September 30, 2020: The Minister of Finance and Economic Planning Dr. Uzziel Ndagijimana has signed of the 15th annual Consolidated Financial Statements covering the period from 1st July 2019 to 30th June 2020 and the Consolidated Financial Statements have been handed over to the Office of Auditor General.
The move is in accordance with the statutory requirement stated in article 67 of the Organic Law nº 12/2013/OL of 12/09/2013, on State Finance and Property, which requires the Minister of Finance and Economic Planning to prepare consolidated financial statements and submit them to the Auditor General of State Finances by 30th September of the following fiscal year.
The FY 2019/20 consolidated financial statements include 141 Budget Agencies under Central Government, 30 districts and City of Kigali under Local Government making a total of 178 Budget Agencies under the Government ordinary budget. In addition, there are 112 Self Accounting development projects under development budget.
The Consolidated Financial Statements include also memorandum information relating to Public Debt, Government Investments in Public and Private Enterprises and Financial Information for Sub District Entities (Pharmacies, Hospitals and Health Centers; Primary and Secondary Schools) whereas Sectors are consolidated within respective District.
This is the fifteenth set of consolidated financial statements that MINECOFIN has prepared with the first having been prepared in 2007 and relating to financial year ended 31st December 2006. Since then, Government has prepared consolidated financial statement for each year with remarkable year-on-year improvement in terms of quality (accuracy and completeness) both at the Government wide consolidation level and at the individual reporting entities.
The enhanced quality has been evidenced by the gradual and progressive increment in the number of reporting entities achieving unqualified (clean) audit opinions over the previous five financial periods.
The timely submission and improved quality of the consolidated financial statements is as a result of efforts of the Office of Accountant General spearheading the consolidation exercise and cooperation from Chief Budget Managers and their finance staff in all public entities.
The submission of the consolidated financial statements to the Office of Auditor General will now pave way for the audit of both the consolidated financial statements as well of that of individual reporting entities for Financial Year ended 30th June 2020, the results of which shall be presented to the Parliament by April 2021.