Ningbo Municipal Audit Office of the People's Republic of China Audit Report 29'# C2020) 23 # NINGBO AUDIT REPORT C 2020 ] NO.23 Project Name: Ningbo Municipal Solid Waste Minimization and Recycling Project Financed by the World Bank 6: 8250-CN Loan No.: 8250-CN Project Entity: Ningbo Municipal Government Investment Project Evaluation Center 2019 Accounting Year: 2019 目录 ContelltS 一、审计师意见二，.，二，二，．…，.，…，,.,．…，..........．……，.．…，,,,,.，二，...．……1 1 Auditor,5 Opin沁n．…，..．……，,.，二，．…，……，...．……，…，.,,.．…，,.，…，…，二3 二、财务报表及财务报表附注．..............................................．……，6 11 .Financial Statements and Notes to the Financial Statements............．……6 （一）资金平衡表．…，二，.．…，…，.,,，……，......．……，.,．…，．……，.．…，6 1 .Balance Sheet二，…，.．……，,，…，................．……，二，...．……，,.．…，…，6 （二）项目进度表．...............................................．……＿....．……8 11.Summary of Sourcesand Uses of Funds by Project Component....．……8 （三）贷款协定执行情况表．....．……，............．……，,．……，.......．……10 111 .Statement of Implementation of Loan Agreeme爪．..................．……10 （四）专用账户报表．．……，……，.....................．……，.........．……H iv.Special Account Statement...............................................．……1蓬 （五）财务报表附注．...........................．……，...．……，.........．……13 从Notes to the Financial Stateme献s，二，.．…，…，.．…，.．…，．…，.，二，..．……17 三、审计发现的问题及建议．..............．……，.,,．…，.....．……，．……，,,,,.21 Hl,Audit Findings and Recommendations．……，.．…，,..........．……23 一、审计师意见 审计师意见 宁波市政府投资项目评审中心： 我们审计了世界银行贷款宁波城镇生活废弃物收集循环利用示范 项目2019年12月31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20页）。 （一）项目执行单位及宁波市财政局对财务报表的责任 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 表是你单位的责任，簖制专用账户报表是宁波市财政局的责任，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，并佼其实现公允反映； 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在由于 舞弊或错误而导致的重大错报。 （二）审计责任 我们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。 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 l 恰当的审计程序，我们考虑了与财务报表相关的内部控制，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总体列报。 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。 （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，公允反映了宁波城镇生活 废弃物收集循环利用示范项目2019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由宁波市财政局报送给世界银行的第NB23号至 NB28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。 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。 宁波市审计局 2眨0年6月23日 地址：中国宁波市勤州区宁穿路ZOm号2号楼7楼 邮政簖码；315066 电话：86一0574一89186079 传真：86一0574一89382222 2 1. Auditor's Opinion Auditor's Opinion To Ningbo Municipal Government Investment Project Evaluation Center We have audited the special purpose financial statements (from page 6 to page 20) of Ningbo Municipal Solid Waste Minimization and Recycling Project financed by the World Bank, which comprise the Balance Sheet as of December 31, 2019, the Summary of Sources and Uses of Funds by Project Component, the Statement of Implementation of Loan Agreement and the Special Account Statement for the year then ended, and Notes to the Financial Statements. Project Entity and Ningbo Municipal Finance Bureau's Responsibility 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 Loan Agreement of the financial statements is the responsibility of your entity, while the preparation of the Special Account Statement is the responsibility of Ningbo Municipal Finance Bureau, 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 intemal control to ensure that the financial statements are free from material misstatement, whether