27 JUN 2018 1i&30o1 C Audit Office of Guangxi Zhuang Autonomous Region of the People's Republic of China Audit Report S'$kh1J C 2018 D 28 - GXAUDIT REPORT C2018) NO.28 Project Name: Guilin Integrated Environment Management Project Financed by the World Bank R A : 8458-CN Loan No.: 8458-CN Project Entity: Project Management Office of the Leading Groups of Guilin Integrated Environment Management Project Financed by the World Bank 4it4t: 2017 Accounting Year: 2017 Contents I. A uditor's O pinion ....................................................................................3 IL Financial Statements and Notes to the Financial Statements.................6 i. B alance Sheet.....................................................................................6 ii. Summary of Sources and Uses of Funds by Project Component.....8 lj (3-:) RTt%E ff[NUA....................................1 iii. Statement of Implementation of Financing Agreement................. 11 ( V9 ) M I K R P & ..................................... 1 2 iv. Special A ccount Statem ent............................................................. 12 ( a ) R K A Rt E ......................................................................... 14 v. Notes to the Financial Statem ents...................................................17 III. Audit Findings and Recommendations ...............................................23 仁 一、审计师意见 口审计师意见 桂林市世行贷款环境综合治理工程项目领导小组办公室： 。我们审计了世界银行贷款桂林市环境综合治理项目2017年12月 U31日的资金平衡表及截至该日同年度的项目进度表、贷款协定执行情 况表和专用账户报表等特定目的财务报表及财务报表附注（第6页至 第19页）。 仁；一）项目执行单位及幼襼壮族自治区财政厅对财务报表的责任 簖制上述财务报表中的资金平衡表、项目进度表及贷款协定执行 。情况表是你办的责任，簖制专用账户报表是广西壮族自治区财政厅的 日责任，这种责任包括： 1．按照中国的会计准则、会计制度和本项目贷款协定的要求编 制项目财务报表，并使其实现公允反映； 。2．设计、执行和维护必要的内部控制，以使项目财务报表不存 U在由于舞弊或错误而导致的重大错报。 （二）审计责任 仁我、门的责任是在执行审计工作的基础上对财务报表发表审计意 见。我们按照中国国家审计准则和国际审计准则的规定执行了审计工 作，上述准则要求我们遵守审计职业要求，计划和执行审计工作以对 ＿项目财务报表是否不存在重大错报获取合理保证。 日为获取有关财务报表金额和披露信息的有关证据，我们实施了必 要的审计程序。我们运用职业判断选择审计程序，这些程序包括对由 于舞弊或错误导致的财务报表重大错报风险的评估。在进行风险评估 。时，为了设计恰当的审计程序，我们考虑了与财务报表相关的内部控 日制，但目的并非对内部控制的有效性发表意见。审计工作还包括评价 所选用会计政策的恰当性和作出会计估计的合理性，以及评价财务报 表的，馨体列报。 匕 仁 我们相信，我们获取的审计证据是适当的、充分的，为发表审计 意见提供了基础。 乙（三）审计意见 我们认为，第一段所列财务报表在所有重大方面按照中国的会 计准则、会计制度和本项目贷款协定的要求编制，公允反映了世界 仁银行贷款桂林市环境综合；台理项目20 17年12月31日的财务状况及 截至该日同年度的财务收支、项目执行和专用账户收支情况。 （四）其他事项 「 我们还审查了本期内报送给世界银行的第GXGL02至第 GXGL04号提款申请书及所附资料。我们认为，这些资料均符合贷 款协议的要求，可以作为申请提款的依据。 目 本审计师意见之后，共同构成审计报告的还有两项内容：财务报 表及财务报表附注和审计发现的问题及建议。 …中华人民娜区审计厅 日地址：中国幼襼南宁市民族大道98号 邮政簖码：530022 电话：86一771一5800259 日传真：86一77，一，8002,9 匕 1. Auditor's Opinion Auditor's Opinion To Project Management Office of the Leading Groups of Guilin Integrated Environment Management Project Financed by the World Bank We have audited the special purpose financial statements (from page 6 to page 19) of Guilin Integrated Environinent Management Project Financed by the World Bank, which comprise the Balance Sheet as of December 31, 2017, the Summary of Sources and Uses of Funds by Project Component, the Statement of Implementation of Financing Agreement and the Special Account Statement for the year then ended, and Notes to the Financial Statements. The Responsibility of Project Entity and the Finance Department of Guangxi Zhuang Autonomous Region for the Financial Statements The preparation of the Balance Sheet, the Summary of Sources and Uses of Funds by Project Component and the Statement of Implementation of Financing Agreement is the responsibility of your entity, while the preparation of the Special Account Statement is the responsibility of the Finance Department of Guangxi Zhuang Autonomous Region, which includes: i. Preparing and fair presenting the accompanying financial statements in accordance with Chinese