ulNNt AL TETMENTS SINDIH PUBLIC SECTOR MANAGEMENT RlFORMS PROJECT (SPSMRP) KARACHI WORLD BANK-ASSISTED, IDA CREDIT # 55840-PK FINANCE DEPARTMENT GOVERNMENT OF SINDH FOR THE YEAR ENDED 30 JUNE 2018 TABL Oi CONTENTS Page No. List of Abbreviations i Preface ii PART 1 Project Overview 01 Auditor's report to the Management 02 t inancial Statements 03 PART - 11 COVER LETTER TO THE MANAGEMENT LETTER 20 EXECUTIVE SUMMARY 21 1 Introduction 21 2. Audit Objectives 24 3. Audit Scope and Methodology 25 4. AUDIT FINDINGS AND RECOMMENDATIONS 26 4.2 Asset Management 26 4.3 Monitoring and Evaluation 27 4.4 Overall Assessment 29 5 CONCLUSION 30 ACKNOWLEDGEMENT 31 ANNEXURES 32 PART -1 1. PROJEC' OVERVIEW 2. AUDITOR'S REPOR1 TO TH-, MANAGEMENT 3. FINANCIAL STATEMENTS \12 llltne 0111- ) i i liL slil ll l i o id c\pentiiturc mid ntzhiuil Lii 1 asl KilanCce' Riil l~iui Setlr N\ lUnaiemilli |(Cltrnis l'rujek, aath IiS Un (ii ne1 3915 2tI. G ur responi bi l>i to cN press an opini en on ihese lineniaul suiieenm5 bused oil eu tdl ill "cCrdcnce jlhe equirenments of ArIele i0 1i1 llìe tonstitulin ofhe fuii nl kepuhic of ikislta red N ilh Sii ection 7 til Audior-Genera (ILlClLnh. Rouers Lnd i erms and CWnditions ef Selvile) (ilrdinitne. 20 We CounuCied oum aud i in accordance w iLthiie auitnUimng standards issued b l>e Inlternatnul Organi /atielel Suprerme Audit Iisltini ClS (SAIs) alnd b) iinr Depami-int I hose Standards reLIre hat we pln and perform audil 1e oltain ieasonale assuranee wlether the Smne ii slalemenit s are ivee ni material misstatemenl. Audil Mludes examiining on i lest elek basis. cvi dellee supporing ile aimoint and disc lesuires in tiie finania statlements ALdiIt also inludes assessing Ille accunig principles L ied ald signtiani estimaes niuide I tle (Jo\ enmnL as \I Nlls aluatini ig he overall finunla Slatement presenlion. \e hi \ thai otr audil provides a reasunie basis før oLir opinjun. In (uu opinion: C These Fnancial siLaements propery presenL in al I malerial respeis, dheiefore te fllnaneal poSition f' ihe Sind Pliublic Sector Managencri ikeforms Project. Karachi ws on June 30i 20118 and tile resuhls of its operations. its casli flows and its expenditure and receipis by appropriulLin for the year, in aeCordance wiiii Ihe stted accoui(ng policies of te Gov,erieiiii o' Pakistan. D. Thle suis expended have been applied, in all material aspects, fOr the purposes authorized by Parliament and have, in al iaterial aspeets. been booked to the relevat granis and appropriationUs Dated: (Liaq 'at Ali Memuon) Place: Karachi Dirent Geinerl Finance Deparinent SEconomic R'eform Unit) S ENDI l PUBLIC SECTO MANAGEIMENT REFORM PROJECT Finance Department, Gnvernment of Sindh IDA Credit No. 55840-PK. F1INANCA, STATE MENTS OF -TH i SINDH PUBLIC SECTOR MANAGCMENT REFORM PROJECT (SPSMRP) 1' July 2017 to 30"h June 2018 Page 1 of I8 SINDIJ PUII-I SIl'аЕЭ�;сi & тirlц:эР 1�.�р{•nгlii{гrс 1,�� U17'ect i'nr i17г f'сг'ind E:nE3ce1 г,п 3i1rr� ,1tr7,c' Zi11€З. г1.iг {аг, пль9�tг7г„) гLi� 7��18 т11�тг {tn Mi11ic7ns} 2f}1ti-Э7 - _.__ �.- -- f3uгi�;7:lcг1 }Зисl��ctcr3 1'�riar7cc ACt11$I ��i17'1.77,СС 4i Anrnunt г4n,пtк7,t Асiгг:гl 1'.гд•tie�7L,rs - - ь?.�1��rrtlilur. ~ _..� _, �ri�,in;7 Е,, Г�irэ�чп'�ь �xlлrnd9ir7res 13{7Е,эп ,W 1 1�in,i1 Е" f�'{rEa7,cc ��7 1 1�iгэаl се !г'figгhlг 1i�7re�гsfilrгr� !'