4. Data sources used for the preparation of notification

Data sources

Responsible institution

General
government

S.13

Central
government

S.1311

Local
governments

S.1313

Social
security fund

S.1314

Apr

Oct

Apr

Oct

Apr

Oct

Apr

Oct

1. Budgetary reports

Annual report on central government budget execution and on local governments budgets in year n-1

FM

X

-

X

-

X

-

X

Annual report on central government budget execution and on local governments budgets in year n-1

FM

 

X

 

X

 

X

 

X

Official monthly report on general government budget execution in January - December of year n-1

VK

X

X

-

X

-

X

-

2. Financial reports

Accounting balance sheet of central government and local governments budgetary institutions at the end of year n-1

VK

X

-

X

-

X

-

X

Central government budget finance balance sheet at the end of year n-1

VK

X

-

X

-

X

-

X

Summary on financial assets and liabilities in year n-1

VK

X

X

X

X

X

X

X

X

Statistics survey 2-FAP “Financial assets and liabilities” for quarters of year n-1

CSB

X

 -

X

-

X

-

X

-

Statistics survey 1-FAP “Financial assets and liabilities” in year n-1

CSB

 -

X

-

X

-

X

-

X

3.Other data sources

Data on year n-1 of inner information calculation system SAP of the Treasury

VK

X

X

X

X

X

X

X

X

Forecast on Gross Domestic Product, Government Debt, gross fixed capital formation and interest rate paid in reference year n

FM

X

X

 -

-

-

-

-

-

Forecast on budget deficit or surplus in reference year n

FM

X

X

X

X

X

X

X

X

Tax adjustments using time-adjusted cash method for year n-1

FM

X

X

X

X

X

X

X

X

Traditional own resources payment adjustment for year n-1

FM

-

X

X

-

-

-

-

Adjustment due to construction of South Bridge in year n-1

RD

 -

-

-

-

X

X

-

-

__________

year n – year when current notification is submitted
FM – the Ministry of Finance, VK – the Treasury, CSB – Central Statistical Bureau, RD – Riga City Council

4.1. Budgetary reviews

Budgetary reports are prepared in compliance with clause No. 867 „Order in which budgetary institution prepares accounting” by the Cabinet of Ministers of November 15, 2005 which determines order in which general and local governments’ budgetary institutions prepare accounting, providing united main accounting principle and use of book-keeping account plan in compliance with normative acts regulating accounting, legal provisions of the European Union, International Accounting Standards and International Public Sector Accounting Standards. Main data are prepared according to cash flow principle and they are not consolidated.

Provisional information is available in „Official monthly report of the Treasury on general government consolidated budget execution in January – December of year n-1”. For finalised data on year n-2 the „ Annual Report on central government budget execution and local government budgets of the Republic of Latvia, year n-2, Ministry of Finance” is used. Annual report provides additional detailed information.

In time period between notifications of April and of October data revision in compliance with more detailed data sources, which became available after compilation of final data, for example, „ Annual Report on central government budget execution and local government budgets of the Republic of Latvia in year n-1” of the Ministry of Finance is carried out.

4.2. Financial reports

General government finance balance sheet is a report on financial activity of general government, which shows financial assets and liabilities of general government, their changes in report period, as well as the results of finance activity of general government.

Laws “On accounting”, “Law on budget and finance management” determine draw up principles of finance balance sheet and normative acts in the accounting sphere.

Central government budget finance balance sheet includes financial assets and liabilities as at December 31 of year n-1, as well as provides comparative data as at December 31 of year n-2.

Central government budget accounting balance sheet is prepared in compliance with law „On accounting”, „Law on budget and finance management”, „On local governments”, „On budget of local governments”, „On general government budget for year n-2” and in compliance with articles determined in normative acts in the accounting sphere.

Consolidated accounting balance sheet includes financial assets and liabilities as at December 31 of year n-1, as well as provides comparative data as at December 31 of year n-2.

The Treasury summary on financial assets and liabilities includes information on general government sector and sub-sectors in breakdown by financial instruments of assets and liabilities according to ESA 2010 methodology.

Summaries of statistics surveys 1-FAP and 2-FAP „Financial assets and liabilities” contain information on breakdown of assets and liabilities financial indicators of enterprises’ balance by financial instruments according to ESA 2010 methodology which was transferred to general government sector.

4.3. Other data sources

Forecast used in notification are data, which the Ministry of Finance determines for the reference year. Determining these forecasts newest budget decisions, as well as economic development and its perspectives are taken into account.

Traditional own resources of the EU are payments of value added tax, import duty on agricultural goods. As their terms of payment do not coincide with budget calculation, in tables the adjustment is being done in order to transit to accumulation principle adaption.

Tax revenues in budget calculation are enumerated in compliance with cash accounting principles, although ESA 2010 requires to evaluate them according to accrual principle, therefore adjustment using deferred highlight method is being done.

Information system data on management of European Union Structural Funds and the Cohesion Fund of the Ministry of Finance.