Regulatory Alerts2023-01-01 | JPRF-G-2023-059Resolution No. JPRF-G-2023-059 Approves the Budget of the Bank of the Ecuadorian Social Security Institute (BIESS) for the 2023 Fiscal Year
The Financial Policy and Regulation Board (JPRF) issued Resolution No. JPRF-G-2023-059 on January 13, 2023, to formally approve the 2023 institutional budget for the Bank of the Ecuadorian Social Security Institute (BIESS). The resolution mandates that the BIESS execute the approved budget efficiently, with the General Manager responsible for execution and the Board of Directors exercising control, while requiring the submission of the budget to the Ministry of Economy and Finance and the National Assembly within 30 days. The approved total annual budget for 2023 is set at $9,683,939,566.90, representing a 14% increase over the codified 2022 budget, covering both administrative and investment expenditures.
Resolution No. JPRF-G-2023-059 THE FINANCIAL POLICY AND REGULATION BOARD
CONSIDERING:
That Article 226 of the Constitution of the Republic of Ecuador provides: "State institutions, their agencies, dependencies, public servants, and persons acting by virtue of state authority shall exercise only the competencies and powers attributed to them in the Constitution and the law. They shall have the duty to coordinate actions for the fulfillment of their purposes and to make effective the enjoyment and exercise of the rights recognized in the Constitution.";
That Article 309 of the Fundamental Norm stipulates that entities regulating the national financial system shall be responsible for "preserving its security, stability, transparency, and solidity.";
That Article 310 of the Magna Carta mandates: "The public financial sector shall have as its purpose the sustainable, efficient, accessible, and equitable provision of financial services. The credit it grants shall be oriented preferentially to increase the productivity and competitiveness of productive sectors that allow achieving the objectives of the Development Plan and of the less favored groups, in order to promote their active inclusion in the economy";
That Article 13 of the Organic Code of Money and Finance, Book I, created the Financial Policy and Regulation Board as part of the Executive Function, responsible for the formulation of credit, financial, securities, insurance, and prepaid health care service policy and regulation;
That Article 14.1, letter a, number 14 ibidem, states that it is a faculty of the Financial Policy and Regulation Board: "To annually approve the budget of the entities of the public financial sector, their reforms, as well as to regulate their execution; (...)";
That with Resolution No. JPRF-G-2022-020 of February 1, 2022, the Financial Policy and Regulation Board approved the budget for the 2022 fiscal year of the Bank of the Ecuadorian Social Security Institute;
That the Financial Policy and Regulation Board, on September 29, 2022, issued Resolution No. JPRF-F-2022-037 which reformed the applicable regulation for the stage of the budgetary cycle for the approval of the budgetary form of the entities of the public financial sector;
That, through Office No. BIESS-GGEN-2022-1727-OF of December 27, 2022, addressed to the Financial Policy and Regulation Board, the General Manager of the Bank of the Ecuadorian Social Security Institute, Mgs. Carlos Julio Arosemena Duran, submits "the Budgetary Form of the Bank of the Ecuadorian Social Security Institute, BIESS, corresponding to the year 2023, and its supporting enabling documents.";
That the General Manager of the Bank of the Social Security Institute, through Office No. BIESS-GGEN-2023-0013-OF of January 5, 2023, as an addendum to the aforementioned Office No. BIESS-GGEN-2022-1727-OF, sent some clarifications and specifications regarding the information provided for the approval of the Budgetary Form for the 2023 fiscal year;
That the Technical Secretariat of the Financial Policy and Regulation Board, through Memorandum No. JPRF-ST-2023-0004-M of January 11, 2023, sends to the President of the Board the following reports:
Resolution No. JPRF-G-2023-059 Page 2 of 5
i. Technical Report No. JPRF-CTIFSP-2023-0001 of January 11, 2023, considering the favorable pronouncement of the members of the Board of Directors of the Bank of the Ecuadorian Social Security Institute in the Board of Directors Session of December 23, 2022, with Resolution No. BIESS-DIR-RS-044-0480-2022, and of the review of the figures presented through Office No. BIESS-GGEN-2022-1727-OF and its annexes by the Bank of the Ecuadorian Social Security Institute to the Financial Policy and Regulation Board, it is recommended to submit for knowledge and resolution the approval of the budgetary form for the 2023 fiscal year.