accounting standards and system, and the requirements of the project loan agreement; ii. Designing, implementing and maintaining necessary internal control to ensure that the financial statements are free from material misstatement, whether due to ftaud or error. Auditor's Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Government Auditing Standards of the People's Republic of China and International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of 3 the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entities' preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is appropriate and sufficient to provide a basis for our audit opinion. Opinion In our opinion, the financial statements identified in the first paragraph present fairly, in all material respects, financial position of Guilin Integrated Environment Management Project Financed by the World Bank as of December 31, 2017, its financial receipts and disbursements, the project implementation and the receipts and disbursements of the special account for the year then ended in accordance with Chinese accounting standards and system, and the requirements of the project loan agreement. Other Matter We also examined the withdrawal application No.GXGLO2 to No. GXGLO4 and the attached documents submitted to the World Bank during the period. In our opinion, those documents comply with the project loan agreement and can serve as basis for loan withdrawal. The audit report consists of the Auditor's Opinion and two more parts hereinafter: Financial Statements and Notes to the Financial Statements, Audit Findings and Recommendations. Audit Ofr,@of j. i Zh g Autonomous Region oled',Y4 ic of China June 20, 2'1 > U4 Address: No. 98, Minzu Avenue, Nanning, Guangxi, P.R. China Postcode: 530022 Tel.: 86-771-5800259 Fax: 86-771-5800259 The English translation is for the convenience of report users; Please take the Chinese audit report as the only official version. U5 IL Financial Statements and Notes to the Financial Statements ( -) X4lftk i. Balance Sheet BALANCE SHEET 2017 4 12 A 31 H (As of December 31, 2017) Project Name: Guilin Integrated Environment Management Project Financed by the World Bank I 4:k: 4kTT]h# A4 L 1iT-Pi - 4,~~f t1 : )RW, Ik i Prepared by: PMO of the Leading Groups of Guilin Integrated Environment Management Currency Unit: RMB Yuan Project Financed by the World Bank Appicaio of Fund Line Application ofFund No. Beginning Balance Ending Balance Sources of Fund ne Beginning Balance EndingBalance Total Project Expenditures 1 80,232,453.56 149,585,716,56 Total Project 28 50,680,924.72 55,444,078.11 Appropriation Funds F 2 - Project Capital and Capital 29 - Fixed Assets Transferred Surplus Construction Expenditures 3 - 0 to be Disposed Including: Grants 3. 4Of& 41 5,1,5M 1677682 Investments Transferred-out i Total Project Loan 31 51,419,250.00 116,737,688.28 4. EI 1*0RK.frAg Construction in Progress 5 80,232,453.56 149,585,716.56 Total Project 32 51,419,250,00 116,737,688,28 Investment Loan Investment Loan Receivable 61-ForeignLoan 33 36,419,250.00 93,363,296.28 Including: World Bank 7 - - 34 Investment Loan Receivable Including: IDA W1ENfrRRMAA Appropriation of Investment 8 - - 35 36,419,250,00 93,363,29628 Loan IBRD Including :Appropriation of 9 - - Technical 36 World Bank Investment Loan Cooperation ff10 --37 Equipment Co- Financing Including: Equipment Losses 1 . ()me Loan 38 15,000,000.00 23,374,39200 in SuspenseDoetcLa ol b Bankt12 27,643,529.15 35,712,032.94 2. ni 39 Total Cash and Bank Other Loan Cash in Bank 13 27,643,529.15 35,712,032.94 Appropriation of 40 Investment Loan Including: Special Account 14 19,833,939.30 32,698,484.02 Including: World Bank 41 Loan 2 . 