Public Account 2018

This chapter presents the Saving – Investment – Financing Account of the National Public Administration as an introduction to the statements of budgetary execution, under the provisions of Law 24,156.

This account shows the economic and financial results of the budget management for fiscal year 2018 by institutional level, as well as the origin and application of funds from the financial operations which funded the same.

Methodological Aspects

In relation to the scope, it is worth mentioning that this chapter and the ones referred to the execution of the National Administration budget include the information that can be consolidated of the jurisdictions and entities included in Administrative Decision 6/2018 – distributing credit approved by Law 27,341; that is, Central Administration, Decentralized Bodies (excluding National Universities) and Social Security Institutions (including former Provincial Pensioners Funds transferred to the national jurisdiction).

In relation to the registration moment and to the main criteria, the information included in the Saving-Investment-Financing Account has been taken from the registers of the Integrated System of Financial Information, in compliance with article 41 of Decree 1344/07, ruling Law # 24,156, which states that the budget result of a fiscal year is “the difference between collected revenue and accrued expenses” during the term of said budget.

The only exception to this concept is the case of Figurative Contributions, because even if they are revenue, they have been taken at the accrual stage in order to allow for the consolidation of the budget execution at the National Administration level.

To this respect, it is noted that when taking the accrued for Figurative Contributions of the fiscal year, it is necessary to reflect the amount of Contributions Receivable arising from the budget execution of the integral parts of each sub-sector of the National Administration, taking the corresponding amount as an Increase of Other Financial Assets within Financial Applications. Furthermore, the Decrease in Contributions Receivable, due to the collection of the outstanding amounts from previous fiscal years, is reflected in Financial Sources as a Decrease of Other Financial Assets.

As in previous fiscal years, both the increase in Contributions Receivable for fiscal year 2018 and the decrease in Figurative Contributions not collected from former fiscal years, were considered separately within the Financing in order to improve their disclosure.

Similarly, with the purpose of improving the information disclosed, the total of Contributions and Figurative Expenses for Financial Applications within the Financial Sources and Applications were included separately, thus being possible to determine a Financial Result after Contributions with a better description of the events at each institutional level.

The criterion adopted for the cases of entities which during the fiscal year were overtaken by other institutions of the same area, that is the National Administration, was to consider the decrease of Contributions Receivable of the original entities as an operation of the new entity.

The rest of the Financial Sources and Applications consider the concepts which arise directly from the budget execution amounts of the S.I.D.I.F., such as the financing formed by the “accrued debt payable” or “floating debt” (accrued debt which was outstanding at the closing of the fiscal year) and the net variation of Cash and cash equivalents arising from the institutional budget execution.

The latter, indirectly taken from the budget execution of the National Administration, as in the cases commented above, have been considered separately in the Financing account so as to enhance their disclosure.