ii. The Legal Report No. JPRF-CJF-2023-001 of January 11, 2023 concludes that it corresponds to the Financial Policy and Regulation Board to approve the budget of the Bank of the Ecuadorian Social Security Institute for the 2023 fiscal year, which was sent by its General Manager through Office No. BIESS-GGEN-2022-1727-OF of December 27, 2022, in accordance with Article 14.1, numeral 14, letter a. of the Organic Code of Money and Finance, Book I;
That the Financial Policy and Regulation Board, in an extraordinary session convened by technological means on January 12, 2023, and carried out via video conference on January 13, 2023, learned of the Memorandum No. JPRF-ST-2023-0004-M of January 11, 2023, issued by the Technical Secretariat of the Board; as well as the Legal Report No. JPRF-CJF-2023-001 of January 11, 2023 and the Technical Report No. JPRF-CTIFSP-2023-0001 of January 11, 2023, issued, respectively, by the Legal Coordination of Financial Policy and Norms and the Technical Coordination of Financial Inclusion and Prepaid Health Policy of the aforementioned Board and the corresponding draft resolution;
That the Financial Policy and Regulation Board, in an extraordinary session convened by technological means on January 12, 2023, and carried out via video conference on January 13, 2023, learned of and approved the following Resolution; and,
In exercise of its functions,
RESOLVES:
SINGLE ARTICLE.- Approve the budget of the Bank of the Ecuadorian Social Security Institute for the 2023 fiscal year, which covers from January 1 to December 31, 2023, under the terms indicated by the General Manager in Office No. BIESS-GGEN-2022-1727-OF of December 27, 2022, which are derived from the Annex that forms part of this Resolution.
GENERAL PROVISIONS
FIRST.- The administration of the Bank of the Ecuadorian Social Security Institute must consider the budget for the 2023 fiscal year as a management instrument that must be translated into the efficient use of resources, prioritizing those investments and expenses that allow it to have efficient processes and procedures in order to strictly comply with what is provided in the second paragraph of Article 372 of the Constitution of the Republic of Ecuador and Article 2 of the Law of the Bank of the Ecuadorian Social Security Institute.
SECOND.- The legal representative of the Bank of the Ecuadorian Social Security Institute shall be in charge of the execution of the budget; in turn, the Board of Directors of the Bank of the Ecuadorian Social Security Institute shall exercise control over budget execution, under the terms of the "Budget Management Standards for Entities of the Public Financial Sector" contained in the Codification of Monetary, Financial, Securities and Insurance Resolutions; this, for the full
Resolution No. JPRF-G-2023-059 Page 3 of 5
fulfillment of regulatory requirements, among others, the need to monitor the delinquency indicator projected by the entity for the year 2023 stands out.
THIRD.- In the event that there has been any budgetary movement or impact directly related to the operation of the Bank of the Ecuadorian Social Security Institute - BIESS in the days prior to the issuance of this Resolution, these movements must be regularized immediately.
Such movements and regularizations shall not affect the total amount of the Institutional Budget of the year 2023 approved by the Financial Policy and Regulation Board with this Resolution.
FOURTH.- It is ordered that the Bank of the Ecuadorian Social Security Institute submit the approved budget for the 2023 fiscal year to the Ministry of Economy and Finance and to the National Assembly within a term of 30 days, counted from the issuance of this Resolution, in compliance with what is provided in Articles 112 of the Organic Code of Public Planning and Public Finances and 94 of its General Regulation.
FINAL PROVISION.- This Resolution shall enter into force from the present date, without prejudice to its publication in the Official Register, and shall be published on the institutional website of the Financial Policy and Regulation Board within a maximum term of two days from its issuance.
COMMUNICATE.- Given in the Metropolitan District of Quito, on January 13, 2023.
THE PRESIDENT, Mgs. María Paulina Vela Zambrano
The Master María Paulina Vela Zambrano, President of the Financial Policy and Regulation Board, processed and signed the preceding Resolution in the Metropolitan District of Quito, on January 13, 2023.- I CERTIFY.