due to fraud 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 perforin the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves perfon-ning procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected 3 depend on the auditor's judgment, including the assessment of 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 entity's 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 Ningbo Municipal Solid Waste Minimization and Recycling Project Financed by the World Bank as of December 31, 2019, 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 applications from No.NB23 to No.NB28 and the attached documents submitted to the World Bank during the period. In our opinion those documents comply with requirements of the project loan agreement and can serve as basis for loan withdrawals. 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. 4 Ningbo Municipal Audit Office of the People's Republic of China June 23, 2020 Address: 7F, No.2 Building, No.2001, Ningchuan Road, Yinzhou District, Ningbo City, Zhejiang Province, R.P. China Postcode: 315066 Tel: 86-0574-89186079 Fax: 86-0574-89382222 The English translation is for the convenience of report users; Please take the Chinese audit report as the only official version. 5 二、财务报表及财务报表附注 11 .Financial Statcments and Notesto the Financialstatcments （一）资金平衡表 i,Balance Sheet 资金平衡表 BALANCE SHEET 2019年12月31日 (As of Oecember3鹰，2019) 项目名称：世界银行贷款宁波城镇生活废弃物收集循环利用示范项目 Project Name:NingboM、，nicipal Solidw洲te Minimization and既cyclingProject Financed by the认勺rld Bank 簖报单位：宁波市政府投资项目评审中心货币单位：人民币元 下 后续（TObecontinued) 6 斤 7 ( -- ) Ink 0 A& A H. Summary of Sources and Uses of Funds by Project Component * f] A a A ( - ) SUMMARY OF SOURCES AND USES OF FUNDS BY PROJECT COMPONENT I *tA -M 12019 4- 12 31 H (For the period ended December 31, 2019 !)ffpAf ': Project Name: Ningbo Municipal Solid Waste Minimization and Recycling Project Financed by the World Bank A 4 K X k: T' A $ rt Ri * 33i 0 ill * 'P I \ 'W F *I!: / ' K FP fG Prepared by: Ningbo Municipal Government Investment Project Evaluation Center Currency Unit: RMB Yuan *1111 * I- Current Period Cumulative *01ii-bly0i -31JIVIIVI. it V i AW Al" t I- 7'6;1 L Current Period Current Period Current r l I I ' I R Cumulative Cumulative % Budget Actual renod % Life of PAD Actual Completed Completed 377,328,400 00 294,769.549.25 79.12% 1,526,000,000 00 1,653,023,143,53 108321/6 1 otal Sources of I- unds 119,162500 00 110,960,118.90 93,12% 496,W0,000.00 526,126.691 06 106.071/ International Financin 41,, )" 119,162,500 00 110,960,118.90 93 12% 496,000,000 00 526,126,69106 106.07% IBRD k 1! ' 258,16SX0,00 183,809,430.35 71.20% 1,030,000,000 00 t,126,996,45247 109A1% Counterpart Financing I J )4 1- 1 4kt 86,512,300 00 86,733 8 15.61 100.21% 910,000,000 00 924,093,262 52 101.55% Project Appropriation Funds 2 Enterpnseself-raised 171,613,600.00 97,075,614.74 56.57% t20,000XG 00 202,803,189.95 169.00% rotal Application or Funds (by Project 377,328,400.00 243,582,192.27 64.55% 1,526,0007000 00 1,488,659,725.26 9755% CorTi2onerit) Municipal Solid Waste Separation, 205,166,300.00 122,054 188.09 59.49% 1,019,500P00,00 907,145,129.97 8898% Collection, Sorting and Transpogation 2. I j j', VUA 9 i! 98,639,300.00 56,000.935 91 5677% 321,660,000,00 397,449,332 95 123.56% Kitchen Waste Treau nent 60,936,000,00 61,637,732.63 101.32% 170,240,000.00 149,494,905AS 8781% Project Implementation Support 4. fi L JJ J ,: I I Til I - I IZ V, Capacity Building and Project Management 12,686,800 00 3,889,33534 3066% 14,600,000 00 34,590,357 86 23685% Support 51,187,356,99 164,363,418.27 Difference 1 -2,175,899.75 22,741,138 94 Change in R=ivables 2 38,175,819,67 -90,499.114 02 Change in Payabics 3 15,189,t23.88 232,127,130.71 Change in Cash and Bank 4. R-' : -1,68682 -6,737.36 Other � �Q �i ы � � СΡ � � р W � � � � � С�б � � 1 � � т � д � .,.i7 � Р'3 О б'О ц�ч I-тч � v � � .. ����� .