COMMUNICATIONS FINANCIAL STATEMENT 2017-2018 BOTSWANA INTEGRATED TRANSPORT PROJECT LOAN NO: IBRD 7713-BW Kebinakwena Kgabo 5/14/2018 Republic of Botswana nristry of Transport and Communications ae B Gaborone, Botswana, Tel: (+267) 3612000, Fax: (+267) 3907236 22-1 May, 2018 xecut ve Summary T M ~Vnistry of Trnsport and Communications is implementing the USD 385 million Botswana integratea Transport Project (BITP) under a Loan Agreement signed between Government reDresented by the Ministry of Finance and Development Planning and World Bank in May 2009. Under the project, Government of Botswana finances USD 159 million and the World Bank finances USD 186, while the remaining USD 40 million is augmented by a Loan from the OPEC FUnid for International Development (OFID). The overall implementation progress has been moderate with current disbursement of 27.8% or US$51.8 million out of the total loan of USs186.00 million. During the year 2016-2017 the Ministry had agreed with the bank to restructure and fast-track the project in order to ensure achievements of the project objectives within the remaining time frame. The process of restructuring has been done with the agreed amendment to the Financing Agreement approved and signed by the Bank on the 26th January 2018. The Mirnstry has made an effort to ensure that all officers involved in the project are dedicated and currently the recruitment process is ongoing for those posts without internal candidates to ensure that we ach'eve the agreed catch-up plan is achieved. In an effort to ensure robust internal controls and value for money in aHl our processes of Interna Auditors conducted an Audit exercise from the 6th April to the 14" July and recommendations are being implemented. In the year under review the challenges that were experienced despite the positive efforts are on Component B Package 1 with the contractors experiencing cashflow problems, and Component C having experienced delays in commencement of the Traffic Signals and CTC project. Furthermore, we were currently experiencing delays in the procurement of the Three Interchanges a ong the Western Bypass project. Al these challenges are being dealt with under the project structures. Attached are Financial Statements as at 315 March,2018 detailing uses of funds for the financial year 2017/2018; that is the expenditure for the World Bank, Government of Botswana expenditure and the balance at the Des gnated Account. Kelo A. Ebinen Permanent Secr2tary TABLJE C)ýý EVI\ xÆcutIiveC Summary Staternent of Sources and Uses of Fuons nmcome Statemecnt 2 Balance Shec Bank ReconcJiatki Notes of the Financial Statement 5 Annexures Spread sheet on statement of Sources and uses of funds Bank Statement Terms of Reference for the Audit BOTSWANA INTEGRATED TRANSPORT PROJECT STATEMENT OF SOURCES AND USES OF FUNDS Loan No: IBRD 7713-BW For the year ended 311 March 2018 Sources USD Interest received 112,734.45 Advance payment - Total Financing 112,734.45 Uses Part B of the project - OPRC Works 15,835,698.76 Part C of the project - Urban Investment 1,993,846.42 Consultants' services, Training and goods - Under Part A.1 of the Project, other than Part A.1 (e) 118,173.10 Under Part A.2 and C of the Project 3,248,958.82 Bank Charges 2,466.92 Total Expenditure 21,199,144.02 Excess of Expenditure over Income (21,086,409.57) 1 BOY NNIT GR':ATED TRANSPORT PROJECT INCOME STATEMENT an No: IBRD 771 3-BW For the year ended 31st March 2018 ourcesUSD Opening Balance from DA 282371584 nerest received 112.73445 Advance payment 28,349,892 BP Uses USD Uses Part B of the project - OPRC Works 15,835.698 76 Part C of the project - Urban Investment 1,993.846.42 Consultants' services, Training and goods - Under Part A.1 of the Project, other than Part A.1 (e) 118,173.10 Under Part A.2 and C of the Project 3,248.958 82 Bank Charges 2,4 Total Expenditure 21,199:144.02 Bank Balance 7,150,748.87 2 BALANCESHEET Loan No: BRD 7713-BV For the perod ended 31st March 2018 ASSETS USD Cash held at bank 7.150.74887 7 ,150748.87 LIABILITIES USD Opening balance (cumulated funds) 28,237,158.44 Excess of Expenditure over Income 121,086,409 57) TOTAL 7,1150,748.87 3 2OSWNAINT17RATE T~S R C PROJE BANK ECONCIUAIO Loan No: BRD 771 3-BW For the period ended 31st March 2018 U'SD Bank balance as at i Aprii 2017 28,237 1584 Advance Payment Total 28,237,158. Less: Expenditure (1 s /04/17 to 315/03/18) 2 96,677.10 Bank Charges 2,466.92 Add: Interest received 112,734.45 Cash at bank as at 31st March 2018 7,150,748.87 BOT^ANA INTEGR3ATED TRANSPORT ROJECT NOTES OF THE FNANCiAL STAT"ET Loan No: BRD 7713-B Basis of peparatiUon 1. Tne statement of sourcles and uses of funds has been prepared on the cash basis of account!ng with receipts and dsbursement being accounted for when cash is received. 