TECHNICAL SECRETARY Dr. Nelly Arias Zavala
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ANNEX Institutional Budget of the Bank of the Ecuadorian Social Security Institute for the 2023 Economic Exercise In dollars
| CONCEPT | BUDGET EXECUTED DEC 2021 | BUDGET APPROVED 2022 | BUDGET CODIFIED 2022 | BUDGET EXECUTED OCT 2022 | BUDGET PROJECTED DEC 2022 | PROFORMA 2023 | VARIATION CODIFIED 2022 VS PROFORMA 2023 (%) |
|---|---|---|---|---|---|---|---|
| I. ADMINISTRATIVE BUDGET | |||||||
| ORDINARY INCOMES | 24,344,517.00 | 36,000,000.00 | 36,000,000.00 | 26,492,226.52 | 26,492,226.52 | 38,000,000.00 | 6% |
| IESS TRANSFERS | 24,344,517.00 | 36,000,000.00 | 36,000,000.00 | 26,492,226.52 | 26,492,226.52 | 38,000,000.00 | 6% |
| ORDINARY EXPENDITURES | 24,344,517.00 | 36,000,000.00 | 36,000,000.00 | 17,931,499.89 | 26,492,226.52 | 38,000,000.00 | 6% |
| PERSONNEL EXPENSES | 13,959,900.16 | 17,505,262.01 | 17,503,869.13 | 12,800,250.34 | 15,711,166.33 | 17,995,332.46 | 3% |
| UNIFIED REMUNERATIONS | 4,496,408.60 | 5,450,028.00 | 5,353,028.00 | 4,057,553.95 | 4,978,608.68 | 10,169,143.20 | 90% |
| UNIFIED SALARIES | 273,404.96 | 279,636.00 | 279,636.00 | 220,897.80 | 267,708.87 | 279,636.00 | 0% |
| INTERNSHIPS | 49,065.42 | 50,191.76 | 50,191.76 | 27,502.61 | 38,363.80 | 55,592.00 | 11% |
| THIRTEENTH SALARY | 847,007.05 | 1,028,026.60 | 1,028,026.60 | 772,315.74 | 946,052.24 | 1,074,305.13 | 5% |
| FOURTEENTH SALARY | 235,975.76 | 289,348.00 | 289,348.00 | 225,123.35 | 274,023.16 | 309,720.00 | 7% |
| RESIDENCE COMPENSATION | - | - | - | - | - | 9,000.00 | - |
| ASSIGNMENTS AND SUBSTITUTIONS | 124,661.51 | 132,000.00 | 132,000.00 | 120,344.11 | 132,000.00 | 100,000.00 | -24% |
| PER DIEMS | 2,250.36 | 7,000.00 | 7,000.00 | 1,658.16 | 2,988.16 | 7,000.00 | 0% |
| EXTRA AND SUPPLEMENTARY HOURS | 248,591.12 | 200,000.00 | 240,000.00 | 224,380.87 | 240,000.00 | 250,000.00 | 4% |
| OCCASIONAL SERVICES BY CONTRACT | 5,248,113.12 | 6,448,255.20 | 6,448,255.20 | 4,855,563.68 | 5,945,318.81 | 2,330,556.00 | -64% |
| PROFESSIONAL SERVICES BY CONTRACT | 335,608.76 | 667,383.76 | 766,990.88 | 183,972.60 | 338,001.32 | 420,000.00 | -45% |
| EMPLOYER CONTRIBUTION | 1,211,241.23 | 1,452,684.36 | 1,452,684.36 | 1,094,999.90 | 1,341,095.18 | 1,510,482.22 | 4% |
| RESERVE FUNDS | 657,387.39 | 1,014,420.67 | 1,014,420.67 | 598,272.56 | 773,564.45 | 1,073,875.41 | 6% |
| COMPENSATION FOR DISMISSAL | - | 5,000.00 | 5,000.00 | - | - | 5,000.00 | 0% |
| UNUSED VACATIONS TERMINATION OF FUNCTIONS | 215,287.38 | 200,000.00 | 240,000.00 | 230,104.01 | 239,104.01 | 240,000.00 | 0% |
| EMPLOYER PENSION | 14,897.50 | 187,325.00 | 187,325.00 | 184,375.00 | 184,375.00 | 68,587.50 | -63% |
| OTHER LABOR INDEMNITIES | - | 93,962.66 | 9,962.66 | 3,186.00 | 9,962.66 | 92,435.00 | 828% |
