The National Audit Office said on Friday that the Estonian state's 2018 annual financial reports are accurate and adequately reflect Estonia's financial situation, financial performance and cash flow for the year.
Last year, the state's receipts totaled €9.95 billion, while expenditures totaled €9.8 billion, investments €465.5 million, and financing activities €49 million. The National Audit Office said that the state's economic transactions are largely compliant with the State Budget Act, and no significant inconsistencies with the law were discovered.
Expenditures and investments exceeded revenue by €318.6 million last year. According to consolidated annual accounts, as of Dec. 31, 2018, the state had assets worth €16.1 billion, the largest share of which was made up of fixed assets, such as forests, roads, buildings and machinery. Compared to the previous year, the financial volume of the state's assets had increased by €668.7 million.
As of the end of 2018, the state's liabilities totaled €8.8 billion, up by €860.6 million on year. Non-current liabilities accounted for the largest share thereof at €5.57 billion. The state's loan commitments totaled €3.1 billion, €175.6 million more than during the previous year. As of Dec. 31, 2018, the state had pension liabilities in the amount of €2.6 billion.
To assess the accuracy of the state's annual accounts and the regularity of its transactions, the National Audit Office examined the compliance of economic transactions carried out by state agencies in 2018 with state budget legislation as well as the accuracy of the corresponding accounting.
The report also includes an overview of internal control mechanisms aimed at preventing corruption as well as the National Audit Office's recommendations regarding them.
Editor: Aili Vahtla