MINISTRY OF FINANCE Government of Bermuda

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					MINISTRY OF FINANCE


TO SUPERVISE THE ECONOMY OF BERMUDA GENERALLY AND TO
PROVIDE OVERALL FINANCIAL MANAGEMENT AND CONTROL OF ALL                                                    The Hon. Paula Ann Cox, JP, MP
GOVERNMENT ACTIVITIES.

                                                                                                                          DIFFERENCE
                                                                                                                            2011/12
                                                          2010/11 2011/12  2011/12 2012/13                                    vs
HEAD                 DESCRIPTION                          ACTUAL ORIGINAL REVISED ESTIMATE                                  2012/13
                                                           ($000)  ($000)   ($000)  ($000)                            ($000)         %
 (1)                       (2)                               (3)     (4)      (5)     (6)                               (7)         (8)

       CURRENT EXPENDITURE ($000)
 10    MIN. OF FINANCE HQ                                  12,635               10,581    10,581              5,166     (5,415)       (51)
 11    ACCOUNTANT GENERAL                                  86,422               78,087    80,837             51,139    (26,948)       (35)
 12    CUSTOMS                                             20,001                7,650     7,650              7,300       (350)        (5)
 28    SOCIAL INSURANCE                                     9,695                5,150     5,150              5,150          0          0
 38    OFFICE OF THE TAX COMMISSIONER                       3,315                3,515     3,583              3,515          0          0
 58    INTEREST ON DEBT                                    55,298               70,000    70,000             35,000    (35,000)       (50)
 59    SINKING FUND CONTRIBUTION                           28,760               25,750    25,750             30,750      5,000         19
 80    PROJECT MANAGEMENT & PROCUREMENT                     1,156                1,300     1,300              1,352         52          4
                                                          217,282              202,033   204,851            139,372    (62,661)       (31)
       REVENUE ($000)
 10    MINISTRY OF FINANCE HQ                               2,002                2,000     2,000              4,000      2,000       100
 11    ACCOUNTANT GENERAL                                   3,956                3,500     3,500              3,500          0         0
 12    CUSTOMS                                            199,778              209,264   199,618            211,170      1,906         1
 38    OFFICE OF THE TAX COMMISSIONER                     568,720              499,560   459,440            461,040    (38,520)       (8)
                                                          774,456              714,324   664,558            679,710    (34,614)       (5)
       CAPITAL EXPENDITURE ($000)
       ACQUISITIONS                                          2,898               4,682        2,058            2,676 FOR DETAILS OF
       DEVELOPMENT                                             190               3,320        4,700            3,750   SCHEMES SEE
                                                             3,088               8,002        6,758            6,426 SEC C PAGES 4 - 17

       EMPLOYEE NUMBERS                                       407                  246          242             233        (13)           (5)




                                          75%
                            EXPENDITURE




                                                                                               EMPLOYEES
                                                REVENUE




                                                                     CAPITAL




                     14%                                    8%                           4%



                $1,005.5M                  $909.6M           $76.2M                           5,708


              Ministry Estimates compared with total Government Estimates




                                                           B - 80
HEAD 10 MINISTRY OF FINANCE HQ                                                          CURRENT
                                                                                        ACCOUNT
MISSION STATEMENT                                                                       ESTIMATES

To formulate and implement sound fiscal policies and effectively manage the public finances.
To direct policy implementation and oversee programme management operations within the
Ministry, with a view to ensure an effective implementation of Government policy.




DEPARTMENT OBJECTIVES


■     To formulate sound fiscal policy in order to promote stable economic growth;
■     To prepare, implement and closely monitor the National Budget;
■     To arrange all Government borrowing requirements at the most competitive rates;
■     To maintain effective relations with Credit rating agencies;
■     To oversee and manage the Public Pension funds;
■     To establish public procurement guidelines and manage Government procurement;
■     To be proactive in treaty negotiations with respect to tax information exchange agreements.



GENERAL SUMMARY

EXPENDITURE                                                                                 DIFFERENCE
PROG                                                                                          2011/12
COST CENTRE                                      2010/11 2011/12  2011/12 2012/13               vs
                      DESCRIPTION                ACTUAL ORIGINAL REVISED ESTIMATE             2012/13
                                                  ($000)  ($000)   ($000)  ($000)       ($000)         %
    (1)                    (2)                      (3)     (4)      (5)     (6)          (7)         (8)

    1001    POLICY ADMINISTRATION
        20000 POLICY PLANNING & MGMT.               6,481    7,800     7,655    1,973    (5,827)        (75)
        20010 FISCAL PLANNING & CONTROL               476      485       485      489         4           1
        20020 BUSINESS REGULATORY                   1,154        0         0      629       629           0
        20030 ECONOMIC & FINAN. INTELLIGENCE          508      528       663      509       (19)         (4)
        20040 TREATY MANAGEMENT                       576      908       918      571      (337)        (37)
                                                    9,195    9,721     9,721    4,171    (5,550)        (57)
    1002   GRANTS
        20070 NATIONAL PENSIONS COMMISSION          1,000      860       860      995       135          16
        20090 BDA. ECONOMIC DEV. CORP.              2,440        0         0        0         0           0
                                                    3,440      860       860      995       135          16
                                         TOTAL     12,635   10,581    10,581    5,166    (5,415)        (51)




                                                   B - 81
HEAD 10 MINISTRY OF FINANCE HQ - continued

SUBJECTIVE ANALYSIS OF CURRENT ACCOUNT ESTIMATES

EXPENDITURE                                                                               DIFFERENCE
                                                                                            2011/12
                                                2010/11 2011/12  2011/12 2012/13              vs
       OBJECT CODE DESCRIPTION                  ACTUAL ORIGINAL REVISED ESTIMATE            2012/13
                                                 ($000)  ($000)   ($000)  ($000)      ($000)         %
 (1)                      (2)                      (3)     (4)      (5)     (6)         (7)         (8)

       SALARIES                                   1,898      1,617    1,567   1,852       235         15
       TRAINING                                      24         24       22      29         5         21
       TRAVEL                                       250        105       68     141        36         34
       COMMUNICATIONS                                29         26       27      62        36        138
       ADVERTISING & PROMOTION                       73          0        3      10        10          0
       PROFESSIONAL SERVICES                      2,212        690      910   1,181       491         71
       RENTALS                                       28         10       24      20        10        100
       INSURANCE                                    500        500      250     500         0          0
       MATERIALS & SUPPLIES                         106        129      132     142        13         10
       EQUIPMT. (MINOR CAPITAL)                       8          0        0       0         0          0
       OTHER EXPENSES                                22        308      405      71      (237)       (77)
       GRANTS AND CONTRIBUTIONS                   7,485      7,172    7,173   1,158    (6,014)       (84)
                                        TOTAL    12,635     10,581   10,581   5,166    (5,415)       (51)



REVENUE SUMMARY

                                                                                          DIFFERENCE
                                                                                            2011/12
                                                2010/11 2011/12  2011/12 2012/13              vs
       REVENUE SOURCE                           ACTUAL ORIGINAL REVISED ESTIMATE            2012/13
                                                 ($000)  ($000)   ($000)  ($000)      ($000)         %
 (1)                      (2)                      (3)     (4)      (5)     (6)         (7)         (8)

       8104 BNTB Guarantee Fee                    2,000      2,000    2,000   2,000         0          0
       8288 Work Permit Exemption Fee                 0          0        0   2,000     2,000          0
       8877 Reimbursements                            2          0        0       0         0          0
                                        TOTAL     2,002      2,000    2,000   4,000     2,000        100




