2018年-IMF国际货币组织全球_Austria_Fiscal_Transparency_Evaluation_87页_2mb

Fiscal Transparency Evaluation of Austria (June 2018)

Core Content Overview

This report is a Fiscal Transparency Evaluation of Austria conducted by the International Monetary Fund (IMF) in February 2017, based on available information at that time. It assesses Austria's fiscal transparency practices against the IMF's Fiscal Transparency Code, which outlines 36 principles for transparent fiscal reporting, forecasting, and risk management. The evaluation was requested by the Austrian government and highlights both strengths and areas for improvement in Austria's fiscal transparency framework.

Main Points and Key Findings

Strengths in Fiscal Transparency

• Austria has significantly improved fiscal transparency over the past decade, particularly through budget reforms in 2009 and 2013.
• Fiscal reports are comprehensive, timely, and cover a substantial portion of public activities (around 87% of total public expenditures and revenue).
• Fiscal reports include reconciliations between alternative measures of fiscal aggregates and are based on the latest accounting and statistical standards.
• The medium-term budget framework is clear and has a strong legal basis, promoting fiscal discipline and predictability.
• There is regular and high-quality reporting on the long-term sustainability of public finances and fiscal risks, such as those from explicit guarantees, the financial sector, and public corporations.
• Fiscal targets related to the EU Stability and Growth Pact (SGP) are well-defined and subject to independent scrutiny.

Areas for Improvement

• Institutional Coverage: Public corporations are not fully consolidated with the government, leading to incomplete fiscal reporting.
• Audit Independence: The Austrian Court of Audit (ACA) is legally required to correct flaws in financial statements, which limits its ability to provide an independent audit opinion.
• Budget Framework: The current medium-term budget framework does not support strategic fiscal policy debates and lacks detailed economic categorization.
• Credibility of Budget Documentation: The lack of reconciliation between successive fiscal forecasts and the large size of budgetary carry-forwards undermines credibility.
• Fiscal Risk Reporting: There is no comprehensive summary report detailing all material fiscal risks, and monitoring of subnational fiscal risks is limited.

Key Recommendations

1. Expand Institutional Coverage: Include all public corporations in fiscal reports to ensure a full picture of public sector performance.
2. Improve Balance Sheet Reporting: Reflect the full market value of subnational governments’ non-produced assets and recognize liabilities for civil service pension entitlements.
3. Clarify Roles: Establish a clear distinction between the preparation/presentation of consolidated financial statements and the auditing function.
4. Enhance Budget Documentation: Prepare the medium-term budget framework using an economic classification and ensure reconciliation of fiscal forecasts.
5. Introduce a Carryforward Mechanism: Prevent indefinite accumulation of unspent budget appropriations and ensure parliamentary oversight of significant reallocations.
6. Improve Fiscal Risk Reporting: Publish a summary fiscal risks report that includes all material risks, their magnitudes, and management strategies.
7. Strengthen Subnational Risk Monitoring: Improve the monitoring, control, and disclosure of fiscal risks arising from subnational governments.

Fiscal Transparency Code Performance

Austria meets the good or advanced practice standard on 24 out of 36 principles of the Fiscal Transparency Code, and the basic standard on 5 principles. The evaluation emphasizes the importance of these principles, particularly those related to institutional coverage, audit independence, and fiscal risk analysis.

Public Sector Financial Overview (2015)

The public sector net worth is negative (-46.8% of GDP), which is better than some European countries.

Conclusion

Austria has made significant progress in enhancing fiscal transparency, particularly through its budget reforms and alignment with EU fiscal standards. However, there are still several areas where transparency can be further strengthened, especially in the reporting of public corporations, the independence of the audit process, and the management of fiscal risks. The Austrian government has welcomed the recommendations and is implementing reforms to address these issues, with improvements expected in the coming years.