| CURRENT USE AND CONSUMPTION GOODS | 7,673,274.95 | 14,426,614.87 | 13,656,540.71 | 2,621,106.68 | 7,198,384.41 | 14,587,932.44 | 7% |
| DRINKING WATER | 919.29 | 5,000.00 | 5,000.00 | 771.27 | 1,604.61 | 1,070.00 | -79% |
| ELECTRICAL ENERGY | 20,168.26 | 25,000.00 | 25,000.00 | 22,257.44 | 25,000.00 | 24,166.55 | -3% |
| TELECOMMUNICATIONS | 710,369.74 | 1,224,878.45 | 1,224,878.45 | 189,230.24 | 632,230.24 | 857,415.00 | -30% |
| MAIL SERVICE | 16,006.81 | 52,372.76 | 52,372.76 | 19,021.51 | 30,836.34 | 30,500.00 | -42% |
| PERSONNEL TRANSPORT | 207,549.20 | 238,146.25 | 238,146.25 | 98,171.34 | 186,622.84 | 242,300.76 | 2% |
| FREIGHT AND HANDLING | 2,893.04 | 9,686.00 | 9,686.00 | - | 727.26 | 8,600.00 | -11% |
| EDITION, PRINTING, REPRODUCTION AND PUBLICATIONS | 3,271.64 | 246,970.17 | 197,576.14 | 45,467.65 | 80,587.13 | 374,202.65 | 89% |
| DISSEMINATION, INFORMATION AND ADVERTISING | 551,174.40 | 514,246.44 | 514,872.84 | 112,971.04 | 114,471.04 | 1,313,832.00 | 155% |
| SECURITY AND SURVEILLANCE SERVICE | 980,787.82 | 958,826.16 | 958,826.16 | 1,832.17 | 958,826.16 | 635,126.62 | -34% |
| CLEANING SERVICE | 144,894.18 | 127,666.07 | 140,959.02 | 73,406.87 | 109,559.34 | 127,052.78 | -10% |
| SPECIALIZED TECHNICAL SERVICE | 1,071,343.85 | 3,175,020.23 | 2,483,952.85 | 532,882.07 | 1,058,802.15 | 1,903,595.47 | -23% |
| DAYCARE SERVICE | - | 333,000.00 | 105,230.00 | - | - | 10,000.00 | -90% |
| OTHER GENERAL SERVICES | 7,193.91 | 27,875.55 | 29,935.00 | 1,863.95 | 17,458.95 | 16,465.00 | -45% |
| TRAVELS WITHIN THE COUNTRY | 16,531.55 | 70,055.72 | 77,055.72 | 35,773.21 | 56,924.27 | 184,100.00 | 139% |
| TRAVELS ABROAD | - | 11,504.55 | 11,504.55 | - | - | 11,000.00 | -4% |
| PER DIEMS AND SUBSISTENCE WITHIN THE COUNTRY | 121,147.74 | 88,500.00 | 180,500.00 | 138,023.37 | 166,123.37 | 126,000.00 | -30% |
| PER DIEMS AND SUBSISTENCE ABROAD | 1,400.00 | 5,000.00 | 5,000.00 | - | - | 3,000.00 | -40% |
| INSTALLATION, MAINT. AND REPAIR OF BUILDINGS, PREMISES AND RESIDENCES | 250,525.17 | 952,176.15 | 942,576.15 | 116,218.60 | 382,316.91 | 411,000.00 | -56% |
| INSTALLATION, MAINTENANCE AND REPAIR OF FURNITURE | 10,804.18 | 13,400.00 | 13,369.60 | 7,280.00 | 8,207.28 | 22,435.80 | 68% |
| INSTALLATION, MAINT. AND REPAIR OF MACHINERY AND EQUIPMENT | 37,860.95 | 139,806.07 | 139,806.07 | 18,453.70 | 41,223.93 | 145,931.89 | 4% |
| INSTALLATION, MAINT. AND REPAIR OF VEHICLES | 30,433.00 | 99,600.00 | 99,600.00 | 5,706.41 | 34,994.74 | 75,691.48 | -24% |
| RENTAL OF BUILDINGS, PREMISES AND RESIDENCES | 723,948.94 | 1,074,679.16 | 1,085,941.88 | 116,055.58 | 826,679.65 | 1,218,760.27 | 12% |
| OTHER RENTALS | - | - | - | - | - | - | - |
| CONSULTANCY, ADVISORY AND SPECIALIZED RESEARCH | 122,416.00 | 966,887.68 | 1,062,052.80 | 6,720.00 | 78,440.00 | 1,262,345.36 | 19% |