59 1 5 T '- 4 Cash on Hand Bond Fund APM (To be continued) I] 6 Total Prepaid and Receivable 16 2,242,849.19 992,786.00 Construction Expenditures 43 Total Prepaid and Receivable to be Offset Including: World Bank Loan 17 - -a44 8,003,631.92 14,080,971.45 Interest Receivable Total Payable World Bank Loan AP ' Commitment Fee 18 - - Including: World Bank 45 Receivable Loan Interest Payable World Bank Loan Service- 19 - - World Bank Loan 46 Fee Receivable Commitment Fee Payable Marketable Securities 20 - - World Bank Loan Service 47 Fee Payable otAl F A 21- A, 48 - Total Fixed Assets Other Payables FWi Ast 22 - - &'49 - Fixed Assets, Cost Appropriation of Fund Less: Accumulated 23 - - 50 15,025.26 27,797.66 Depreciation Retained Earnings Fixed Assets, Net 24 - - Fixed Assets Pending Disposal 25 - - Fixed Assets Losses in Suspense 26 - - TotalFp if 27 110,118,83190 186,290,535.50 Tot5Sle nd 51 110,118,831.90 186,290,535.50 Total Application of Fund Total Sources of Fund 0 7 ii. Summary of Sources and Uses of Funds by Project Component U~A 1 *&A{Jf(-) SUMMARY OF SOURCES AND USES OF FUNDS BY PROJECT COMPONENT I *A I, 2017 * 12 A 31 l (For the period ended December 31, 2017) Project Name: Guilin Integrated Environment Management Project Financed by the World Bank ' R 414-: AK . feit Atk*lk: T h -t4 &Currency Unit RMB Yuan Prepared by: PMO of the Leading Groups of Guilin Integrated Environment Management Project Financed by the World Bank Current Period Cumulative Current Period Current Period current Cumulative Cumulative % Period % Life of PAD Budget Actual ped Actual Completed _______________________Completed 193,527,399.00 70,081,591.67 36.21% 959,090,000.00 172,181,766.39 17.95% Total Sources of Funds nMTIoa Fna, ncing 178,927,399.00 56,944,046.28 31.83% 616,950,000.00 93,363,296.23 15.13% international FmnancmngI 178,927,399.00 56,944,046.28 31.83% 616,950,000.00 93,363,296.28 15.13% IBRD C trpt F14,600,000.00 13,137,545.39 89.98% 342,140,000,00 78,818,470.11 23.04% Counterpart Financing Total Application of Funds (by 193,527,399.00 69,353,263.00 35.84% 959,090,000.00 149,585,716.56 15.60% Project Component) 61,000,000.00 30,015,682.20 49.21% 253,690,000.00 100,396,820.91 39.57% Guilin water supply pipelines Transformation of Guilin Sewerage 108,700,000.00 38,029,123.51 34.99% 555,030,000.00 46,784,287.36 8.43% & WWTP, pumping stations and urban drainage pipe network 17,500,000.00 351,071.93 2.01% 128,140,000.00 1,075,714.14 0.84% Sludge management 4A±4$*9:KA Guftrq aimontorngd 5,400,000.00 364,412.78 6.75% 7,830,000.00 387,123.96 4.94% Guilin water quality monitoring and pollution management , Capacity building and project 927,399.00 592,972.58 63.94% 14,400,000.00 941,770.19 6.54% implementation support fRen - 728,328.67 - - 22,596,049.83 - Difference I. akl5Efti - -1,250,063.19 - - 992,786.00 Change in Receivables C P - -6,077,339.53 - -14,080,971.45 Change in Payables Changein5Cas k - 8,068,503.79 - - 35,712,032.94 -Change in Cash and Bank - -12,772.40 - - -27,797.66 Other SUMMARY OF SOURCES AND USES OF FUNDS BY PROJECT COMPONENT II t;& .2017 * 12 A 31 El (For the period ended December 31, 2017) Project Name: Guilin Integrated Environment Management Project Financed by the World Bank Prepared by: PMO of the Leading Group s of Guilin Integrated Environment Management Project Financed by the World Bank Cunency Unit: RMB Yuan Project Expenditure Project Component i-Assets Transferred Construction Cumulative Amount i11'" A Foi Itni i XR1ri6 Work in Progress Expenditures to be Investments Fixed Asset Current Asset asse