                                                   B - 82
HEAD 10 MINISTRY OF FINANCE HQ - continued


EMPLOYEE NUMBERS (FULL-TIME EQUIVALENTS)

                                                                                                DIFFERENCE
                                                                                                  2011/12
                                              2010/11       2011/12      2011/12 2012/13            vs
COST CENTRE                                   ACTUAL       ORIGINAL     REVISED ESTIMATE          2012/13
                   DESCRIPTION                                                                            %
 (1)                   (2)                      (3)          (4)          (5)        (6)        (7)       (8)

       20000 POLICY PLANNING & MGMT                    4            4            4          4       0        0
       20010 FISCAL PLANNING & CONTROL                 4            4            4          4       0        0
       20020 BUSINESS REGULATORY                       3            0            0          2       2        0
       20030 ECONOMIC & FINAN. INTELLGENCE             2            2            2          2       0        0
       20040 TREATY MANAGEMENT                         3            3            3          3       0        0
                                      TOTAL           16           13           13         15       2       15




                                                 B - 83
HEAD 10 MINISTRY OF FINANCE HQ - continued

     PERFORMANCE MEASURES                                                               RESULTS

                                                                    Current                  Previous
     INTERNAL

1.   Percentage variation of actual current
     account expenditure outturns compared to
     total approved estimates.                                      (+)1.7% (2010/11)        (+)1.3% (2009/10)

2.   Percentage of Consolidated Fund
     Ministries whose actual expenditure
     outturns are at or below budget.                               50% (2010/11)            73% (2009/10)

3.   Actual revenue vs. Original Estimate                           6.4% below estimate      5.5% below estimate

4.   Actual current & capital expenditure vs. Original Estimate     3.5% over estimate       0.8% over estimate

5.   GDP:
     - forecast                                                     -4.00%                   -2.50%
     - actual growth                                                -1.96%                   -4.80%

6.   GOVERNMENT DEBT/GDP
     Bermuda                                                        17.2% (2011)             13.6% (2010)
     Developing Countries rated similar to Bermuda (mean)           29.1% (2011)             27.7% (2010)


     EXTERNAL

7.   Bermuda Omnibus Survey
     Consumer Confidence Index - 2nd Quarter (post-Budget)          68 (2011)                81 (2010)

8.   Credit Ratings
     Standard & Poors                                               AA-                      AA
     Fitch                                                          AA+                      AA+
     Moodys                                                         Aa2                      Aa2

     NB: Current refers to 2010/11 (or 2010) unless otherwise stated




                                                           B - 84
HEAD 11 ACCOUNTANT GENERAL                                                           CURRENT
                                                                                     ACCOUNT
                                                                                     ESTIMATES
MISSION STATEMENT


We are committed to develop and maintain excellence through quality service and financial
control for internal and external decision making under the authority of the Public Treasury
(Administration and Payments ) Act of 1969.



DEPARTMENT OBJECTIVES


■ To provide timely & accurate financial information.
■ To provide quality service in all that we do.
■ To safeguard the assets of Government by ensuring that adequate internal controls are
   established and are being followed by all sectors of the Government.
■ To provide management oversight and support to other departments, with advice &
  guidance.



GENERAL SUMMARY

EXPENDITURE                                                                               DIFFERENCE
PROG                                                                                        2011/12
COST CENTRE                                   2010/11 2011/12  2011/12 2012/13                vs
                   DESCRIPTION                ACTUAL ORIGINAL REVISED ESTIMATE              2012/13
                                               ($000)  ($000)   ($000)  ($000)        ($000)         %
 (1)                    (2)                      (3)     (4)      (5)     (6)           (7)         (8)

 1101      CONSOLIDATED FUND
        21000 POLICY MGMT. & ADMINISTRATION     2,412      2,005    2,005    2,107        102               5
        21001 FINANCIAL REPORTING                 830        673      673      688         15               2
        21002 COMPENSATION                        435        727      727      668        (59)             (8)
        21003 PAYMENTS                            538        514      514      442        (72)            (14)
        21004 REVENUE RECEIPTING                  785        776      776    1,098        322              41
        21005 TREASURY MANAGEMENT               4,473      1,414    1,414    1,903        489              35
        21006 DEBT COLLECTION                     167          0        0        0          0               0
        21007 RECONCILIATIONS/CASH MGMT.          927        663      663      548       (115)            (17)
        21008 TECHNICAL SYSTEMS SUPPORT         2,344      1,778    1,778    1,812         34               2
        21100 GOVT CONSOLIDATED REPORT              0        119      119      119          0               0
        21200 BENEFITS                             53         80       80      134         54              68
        21900 TRAINEES                            493        617      617      786        169              27
                                               13,457      9,366    9,366   10,305        939              10

 1102       FUND ADMINISTRATION
        21010 SUPERANNUATION FUND              32,367     29,264   30,564      272    (28,992)            (99)
        21020 CONTRIBUTORY PENSION              8,332      7,650    8,400    8,163        513               7
        21030 GOVT EMPLOYEE HEALTH INS         30,689     30,265   30,965   30,842        577               2
        21040 MINISTERS & MEMBERS PENSION       1,577      1,542    1,542    1,557         15               1
                                               72,965     68,721   71,471   40,834    (27,887)            (41)
                                     TOTAL     86,422     78,087   80,837   51,139    (26,948)            (35)



                                                 B - 85
HEAD 11 ACCOUNTANT GENERAL - continued


SUBJECTIVE ANALYSIS OF CURRENT ACCOUNT ESTIMATES

EXPENDITURE                                                                                            DIFFERENCE
                                                                                                         2011/12
                                              2010/11      2011/12          2011/12     2012/13            vs
      OBJECT CODE DESCRIPTION                 ACTUAL      ORIGINAL         REVISED     ESTIMATE          2012/13
                                               ($000)       ($000)           ($000)      ($000)    ($000)         %
(1)                      (2)                     (3)          (4)              (5)         (6)       (7)         (8)

       SALARIES                                  5,051            6,812       6,810       6,953        141           2
       WAGES                                     1,334              222         222         378        156          70
       EMPLOYER OVERHEAD                        71,918           67,603      70,355      39,780    (27,823)        (41)
       COMPENSATED ABSENCE                         659                0           0           0          0           0
       OTHER PERSONNEL COSTS                        15            1,223       1,223       1,100       (123)        (10)
       TRAINING                                     57              162         162         174         12           7
       TRANSPORT                                     1                0           0           2          2           0
       TRAVEL                                       10               39          39          54         15          38
       COMMUNICATIONS                               75              150         150          82        (68)        (45)
       ADVERTISING & PROMOTION                       4                6           6           3         (3)        (50)
       PROFESSIONAL SERVICES                     1,369              885         885       1,122        237          27
       RENTALS                                     829              898         898         868        (30)         (3)
       REPAIR AND MAINTENANCE                      495              701         701         615        (86)        (12)
       ENERGY                                       97              105         105         112          7           7
       CLOTHING, UNIFORMS & LAUNDRY                  0                1           1           1          0           0
       MATERIALS & SUPPLIES                        175              202         202         181        (21)        (10)
       EQUIPMT.(MINOR CAPITAL)                      54                0           0          20         20           0
       OTHER EXPENSES                            1,905              710         710       1,704        994         140
       RECEIPTS CREDITED TO PROGRAMME           (1,067)          (2,338)     (2,338)     (2,866)      (528)         23
       GRANTS AND CONTRIBUTIONS                      6                6           6           6          0           0
       DEBT CHARGES                              3,435              700         700         850        150          21
                                 TOTAL          86,422           78,087      80,837      51,139    (26,948)        (35)



