First reading of the draft resolution "Approval of the consolidated annual report of the state for the 2023 financial year" (503 OE)
Session: 15th Riigikogu, 4th session, plenary sitting
Date: 2024-11-06 17:51
Participating Politicians:
Total Speeches: 5
Membership: 15
Agenda Duration: 9m
AI Summaries: 5/5 Speeches (100.0%)
Analysis: Structured Analysis
Politicians Speaking Time
Politicians
Analysis
Summary
Under agenda item eight, the draft consolidated annual report for the state's 2023 fiscal year, first reading, 503, was discussed. The Minister of Finance of the Riigikogu, Jürgen Ligi, presented to the Riigikogu, providing a thorough overview of the state's economic performance and financial position. He noted that the economic turnaround for 2023 did not materialize and that Estonia has been significantly more affected by Russia's war of aggression than most other European Union countries (with the exception of Ukraine). The situation was challenging, but overall, the economy endured despite the difficulties. The government sector deficit grew to 1.09 billion euros (2.8% of GDP), partially due to higher-than-expected non-tax revenues and a shortfall in the projected level of grants and investments from the state budget. Assets grew by 5.7% and liabilities by 11.9%. At the end of 2023, the consolidated assets of the government sector were 24.37 billion euros and the volume of liabilities was 15.58 billion euros. Expenditures increased by 7.6% and revenues reached 14.73 billion euros. Consolidated expenditures excluding investments amounted to 15.13 billion euros. The negative result collected in Estonia (–0.954 billion) and the cash flow deficit (–2.235 billion euros) limit the possibility of increasing stabilization reserves. The National Audit Office’s audit confirmed that the accounting representation and economic results in the consolidated report are presented fairly and generally comply with both the State Budget Act and the amendments. Additional notes were made concerning the accounting of equipment for defense purposes, considering what proportion of expenditures should be reflected in the state budget for both 2023 and 2024. Finally, the speaker made a clear concluding remark and thanked the listeners.
Decisions Made 4
Designate a speaker (Aivar Sõerd, member of the Finance Committee) and place the draft on the agenda for November 6th.
First reading finished.
Deadline for submitting amendments: November 20th at 5:15 PM.
Confirmations on topics: to continue the discussion regarding the reflection of activity and financial indicators and equipment/defense expenditure for defense purposes – answers from the Minister and the National Audit Office, and if necessary, to clarify further when preparing the budget in the future.
Most Active Speaker
The most active speaker was Aivar Sõerd, a member of the Finance Committee of the Riigikogu. Position: independent (neither left nor right). He represented the committee and dealt with coordinating the bill's processing and raising questions related to responses.
Aseesimees Toomas Kivimägi
AI Summary
During the eighth item on the agenda, the government-proposed draft bill No. 503 – Approval of the Consolidated Annual Report of the State for the financial year 2023, first reading, will be discussed, and the Honorable Minister of Finance Jürgen Ligi will be invited to address the Riigikogu from the podium.
Rahandusminister Jürgen Ligi
AI Summary
The 2023 financial year report shows how, as a small and open economy, Estonia withstood difficulties caused by the external environment and Russia's aggression, and the budget deficit increased, but with the National Audit Office's audit confirmation the report reflects the financial position fairly and highlights only a few timing observations in budget execution and the constraints of the stabilization reserve.
Aseesimees Toomas Kivimägi
AI Summary
He thanks, notes that there are no questions, and asks that his good colleague at the Riigikogu rostrum, a member of the Finance Committee, Aivar Sõerd, become a co-sponsor.
Aivar Sõerd
Profiling Eesti Reformierakonna fraktsioonAI Summary
The Riigikogu Finance Committee discussed this draft bill at its 21 October meeting and, by consensus, decided to designate the present speaker as the rapporteur, to place the draft on the agenda for 6 November and to conclude the first reading, addressing the results of the annual financial report and the handling of defense-oriented equipment and defense expenditures in statistics together with assessments from Eurostat and the State Audit Office, and to set the deadline for submitting amendments at ten working days; the responses from the minister, the State Audit Office and the committee were unanimous, and I am ready to answer questions.
Aseesimees Arvo Aller
AI Summary
The vice-chairman Arvo Aller announced that he would open negotiations with the factions, but there is no interest in them, and those negotiations will be closed. The first reading of Bill 503 was terminated by the leading committee's proposal; the first reading has been completed, and the deadline for submitting amendments is 20 November at 17:15, and today's eighth item on the agenda has been completed.