2. Functional Currency items included in the Financial Report are in United State Dollars and measured at the exchange rates as at time the transaction is claimed from the Designated Account. 3. Capital expenditure To date there has not been any non-current assets that were financed from the project funds 4, To date there has not been any advanced to the Designated Account for the reporting period. 5. Interest Received USD 1 12,734.45 6. Part B of the project - OPRC Works USD 15,835,698.76 7. Part C of the project - Urban Investment USD 1,9931846.42 8. 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Lп � � С� tЛ V (,�,г � � W � N ду . . � _ ., N -� .t� � Ф � � � ц �ь � �� F'� И-'� F-- W F� � � s% -.у ^Ч V °..J � ц7 ц? �з с� и-� r" t" r-1 м' , � ' - Ф-у �i-^ ®д GO LLм+ (л7 4l С� CD ба г33 � с"7 ��'„ tл ir, г. s= � � nз г г си � в о в в � �..�, ы.,+ Ф J`м �А т . « �. . ,. • � � °� `�,3 U°i��. � � -Р � h�} '' � ��й`^ "v W _ �.,, �. {�р. W r� W -� 1� � о � 4е+ v"� lfч N . [F'1 GЛ б� ltJ -R* д-' h,5 W ¢� £Тч V V с� ч-'� C3t l--л Н +J W W N Сз �Ю С?а i't� {кi ;-� ".Е �? �-" ERMS OF REFERENCE FOR THE ArDIT OF THE BOTSWANA INTEGRATED TRANSPORT PROJECT FINANCIAL STATEMENTS FOR THE PERIOD ENDED 3 MiARCH 2018 . Background T!e Government of Botswana signec a 10year flnancing agreemenit with the World Bank in May 2009 to imp!ement the Botswana Integrated Transport Project (BITP) through Ministry of Transport and Communications. The project has a total budget of USD 385.2 miflion. The source of funding is from 3 Organisations, being governmenL of Botswana at USD 159 m;Ilion, OPEC fu d for intemational Development at USD 40 mnllion and World Bank USD 1 86 miJion. The primary development objective of the project is to enhance the efficiency of the transport system by building modern business management capacity, and improving the strategic planning aspects of inter-regional transport and critical transport infrastructure. The project seeks to achieve the above mentioned development objectives through investing in the three components namely; A Capacity Building, Institutional Strengthening, and Training, the component is estimated at USD 20.7 mil!ion 8. Road Sector investment, estimated at USD236.8 million C. Urban Roads Infrastructure Investment, estimated at USD8 1.4 mi0ion. The project is currently on going with implementation various project activities under Component A, while implementation of Components B and C is dependent on completion of some of the projects under Component A. As a result of this on-going project, the Ministry of Transport and Communications seeks to engage the services of a suitabiy qualified and experienced auditor to perform the audit of the project for the Period I tAprii 20 13 to 3 1 March 2015. 2. Objective of the Project Audit The objective of the audit of the Project Financial Statements (PFSs) is to enable the auditor to express professional opinion(s) on the financial position of the project at the end of the fiscal year, on funds received, and expenditures incurred for the relevant accounting period. The project books of accounts provide the basis for preparation of the PFSs by the project implementing agency and are established to reflect the financial transactions ,n respect of the project. The implementing agency maintains adequate internai controls and suoporting documentaton for transactions. [궉 -/ 긔 -rJ I n C -ies :iv- rI Y, PC, bee, adopteld o th C- CX n Ar , cx to th-- FS t-l'il- aud.iror s! ould prepare a re--onci iat on of tl e arrioun5L ?,.s recel ved by the Proiect froii, , the World Bank', NA,,it.f-l those sho ,%/n as being disbursed 1D h e Ra 1 6. Staterne-Ii of Unaudin-cl Intcrim Financial ' frs) additio: I. to 'i aiudit of the FFS5, Vie audito, reclLtir"f7, d to VeTify a l IFRS used as basis for thE of loL 5 1 J - n wif`idrawal applicclEic):,s to the World Bank. Thc Jitor will sLich tests at--rd auditing procedures as ccins dered necessary Linder - -Cur-st.- - -e- Annexed tc the PFSs should be a schedu e listing individual IPR -atfons by spcc ff'c reTcrence numbe,r anc amoUnt. The total withdra\/vals under the lFR procedures should be part of the overali reconciliation of Bank cl,isbur described in paragraph 5 above. 