REVENUE SUMMARY

                                                                                                       DIFFERENCE
                                                                                                         2011/12
                                              2010/11      2011/12          2011/12     2012/13            vs
      REVENUE SOURCE                          ACTUAL      ORIGINAL         REVISED     ESTIMATE          2012/13
                                               ($000)       ($000)           ($000)      ($000)    ($000)         %
(1)                      (2)                     (3)          (4)              (5)         (6)       (7)         (8)

      8263 Insurance Business Fees                 120                0           0           0          0             0
      8617 Publications                              1                0           0           0          0             0
      8863 Interest on Sinking Fund              2,710            3,500       3,500       3,500          0             0
      8877 Reimbursements                           10                0           0           0          0             0
      8889 Sundry Receipts                         102                0           0           0          0             0
      9438 Miscellaneous                         1,013                0           0           0          0             0
                                      TOTAL      3,956            3,500       3,500       3,500          0             0




                                                        B - 86
HEAD 11 ACCOUNTANT GENERAL - continued

EMPLOYEE NUMBERS (FULL-TIME EQUIVALENTS)

                                                                                                      DIFFERENCE
                                                                                                        2011/12
                                           2010/11       2011/12          2011/12      2012/13            vs
COST CENTRE                                ACTUAL       ORIGINAL         REVISED      ESTIMATE          2012/13
                  DESCRIPTION                                                                                    %
(1)                   (2)                    (3)              (4)          (5)           (6)        (7)         (8)

      21000 POLICY MGMT & ADMINISTRATION           10               10           10             9       (1)           (10)
      21001 FINANCIAL REPORTING                     5                6            6             7        1             17
      21002 COMPENSATION                           10               10           10            10        0              0
      21003 PAYMENTS                                7                7            7             6       (1)           (14)
      21004 REVENUE RECEIPTING                      4                6            6             6        0              0
      21005 TREASURY MANAGEMENT                     3                3            3             3        0              0
      21006 DEBT COLLECTION                         2                0            0             0        0              0
      21007 RECONCILIATIONS/CASH MGMT.              7                7            7             6       (1)           (14)
      21008 TECHNICAL SYSTEMS SUPPORT              11               10           10            10        0              0
      21030 GOVT EMPLOYEE HEALTH INS                8                8            8             8        0              0
      21100 GOVT CONSOLIDATED REPORT                0                1            1             1        0              0
      21200 BENEFITS                                5                5            5             5        0              0
      21900 TRAINEES                                9                9            9             9        0              0
                                   TOTAL           81               82           82            80       (2)            (2)




                                                     B - 87
HEAD 11 ACCOUNTANT GENERAL - continued

OUTPUT MEASURES                                                     RESULTS

                                                                   2011                       2010
21001 FINANCIAL REPORTING

1.   Prepare annual financial statements for         Draft statements and        Audit report finalized
     previous fiscal year by the following           notes were provided by      October 2010.
     July 31                                         July 19, 2011.

2.   Provide audited financial statements for        Audit report finalized
     previous fiscal year with sign off by           February 2012
     following September 30

3.   Ensure all departments are able to obtain       Achieved at a 90%           Achieved 95% the time.
     and produce information for management          success rate
     reporting purposes from the financial
     accounting system by the 15th of each
     month.

4.   Recognize infrastructure assets on the          recognized 95% of           recognized 90% of
     financial statements by March 31, 2009.         infrastructure assets for   infrastructure assets for
                                                     FY 2011. all required       FY 2011.
                                                     classes of assets are
                                                     included in the financial
                                                     statements

5.   Prepare draft annual summary                    In progress                 First draft to be completed
     (consolidated) financial statement of the                                   by December 2010
     Bermuda Government, for the first time, for
     fiscal year March 31, by December.

6.   Prepare the Report and Accounts of the          In process                  First draft to be completed
     Consolidated Fund annually, for distribution                                by December 2010
     by December.

7.   Prepare the draft annual financial statements   Draft financials were       Draft financial statements
     of the respective Public Funds, administered    presented to Audit within   to OAG by May 2011
     by the Accountant General's Department for      the three months of their
     presentation to the Office of the Auditor       respective year ends
     General (OAG) by within three months of the
     fiscal year end

21002 COMPENSATION

1.   Improve GEHI reimbursement process -            Project is being reviewed   Project is being reviewed
     reimburse via payroll system, by August         given implementation of     for testing after July 2011
     2012                                            new E-1 system

2.   Salaries and wages are being paid timely and    Salaries are being paid     Salaries are being paid
     accurately.                                     timely 99.9% of the time    timely 100% of the time
                                                     and accuracy is in          and accuracy is in excess
                                                     excess of 97.5%             of 99.5%



                                                     B - 88
HEAD 11 ACCOUNTANT GENERAL - continued

OUTPUT MEASURES                                                                 RESULTS

                                                                 2011                            2010

21003 PAYMENTS

1.   Reduce number of printed cheques, reduce        EDI has been implemented       Electronic Data Interchange
     wire fees, and improve payment times via        for 95% of international       (EDI) has been implemented
     introduction of Electronic Funds Transfer       vendors. Local vendors         as a payment method for
     (EFT) payment methods for all vendors by        has increased from 30% to      90% of international vendors.
     March 31, 2009.                                 80% being paid by EDI in
                                                     FY 2011/2012. Payment
                                                     turnaround was decreased
                                                     from 5 to 2 working days
                                                     upon receipt of properly
                                                     approved batches.

21004 REVENUE RECEIPTING

1.   Deposit funds collected, within 3 working       Achieved 98% of the            Achieved 98% of the
     days of receipt as required by Financial        time                           time
     Instructions.

2.   Reduce long-standing outstanding debt           Reduced by 10%                 Reduced by 20%
     referred to the Accountant General's
     Department by 35% before March 31, 2011.
     Reduction will be a further 10% in Fiscal
     year ending March 31, 2013.

3.   Ensure that departments refer all debts >       40% of departments             40% of departments
     60 days and deemed to be uncollectible to       are referring debts over       are referring debts to
     Revenue Receipting Collection Section           90 days to the Debt            DCO
     within 10 days after the 60 day period. Going   collection unit.
     forward, this has been revised for
     departments to refer debt over 90 days.

4.   Establish relationships with the banks to       Begun in consideration         40% completed
     allow acceptance of some revenue streams        of the new E-1 system
     through ATMs/On-Line methods by
     March 31, 2013.

5.   Establish relationships with the banks so       Initial meetings held          Ongoing
     that debt owed from Government debtors is       during FY 2011/2012
     considered when bank lending decisions are      this is ongoing.
     made by March 31, 2012.




                                                     B - 89
HEAD 11 ACCOUNTANT GENERAL - continued

OUTPUT MEASURES                                                                  RESULTS

                                                               2011                              2010

21005 TREASURY/CASH MANAGEMENT AND
INVESTMENTS

1.   To ensure all accounts are adequately          Achieved 90% of the              Achieved 90% of the
     funded daily so overdraft/nsf charges are      time                             time
     not incurred.