� ���� -I={ � � й а Q -��'г с ` � � ` � И .--. и оо �+D о.. ;`.[1 ги rn � щ �G� '�-° о®i м о й W ��F, гц1 м п . � h а - � а`: °' � w о°о м .�`-� ._ w v ' -� �п � !', '� � � 7 `'�'1 7 О � � .� �1/�. 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[у '.-j!; U µ а�3 !i;- U c�i а �� ��- б ;� b�A 1'��. � µ� v ы� � ��� Е О � � � � � � � � k.u � � .. � Z � �К3� � ��� �1 `ь' �tF`' � �' � � � '� Ё `"j ъх � � ������°��} н� Z "-� a�i -?��. ��3,���1� � � � � � -�'` а�%i сб к�� F�1 н' .с �=! ш� ь�д � .О � G' � � ��.�, .ц '�.'c,i'о � � ��, -:� � гсч c�i �`w' ri с. � U � т � � 9 、；土 一戶叫 l0 iv. Special Account Statement SPECIAL ACCOUNT STATEMENT * q 0 iS 2019 * 12 ] 31 El (For the period ended December 31, 2019 -t ft: Ly- iK T-[ , it )7 k 1A ", 9,5v A ftPiW T-1 k: t Ilk A 0 5F"ll] 't E J,? F] Project Name: Ningbo Municipal Solid Waste Depository Bank: China Everbright Bank Minimization and Recycling Project Financed Ningbo Branch by the World Bank 76801488000009243 %#-S: 8250-CN Account No.: 76801488000009243 Loan No: 8 2 5 0- CN P FP it Jz: *F fl 44-11,1k: Currency Unit: USD Prepared by: Ningbo Municipal Financial Bureau A -1 RR Part A-Account Activity for the Currnt Period Amount IMJJI ; w 1,571,518 04 Beginning Mance hOW: Add: *Jul 11 h, H 14,925,694.16 Total Amount Deposited this Period by World Bank Total Interest Earned this Period if Deposited in Speciat Account 4, X! ft 11 1; 1 z LA)0 Total Amount Refunded this Period to Cover ineligible Expenditures Deduct: * 41 aiz f1i 11i 14,332,61169 Total Amount WithdraNvn this Period ,, Y-JJ , 1 i n i - 5 f -,f R;-I, N IJ i .H Total Service Charges this Period if not Included in Above Amount Withdrawn 2 164,590.51 Ending Balance To be continLie) B 13af : ,J POIoij et- IP Part B-Account Reconciliation Amount 1. tR TJ AV ZN,93,'R1 7,500,000.00 Amount Advanced by World Bank Deduct: Total Amount Recovered by World Bank 3. *fM4 P 750000000 Outstanding Amount Advanced to the Special Account at 12/31/2019 4 $ # 2,164,590 51 Fnding Balance of Special Account at 12/31/2019 Add 5 Amount Claimed but not yet Credited on 12/31/2019 Application No 6 fIttith 'iN g 5,335,409 49 Amount Withdrawn but riot yet Claimed at the End of this Period 7 IE Wj/ritf,4i a ( 10 6 +, P - Cumulative Service Charges ([f not Includcd in Item 5 or 6) Deduct Interest Earned (I1Included in Special Account) 9 41 U A 6 .jTf 7,500,10000 Total Advance to the Special Account Accounted for at 12/31/2019 47C ( The notes are integral parts of the financial statements) 12 （五）财务报表附注 财务报表附注 1，项目概况 世行贷款宁波市城镇生活废弃物收集循环利用示范项目贷款号为 8 250一cN，项目发展目标是通过进行垃圾源头分类和循环利用，帮助宁波市在 所选定的区内增加生活废弃物回收利用的数量和比例。该项目由生活废弃物分 类、收集、分拣和运输，厨余垃圾处理，项目实施支持，能力建设和项目管理 支持四个子项组成。 项目协定于2013年7月4日签订，2013年9月3日生效，预期贷款关账 日期为2019年3月31日。2019年3月15日，经世行同意，项目关账日延至 2020年3月31日。项目计划总投资为人民币15.26亿元，其中世界银行贷款 总额为8，叨0万美元。 2．财务报表编制范围 本财务报表由宁波币生活垃圾分类指导中心（简称市分类中心）有关宁波 市生活垃圾分类项目财务报表、宁波首创厨余垃圾处理有限公司（简称首创厨 余处理公司）有关厨余垃圾处理项目财务报表及宁波市财政局专用账户报表 合并而成。 3，主要会计政策 3.1本项目会计核算执行《世行贷款宁波城镇生活废弃物收集循环利用示 范项目财务管理暂行办法》。 