| AUDIT SERVICE | 224,000.00 | 344,000.00 | 344,000.00 | 224,000.00 | 276,900.00 | 286,609.68 | -17% |
| TRAINING SERVICES | - | 50,000.00 | 50,000.00 | - | 32,240.00 | 93,400.00 | 87% |
| RENTAL AND LICENSES FOR USE AND SOFTWARE PACKAGES | 1,326,583.24 | 1,249,084.96 | 1,274,963.47 | 572,264.00 | 1,140,240.00 | 554,537.60 | -57% |
| RENTAL OF COMPUTER EQUIPMENT | - | - | - | - | - | - | - |
| SPARE PARTS AND ACCESSORIES FOR COMPUTER EQUIPMENT | - | 26,450.00 | 26,450.00 | 7,112.00 | 7,275.68 | 38,938.00 | 47% |
| TECHNOLOGICAL SERVICES | 995,159.40 | 2,224,185.21 | 2,083,426.33 | 209,657.28 | 822,028.00 | 4,376,939.64 | 110% |
| FOOD AND DRINKS | 31,146.66 | 42,640.00 | 42,640.00 | 24,732.00 | 38,616.85 | 39,540.00 | -7% |
| CLOTHING AND PROTECTIVE GEAR | - | 10,000.00 | 10,000.00 | - | - | - | -100% |
| FUELS AND LUBRICANTS | 24,358.09 | 51,097.35 | 51,097.35 | 19,432.07 | 36,457.07 | 29,975.89 | -41% |
| OFFICE MATERIAL | 8,151.52 | 20,823.95 | 20,823.95 | 70.14 | 1,331.04 | 113,800.00 | 446% |
| CLEANING MATERIALS | 4,591.20 | 12,100.00 | 12,100.00 | 2,807.28 | 3,052.80 | 7,600.00 | -37% |
| CONSTRUCTION, ELECTRICAL, PLUMBING AND CARPENTRY MATERIALS | 6,266.65 | 15,586.00 | 15,586.00 | 10,404.19 | 15,585.46 | 11,500.00 | -26% |
| MINOR INSTRUMENTAL | - | 7,000.00 | 7,000.00 | - | - | 7,000.00 | 0% |
| MEDICINES AND PHARMACEUTICAL PRODUCTS | - | 7,000.00 | 7,000.00 | 3,510.30 | 3,510.30 | 7,000.00 | 0% |
| OTHER CURRENT USE AND CONSUMPTION | 21,378.52 | 6,350.00 | 107,611.38 | 5,011.00 | 9,511.00 | 16,500.00 | -85% |
| OTHER CURRENT EXPENSES | 2,186,072.18 | 2,464,545.00 | 3,196,722.68 | 2,362,249.05 | 2,918,382.04 | 2,644,225.85 | -17% |
| OTHER TAXES, FEES AND CONTRIBUTIONS | 1,951,414.63 | 1,877,780.00 | 2,607,248.88 | 2,160,222.48 | 2,565,641.76 | 2,302,234.19 | -12% |
| INSURANCE | 186,148.54 | 395,265.00 | 395,265.00 | 163,002.19 | 261,167.19 | 81,096.81 | -79% |
| COMMISSIONS AND BANKING SERVICES | 2,824.88 | 5,000.00 | 2,500.00 | 1,395.14 | 2,500.00 | 2,400.00 | -4% |
| JUDICIAL COSTS | 45,684.13 | 186,500.00 | 191,708.80 | 37,629.24 | 89,073.09 | 225,094.85 | 17% |
| CLEANING, WASHING, WORK CLOTHING, FUMIGATION, DISINFECTION AND CLEANING OF PUBLIC SECTOR INSTALLATIONS | - | - | - | - | - | 200.00 | - |
| UNIFORMS, LINEN, PROTECTIVE GEAR | - | - | - | - | - | 33,000.00 | - |
| CLEANING MATERIALS | - | - | - | - | - | 200.00 | - |
| LONG-TERM GOODS | 525,269.71 | 1,603,578.12 | 1,642,867.48 | 147,893.82 | 664,293.73 | 2,772,509.25 | 69% |
| FURNITURE | 6,040.05 | - | - | - | - | 157,500.00 | - |
| OFFICE MACHINERY AND EQUIPMENT | 58,768.06 | 236,035.00 | 269,359.29 | 20,183.41 | 30,183.41 | 326,800.00 | 21% |
| VEHICLES | - | - | - | - | - | 55,000.00 | - |