2.   Develop a fund accounting methodology          ongoing
     to address auditor's concerns by December
     2012.

21007 RECONCILIATION/CASH MANAGEMENT

1.   Ensure all Bermuda Government bank             85% of bank reconcilations       For 95% of bank
     accounts are reconciled within 30 days after   were reconciled within           accounts, bank balances
     each month ends. This includes identifying     30 days                          as at March 31 2010
     and clearing reconciling items on a timely                                      were reconciled by
     basis.                                                                          April 30, 2010

2.   All reconciliations ready for Audit by         92% of March 31, 2011            100% of reconciliations
     May 31, 2011.                                  reconciliations were ready       were ready for audit
                                                    for audit by May 31, 2011        by May 31, 2010

21008 TECHNICAL SYSTEMS SUPPORT

1.   Successful Implementation of Phase I of        System was implemented
     the E-1 ERP system by February 2011            Nov-11

2.   Successful closure of Critical phase 1
     Issues by June 30, 2012

3.   Initiation of phase 2 of the E-1 system and
     implementation of identified modules by
     April 2013

21030 GEHI

1.   Ensure the timely and accurate payment of      Claims are being paid            Claims are being paid
     claims within 30 days of submission of the     accurately more than             accurately more than
     relevant documents.                            99% of the time and              99% of the time and
                                                    payments are being               payments are being
                                                    made consistently;               made consistently just
                                                    however most are over            over 30 days 100% of
                                                    90 days                          the time




                                                    B - 90
HEAD 11 ACCOUNTANT GENERAL - continued

OUTPUT MEASURES                                                                RESULTS

                                                               2011                           2010

21100 CONSOLIDATIONS
1.   Revise or develop applicable legislation to   ongoing
     enable the Accountant General's Office to
     obtain information such that consolidated
     statements can be prepared as a
     requirement from the Quangos.

2.    Prepare a set of Summary Financial
      Statements to be available to the Auditor
      General by December 31, 2012

21200 BENEFITS

1.    Produce annual pension statements from       Implementation date             Implementation date
      automated Pension and Benefits System        is April 2012                   is April 2011

2.    Review the basis for actuarial assumptions   Initial investigation and       Completed. Presentation
      by using Bermuda Government PSSF data        report on findings to be        will be available at the
      to develop assumptions                       provided by April 2013          request of departments

21900 TRAINEES

1.    Successfully graduate management             Benchmarks were set in
      accountant trainees from the program or      2011 and Development
      enact parameters for suspension from the     Plans are being amended
      program before the halfway mark is reached   for this requirement
      for all trainees.




                                                   B - 91
HEAD 12 CUSTOMS                                                                    CURRENT
                                                                                   ACCOUNT
                                                                                   ESTIMATES
MISSION STATEMENT


To promote compliance with Bermuda Customs laws through quality service and responsible
enforcement, thereby contributing to the economic and social stability of our community.




DEPARTMENT OBJECTIVES


■ To assess and collect customs duty and fees on imported goods.
■ To enforce customs laws and administer other statutes controlling the international
  movement of goods and people.
■ To prevent the smuggling of drugs and other illegal commodities, enforcing International
  conventions for environmental protection and money laundering, and agency work for
   Immigration, Health, Transport Control, and Environment.
■ To provide information and assistance to the public regarding customs laws and
   regulations.




GENERAL SUMMARY

EXPENDITURE                                                                            DIFFERENCE
PROG                                                                                     2011/12
COST CENTRE                                   2010/11 2011/12  2011/12 2012/13             vs
                    DESCRIPTION               ACTUAL ORIGINAL REVISED ESTIMATE           2012/13
                                               ($000)  ($000)   ($000)  ($000)     ($000)         %
 (1)                    (2)                      (3)     (4)      (5)     (6)        (7)         (8)

 1201      GENERAL
        22020 AIRPORT COMMERCIAL                1,699      651     651       600       (51)         (8)
        22030 AIRPORT SHIFT A                   2,063        0       0         0         0           0
        22040 AIRPORT SHIFT B                   2,262        0       0         0         0           0
        22050 INVESTIGATIONS/AUDIT              1,683      702     702       807       105          15
        22060 AIRPORT SHIFT C                   2,286        0       0         0         0           0
        22070 HAMILTON COMMERCIAL OPS           1,985    1,534   1,534     1,589        55           4
        22080 ADMINISTRATION                    4,146    3,803   3,803     3,439      (364)        (10)
        22090 VESSEL CLEARANCE                  1,220        0       0         0         0           0
        22100 INTERDICTION                      2,262        0       0         0         0           0
        22110 SEAPORT ENFORCEMENT TEAM             14        0       0         0         0           0
        22130 TRAINING                            381      960     960       865       (95)        (10)
                                      TOTAL    20,001    7,650   7,650     7,300      (350)         (5)




                                                B - 92
HEAD 12 CUSTOMS

SUBJECTIVE ANALYSIS OF CURRENT ACCOUNT ESTIMATES

EXPENDITURE                                                                             DIFFERENCE
                                                                                          2011/12
                                           2010/11 2011/12  2011/12 2012/13                 vs
       OBJECT CODE DESCRIPTION             ACTUAL ORIGINAL REVISED ESTIMATE               2012/13
                                            ($000)  ($000)   ($000)  ($000)         ($000)         %
 (1)                      (2)                 (3)     (4)      (5)     (6)            (7)         (8)

        SALARIES                            17,096      5,632     5,632     5,807       175          3
        WAGES                                  262        232       232        28      (204)       (88)
        OTHER PERSONNEL COSTS                  247         34        34         3       (31)       (91)
        TRAINING                                49        128       123        62       (66)       (52)
        TRANSPORT                               60         16        16         4       (12)       (75)
        TRAVEL                                  56         41        46        34        (7)       (17)
        COMMUNICATIONS                         186        156       156        99       (57)       (37)
        PROFESSIONAL SERVICES                  225        193       193       106       (87)       (45)
        RENTALS                                546        218       379       369       151         69
        REPAIR AND MAINTENANCE                 449        595       334       364      (231)       (39)
        INSURANCE                                3          3         3         0        (3)      (100)
        ENERGY                                 194        118       118       154        36         31
        CLOTHING, UNIFORMS & LAUNDRY           178         60        60       111        51         85
        MATERIALS & SUPPLIES                   361        179       179       133       (46)       (26)
        EQUIPMENT PURCHASES                     24         37        37         0       (37)      (100)
        OTHER EXPENSES                          65          8       108        26        18        225
                                   TOTAL    20,001      7,650     7,650     7,300      (350)        (5)


REVENUE SUMMARY

                                                                                        DIFFERENCE
                                                                                          2011/12
                                           2010/11 2011/12  2011/12 2012/13                 vs
       REVENUE SOURCE                      ACTUAL ORIGINAL REVISED ESTIMATE               2012/13
                                            ($000)  ($000)   ($000)  ($000)         ($000)         %
 (1)                      (2)                 (3)     (4)      (5)     (6)            (7)         (8)

       8007 Customs Duty                   195,125    199,496   189,500   199,339      (157)        (0)
       8009 Customs Duty -G.P.O.               682        503       503       661       158         31
       8053 Yacht Arrival                        5          0         0       139       139          0
       8107 Srvs to Ships (Customs)            304          0         0       405       405          0
       8111 Wharfage                         1,637      7,750     8,100     8,100       350          5
       8113 Container Fees                     815        518       518       793       275         53
       8115 Customs Service Charges            103        745       745       488      (257)       (34)
       8117 Courier Package Fees               681          0         0       720       720          0
       8179 Light Dues                         156        130       130         0      (130)      (100)
       8457 Licence General                     46          0         0       149       149          0
       8881 Penalties                          145        122       122       243       121         99
       8889 Sundry Receipts                     79          0         0       133       133          0
                                            199,778   209,264   199,618   211,170     1,906          1