3.2会计核算年度采用公历年制，即公历每年l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，采用借贷复式记账 法记账，以人民币为记账本位币。 3.4按照中国人民银行2 019年12月31日汇率，即1美元＝人民币6.9762 飞3 兀。 4．报表科目说明 4.1项目支出 2019年项目支出人民币243,582,192.27元，累计支出人民币 1，舜88,659,725,26元，占总投资计划的97.55％。 4.2货币资金 2沮9年年末货币资金余额232,127,130.71元，其中世行专用账户存款额 2,164,590.51粎元，折合人民币15,100,616.32元。 4,3预付及应收款 2侃9年年末预付及应收款余额22, 741,1 3 8 .94元，其中市分类中心 3,2 12,603.56元，首创厨余处理公司19,528,535.38元。 4.4项目拨款 2肚9年年末项目拨款余额1，似7,989,780．豹元。其中（1）市级配套资金 即宁波市财政局拨至市分类中心，用于生活废弃物分类、收集、分拣和运输项 目26。，叨。，0的．叨元；(2）区级配套资金即海曙区财政局拨至海曙区子项目 办94,257,859,56元；原江东区财政局拨至原江东区子项目办222,699,644.58 元；江北区财政局拨至江北区子项目办1 16,7 00,000.00元；勤州区财政局拨 至勤州区子项目办97，姆3,162.19元；镇海区财政局拨至镇海区子项目办 82,629,477.25元；北仑区财政局拨至北仑区子项目办打，9叫，8&.21元；东 钱湖财政局拨至东钱湖子项目办24,543,252,73元；高新区财政局拨至高新区 子项目办7,8 65，。叨．叨元；(3）首创厨余处理公司自筹资金用于厨余垃圾处 理项目103,8%,5 17.95元。 4.5国外赠款 2019年年末国外赠款余额560，叨0.00美元，折合人民币3,906,672.00 元，全部为全球环境基金赠款中国城市建筑节能和可再生能源项目关于宁波 市厨余垃圾处理项目。 l4 4.6项目借款 2 019年年末项目借款余额人民币621,126,691．肠元，其中国际复兴开发 银行贷款额75,4 17,374.94粎元，折合人民币526,126,691．肠元，国内借款 人民币95,O叨，00 0.00元，为首创厨余处理公司来源于中信银行股份有限公司 宁波分行人民币流动资金贷款额30,0 00,O叨．叨元，中国清洁发展机制基金管 理中心贷款额65,000,000.00元。 截至2 019年12月31日，累计提取世界银行贷款资金75,4 17,374.94美 元，占贷款总额的94,27％。其中：工程累计提款4。，727,515.54美元，占该类 计划的96.88％。货物和非咨询服务累计提款10,861,061.20美元，占该类计划 的7 0.62％。咨询服务包括培训和研讨会累计提款2,3&,6洲．51美元，占该类 计划的60.37％。基于产出的奖励累计提款2,478,5抖．67美元，占该类计划的 74.88％。供货和安装累计提款n,283,683.02美元，占该类计划的74.48％。先 征费累计提款2叨，叨0．的粎元，占该类计划的1训．00％。 4.7应付款 2以9年年末应付款余额90,498,1抖．02元，其中市分类中心 3舜，349,7 44.62元，首创厨余处理公司56,148,369.40元。 5．专用账户使用情况 本项目专用账户设在中国光大银行宁波分行，账号为 76801488。。。。。9243，币种为粎元。专用账户首次存款750万美元。2019年期 初1,571,518.04粎元，2019年世界银行回补14,925,684,16美元，支付 14,332,611.69粎元，年末余额2,164,590.51美元。 6．其他需要说明的情况 6.1根据《关于同意市发展和改革委员会所属事业单位调整方案的函》 （角机改〔加19〕120号），宁波市世界银行贷款项目管理办公室从2m9年4 月起更名为宁波市政府投资项目评审中心。 6.2根据《关于明确市综合行政执法局所属事业单位调整方案的函》（角 机改〔2 019〕124号），宁波市生活垃圾分类管理中心从2时9年3月起更名为 l5 宁波市生活垃圾分类指导中心。 16 v. Notes to the Financial Statements Notes to the Financial Statements 1. Project overview The Loan No. of Ningbo Municipal Solid Waste Minimization and Recycling Project is 8250-CN. The project development objective is to assist selected districts in Ningbo Municipality to increase the volume and proportion of municipal solid waste recycled with processes for waste separation at source and recycling. The project is composed of four components: Municipal Solid Waste Separation, Collection, Sorting and Transportation, Kitchen Waste Treatment, Project Implementation Support, Capacity Building and Project Management Support. The Project Agreement was signed on July 4, 2013 and came into effect on September 3, 2013. The account of the project will be closed as at March 31, 2019. On March 15, 2019, the World Bank agree to extend the closing date to March 3 1, 2020. The total investment of the project was RMB 1,526,000,000.00 yuan, including World Bank loan of USD 80,000,000.00. 2. Consolidation Scope of the Financial Statements These financial statements encompass the consolidated financial statements of Ningbo Domestic Solid Waste Separation Guidance Center(SWSGC) for Ningbo Municipal Solid Waste Separation Project financial statement, Ningbo Capital Kitchen Waste Treatment Company Limited for Kitchen Waste Treatment Project financial statement as well as the Special Account Statement set in the Ningbo Municipal Finance Bureau. 