Deferred Asset Disposed Asset I. 4#WAVPqIT9 100,396,820.91 - - - - 100,396,820,91 - - Guilin water supply pipelines 2. t& *4tkf &wM' R& N46,784,287.36 ---- 46,784,287,36 -- Transformation of Guilin Sewerage & WWTP, pumping stations and urban drainage pipe network 2.1 r5cA3TF0i1 40,084,58921 -40,084,589.21 - Transformation ofGuilin Sewerage & WWTP 2.2 17CMii 391,394.50 - - - - 391,394.50 - - Transformation of pumping stations 2.3 dTI4*C RO* 6,048,336.81 -6,048,336.81 -- Transformation of urban drainage pipe network 2.4 A-qII 7 I)ZC ifk 59,936.81 ----59,936.81 -- Transformation of Bali street drainage pipe network 2.5 ii M i200,030.03 200,030.03 - Transformation of Lingui drainage pipe network 9 Project Expenditure MBING Assets Transferred E Project Component Asse-s TasIr Construction Investments Cumulative Amount 1tvliJ Intangible ig ERI Work in Progress Expenditures to e Transferred-out Fixed Asset Current Asset Deferred Asset Disposed Asset 3. jE htI 1,075,714.14 - - - - 1,075,714.14 - Sludge management Guilin water quality monitoring and pollution 387,123.96 - - - - 387,123.96 - management 5. htigt*Rig) A 3 941,770.19 941,770.19 Capacity building and project implementation support Total 149,585,716.56 - - - - 149,585,716.56 10 iii. Statement of Implementation of Financing Agreement STATEMENT OF IMPLEMENTATION OF FINANCING AGREEMENT *-, A . 2017 4 12 A 31 El (For the period ended December 31, 2017) Project Name: Guilin Integrated Environment Management Project Financed by the World Bank Prepared by:PMO of the Leading Groups of Guilin Integrated Environment Management Project Financed by the World Bank Curency Umt: USD1 RMB Yuan Loan Amount Current-period Withdrawals Cumulative Withdrawals Category 1A iAi F - VAAftif USD USD RMB USD RMB L1. AT 73JAUNF 23,500,000.00 4,638,259.20 30,307,313.27 4,638,259.20 30,307,313.27 CWs,GDs,CS for Pt.] 2. MAN#1 Ik 74,000,000.00 4,270,810.81 27,906,332.00 4,270,810.81 27,906,332.00 CWs,GDs,CS for Pt.2 &3 3. 800,000.00 52,44574 342,690.95 52,445.74 342,690.95 GDs,CS for Pt.4 4. 41&iQBK *i It 1 , R"), *ill 1 -A1IOC 1,450,000.00 76,889.30 502,410.06 76,889.30 502,410.06 CS,nCS,GD,TRN,IOC Pt.5 S. - 250,000.00 - - 250,000.00 1,633,550.00 Front End Fee 6. 4VfflWP - 5,000,000.00 32,671,000.00 Special Account Total 100,000,000.00 9,038,405.05 59,058,746.28 14,288,405.05 93,363,296.28 11 I iv. Special Account Statement U SPECIAL ACCOUNT STATEMENT *a l 2017 * 12 } 31 H (For the period ended December 31, 2017) Project Name: Guilin Integrated Depository Bank: Nanning Branch of Environment Management Project Financed Industrial Bank Co., Ltd. by the World Bank YV#: 552011400100022199 #:8458-CN Account No.: 552011400100022199 Loan No. 8458-CN fTf) #A: At WW&: S W% A EtilkT Currency: USD Prepared by: The Finance Department of Guangxi ZhuangAutonomous Region Part A-Account Activity for the Curent Period Amount 2,859,152.27 Beginning Balance Add: 9,038,405.05 Total Amount Deposited this Period by World Bank PJARAA (4WmiPMS) 2,088.22 Total Interest Earned this Period if Deposited in Special Account Total Amount Refunded this Period to Cover Ineligible Expenditures Deduct: 6,895,403.36 Total Amount Withdrawn this Period AM"it ME R*:V_'zfi 36.00 Total ServiceCharges this Period ifnot Included in Above Amount Withdrawn 5,004,206.18 Ending Balance (,- To be continued) U 12 UB Part B-Account Reconciliation Amount I. 5,000000.0 Amount Advanced by World Bank 5,000,000.00 Deduct: 2. ~ I~ Total Amount Recovered by World Bank Outstanding Amount Advanced to the Special Account at the End of this Period Add: 5. ZSMBiiRMBt LJ Amount Claimed but not yet Credited at the End of this Period Application No. Amount 6. BANEMA iPit83@ Amount Withdrawn but not yet Claimed at the End of this Period 7. (W4f-WEif (4n*a5 u6 #P) 48.00 Cumulative Service Charges (If not Included in Item 5 or 6) Deduct: 8. koI&A ( AWhAPE#) 4,254.18 Interest Eamed (If Included in Special Account) 9. P WA#@9 5,000,000,00D Total Advance to the Special Account Accounted for at the End of this Period 13 仁 （五）财务报表附注 巨财务报表附注 1．