PRESENTATION, LEGAL BASED AND REGULATIONS

The financial statements, which comprise financial position, income statements, cash flow statements, changes in equity, and detailed notes, were presented based on IPSAS (International Public Sector Accounting Standards). The accounts have been prepared on an accrual basis.

 Legally, the PFM Acts 2016, Act 921, and Local Governance Act 2016, Act 936 were complied.

The PFM 2019, L.I 2378, Public Procurement Act 2003, Act 663 (amended), and any other public regulations guided the full compliance in generating these financial statements.

FINANCIAL POSITION

The Assembly’s financial position for 2023 was GHC56,087,228.00 of assets against liabilities of GHC45,304, which was financed by an accumulative surplus of GHC56,041,924.00.

Comparatively, the Assembly’s total net assets of GHC56,041,924 for 2023, was a little lesser than that of 2022 figure of GHC58,481,570. The difference of GHC2,797,201.35 was highly affected by the consumption (depreciation) of Plant, property, and equipment (PPE).

REVENUE AND EXPENDITURE PERFORMANCE

The Assembly’s total budget for both revenue and expenditure for 2023 was GHC11,375,111.43. Out of this, the Assembly realized revenue, including IGF, grant, and GoG compensation of GHC7,809,169.24. However, the expenditure for the same period including assets, goods and services, and compensation was GHC10,322,469.95. The excess payment over receipts was financed by the previous bank balances and provisions of depreciations on PPEs.

The Assembly increases its Internally Generated Fund (IGF) from GHC646,799.98 in 2022, to GHC717,074.12, in 2023. Which was an increase of 10.86%.

The Central Government and other donner grants was GHC7,092,095.12 for 2023. This is less than the 2022 grants of GHC9,724,975.8. The justification is that the DACF-RFG grant, the Assembly qualified, was not released in 2023, rather, released in 2024. Included in the grants was GoG employee compensation of GHC4,066,817.53.

IMPLEMENTATIONS

The Assembly utilized its funds for the implementation of projects and programmes to the benefits of its citizens per the Medium Term Plans and annual action plans, in line with the 2023 approved budgets.

Attached is the detailed financial statements: