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Final central government accounts for 2019 now complete

The State Treasury’s proposal for the final central government accounts for the financial year 2019 have been completed and submitted to the Ministry of Finance for the preparation of the annual report. The final central government accounts are drawn up based on the central government’s on-budget finances.

The State Treasury’s proposal for the final central government accounts includes the central government’s income and expense account, balance sheet, budget realisation statement, cash flow statement and the appendices to the statements. The proposal was signed on 27 March 2020 by Director General of the State Treasury Timo Laitinen and Director of the Government Finance Administration, Information and Working Life Management division Lasse Skog.

According to the central government’s budget realisation statement, the deficit for the financial year 2019 was EUR 0.247 billion, while the cumulative deficit at the end of the financial year was EUR 11.560 billion.

The net increase in the shared central government debt of on-budget finances and the central government’s extra-budgetary funds was EUR 1.4 billion, with the total nominal value of the central government debt being EUR 106.4 billion and the market value being EUR 114.4 billion. However, the good liquidity of the central government and the actual timing of the expenses and income resulted in a smaller increase in central government debt than estimated in the budget.

According to the central government’s income and expense account, the deficit for 2019 was EUR 1.6 billion. In 2018, the surplus amounted to EUR 0.8 billion. Compared to the previous year, income was 3.1 per cent lower and expenses were 1.5 per cent higher. The greatest changes in income compared to the previous year were the increase in tax revenues as well as the previous year’s extraordinary items in operating income and extraordinary income.

‘The preparation of the final central government accounts involves a great number of individuals from the government’s financial administration who have a high level of expertise. I would like to offer my heartfelt thanks to all those who participated in the preparation of the final accounts for their expert and efficient efforts on a tight schedule. Experts collaborate closely in the preparation of the final central government accounts and in the auditing process related to it; they assess, develop and also correct procedures if necessary,’ Director General of the State Treasury Timo Laitinen says.

The final central government accounts are attached to the government’s annual report, which is submitted to Parliament in April. The Government submits an annual report to Parliament on Government activities, the management of central government finances and adherence to the budget. The reports to be submitted to Parliament are provided in section 46 of the Constitution of Finland (11 June 1999/731).

The State Treasury’s proposal for the final central government accounts for 2019 (in Finnish) > (Attachments 6 and 12 corrected 4.5.2020)

More detailed breakdowns of the final central government accounts and accounting data are available via the reporting service maintained by the State Treasury at www.exploreadministration.fi. The page also includes links to other documents related to planning and monitoring.

Infographics prepared of the calculations in the 2019 final central government accounts >

Video of the preparation of the final central government accounts in the State Treasury (in Finnish) > 

Further information:
Development Manager Outi Vänttinen, State Treasury, tel. +358 (0)2 955 02409, outi.vanttinen(at)valtiokonttori.fi
Central Government Accounting, tel. + 358 (0)295 50 2000, kkp(at)valtiokonttori.fi

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