г•и;;г•r��гг k��r,�n�c' {схсl>7iЭэ7э85iпдl7 iГG�4 it,0�; 1,З�{} 259 1G 1,б5Л ]9] 893 98 1[} ltcvcnuc 13о�гд} Рlлппi7э� & - - - - ---_� -- -- -- _ 17e:ыekпg77,cr7t ,}�5 [773 55 F 5b2 54б 5L?0 �1G Я (гг1С�UС�1П'а' S}��1�]е1� -- �) 1 � : _ _ _ _ - ---- ^ - --- - -- .r_ ................... .. . . ]�нс�sс�Уг �59i ]б3G 2Э5 13 1,ЗЕ3 1,З1а ],213 Wi- --97 ? 'Т'axatiг>n _ _ Э ,�121 ___ _ _ _ _ _ ---'I3гэ7гд uf 23?iП - 2?7ii ---- �-3tJ1 13 2,055 1,9Я9 ],588 4а] 2[} ltcыeniie _ 1 {)75 •_ �- _ _ _-- - �-г----- - -�- - - -- - _ и � 5г7f,-гг7tЕ,1 б13гз Г7193 "s,3lз нзо г3 s,r,7a а,8зь {г,г94 6-17 l3 ►'ег'lгкiсrrГrlssгslaiгc'е С'нгifJэгrпегrд Ссзогls 1 ']{}�'а - w 17.835 � Гunstrllin� ТГп - 2].472 w � Servi�cs � 53.4�3а _ __� _ � � �[N]-С{7I,SL1111A�' . _ .. ,�'C�3V 1СС5 ... .. � . � 1 � '" _ � _ . � _ �г�г'а�г,�г7�; w � 1г,72г . - а.4з4 lncrc7„cntaE � • О�эсгаiiп�С'nsds F __� 0,�27 ш_ -_ Ч ц_ Sub-'t'о1а! г7Пу г�1[1 �бg.г� 27а iDD �4р.24 59.76 Ьб CYr апгl '1'nlr,t fлI1D бзч3 5,432.9 7U1.7б 1д ;944 а43С дг3а 7I11 73 k'1�пri:rпrc is �:гlculalet! ;,s; (1�fna1 Киг1�;�i - rlttu:r3 1��?,�,г{ulitt{re�Гt��iп{,1 6ид�;�1 "Uradc+r `1'.t, lигпр s{ггл lаисl�cl Lнгi lrrcr7 �;iveu. � г fд;,��4u1�1�1 �f ��ry * � .,�` � 4 '; �/ у�`� o-wsУΡ уΡ �уΡг уΡ. (уΡ,�уΡ ���GRHL����t� �y уΡ� г� .kt��� А�k.�1гГti.Ь��,ч �: ArrZi4fiC5���C1,��{`�t 'У� d1S ��ц �11����C'i ••ь'С. D�rcctc,+' . . _ ®��Гпе-ет7 [jг1:L j 1`1 r e I ý r[111c111 SI-ND11 PUBLIC SECTOR MANAGEM-STREFOKM PROJE:CT Financc Dep-iiýli-neiit, CTovet-iiiýiciit of Sindli IDA Crecill No, 55840-Plc, 1. IZEPORTING ENTITY AND IMPLEME'NTATION ARRAGNEMENTS. Project AgTecil-lc)-lt daled 11-1C Illh March 2015 was entereci into between ffic INTERNATIONAL 13ANK FOR 1WC0NSTURCTION AND DEVELOPMENT/ INTEUMATIONAL DENELOPMENTASSOCIATION ("Worlci Bank") ncling as a(-iii3inlslr2ilk)i- of the Sindli Public Seclor Mý,tiiýigej-nent Reforrn Project and Ilie PROVI7NCE OV SIND1-1 ("Sindh") 111 conncctloii willi the Project AL,,reeniont (91'roject A,,rccnicnt") of &imic date between the ISLÅMIC REPUBUC OF PAK'ISTAN anel the Associallon, Govci-ninent of Sindli declares jts et)iliniitiýneiii to the objectives or the PrOject and to initiallve activities/refon-ns in accordiiieo with the provisions ortlic Projecl Agreci-neiit, Prov 1 ncia l jo vern m en I o f S ind b (i hc (3 overn m e nt) i s t he reporting eni i ly wh i e 1) cond Lie ts i ts operations under the Rules of Business 1996,fliese ri-iles werc rnade purstiant. to Articie 139 of Ilie Constilution of the Islaiiiie IZcl)iibll'c of Paklislan, 1973 (the Constitution) and envisages ProvincMI (joverninent as an entlily coniprising of departnierits ancl (licir attached departments. Institutional and irriplernentation arrangemcriS for Ilie project Lire developed to strengthen public sector perfol-iiiýillec in the Provincc of Sindli through iniproved reveiiLie and expenditure Management. ]n context of the Project, the C-conorriie Reförj-n Unit (ERU) and the Projeet Stakeholders are res po ii s i b le for po I i e y fio i-mu I ati on, coord i n at] o % in ip I ern en tal io n and iii onilorling of i n itia tives lin der the Project, including: (1) liýiisiiig with the relevant. stikeholders; (11) reporting on Project iii3p]ejlicntzttion progress, including progress in nelileving DI-Is, and ii-ioilltoring ERPs; ariet (111) ensuring compliancc -with Ilie proeurernent, safegnards, Financial mnagernent, and monitoring and evakiation ar-rangeiiiciilq. E-concinic Reforni. Unit is headecl by the DiTector, who reports to Ilie I'Inancc Secretary and W the Stcering Coi-niliitice on the irnplernentation slatus of the Project. In addition, various provincial inslitutes afrliated with flic rerörm activitics have responsibillties ýor 2. 