| EQUIPMENT, SYSTEMS AND SOFTWARE PACKAGES | 460,461.60 | 1,367,543.12 | 1,373,508.19 | 127,710.41 | 634,110.32 | 2,233,209.25 | 63% |
| ADMINISTRATIVE SURPLUS (+) DEFICIT (-) | - | - | - | 8,560,726.63 | - | - | - |
| TOTALS | 24,344,517.00 | 36,000,000.00 | 36,000,000.00 | 17,931,499.89 | 26,492,226.52 | 38,000,000.00 | 6% |
| II. INVESTMENT BUDGET | |||||||
| I. INVESTMENT INCOMES | 7,767,355,983.73 | 8,466,430,549.70 | 8,466,430,549.70 | 7,746,084,099.65 | 8,261,184,031.52 | 9,645,939,566.90 | 14% |
| AVAILABLE FUNDS | 758,518,052.47 | 1,080,399,599.00 | 1,080,399,599.00 | 1,084,725,685.64 | 1,084,725,685.64 | 1,100,000,000.00 | 2% |
| RECOVERY OF INVESTMENTS | 4,728,041,457.47 | 4,779,308,737.39 | 4,779,308,737.39 | 4,492,083,217.28 | 4,787,493,333.08 | 6,250,691,987.19 | 31% |
| PUBLIC SECTOR FIXED INCOME DEBT INVESTMENTS | 1,340,536,182.80 | 1,420,729,997.00 | 1,420,729,997.00 | 1,224,181,333.20 | 1,420,729,997.00 | 1,559,685,932.00 | 10% |
| PRIVATE SECTOR FIXED INCOME DEBT INVESTMENTS | 39,850,996.41 | 32,904,932.00 | 32,904,932.00 | 80,968,249.58 | 80,968,249.58 | 473,893,085.00 | 1340% |
| PRIVATE SECTOR VARIABLE CAPITAL INVESTMENTS | - | - | - | - | - | - | - |
| PROPRIETARY INVESTMENTS | 3,309,338,916.45 | 3,288,784,528.92 | 3,288,784,528.92 | 3,186,933,634.50 | 3,285,795,086.50 | 4,184,421,042.62 | 27% |
| Mortgage Loans | 506,778,342.04 | 490,829,430.35 | 490,829,430.35 | 448,463,652.51 | 490,463,652.51 | 583,393,199.51 | 19% |
| Unsecured Loans | 2,701,813,502.53 | 2,695,059,421.89 | 2,695,059,421.89 | 2,654,162,722.00 | 2,694,162,722.00 | 3,498,112,369.12 | 30% |
| Pledge Loans | 100,747,071.88 | 102,895,676.69 | 102,895,676.69 | 84,307,259.99 | 101,168,711.99 | 102,915,473.99 | 0% |
| Trusts | 38,315,361.81 | 36,889,279.47 | 36,889,279.47 | - | - | 32,691,927.57 | -11% |
| IESS TRANSFERS | 553,800,000.00 | 343,600,000.00 | 343,600,000.00 | 680,593,618.82 | 770,293,618.82 | 397,250,000.00 | 16% |
| YIELDS | 1,726,996,473.79 | 1,649,849,168.47 | 1,649,849,168.47 | 1,488,681,577.91 | 1,618,671,393.99 | 1,897,997,579.71 | 15% |
| PUBLIC SECTOR FIXED INCOME DEBT INVESTMENTS | 660,000,951.76 | 583,932,217.00 | 583,932,217.00 | 550,470,899.32 | 550,470,899.32 | 682,489,096.00 | 17% |
| PRIVATE SECTOR FIXED INCOME DEBT INVESTMENTS | 12,773,913.35 | 5,199,509.00 | 5,199,509.00 | 9,080,477.82 | 9,080,477.82 | 20,845,391.00 | 301% |
| PROPRIETARY INVESTMENTS | 1,027,274,184.78 | 1,034,661,325.36 | 1,034,661,325.36 | 913,183,641.28 | 1,032,579,590.05 | 1,180,570,747.51 | 14% |
| Mortgage Loans | 536,415,701.96 | 543,431,391.11 | 543,431,391.11 | 453,959,487.65 | 543,355,436.42 | 557,501,431.93 | 3% |
| Unsecured Loans | 481,519,475.29 | 481,915,398.63 | 481,915,398.63 | 448,943,651.42 | 478,943,651.42 | 607,380,921.80 | 26% |
| Pledge Loans | 9,339,007.53 | 9,314,535.62 | 9,314,535.62 | 10,280,502.21 | 10,280,502.21 | 15,688,393.79 | 68% |