                                             B - 93
HEAD 12 CUSTOMS - continued

EMPLOYEE NUMBERS (FULL-TIME EQUIVALENTS)

                                                                                                     DIFFERENCE
                                                                                                       2011/12
                                          2010/11          2011/12       2011/12      2012/13            vs
COST CENTRE                               ACTUAL          ORIGINAL      REVISED      ESTIMATE          2012/13
                  DESCRIPTION                                                                                   %
 (1)                  (2)                   (3)              (4)          (5)           (6)        (7)         (8)

       22020 AIRPORT COMMERCIAL                    24               7            7             6       (1)           (14)
       22030 AIRPORT SHIFT A                       30               0            0             0        0              0
       22040 AIRPORT SHIFT B                       29               0            0             0        0              0
       22050 INVESTIGATIONS/AUDIT                  23               8            8             7       (1)           (13)
       22060 AIRPORT SHIFT C                       29               0            0             0        0              0
       22070 HAMILTON COMMERCIAL OPS               25              22           21            18       (4)           (18)
       22080 ADMINISTRATION                        30              33           33            31       (2)            (6)
       22090 VESSEL CLEARANCE                      11               0            0             0        0              0
       22100 INTERDICTION                          31               0            0             0        0              0
       22130 TRAINING                               4              11           11             9       (2)           (18)
                                  TOTAL           236              81           80            71      (10)           (12)




                                                        B - 94
HEAD 12 CUSTOMS - continued

OUTPUT MEASURES                                                                  RESULTS

                                                               April 11 to Sept 11         April 10 to March 11

22050 INVESTIGATIONS/AUDIT

1. Investigation of all suspected revenue offences,
   completion of case files including
   recommendations for the disposal of the case and
   where appropriate the level of penalty to be
   applied, measured by:
     - the number of cases dealt with                                110                           279
     - additional duty collected                                   $611,443                      $54,967
     - additional wharfage collected
     - amount of penalties collected                               $225,376                     $125,979

2. Carryout the inspection of imported and exported
   cargo measured by the:                                   % of Cargo Manifest
                                                               Reviewed-100%
                                                           % of Cargo Inspected -
                                                          unknown due to unknown
                                                           total of pieces of cargo
   - % cargo manifests reviewed and cargo inspected        imported into Bermuda
   - number of shipments opened and examined                         2,480                         605
   - number of shipments targeted                                    2,480                         605

22070 HAMILTON COMMERCIAL OPERATIONS

1. Authorising the release of import goods                           26,428                      41,917
   measured by:
   - volumes of declarations processed.

2. Maintenance of prescribed service levels                           95%                         95%
   to client base 90% of the time measured
   by:
   - % adherence to published Quality
     Service (QSL's)

3. Acknowledgement of correspondence
   within 3 working days and response
   within 10 days.




                                                      B - 95
HEAD 12 CUSTOMS - continued
OUTPUT MEASURES

                                                                 April 11 to Sept 11         April 10 to Mar 11


22020 AIRPORT COMMERCIAL OPERATIONS

1. Authorising the release of imported goods
   measured by:
    - volumes of declarations processed                                6,146                      14,303

2. Maintenance of prescribed service levels to client
   base 90% of the time measure by:
    - % adherence to published Quality Service Levels                   95%                           95%
    (QSL's)

22130 TRAINING

1. Conduct training courses in
   accordance with the annual plan,
   measured by:
   - number of courses completed
   - number of examinations
     administered
   - number of officers completing/                        Completed       Pass    Fail   Completed     Pass   Fail
      passing/failing qualification
      examinations

2. Number of refund application processed                               376                          659
   - amount of duty refunded                                         $345,726                   $792,002.00
   - amount of wharfage repaid                                        $4,935                     $26,363.02

22080 ADMINISTRATION

1. To process all entry declarations in
   accordance with our prescribed quality                              100%                           100%
   service levels

2. To ensure all customers correspondence                               95%                           98%
   is dealt with in accordance with our
   prescribed quality service levels
     -acknowledgement within 3 working days
     -substantive response within 10 working dys

3. Number of compliants
    -received and investigated
    -disciplinary mattters adjudicated




                                                        B - 96
HEAD 12 CUSTOMS - continued

OUTPUT MEASURES                                                            RESULTS

                                                     April 11 to Sept 11           April 10 to March 11

22110 SEAPORT ENFORCEMENT TEAM

 1 Responsible for scanning all containers
   vessels,vehicles including the
   identification and examination of high
   risk goods. This is achieved by:
    -number of manifest reviewed
    -number of high risk containers identified
    for examination
    -compliance with established standards
   ( five hours for a high risk containers)
    -number of hours daily usage
    -number of images scanned per year


22100 INTERDICTION

1. The interdiction of illicit goods and the
   analysis and dissemination of information
   pertaining to 'high risk' passengers/crew/
   goos, measured by:
   - number of 'lookouts' posted
   - number of positive searches                                                           528
   - number of negative searches                                                            58
   - number of detentions/seizures made
   - number of positive searches
   - number of Stays of Imposition                          290
   (persons who failed to declare goods)                                                   330
   - number of negative searches
     Collected from stays of Imposition                   $17,768                       $44,183
   - type/quantity of illicit goods/substances    Cannabis 19,706 grams              Cannabis 57.9 kg
     seized.                                      Cocaine 168,050 grams               Cocaine 5.6 kg

                                                    Heroine 79.8 grams
                                                 Cannabis resin - 1738 grams   Cannabis resin - 1197.8 grams




                                                      B - 97
HEAD 28 SOCIAL INSURANCE                                                            CURRENT
                                                                                    ACCOUNT
                                                                                    ESTIMATES
MISSION STATEMENT


We commit to administer the Contributory Pensions Fund in accordance with legislation, to
protect and provide social benefits to the people of Bermuda. We will endeavour to deliver
these services effectively and conscientiously.




DEPARTMENT OBJECTIVES


■ To maintain consistent quality service through trained personnel, public education, effective
   information technology.
■ To provide prudent financial management of the funds within our responsibility.
■ To successfully achieve interdepartmental relationships with Tax Commissioner's Office,
  TCD, Immigration and the Attorney General's Chambers to enabled us to have improved
   successes in debt recovery for outstanding pension contributions.
■ To enhance public awareness campaigns on pensions, compliance and debt recovery.