11 AS IS 0 F CO NS 0 1, 1 OATI 0 N The f-lnalicia) statenienis have bcon 1)rcptrcd by consolletating the cimployce related expentlitlire of I`Inance (including Sindh Revenuc Boaril), Illarming Devcicipnient Department (inclucling Sindli PPRA), Excisc and Taxation and Boarcl of lýevcillte. ASAEý HAN -A CRANNA r,) i r c C`t 0 T' conornic U11,t c IF (wicpr (PÅ lFinance Departmemn (ESconomic Reform Unit SINDIL PUBLIC SiEClOR MANAGI`MENT REFORM PROJECT Finance Department, Government of Sindh 2.1 Certificantion by Project Management Funds against Credit No. 55840-PK have been uihzed for the project purposes as derined in the financing agreement 3. STATEMENT OF COPIVIPIANCE These 1inancial statements have been prepared in accordance with the New Accounting Model (NAM). In December 2000, Auditor General of Pakistan preseribed NAM with the approval of the President of Pakistan under Artiele 170 of the Constitution of Islaic Republie of Pakistan and the inplenentation tf NA M is an ongoing process. 4. ACCOUNTING CONVENTION AND BASIS OF PREPARATION Tliese financial statements have been prepared under the cash basis of accounting which recognizes transactions and events only when cash is received or paid by the entity. These filancial statements have been prepared as per the requiremenis of NAM that supports international bet practices. The statemerit of receipIs and paynents, statements of coiparison of budget and actual amoounts by Objeci and notes forming parls thereof have been prepared on the format of Cash Basis IPSAS - Financial Reporting under the CasI Basis of Accounting. 5. REPORTING AND 1 JGET PERIOD Tlie repol1ing period for this financial statement is from ` July 2017 to 30111 June 2018.Te project and financing agreemnenis were signed on I IL1" March 2015. 6. REPORTING CURRIMNCY The reporting eurrency of these financial statements is Pakistani Rupees (PKR). 7. SIGNIFICANT ACCOUNTING POLICIES. The Principal accounting policies applied in preparation of this project lilancial statemnent are set out below. bese accounting policies are consistently applied lo all periods presented. D N SH ctoun1A -À I DiTectr o R FD r R, 1. _ _ j, Fin,. Department (Econ I L Reforin Unit) SINDI I PUBLIC SECTOR M ANAGEMENT REFORM PROJECT Finance Department, Government of Sindh IDA Credit No. 55840-PK. It evenue/Rlceipt recogniionn Revenue is ruengnized on the date of receipt of money by the hank or clearance of cheque. Revenue is recognized on a gross basis and any related costs are recorded separalely. Receipts representing recovery of any previous overpayment are adjusted against relevant expenditure, if it occurs in the same financial year. Ii. Recognition of expenditure Expenditure is recognized on the date when payment is made or cheque is issued. Financial year to which the payments pertain is detennined by the date on which a chcque or payment advice is issued Policies for recognition of expenditure are as follows: a. Payments made through cheque Expenditure is recognized on 1he