| TRUST YIELDS | 18,701,722.33 | 19,356,117.11 | 19,356,117.11 | 8,550,760.58 | 19,144,627.89 | 14,092,345.20 | -27% |
| SHARE YIELDS | 8,245,701.57 | 6,700,000.00 | 6,700,000.00 | 7,395,798.91 | 7,395,798.91 | - | -100% |
| OTHER SOURCES OF FINANCING | - | 613,273,044.84 | 613,273,044.84 | - | - | - | - |
| II. INVESTMENT EXPENDITURES | 6,605,361,478.01 | 8,466,430,549.70 | 8,466,430,549.70 | 6,113,016,790.91 | 7,963,563,754.01 | 9,645,939,566.90 | 14% |
| NON-PROPRIETARY INVESTMENTS | 1,288,677,512.88 | 2,355,000,000.00 | 2,431,000,000.00 | 1,966,755,229.63 | 3,115,750,000.00 | 3,897,166,035.00 | 60% |
| PUBLIC SECTOR FIXED INCOME DEBT INVESTMENTS | 1,098,588,721.93 | 1,970,000,000.00 | 1,970,000,000.00 | 1,515,366,914.87 | 2,569,000,000.00 | 2,397,166,035.00 | 22% |
| PRIVATE SECTOR FIXED INCOME DEBT INVESTMENTS | 190,088,790.95 | 380,000,000.00 | 456,000,000.00 | 451,388,314.76 | 546,750,000.00 | 1,500,000,000.00 | 229% |
| PRIVATE SECTOR VARIABLE CAPITAL INVESTMENTS | - | 5,000,000.00 | 5,000,000.00 | - | - | - | -100% |
| PROPRIETARY INVESTMENTS | 3,630,885,571.69 | 4,772,604,184.00 | 4,772,604,184.00 | 3,950,803,731.45 | 4,646,886,445.58 | 4,899,894,706.05 | 3% |
| Mortgage Loans | 597,291,031.84 | 752,400,000.00 | 752,400,000.00 | 527,260,895.30 | 632,713,074.36 | 764,331,444.82 | 2% |
| Unsecured Loans | 2,934,112,589.92 | 3,916,194,184.00 | 3,916,194,184.00 | 3,340,780,321.62 | 3,914,858,353.78 | 4,025,064,382.32 | 3% |
| Pledge Loans | 99,481,949.93 | 104,010,000.00 | 104,010,000.00 | 82,762,514.53 | 99,315,017.44 | 110,498,878.92 | 6% |
| TRUST BUSINESSES | - | 10,750,000.00 | 10,750,000.00 | - | - | - | -100% |
| Real Estate Project | - | 750,000.00 | 750,000.00 | - | - | - | - |
| Trust Investments | 10,000,000.00 | 10,000,000.00 | - | - | - | - | - |
| IESS TRANSFERS | 1,684,113,234.19 | 1,325,000,000.00 | 1,249,000,000.00 | 194,000,000.00 | 199,000,000.00 | 843,589,812.00 | -32% |
| OPERATING EXPENSES | 1,685,159.25 | 3,076,365.70 | 3,076,365.70 | 1,457,829.83 | 1,927,308.43 | 5,289,013.85 | 72% |
| Banking services | 201,585.75 | 219,000.00 | 219,000.00 | 162,022.38 | 194,426.86 | 204,000.00 | -7% |
| Stock Exchange Commission | 24,407.06 | 10,000.00 | 10,000.00 | 75,783.98 | 92,624.86 | 500,000.00 | 4900% |
| Securities custody services | 938,376.18 | 1,100,000.00 | 1,100,000.00 | 793,977.53 | 952,773.04 | 1,140,000.00 | 4% |
| Fraud insurance | - | - | - | - | - | - | - |
| All-risk theft insurance PP | 296,501.11 | 1,100,000.00 | 1,100,000.00 | 345,417.67 | 575,696.12 | 1,200,000.00 | 9% |
| Expenses to cover obligations in real estate trusts | 168,914.05 | 100,000.00 | 100,000.00 | 74,203.47 | 98,937.96 | 1,390,281.78 | 1290% |
| Expenses for trust liquidation | 55,375.10 | 300,000.00 | 300,000.00 | 6,424.80 | 12,849.60 | 607,366.37 | 102% |
