Report No.6 of 2016 - State Finances Government of Odisha

Overview

A summary of main audit findings is presented in this overview.

During 2015-16 Public Debt receipts increased from ₹ 7646 crore to ₹ 9790 crore (28.04 per cent) and repayment of public debt decreased from ₹ 4111 crore to ₹ 2881 crore (29.92 per cent) over the previous year. (Paragraph 1.2)

As of March 2016, Government had invested ` 3881.32 crore in PSUs. Of this investment, ` 2721.47 crore or 70 per cent of the total investment fetched no return by way of dividend.

(Paragraph 1.9.3)

Out of total outstanding loans of ` 4557 crore, terms and conditions for loan amounting to `1533.79 crore are yet to be settled. While interest payment during 2015-16 was 5.59 per cent of its outstanding fiscal liabilities. (Paragraph 1.9.4)

The fiscal liabilities as on 31 March 2016 were ` 59753 crore. This constituted 18 per cent of GSDP which is two per cent more than previous year. (Paragraph 1.10.2)

During 2015-16, 661 re-appropriation orders amounting to ` 4628.59 crore were issued, out of which 17 re-appropriation orders aggregating ` 623.79 crore were issued on 31 March 2016, when there was no scope for expenditure during that year. (Paragraph 2.3.7)

In case of two grants, against savings of ` 3456.65 crore, the amount surrendered was ` 3460.50 crore, resulting in excess surrender of ` 3.85 crore during 2015-16. (Paragraph 2.3.9)

During 2015-16, advance of ` 122.90 crore was drawn (29 March 2016) from the Contingency Fund of the State which was not recouped by the close of the financial year. Out of the above grant received by the Mission Director, NHM, Odisha, an amount of ` 21.86 crore was kept in the saving bank accounts as on 31 March 2016. (Paragraph 2.4)

Excess payment of pension/family pension aggregating ` 1.12 crore were made during 2015-16.

(Paragraph 2.7.1 & 2.7.2)

Unspent balance of ` 1242.47 crore was lying in 849 Personal Deposit (PD) Accounts and was not credited back to Government Account at the end of March 2016. (Paragraph 3.7)

Labour Cess amounting to ` 956.26 crore was kept outside the legislative scrutiny in bank accounts of Odisha Building and Other Construction Workers Welfare Board till the end of the financial year 2015-16. (Paragraph 3.9)

31 projects relating to Works, H&UD and SD&TE departments remained incomplete by 31 March 2016. Due to this the original cost of the projects was revised upward from ` 3789.55 crore (Initial Budgeted cost) to ` 3989.03 crore (revised cost of projects). (Paragraph 1.9.2

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