date the cheque is issued. b. Inter government transfers Expenditure is recognized on the date the transfer is made by the transferor. c. Payments directly in hank accounts A direct payment into bank account, expenditure is recognized on the date the payment advice is issued to the bank. d. Direct payments by State Bank of Pakistan (S1P) Repayment of loans and othet direct payments by the S11', expenditure is recognized on the date Slate Bank of Pakistan advises the relevant accounting office, e. Imprest payments Expenditure is recognized when the required claim vouchers are submitted and imprest * account is rcimbursed, iii. Forei urrency Transactions in foreign currencies are recorded in the books at the rates of exchange prevailing on the date of transaction. Exchange differences arising on settlement of these trarvactions are recognized in the Statement of Receipts and Payments, but are not disclosed separately. iv. Cash and cash equivalents [Vage 7 of 19 IV J 14 ASA L PLC~ to Fin i e Dpa nit (economic Reform Unit) SIND 1 PUBlC SlECTOR MANAGEMENT REFORM PROJECT Finance Department, Government of Sindh IDA Credit No. 55840-PK. For the puiose of this financing agreement, the Governmert of Sindh Account No 1, maintained at State Bank of Pakisian is used for the Disbursemient of Loan. The cash and cash eqivalents r2resemt advances of Technical Assistance by IDA to the borrower and al the end or Financial year the advance wh ich remains un-docuimiented/not adjiisted. v. Assefs Assets are future ceonomic benefils controlled by the governient as a result of past transactions or other past events. Assets are rocorded at cost and euriently no depreciation is charged. vi. P>ay'ment byChirL Party The Government also benefits fniom goods and services purchased en its behalf as a result of cash paynents made by the third parties during the period by way of loans and contribulions, in the shape of grants and aid. The payments made by the third parties do not constitute cash reccipls or payments controlIed by the Government as defined in the Cash Basis IPSAS - Financial Reporting under the Cash Basis of Accounting but do benel-t tle Government, as the Giovernment does not receive cash (including cash equivalents) direetly from, or gain control of the bank accounts or similar facility established for its benefit by, the third parties. Payments by third parties, if any, are disclosed in the paynents by third parties column on the face of statement of cash receipis and paymenis and notes to the financial statements. 8. PROJECT OBJECTIVE AND DESCRIPTIONS he objective of the Project is to strengthen public sector performance in the province of Sindh through improved revenue generation and expenditure management. The Project Objectives consist of [he following: Support to the implementation of reform activities included in the Sindh Tax Revenue Mobilization Reform Plan, imeluding: (a) establishing a new Tax Reform Unil in ED; (b) supporting TRU to conduct high quality analytieal studies to support the decision- making process associated with GoS [ax policy and administrative reforms; (c) reviewing eritical aspects of STS administration with the potential to enable procedure harmonization with the other two rev ine administrations in Sindh; (d) establishing a state-of-the-art training facility in sales tax