项目概况 尸世界银行贷款桂林市环境综合治理项目贷款号为8458一CN，旨在通过 妇该项目的实施，提高桂林市供水和污水服务水平。该项目内容包括桂林市 供水管籑工程、市区污水处理厂和排水泵站改造及城市排水管网改造工 程、污泥处理工程、桂林市水环境监测与污染源管理信息系统、能力建设 「和项目实施支持等。项目协议于2015年4月1日签订，2015年6月29 。日生效，预计2020年12月31日前关闭。项目计划总投资为人民币 959,090,000元，其中世界银行贷款总额为100,000,000美元，折合人民币 6 16,950,000元。 扫2，财务报表编制范围 本财务报表的簖制范围包括桂林市项目办、桂林市自来水公司、桂林 市排水有限公司、桂林市环境自动监控管理办公室的财务报表及广西壮族 日自’台区财政厅专用账户报表。 3．主要会计政策 3.1本项目财务报表按照财政部《世界银行贷款项目会计核算办法》 [（财际字〔2000〕’3号’的要求编制。 3.2会计核算年度采用公历年制，即公历每年1月1日至12月31日。 「！3.3本项目会计核算以“权责发生制”作为记账原则，采用借贷复式记 目账法记账，以人民币为记账本位币。 3.4按照中国人民银行2017年12月31日汇率，即USDI＝人民币 仁6 .5342元。 匕 仁 4．报表科目说明 尸4.1项目支出 口2017年项目支出人民币69,353,263.00元，累计支出人民币 149,585,716.56元，占总投资计划的15.600,0。 们4.2货币资余 2017年12月31日货币资金余额为人民币35,712,032,94元，比上年 增加人民币8,068,503.79元，其中专用账户存款折合人民币咒，698,484.02 元。 ［、．3预付及应收款 2017年12月31日余额为人民币992,786.00元，主要是预付工程款、 垫付农民工工资保证金等。 钊。．4项目拨款 20 17年12月31日余额为人民币78,5 18,470,11元，其中：国内借款 人民币23,374,392.00元。 f！项目计划配套资金总额人民币342汪40刀00.00元，截至2017年12月 曰31日至U位配套人民币78,818,470.11元，占计划的23.04％。 4.5项目借款 尸20 17年12月31日余额为人民币93,363,296.28元，其中：国际复兴 口开发银行贷款颖为14,288,405.05美元，折合人民币93,363,296.28元。 截至2017年12月31日，累计提取世界银行贷款资金14,288,405 .05 粎元，占贷款总额的14.29％。其中：供水子项工程、货物及咨询服务类 「）累计提款4,638,259.20粎元，占该类计划的19.74%；污水污泥子项工程及 U货物类累计提款4,27认810.81粎元，占该类计划的5.77%；环保子项货物 及咨询服务类累计提款52,445.74美元，占该类计划的6.56%；能力建设 子项咨询服务、非咨询服务、货物、培训、研讨及Ioc类累计提款76,889. 「30粎元，占该类计划的5.300,0；先征费250,000.00美元；周转金5,000,000.00 夫兀。 匕 仁 门4.6应付款 20 17年12月31日余额为人民币14,080,97 1 .45元，王要是应付禾付 财政垫付的扼诺费、利息和设备款等款项。 尸4.7留成收入 U 2017年12月31日余额人民币27,797.“元，主要是专用账户存款利 息收入。 们5．专用账户使用情况 U本项目专用账户设在兴业银行股份有限公司南宁分行，账号为 552011400100022199，币种为粎元。专用账户首次存款5,000,000.00美元。 2017年年初余额2,859,152,27粎元，本年度回辛】、9,038,405.05美元，利息 扫收入2,088.22粎元，本年度支付6,895,403.36美元，年末余额5,004,206.18 夫兀。 6．其他需要说明的事项 门项目资金平衡表中国际复兴开发银行贷款期末数与期初数之差、项目 划进度表中相应本期发生额与贷款协定执行情况表人民币本期提款数不一 致是由于历年汇兑损益造成的。 仁 创 已 仁 v. Notes to the Financial Statements Notes to the Financial Statements 1. Project overview The Loan No. of Guilin Integrated Envirom-nent Management Project Financed by the World Bank is 8458-CN. It aims to improve water supply and sanitation services in Guilin. The contents of this project include the engineering of Guilin water supply network of pipelines; Wastewater Treatment Plants in urban area; transformation of Guilin sewerage, waste water treatment plants in urban area, pumping stations and urban drainage pipe network; sludge management; information system of Guilin water quality monitoring and pollution management; capacity building and project implementation support. The Project Agreement was signed on April 1, 2015 and came into effect on June 29, 2015. The account of the project will be closed before December 31, 2020. The total investment plan of the project was RMB959,090,000 yuan, among which the total World Bank loan amount was USD 100,000,000, equivalent to RMB616,950,000 yuan. 2. Consolidation Scope of the Financial Statements Consolidation scope of the financial statements covers the financial statements of Project Management Office of Guilin, Guilin Water Supply Company, Guilin Sewage Company, Guilin Envirom-nental Automatic Monitoring Management Office as well as the Special Account set in the Finance Department of Guangxi Zhuang Autonomous Region. .3. Accounting Policies 3.1 The Financial Statements of the project were prepared according to the requirements of Accounting Methods for the World Bank Financed Project (Caij izi [2000] No. 13). 