| Reliquidation of interest and default PQ* | - | 247,365.70 | 247,365.70 | - | - | 247,365.70 | 0% |
| Other expenses for new financing sources | - | - | - | - | - | 0% | - |
| INVESTMENT SURPLUS (+) DEFICIT (-) | 1,161,994,505.72 | - | - | 1,633,067,308.74 | 297,620,277.51 | - | - |
| TOTAL INCOMES | 7,791,700,500.73 | 8,502,430,549.70 | 8,502,430,549.70 | 7,772,576,326.17 | 8,287,676,258.04 | 9,683,939,566.90 | 14% |
| TOTAL EXPENDITURES | 6,629,705,995.01 | 8,502,430,549.70 | 8,502,430,549.70 | 6,130,948,290.80 | 7,990,055,980.53 | 9,683,939,566.90 | 14% |
| TOTAL ANNUAL BUDGET | 7,791,700,500.73 | 8,502,430,549.70 | 8,502,430,549.70 | 7,772,576,326.17 | 8,287,676,258.04 | 9,683,939,566.90 | - |
Resolution No. JPRF-G-2023-059 Page 5 of 5
Source: Office No. BIESS-GGEN-2022-1727-OF of December 27, 2022
| CONCEPT | BUDGET EXECUTED DEC 2021 | BUDGET APPROVED 2022 | BUDGET CODIFIED 2022 | BUDGET EXECUTED OCT 2022 | BUDGET PROJECTED DEC 2022 | PROFORMA 2023 | VARIATION CODIFIED 2022 VS PROFORMA 2023 (%) |
|---|---|---|---|---|---|---|---|
| I. ADMINISTRATIVE BUDGET | |||||||
| ORDINARY INCOMES | 24,344,517.00 | 36,000,000.00 | 36,000,000.00 | 26,492,226.52 | 26,492,226.52 | 38,000,000.00 | 6% |
| IESS TRANSFERS | 24,344,517.00 | 36,000,000.00 | 36,000,000.00 | 26,492,226.52 | 26,492,226.52 | 38,000,000.00 | 6% |
| ORDINARY EXPENDITURES | 24,344,517.00 | 36,000,000.00 | 36,000,000.00 | 17,931,499.89 | 26,492,226.52 | 38,000,000.00 | 6% |
| PERSONNEL EXPENSES | 13,959,900.16 | 17,505,262.01 | 17,503,869.13 | 12,800,250.34 | 15,711,166.33 | 17,995,332.46 | 3% |
| UNIFIED REMUNERATIONS | 4,496,408.60 | 5,450,028.00 | 5,353,028.00 | 4,057,553.95 | 4,978,608.68 | 10,169,143.20 | 90% |
| UNIFIED SALARIES | 273,404.96 | 279,636.00 | 279,636.00 | 220,897.80 | 267,708.87 | 279,636.00 | 0% |
| INTERNSHIPS | 49,065.42 | 50,191.76 | 50,191.76 | 27,502.61 | 38,363.80 | 55,592.00 | 11% |
| THIRTEENTH SALARY | 847,007.05 | 1,028,026.60 | 1,028,026.60 | 772,315.74 | 946,052.24 | 1,074,305.13 | 5% |
| FOURTEENTH SALARY | 235,975.76 | 289,348.00 | 289,348.00 | 225,123.35 | 274,023.16 | 309,720.00 | 7% |
| RESIDENCE COMPENSATION | - | - | - | - | - | 9,000.00 | - |
| ASSIGNMENTS AND SUBSTITUTIONS | 124,661.51 | 132,000.00 | 132,000.00 | 120,344.11 | 132,000.00 | 100,000.00 | -24% |
| PER DIEMS | 2,250.36 | 7,000.00 | 7,000.00 | 1,658.16 | 2,988.16 | 7,000.00 | 0% |
| EXTRA AND SUPPLEMENTARY HOURS | 248,591.12 | 200,000.00 | 240,000.00 | 224,380.87 | 240,000.00 | 250,000.00 | 4% |
| OCCASIONAL SERVICES BY CONTRACT | 5,248,113.12 | 6,448,255.20 | 6,448,255.20 | 4,855,563.68 | 5,945,318.81 | 2,330,556.00 | -64% |
| PROFESSIONAL SERVICES BY CONTRACT | 335,608.76 | 667,383.76 | 766,990.88 | 183,972.60 | 338,001.32 | - | - |