administration and support other pre-and in-service training activities within tax agencies; (e) condueting initial studios to identify factors which can be employed Page U of 18 Gjovernlment of Sindhil Filance Deparimcnt (liconoic fefrmi Unill SIND[ I PUBLIC SECTOR MANAGEMIENT REFORM PROJECT Finance Depart ment, Government of Sindh JDA Credit No. 558 K-c to inerease lax morale in the Province, vhich will serve as input to prepare large-seale taxpayer edueation programs; (f) conducting GIS and satellite imaging analysis for property tax and other tax reforms; (g) conducting regular tax payer coiTnuhication, education and facilitation activities; and (h) supporting other efforts to implement the Sindh Tax Reform plan within Board of Reveniie, Excise and 'l'Txation Dcpartment und other tax agencies including but not flited to Urban Iimovable Property Tax, Stamp Act, dcum-ent/property registration and related reforms. Support to the imptcnentatn of thbe Sindh Publie Financial Managerent Stralegy, including: (a) supportimg for enlancing ihe usage of the FMIS in Finance, P&DD and linc departments; (b) irnproving cash managemenl mechaisms neluding support to commitMiert accounting; (e) organizing trainings on the usage of FMIS reports in Finance, P&DD and line departments; (d) supporting pre-budget workshops and seninars (e) supporting deb management; (1) asset recording, internal control, and expenditure conimitnent control; (g) payroll and pension audits; (h) strengthening public accounts commiltees; and (i) strengthening citizen engagement and information disclosure practices. o Support to implementation of procurement reforrns, including (a) developing and irnplementing the e-procurenent and MIS plans by identifying required changes for the new technology to be effective; (b) partnering with higher education institutions and specialized training institutions to develop training modules which cover the full range of courses that are required for building procurernent skills of proeurement officials and; (c) supporting SPPRA in developing their own ca-pacity and strengthening their regulatoiy framework (implementing regulations, contraet management guideline, etc). o Support to the management of the development portfolio, ineluding: (a) supporting eapacity building activities of the Monitoring and Evaluation Cell/Development Delivery Unit within the Planning and Development Department; (b) developing systerns of photo- enforced monitoring; (c) conducting satellite imaging and other GIS analysis; inehiding creation of related infrastructure, to deepen poverty analysis for improved targeting/pro-poor development; and (d) supporting proactive beneficiary feedback of government development schemes and other day-to-day service delivery areas. Page 9 Lit 18 ...SFERAZ A HMED e A f1 ALiIKHAN `inance Departiml (ERconomnic Reform Uiiit) SINDH I PUBLIC SECTOR MANAGEIMENT REFORM PROJECT 1ine Department, Covernment of Sindh IDA Credit No. 55840-PK. Projet Cormponet The Project consists of iwo complementary componenis: (i) results-based financing based on DLIs to provide an incentive for achieving eligible public sector management (LPSM") reforms (US$ 40 million), and (ii) technical assistance to support activities for achieving Dis (US$ 10 million).Resuls-based fnancing will disburse against agreed eligible expenditure