The total accounts of government finances combine the state’s on-budget finances, extra-budgetary funds and state enterprises (Metsähallitus and Senate Properties), and view them as a single financial entity.
The total accounts of government finances contain the total economic outturn account and total balance sheet. The income/expense surplus or deficit of a financial period shows whether the amount of income has been sufficient to cover the expenses. The total balance sheet describes the financial standing on the date of closing of the accounts, i.e. the asset and liability items.
The total accounts of government finances are created by the State Treasury by combining the accounting data of on-budget finances, state enterprises and extra-budgetary funds.
The aim is to view this data as a whole, as if originating from a single financial operator. Therefore, transactions between the government agencies, state funds and state enterprises are excluded from these accounts.
Significant elimination elements include:
- internal rents,
- assets and profit withdrawals of state enterprises,
- cash assets of funds,
- the state’s internal pension contributions, and
- transfers to on-budget finances.
Starting with the accounts of 2020, the internal transactions between the on-budget finances and funds will be eliminated with a new method.
The purpose of the total accounts of government finances is to provide a more comprehensive picture of the central government finances that are under the government’s management. The total accounts of government finances combine data from different financial operators, facilitating easier analysis of central government finances as a whole.
The total accounts of government finances are created twice a year:
- The total accounts of government finances from the previous year are published together with the government’s annual report in April.
- The total accounts for January–June of the current year are published together with the following calendar year’s draft budget in September.