3.2 In accounting practice, the Gregorian calendar year is adopted as the fiscal year from January 1 to December 3 1. 3.3 The accrual basis and the debit/credit double entry bookkeeping method 17 are adopted. RMB is used as the recording currency of bookkeeping. 3.4 The exchange rate adopted in the financial statements was the exchange rate on December 31, 2017 of the People's Bank of China, which is USD1= RMB6.5342 yuan. 4. Explanation of Subjects 4.1 Total Project expenditures The project expenditure in 2017 was RMB69,353,263.00 yuan, and the cumulative expenditures were RMB149,585,716.56 yuan, which accounted for 15.60% of the total investment plan. 4.2 Cash and Bank On December 31, 2017, the balance was RMB35,712,032.94 yuan with an increase of RMB8,068,503.79 yuan compared with that of the last year. And the funds in the Special Account were converted to RMB32,698,484.02 yuan. 4.3 Prepaid and Receivable Its balance on December 31, 2017 was RMB992,786.00 yuan, mainly the prepaid project payment in engineering, migrant workers' wage guarantee, and etc. 4.4 Project Appropriation Funds The balance on December 31, 2017 was RMB78,818,470.11 yuan, including the domestic loan of RMB23,374,392.00 yuan. The total planned counterpart funds of this project were RMB342,140,000.00 yuan. By the end of 2017, RMB78,818,470.11 yuan of the counterpart funds had been allocated, which accounted for 23.04% of the plan. 4.5 Project Loan The balance on December 31, 2017 was RMB93,363,296.28 yuan, including the IBRD loan USD14,288,405.05, equivalent to RMB93,363,296.28 yuan. By the end of December 31, 2017, accumulated USD14,288,405.05 of the F] 18 World Bank loan had been withdrawn, accounting for 14.29% of the total, L among which the withdrawal for CWs,GDs,CS for Pt. 1 was USD4,638,259.20, accounting for 19.74% of the category plan; the withdrawal for CWs,GDs,CS for Pt.2 &3 was USD4,270,810.81, accounting for 5.77% of the category plan; the withdrawal for GDs,CS for Pt.4 was USD52,445.74, accounting for 6.56% of the category plan; the withdrawal for CS,nCS,GD,TRN,IOC Pt.5 was [ USD76,889.30, accounting for 5.30% of the category plan; the withdrawal for front end fee was USD250,000.00; the withdrawal for imprest fund was USD5,000,000.00. 4.6 Payable The balance on December 31, 2017 was RMB14,080,971.45 yuan, which was mainly payable advanced payment by finance for the expenditures such as commitment charge, interest and fund for equipment etc.. 4.7 Retained Earnings The balance on December 31, 2017 was RMB27,797.66 yuan, mainly interest earned of the Special Account deposit. 5. Special Account The Special Account of this project is set in Nanning Branch of Industrial Bank Co., Ltd., with the account number of 552011400100022199, and USD as currency unit. The initial Deposit of the Special Account is USD5,000,000.00. The beginning balance of 2017 was USD2,859,152.27 and the reimbursement in the year was USD9,038,405.05. This year the interest earned was USD2,088.22 and the disbursement was USD6,895,403.36. Thus, the ending balance was USD5,004,206.18. 6. Other Explanation for the Financial Statements Due to the change of foreign exchange rate, there are discrepancies between the difference of the beginning and ending balance of the IBRD loan in the Balance Sheet, the current year's loan received in the Summary of Sources and Uses of Funds by Project Component and the amount of current year's withdrawals (disclosed in RMB) in the Statement of Implementation of Loan Agreement. L 19