GENERAL SUMMARY

EXPENDITURE                                                                             DIFFERENCE
PROG                                                                                      2011/12
COST CENTRE                                  2010/11 2011/12  2011/12 2012/13               vs
                  DESCRIPTION                ACTUAL ORIGINAL REVISED ESTIMATE             2012/13
                                              ($000)  ($000)   ($000)  ($000)       ($000)         %
 (1)                   (2)                      (3)     (4)      (5)     (6)          (7)         (8)

2801   CONTRIBUTORY PENSION
       38000 SENIOR MANAGEMENT & ADMIN             7         0         0        0         0             0
       38010 WAR PENSIONS AND GRATS.           9,676     5,150     5,150    5,150         0             0
       38040 COMPLIANCE                           12         0         0        0         0             0
                                               9,695     5,150     5,150    5,150         0             0
                                     TOTAL     9,695     5,150     5,150    5,150         0             0




                                               B - 98
HEAD 28 SOCIAL INSURANCE - continued

SUBJECTIVE ANALYSIS OF CURRENT ACCOUNT ESTIMATES

EXPENDITURE                                                                                    DIFFERENCE
                                                                                                 2011/12
                                             2010/11 2011/12  2011/12 2012/13                      vs
        OBJECT CODE DESCRIPTION              ACTUAL ORIGINAL REVISED ESTIMATE                    2012/13
                                              ($000)  ($000)   ($000)  ($000)              ($000)         %
 (1)                    (2)                     (3)     (4)      (5)     (6)                 (7)         (8)

         SALARIES                              1,542       1,743      1,743      1,706         (37)         (2)
         WAGES                                    47           0          0          0           0           0
         OTHER PERSONNEL COSTS                    13          26         29         32           6          23
         TRAINING                                 28         103        118        115          12          12
         TRANSPORT                                 1           2          2          1          (1)        (50)
         TRAVEL                                   11          32         32         37           5          16
         COMMUNICATIONS                           63          64         72         68           4           6
         ADVERTISING & PROMOTION                   5         149        118        149           0           0
         PROFESSIONAL SERVICES                11,080       6,401      6,401      6,910         509           8
         RENTALS                                   8           0          0          0           0           0
         REPAIR AND MAINTENANCE                   53          34         39         30          (4)        (12)
         INSURANCE                                 0           1          1          1           0           0
         MATERIALS & SUPPLIES                     88         115        115        115           0           0
         EQUIPT. (MINOR CAPITAL)                  58         148        148        218          70          47
         OTHER EXPENSES                            5          19         19         15          (4)        (21)
         RECEIPTS CREDITED TO PROGRAMME       (3,307)     (3,687)    (3,687)    (4,247)       (560)         15
                                    TOTAL      9,695       5,150      5,150      5,150           0           0




EMPLOYEE NUMBERS (FULL-TIME EQUIVALENTS)

                                                                                              DIFFERENCE
                                                                                                2011/12
                                             2010/11 2011/12  2011/12 2012/13                     vs
COST CENTRE                                  ACTUAL ORIGINAL REVISED ESTIMATE                   2012/13
                    DESCRIPTION                                                                          %
 (1)                    (2)                    (3)        (4)        (5)        (6)         (7)         (8)

       38000 SENIOR MANAGEMENT & ADMIN                4          4          3          3        (1)        (25)
       38010 WAR PENSIONS AND GRATS.                  1          1          1          1         0           0
       38025 BENEFITS                                 4          4          4          4         0           0
       38040 COMPLIANCE                               7          7          6          6        (1)        (14)
       38045 CONTRIBUTIONS                            7          7          7          7         0           0
                                     TOTAL           23         23         21         21        (2)         (9)




                                               B - 99
HEAD 28 SOCIAL INSURANCE - continued

OUTPUT MEASURES                                                       RESULTS

                                                            Current             Previous
38000 CONTRIBUTORY PENSIONS                                  2011                 2010

1.    Average response time for correspondence.            1 - 3 days       1 - 3 days

38010 WAR PENSIONS

1.    Average response time for correspondence.            1 - 3days            1 - 3days

2.    Average number of new war pensioners processed           3                   3
      per month.

38025 - CPF - BENEFITS

1.    Average monthly benefits paid from the CPF.          $10,162,187          $9,162,498

2.    Average number of new beneficiaries per month.          183                  70

3.    Average processing time for new beneficiaries        1 - 3 days       1 - 3 days

38040 COMPLIANCE

1.    % Receivables over 90 days per month.                  62%                  51%

2.    Number of installment plans outstanding.                325                 459

3.    Average number of completed inspections per             145                 111
      month.

4.    Average $ yield per Inspector per month.             $111,154         $240,327

5.    Average number of compliance issue enquiries            55                   37
      via walk-ins per month.

38045 - CPF - CONTRIBUTIONS

1.    Average number of Social Insurance applications         114                 174
      processed per month.

2.    Average processing time of new employer               3 days               3 days
      registrations per month.

3.    Average monthly contribution income for CPF.          $7,869,462          $8,289,056




                                                 B - 100
HEAD 38 OFFICE OF THE TAX COMMISSIONER                                             CURRENT
                                                                                   ACCOUNT
                                                                                   ESTIMATES
MISSION STATEMENT


To promote the highest levels of taxpayer compliance with the Taxes Legislation by providing
quality and efficient service, effective taxpayer education and responsible enforcement, and
in so doing, contribute to the economic and social well-being of all Bermudians.




DEPARTMENT OBJECTIVES


■ To administer the collection of taxes in accordance with the Taxes Legislation and to provide
  professional advice to the Ministry of Finance.




GENERAL SUMMARY

EXPENDITURE                                                                            DIFFERENCE
PROG                                                                                     2011/12
COST CENTRE                                  2010/11 2011/12  2011/12 2012/13              vs
                   DESCRIPTION               ACTUAL ORIGINAL REVISED ESTIMATE            2012/13
                                              ($000)  ($000)   ($000)  ($000)      ($000)         %
 (1)                    (2)                     (3)     (4)      (5)     (6)         (7)         (8)

 3801      TAX COLLECTION ADMINISTRATION
        48000 ADMINISTRATION                     934     1,151   1,176     1,116       (35)            (3)
        48050 STAMP DUTIES                       496       470     483       478         8              2
        48070 COMPLIANCE                         772       810     827       824        14              2
        48080 OPERATIONS                       1,113     1,084   1,097     1,097        13              1
                                     TOTAL     3,315     3,515   3,583     3,515         0              0




                                               B - 101
HEAD 38 OFFICE OF THE TAX COMMISSIONER - continued

SUBJECTIVE ANALYSIS OF CURRENT ACCOUNT ESTIMATES

EXPENDITURE                                                                      DIFFERENCE
                                                                                   2011/12
                                         2010/11 2011/12  2011/12 2012/13            vs
       OBJECT CODE DESCRIPTION           ACTUAL ORIGINAL REVISED ESTIMATE          2012/13
                                          ($000)  ($000)   ($000)  ($000)    ($000)         %
 (1)                  (2)                   (3)     (4)      (5)     (6)       (7)         (8)

       SALARIES                            2,331     2,431   2,499   2,474        43           2
       WAGES                                 107         0       0       0         0           0
       OTHER PERSONNEL COSTS                   8        17      17      15        (2)        (12)
       TRAINING                               27        37      37      27       (10)        (27)
       TRAVEL                                  7        30      30      15       (15)        (50)
       COMMUNICATIONS                         12        15      15      15         0           0
       ADVERTISING & PROMOTION                36        79      79      79         0           0
       PROFESSIONAL SERVICES                 193       259     259     243       (16)         (6)
       RENTALS                               497       521     521     521         0           0
       REPAIR AND MAINTENANCE                 13        14      14      14         0           0
       MATERIALS & SUPPLIES                   82       109     109     109         0           0
       OTHER EXPENSES                          2         3       3       3         0           0
                                 TOTAL     3,315     3,515   3,583   3,515         0           0




