27 46.74 50.55 51.71 52.49 |
14.56 26.51 38.04 44.45 45.12 46.03 51.32 51.54 51.88 57.09 92.62 93.37 |
12.43 25.81 53.84 55.66 57.43 61.81 62.39 68.89 69.57 75.00 75.17 96.00 |
7.72 15.78 38.39 46.71 48.28 48.34 53.62 69.12 69.40 70.70 70.81 92.95 |
7.88 32.06 40.24 40.44 52.41 54.70 58.15 60.97 64.14 64.60 65.79 70.82 |
13. The position of the 1999 assessments of Member Nations at 30 June 1999, compared to the same date during the four preceding years was as follows:
Number of Member Nations
1999 | 1998 | 1997 | 1996 | 1995 | |
Paid in full Part paid No payment Total |
54 22 99 175 |
50 29 96 175 |
53 27 94 174 |
51 22 101 174 |
47 19 103 169 |
Contributions in arrears
14. The position of Member Nations with arrears of contributions at 30 June 1999 was as follows:
Number of Member Nations
With arrears at 1 January 1999 | 106 | |
|
21 10 75 |
|
With arrears at 30 June 1999 | 85 |
15. Additional information regarding arrears due at 30 June 1999
Replenishment of the Special Reserve Account and Advances to the Working Capital Fund
16. The position of Member Nations with arrears due to the above reserve funds at 30 June 1999 was as follows:
Special Reserve Account | Working Capital Fund | |
Number of Member Nations | ||
With arrears at 1 January 1999 Arrears paid in full Arrears partially paid No payment With arrears at 30 June 1999 |
23 0 0 23 23 |
28 0 0 28 28 |
CASHFLOW FORECAST ACTUAL JANUARY TO MAY AND PROJECTED JUNE TO DECEMBER 1999 |
|||||||||||||
(US$ millions) |
|||||||||||||
January | February | March | April | May | June | July | August | September | October | November | December | TOTAL | |
CASH BALANCE | |||||||||||||
at beginning of the month | 104.7 | 101.8 | 73.9 | 151.4 | 154.2 | 124.1 | 104.8 | 89.0 | 64.9 | 44.0 | 46.0 | 112.5 | 104.7 |
Receipts | 36.2 | 11.3 | 114.2 | 13.9 | 7.6 | 8.3 | 17.8 | 3.4 | 10.9 | 30.6 | 92.8 | 12.5 | 359.5 |
Disbursements | (39.1) | (39.2) | (36.7) | (11.1) | (37.7) | (27.6) | (33.6) | (27.5) | (31.8) | (28.6) | (26.3) | (43.1) | (382.3) |
CASH BALANCE | |||||||||||||
at month-end | 101.8 | 73.9 | 151.4 | 154.2 | 124.1 | 104.8 | 89.0 | 64.9 | 44.0 | 46.0 | 112.5 | 81.9 | 81.9 |
REPRESENTED BY: | |||||||||||||
General Fund: | |||||||||||||
Cash | 34.8 | 6.9 | 84.2 | 87.2 | 57.8 | 38.9 | 23.4 | (0.8) | (21.3) | (19.1) | 47.8 | 17.5 | 17.5 |
Investments | 1.8 | 1.8 | 1.8 | 1.8 | 1.8 | 1.8 | 1.8 | 1.8 | 1.8 | 1.8 | 1.8 | 1.8 | 1.8 |
Total Unrestricted Funds | 36.6 | 8.7 | 86.0 | 89.0 | 59.6 | 40.7 | 25.2 | 1.0 | (19.5) | (17.3) | 49.6 | 19.3 | 19.3 |
Restricted Funds: | |||||||||||||
Working Capital Fund | 23.8 | 23.8 | 23.8 | 23.8 | 23.8 | 23.8 | 23.8 | 23.8 | 23.8 | 23.8 | 23.8 | 23.8 | 23.8 |
Special Reserve Account |
29.6 | 29.6 | 29.4 | 29.3 | 28.6 | 28.3 | 28.0 | 27.7 | 27.4 | 27.1 | 26.8 | 26.5 | 26.5 |
Fiduciary Funds | 11.8 | 11.8 | 12.2 | 12.1 | 12.1 | 12.0 | 12.0 | 12.4 | 12.3 | 12.4 | 12.3 | 12.3 | 12.3 |
TOTAL CASH BALANCE | 101.8 | 73.9 | 151.4 | 154.2 | 124.1 | 104.8 | 89.0 | 64.9 | 44.0 | 46.0 | 112.5 | 81.9 | 81.9 |
1 As a result of Oracle conversion issues, the FC paper 93/8(a) on the Financial Position as at 30 June 1999 for the upcoming session in September has been changed to Financial Position as at 31 May 1999. In view of the fact that the Council has already reviewed the status of contributions as at 16 May 1999 at its last session, information regarding the status of contributions as at 31 May 1999 would add little value to what has already been communicated. Accordingly, the contributions position is as at 30 June with the usual update as of the date of the discussion.
2 Of which US$1,250,000.00 relates to the Tax Equalization Fund.