7. Designated Account in con unction with the audit of the Project PFSs, the auditor is also required to rev ew the activities of the Designated ACCOUnt associated with the project. The Designated P,ccount USually comprises: " Advance deposits received from World Bank; " Replenishments substantiated by withdrawal appNcationsl- " Interest that r-nay have been earned on the aCCOUnts, and which belongs to the project; andl " Barik charges () Withdrawals related to project expenditures. The auditor should pay particular attention as to the compliance with the Bank's procedures and the balances of the Designated Account at the end of the fiscal year lot- period . TrIe auditor should examine the eligibility of financial transactions during the period Linder examination and fund balances at the end of such a period, the o ' peration and use of the DA in accordance with the relevant general conditions, relevant financir:- I.- ments and disbursement letter, and the adequacy of internal Controls for thi's typ- of disbursernei-it mechanism. For this Project, the Designated Account is ref erred to in the general conditions, and D,tbUrsement Letter (Section 11. (iv)). The auditor, should also exarnine eligib,ility and correctness of: " Financial transactions during the period under rcvic?vv, " Accoum- balances the end of' such a period,- The opera,tion and use of the Designated Account in accordance with the financing agreement,- and The adeqUacy of intcrna1 cor tro!s for the type of disbursement audo w v;se an opir on on the po financial statements PFSs. Tn annual a udt report of the roject accounts shou,d include a sepaate paragraph highlighting keynterna1 controweaknesses iand non comp ince wh the financing agreement terms. In adidition, he auditor vi issue special opinions on Provision o Counterpari Funds (CF rDeliveyo specified/ -Le iouput under the OPRC in component B. (Road Someto ovestment) of the ojec 9Managemeunt Lietter naddition to the audit report, the auditor will prepare a management letter, in which Zhe auditor wilL Give comments and observations on the accounting records, systems and controls that were examined during the course of the audit; * dentify specific deficiencies or areas of weakness in systems and controls, and make recommendations for their improvement; * Report on the degree of compliance of each of the financial covenants in the financing agreement and give comments, if any, on internal and external matters affecting such comPliance * Communicate matters that have come to his/ her attention during the audit which miaht have a significant impact on the implementation of the project; * Give comments on the extent to which outstanding issues/ qualifications issues have been addressed; Give comments on previous audits recommendations that have not been satisfactorily implemented; and Bring to the Ministry's attention any other matters that the auditor considers pertinent, including ineligible expenditures. Ideally, the management letter should also include responses from the implementing agency to the issues highlighted by the auditor. 10. Available Information The auditor should have access to all legal documents, correspondences, and any other information associated with the project and deemed necessary by the auditor. The auditor will also obtain confirmation of amounts disbursed and outstanding at the Rank. Available information should include copies of the relevant: project appraisal document; financing agreement; financial management assessment reports; superv:sion mission reports and implementation status reports. 1 1. General The financial statements, incuding the audit report, management letter and management response should be received by the Bank no later than six months after the end of the Government Fiscal Year to which the audit relates, i.e., by September 30 each year Vrshc rnit~ thr oot to the recipVint sdes gnated agen (The Minister ne aua ta shoc ;O ut Pkzin na rather than to any staff rnember of the projec Sce anfowar two copies of the audit report and pæy n- ieemft t e togetr viti the rnanagernent letter and ement response, !r q y esc~lCtriat the ajeditor becomes famHýiiar with the Ba[-<ýs Guidelinies on ha Finl potin or World Bank-Financed Activties June 30, 2003, whCIi nFrizns t asnancial report ng and auditing requrenents. The auditc t World BanK Procurement Guidelinies, which can b, obtainelf it encv The auditor shouLa a1so be fam with th s sb Handbook for \Word Bank Clients, DsbLrsemC t Guidelines for Pr icts: May 2006. These documents are avaiiabe on the Bank's webste and could be obtained for the Task Team Leader