                                           B - 102
HEAD 38 OFFICE OF THE TAX COMMISSIONER - continued

REVENUE SUMMARY

                                                                                                          DIFFERENCE
                                                                                                            2011/12
                                                     2010/11 2011/12  2011/12 2012/13                         vs
        REVENUE SOURCE                               ACTUAL ORIGINAL REVISED ESTIMATE                       2012/13
                                                      ($000)  ($000)   ($000)  ($000)                 ($000)         %
 (1)                       (2)                          (3)     (4)      (5)     (6)                    (7)         (8)

        8017 Payroll Tax                             423,050      350,000     315,000     312,000     (38,000)       (11)
        8019 Corporate Services Tax                    3,298        3,600       3,300       3,300        (300)        (8)
        8023 Betting Tax-Turf                          1,308          800       1,000       1,000         200         25
        8025 Betting Tax-Pools                            58           50          50          50           0          0
        8027 Land Tax                                 49,131       52,000      52,000      56,000       4,000          8
        8029 Foreign Currency Purchase Tax            24,712       27,000      23,500      24,500      (2,500)        (9)
        8033 Hotel Occupancy Tax                       7,028        9,500       9,000       9,000        (500)        (5)
        8049 Cruise Ship Departure                    15,461       16,400      18,300      18,100       1,700         10
        8051 Airport Departure                        14,452       15,300      14,000      14,000      (1,300)        (8)
        8053 Yacht Arrival                                73           70          70          70           0          0
        8055 Passenger Cabin Tax                       2,359        2,600       3,400       3,200         600         23
        8061 Land Conveyance on Sale                  16,744       12,250      11,000      11,300        (950)        (8)
        8063 Other Conveyance on Sale                    597          550         200         200        (350)       (64)
        8065 Rentals/Leases                                9            4           4           4           0          0
        8067 Mortgages                                 4,404        4,900       3,300       3,000      (1,900)       (39)
        8069 Ajudications                                 55           20          35          35          15         75
        8071 Other Heads                               2,666        1,650       1,000       1,000        (650)       (39)
        8073 Revenue Stamps                            1,846        1,650       1,700       1,700          50          3
        8075 Voluntary Land Conveyance                 1,399        1,000       2,500       2,500       1,500        150
        8077 Voluntary Other Conveyance                    0            6           6           6           0          0
        8079 Penalties                                    13           10          15          15           5         50
        8081 Timeshare Services                            6           50           6           6         (44)       (88)
        8083 Timeshare Occupancy                          51          150          54          54         (96)       (64)
                                             TOTAL   568,720      499,560     459,440     461,040     (38,520)        (8)




EMPLOYEE NUMBERS (FULL-TIME EQUIVALENTS)

                                                                                                         DIFFERENCE
                                                                                                           2011/12
                                                     2010/11 2011/12  2011/12 2012/13                        vs
COST CENTRE                                          ACTUAL ORIGINAL REVISED ESTIMATE                      2012/13
                      DESCRIPTION                                                                                   %
 (1)                      (2)                          (3)         (4)         (5)         (6)         (7)         (8)

       48000 ADMINISTRATION                                   3           2           2           2         0             0
       48050 STAMP DUTIES                                     6           5           5           5         0             0
       48070 COMPLIANCE                                       8           8           8           8         0             0
       48080 OPERATIONS                                      15          13          13          13         0             0
                                             TOTAL           32          28          28          28         0             0




                                                       B - 103
HEAD 38 OFFICE OF THE TAX COMMISSIONER - continued

OUTPUT MEASURES                                                              RESULTS

ADMINISTRATION 48000                                                2011        2010           2009

1.    Average response time for correspondence                     30 days   10 - 15 days   10 - 15 days

2.    Average processing time (pension, life, health                N/A        30 days        30 days
      and training schemes approvals)

3.    Total revenue generated by Department                        $569M       $483M          $504M

4.    Average revenue yield per staff member                       $17.7M      $15.1M         $16.3M

5.    Operational effiency index - % of expenditure to                         1.04%          0.72%
      revenue generated

6.    % Revenue generated to total Government                       N/A        52.6%          52.9%
      revenue

STAMP DUTIES 48050

1.    Number of stamp duty adjudications processed                               336            266

2.    Average processing time for stamp duty                                   16wks          12 wks
      adjudications

3.    Stamp Duty revenue generated                                             $28.9M         $41.3M

4.    No. of Primary Family Homestead Applications                               549            536
      received

5.    No. of Primary Family Homestead Certificates                               540            533
      processed.

6.    Average processing time for Primary Family                                6 wks          6 wks
      Homestead Certificates

COMPLIANCE 48070

1.    Number of audits conducted/assessments                        2,048       1,844          2,191
      raised

2.    Additional revenue from audits/assessments                    N/A        $13.4M         $13.8M

3.    Number of taxpayer education sessions                          8            8              3
      conducted

4.    Number of new taxpayer registrations                          589          569            546




                                                         B - 104
HEAD 38 OFFICE OF THE TAX COMMISSIONER - continued

OUTPUT MEASURES                                                              RESULTS

                                                                    2011      2010      2009

OPERATIONS 48080

1.    Number of active taxpayers - payroll tax                      6,926     7,012    6,985

2.    Number of payroll tax filings online                          5,858     5,777    5,510

3.    Payroll tax paid online ($M)                                 $168.3M   $137.3M   $130.9M

4.    % Payroll tax paid online to total payroll tax               39.7%     39.3%     36.7%
      revenue

5.    Land Tax - Number of active taxpayers                        33,374    33,139    32,936
      (average)

6.    Number of land tax payments made online                      18,400    17,433    13,997

7.    Land tax paid online                                         $14.9M    $13.6M    $10.1M

8.    % Land tax paid online to total land tax revenue             30.3%     28.0%     22.1%

9.    Number of pensioners exempted from land tax                  3,896     3,876     3,984
      (average)

10.   Total land tax exemptions granted to                          $5.6M     $5.4M     $5.3M
      pensionsers ($M)

11    Total receivables outstanding                                $48.7M    $37.9M    $39.4M

12.   % tax receivables over 90 days                                72%       72%       65%

13.   Number of installment plans outstanding                       392       658       525

14.   Total receivables collected ($M)                             $4.20M    $5.70M    $4.87M

15.   Average yield per collections officer                        $1.40M    $1.90M    $1.62M




                                                         B - 105
HEAD 58 INTEREST ON DEBT                                                                CURRENT
                                                                                        ACCOUNT
                                                                                        ESTIMATES
MISSION STATEMENT


To provide for debt interest on long term borrowing facilites.




GENERAL SUMMARY

EXPENDITURE                                                                                  DIFFERENCE
PROG                                                                                           2011/12
COST CENTRE                               2010/11      2011/12     2011/12    2012/13            vs
                 DESCRIPTION              ACTUAL      ORIGINAL    REVISED    ESTIMATE          2012/13
                                           ($000)       ($000)      ($000)     ($000)    ($000)         %
 (1)                  (2)                    (3)          (4)         (5)        (6)       (7)         (8)

5801 INTEREST ON DEBT
 68000 INTEREST ON DEBT                      55,298      70,000     70,000     35,000    (35,000)            (50)
                                  TOTAL      55,298      70,000     70,000     35,000    (35,000)            (50)




SUBJECTIVE ANALYSIS OF CURRENT ACCOUNT ESTIMATES

EXPENDITURE                                                                                  DIFFERENCE
                                                                                               2011/12
                                          2010/11      2011/12     2011/12    2012/13            vs
       OBJECT CODE DESCRIPTION            ACTUAL      ORIGINAL    REVISED    ESTIMATE          2012/13
                                           ($000)       ($000)      ($000)     ($000)    ($000)         %
 (1)                  (2)                    (3)          (4)         (5)        (6)       (7)         (8)

       DEBT CHARGES                          55,298      70,000     70,000     35,000    (35,000)            (50)
                                  TOTAL      55,298      70,000     70,000     35,000    (35,000)            (50)


       * 2012/13 approx. $50M of Interest on Debt will funded from the Sinking Fund




                                                    B - 106
HEAD 59 SINKING FUND                                                                  CURRENT
                                                                                      ACCOUNT
                                                                                      ESTIMATES
MISSION STATEMENT


Provision for repayment of principal on long term borrowing.




