By: L.N. Reklai
September 7, 2016 (Koror) Republic of Palau’s 2015 Audit Report is out, according to Minister of Finance Elbuchel Sadang.
“This audit shows that in FY 2015, we had a surplus of $12 million dollars. In 2014, we had $11.5 million surplus,” stated Minister Sadang. restrict]
“Furthermore, the audit showed that no funds were missing or unaccounted for,” asserted Sadang.
“Not many countries or government can say they have surplus. Even our neighbors such CNMI, Guam or Pacific islands, cannot say that they had surplus at the end of the year,” added President Tommy Remengesau on the report.
“We have been able to gain surplus because our Ministry of Finance have done their job, but also OEK has not been overly greedy in their budgeting and we have been able to keep our budget relatively close to our Fund Availability Analysis (FAA) and increase our revenue collections,” stated President Remengesau.
Explaining the definition of surplus, Minister Sadang stated that surplus means that our expenses have been less than our revenue or what has been coming in is more than what we spent. “We have kept our expenses within our budgets and increased our revenue collections.”
President Remengesau added that the surplus is not defined by us or by the Ministry of Finance but is a general accounting definition used in every accounting firm or accountant whether in Palau or US or CNMI or any other place. “This is what an independent 3rd party say about our government financial performance,” he added.
Palau’s annual audit report is part of Palau and USA Compact Agreement where United States funds an annual audit of Palau’s government including its semi autonomous agencies such as PNCC, PPUC, PCAA and others. The audit costs US government $400,000 each year. [/restrict]