program (tiE's) based on Dis in four reform areas: increasing tax revenuc mobilization; enhancing perfonance of public inancial m:nagemen system; strengthcning public procurement perfo-rance, and improving rnanagement of the development portfolio. (4 Component 1: Results-hased financing to provide an incentive for achieving eligible PSM reforms (USS 40 million). Under the results-based component, Credit disbursement will reiiburse expenditures incurred by the Government of Sindh in selected key budget line iteis refe-red to as E n. The event and amount of Project disbui-sments vill be contingenl on satisfaetory achieveient of disbursement linked indicators (DIAs). EEPs include pay and alowances for departments of Finance, Ixeise and Taxation, Planning and Development, [he Hoard of Revenuc, SPPRA, and SRI3 since the Project interventions will mainly focus on these organizations. The reiinbui-scment under Component-1 received from te World bank are made in the Provincial Accouni-I, maintained in the State Bank of Pakistan. 1 Component 2: Technical Assistance (TA) to support capacity building and institutional strengthening ussociated with ichievement of eligible public sector management (PSM) reforins, mitigating implementation challenges and promnote sustainability of project outenmes (US$ 10 million). TA will be used to support all four eligible P'SM re orm areas: tax collection, PFM, procurement, and development monitoring. The technicaL assistance will consist of lchnical consullancies and capacity building activities, inclucimg tramini, seminars, conference participation, equipment purehase, and other activilies. Efforts will be made to utilzc an inclusive approach to capacity building and institut inal strcngthcning to ensure strong female representation and n pro-poor focus. ~uäiHMEDl ...2 AcN eL11CrA 1Ecom c Refioin Uni SINDH P C PO ISECTOR MANAGI MFNT REFORM PROJECT 1Financc Delpartmnnt, GovC mmeni of Sindh IDA Credi No. 55840-PK. 10. PO)0 Level Results Indicators O>bjective PD) ln dicator Measures the overall performance of tlie Sales Tax on Services (STS) Improve d collc cion Collectijon. STS to be measured in real terms, as three and a half percent y/Sales iax on aIInual collectiI growth miLIS inflation. Perfornance is cmuilative, and Services over or under-perlormance adjusable vis-å-vis preceding or succeediiig years. . The variancec heween actulI and budgeted expenditure composition lägelnrai ereK. 12. DISBUZSEMrN[` CONDI lIONS AN) SC l E1UI E The disburseeis for Componnit I of the Project are conditional on the achlieveient of R Disburseient Linked ndiciators (DLIs) related to Finance Department (minc 1g Sindh Revenue Board), Planni g & Development Department (including Sindh Pubiic Procurement 1Regiultory Autiory) , I xc, Taxat in & Narcolics Control Depa trent, and Boid of Revenc, In e ach eyceI, the arnount eligible for disbu rseieni will be the product of the total number of auhieved DLls wnd the init DL priec. Where achievement of a DLI cannot be certificed, an amn-t equivalent to the unit DLI price will be withhcld. This amouLnt will be paid at any later date when sucb achievement can be verilied In case of partially met DI.1, i proportion of that DLI would be considered met and rernaining wou1( be caniled orward. ThC reimbursemc depends on the two factors, first the achievement