Today the Executive Yuan approved the central government's general financial statement and its subsidiary agencies' financial statements and consolidated tables (enterprise and nonprofit divisions) for fiscal year (FY) 2014. The reports, compiled by the Directorate-General of Budget, Accounting and Statistics (DGBAS), will be sent to the Control Yuan for review.
Premier Mao Chi-kuo said that the budget deficit for FY 2014 was NT$127.7 billion (US$4.08 billion), much lower than the projected deficit of NT$209.1 billion (US$6.68 billion). This substantial reduction, which surpassed that seen in FY 2013, was due to an increase in taxation revenue and government agencies' efforts to reduce the national deficit, the premier said. He pledged that the government will strive to keep the deficit low in the years to come to maintain fiscal health.
Implementation of the FY 2014 budgets of the central government and its subsidiary agencies, and of subsidiary agencies' consolidated tables (enterprise and nonprofit divisions), was completed by December 31, 2014, the DGBAS noted. According to Article 21 of the Financial Statement Act, the yearly fiscal report shall be submitted to the Control Yuan within four months after the end of a fiscal year. Hence, this year the DGBAS handed in the report by the end of April as stipulated.