GENERAL SUMMARY

EXPENDITURE                                                                                DIFFERENCE
PROG                                                                                         2011/12
COST CENTRE                             2010/11      2011/12     2011/12    2012/13            vs
               DESCRIPTION              ACTUAL      ORIGINAL    REVISED    ESTIMATE          2012/13
                                         ($000)       ($000)      ($000)     ($000)    ($000)         %
 (1)                (2)                    (3)          (4)         (5)        (6)       (7)         (8)

5901 SINKING FUND CONTRIBUTION
 69000 SINKING FUND CONTRIBUTION          28,760       25,750     25,750     30,750      5,000             19
                               TOTAL      28,760       25,750     25,750     30,750      5,000             19



SUBJECTIVE ANALYSIS OF CURRENT ACCOUNT ESTIMATES

EXPENDITURE                                                                                DIFFERENCE
                                                                                             2011/12
                                        2010/11      2011/12     2011/12    2012/13            vs
       OBJECT CODE DESCRIPTION          ACTUAL      ORIGINAL    REVISED    ESTIMATE          2012/13
                                         ($000)       ($000)      ($000)     ($000)    ($000)         %
 (1)                (2)                    (3)          (4)         (5)        (6)       (7)         (8)

       TRANSFERS & OTHER FEES             28,760       25,750     25,750     30,750      5,000             19
                                TOTAL     28,760       25,750     25,750     30,750      5,000             19




                                                  B - 107
HEAD 80 PROJECT MANAGEMENT & PROCUREMENT                                           CURRENT
                                                                                   ACCOUNT
                                                                                   ESTIMATES
MISSION STATEMENT


The Office of Project Management & Procurement will facilitate the adoption of consistent practice
for the procurement of goods and services, and the management of major projects for all areas
of the Government of Bermuda. We will create an environment where Government of Bermuda
employs the most effective and innovative methods for procuring quality goods and services and
will manage projects in an effective and efficient manner. Our responsibilities include developing
policies and processes governing Project Management & Procurement that foster an ethical,
transparent and efficient environment and recognizes the department's obligations to our suppliers,
internal customers and to the people of Bermuda. The OPMP is committed to the highest standards
of service and will continuously strive for improvement in all these areas.



DEPARTMENT OBJECTIVES


■ To embed a consistent approach to Project Management & Procurement throughout
   Government by developing a clear and robust Code of Practice supported by associated
   policies and procedures.
■ To work with Client Ministries to manage projects in a professional and efficient manner,
   bringing projects to a close on time and within budget.
■ To work collaboratively across Government to leverage the purchasing power of the
   Government of Bermuda, ensuring value for money and a once only approach to contracting
   for all good and services required.
■ Monitor compliance with the proposed Procurement Code of Conduct and associated
  procedures and polices.



GENERAL SUMMARY

EXPENDITURE                                                                            DIFFERENCE
PROG                                                                                     2011/12
COST CENTRE                                  2010/11 2011/12  2011/12 2012/13              vs
                    DESCRIPTION              ACTUAL ORIGINAL REVISED ESTIMATE            2012/13
                                              ($000)  ($000)   ($000)  ($000)      ($000)         %
 (1)                    (2)                     (3)     (4)      (5)     (6)         (7)         (8)

 8000       PROJECT MGMT. & PROCUREMENT
        90000 ADMINISTRATION                     359      377     1,105    1,352       975        259
        90001 CORE SERVICES                      283      720       201        0      (720)      (100)
        90002 SUPPORT SERVICES                   836      744       535        0      (744)      (100)
        90004 CAPITAL WORKS                     (322)    (541)     (541)       0       541       (100)
                                     TOTAL     1,156    1,300     1,300    1,352        52          4


                                              B - 108
HEAD 80 PROJECT MANAGEMENT & PROCUREMENT - continued

SUBJECTIVE ANALYSIS OF CURRENT ACCOUNT ESTIMATES

EXPENDITURE                                                                                            DIFFERENCE
                                                                                                         2011/12
                                             2010/11       2011/12       2011/12      2012/13              vs
        OBJECT CODE DESCRIPTION              ACTUAL       ORIGINAL      REVISED      ESTIMATE            2012/13
                                              ($000)        ($000)        ($000)       ($000)      ($000)         %
 (1)                    (2)                     (3)           (4)           (5)          (6)         (7)         (8)

         SALARIES                                 564         1,102          825           888        (214)         (19)
         WAGES                                     56             7            7             0           (7)       (100)
         OTHER PERSONNEL COSTS                      3            10            0             4           (6)        (60)
         TRAINING                                   9            20           20            21             1          5
         TRAVEL                                     0            30            0            13         (17)         (57)
         COMMUNICATIONS                             0             5            1             6             1         20
         PROFESSIONAL SERVICES                    420            21          401           363          342       1,629
         RENTALS                                   17            14            3             0         (14)        (100)
         REPAIR AND MAINTENANCE                     0             0            0            14           14           0
         CLOTHING, UNIFORMS & LAUNDRY               1             4            4             4             0          0
         MATERIALS & SUPPLIES                      85            82           34            34         (48)         (59)
         EQUIPT. (MINOR CAPITAL)                    1             5            5             5             0          0
                                     TOTAL      1,156         1,300        1,300         1,352           52           4



EMPLOYEE NUMBERS (FULL-TIME EQUIVALENTS)
                                                                                                      DIFFERENCE
                                                                                                        2011/12
                                             2010/11       2011/12       2011/12      2012/13             vs
COST CENTRE                                  ACTUAL       ORIGINAL      REVISED      ESTIMATE           2012/13
                    DESCRIPTION                                                                                  %
 (1)                    (2)                    (3)           (4)          (5)           (6)         (7)         (8)

       90000 ADMINISTRATION                           2             2           18            18        16          800
       90001 CORE SERVICES                            9             9            0             0        (9)        (100)
       90002 SUPPORT SERVICES                         8             8            0             0        (8)        (100)
                                    TOTAL            19            19           18            18        (1)          (5)




                                                 B - 109
HEAD 80 PROJECT MANAGEMENT & PROCUREMENT - continued

PERFORMANCE MEASURES (NEW)

1.    A minimum 50% of projects will be delivered through
      direct contracting with small businesses

2.    80% of all projects will be delivered to a close on time
      and within budget.

3.    Code of practice for procurement training to be
      completed by end of July 2012.

4.    E-tendering and project management system to be
      implemented by September 2012.

5.    Cabinet Memo’s, Contracts and tender Evaluations
      received by the Department for vetting will receive a
      response within 5 working days of receipt.

6.    All Ministries and Departments will receive training on
      the Procurement Code of Practice by the end of the 3rd
      quarter of 2012/13




                                                        B - 110

				
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