of DI and second is tho HIEPs, 13. SPSNMIRP COST AND1 FINANCING/LOAN HY IDA AND EUROPEAN COMMISSION USS (In Million) Financial Components Percentage (%) S ndh Ciovemment 220 78% iDlA 50 -t 18% European Corninission (Tcchnical Grant)* 12 4% Total 282 100% *European Commission (EiC) is a 110n-onetaiy technical grant and does not involve any inancial transfers, US,5 (In Million) [Allocation of Lr>) t1 Armount ((attegory) Arnonunt of Loan Percentage (%) Eligible Eixpendituire Prograns $40 80% Technical Assistance 10 20% [o11ta 50 F0% /Page 14 cr V i fe -A AL K" AMN M AVZAL CHIAN 1A ee SIND1 PUBIC SECTOR MANAGEM,NT REFORM1 PROJECT 14. RECWEIPT' Thc am1oun of linancing as the GoS has mrived at during the cuiient financial year ended Inne 30` 2018 is as foIlow;: 2017-18 F 2016-17 Cumulative PKR (ii Milhons) PKR (in Millions) PKR (In Millions) Financed by World 614 364 978 Bank Fiianced by 4,749 3,830 vrnment o 4741l oj' 8,579 Sindh T,otal Financing 5,363 4,194 9,557 14.1 The share of Government of Sindh is arrivcd at after suming all the expenditure incurred and thien deducting from the funds received from IDA. 14,2 TA Financing was received from JDA during the reporting financial year of Rs. 257,507,488 to SIM1 15. WITI1DRAWAL SC IF1)LE OF lIDA compoinent 1 Applied Sanetined AppIltionf Applicai[mn Da Amrunt Amount at Amutt Amount Date 1 Statt No. ioype in USS ini PKR in US$ PKR Amount in Millions 22'" Reimbiirscmen M` 3rd SPSMRP-5 of eligible h 7.72 939 May, 5.313 614 Paid expendituc 2018 2018 Total 614 Paid ý .~Page 1 of 18 siEÉRAZ AHMED nfcf & AcCOunl,9 Spe 0 3 s[t SPSMRP (ERU), FD rirec or SIND PU 2C11 S dCTO \ MN I N I R FORM PROJ ECT Ii nanwe Depari-nem, G overnmeni of SMdh 16. Iligible Expendituri 1rogram Detais A imount iAjlilions Particulars Actual Expenditures I'iuz1nce (exclhding SRB) __ __ 1349 Pliniru.g & Development (muludm,g SPP R'A_ 618 Lxcise & Tlaxation 1421 Ilourd ofRevenue 1975 Total 5,363 17. TA Financing was reccived from I DA during the reporting [inncial ycear ol Rs. 257,507,488 to s RB. 18. Expenditures under TA Component l-xpendilures licurred By 1RU, F) Amnunt in Ru1ees Anount in Rupces Year 2017 2018 2016-20 17 Salaries 8,907,378 6,3 16>83 I Consultaneies 59 902,085 15 654 523 Vehicles 5,763,857 Melbile 'holles 5,91)6300 1C_- lquipment 6,075,000 Reimbursem1ent 272,324 434,007 Sub Total 69,081,787 40,240,518 Plage 17 of 1$ A Z AM ) AS^ AL 'KH AN Director inance & AccoU SPFcLa_conric Retorm Unit SINI)1 PUBK1,1C SECT1 MANAGIEMN REFORM PROJEC' L.inanuce e p atn, (Goverrmnent ofS indh 8. xpend ,Itires uuderT (TCompo nent uf SRB Amount o ni iRupes Amuit inj Rpees Yr171 >0V 2016 20 J_ Salaies 826 291 T__ rainin~ 6025019 Sub Toital 0,851,310 ___ 19. EXPENDITURES TRACK[NG AND MONYTOIING The expendituire sludl be tracked aid monitoid by the requiring the stakeholders to send periodic reports, Such inforomation shall be Im1corpora1ed and updated in the projeet plans and in the bi-annul lterm Financial keports (is) for proper recording and audit. 20. AUTlORIlATION FOR ISSUE These inancial statements have been authorized for issue on 30'l' June 2018 21. GENERAL (i) vel of rci'rciIon Figures in thcse finaneil statements have been rmunded off lo the nearest millons of Rupees, unless otherwise staled. (Asad Ali Khank p EiAimic Défh9Æt page 18 øI 1i M. AFZAL CHANNA nl - , (WierpPT (Eku>ý