3. Accounting Policies 3.1 The Financial Statements of the project were prepared according to the requirements of Interim Measures for Financial Management of Ningbo Municipal Solid Waste Minimization and Recycling Project Financed by the World Bank. 3.2 In accounting practice, the Gregorian calendar year is adopted as the fiscal year from January I to December 3 1. 3.3 The accrual basis and the debit/credit double entry bookkeeping method are adopted. RMB is used as the recording currency of bookkeeping. 17 3.4 The exchange rate adopted in the financial statements was the exchange rate on December 31, 2019 of the People's Bank of China, which is USD 1= RMB 6.9762 yuan. 4. Explanation of Subjects 4.1 Total Project expenditures The project expenditure in 2019 was RMB243,582,192.27 yuan, and the cumulative expenditures were RMB1,488,659,725.26 yuan, which accounted for 97.55% of the total investment plan. 4.2 Cash and Bank By the end of 2019, the balance for cash and bank was RMB 232,127,130.71 yuan, including USD 2,164,590.51 in the Special Account of World Bank, which was equivalent to RMB 15,100,616.32 yuan. 4.3 Prepaid and Receivable By the end of 2019, the balance of prepaid and receivable was RMB 22,741,138.94 yuan, including RMB 3,212,603.56 yuan for SWSGC and RMB 19,528,535.38 yuan for Ningbo Capital Kitchen Waste Treatment Company Limited. 4.4 Project Appropriation Funds By the end of 2019, the balance of project appropriation funds was RMB 1,027,989,780.47 yuan. Among those funds, RMB 260,000,000.00 yuan was the municipal-level counterpart funds allocated to SWSGC by Ningbo Municipal Finance Bureau for Municipal Solid Waste Separation, Collection, Sorting and Transportation Project. RMB 94,257,859.56 yuan was the district-level counterpart funds allocated to Haishu Sub-SWSGC by Haishu District Finance Bureau; RMB 222,699,644.58 yuan was the district-level counterpart funds allocated to original Jiangdong Sub-SWSGC by original Jiangdong District Finance Bureau; RMB 116,700,000.00 yuan was the district-level counterpart funds allocated to Jiangbei Sub-SWSGC by Jiangbei District Finance Bureau; RMB 97,493,162.19 yuan was the district-level counterpart funds allocated to Ymzhou Sub-SWSGC by Yinzhou District Finance Bureau; RMB 82,629,477.25 yuan was the district-level counterpart finds allocated to Zhenhai Sub-SWSGC by Zhenhai District Finance Bureau; RMB 17,904,866.21 yuan was the district-level counterpart funds allocated to Beilun Sub-SWSGC by Beilun District Finance Bureau; RMB 24,543,252.73 yuan was the district-level counterpart funds allocated to Dongqian Lake Tourism Resort Sub-SWSGC by Dongqian Lake Tourism Resort Finance Bureau; RMB 18 7,865,000.00 yuan was the district-level counterpart funds allocated to the National Hi-tech Zone Sub-SWSGC by the National Hi-tech Zone District Finance Bureau. RMB 103,896,517.95 yuan was self-raised by Ningbo Capital Kitchen Waste Treatment Company Limited for Kitchen Waste Treatment Project. 4.5 Foreign Grant By the end of 2019, the balance of foreign grant was USD 560,000.00 equivalent to RMB 3,906,672.00 yuan, all of which were GEF Grant Ningbo Low-carbon City Building Energy Efficiency and Renewable Energy Project related to the Kitchen Waste Treatment Project in Ningbo. 4.6 Project Loan By the end of 2019, the balance of project loan was RMB 621,126,691.06 yuan, including USD 75,417,374.94 from IBRD, equivalent to RMB 526,126,691.06 yuan; and domestic loan RMB 95,000,000.00 yuan borrowed by Ningbo Capital Kitchen Waste Treatment Company Limited. The loan amount of RMB working capital is RMB 30,000,000.00 yuan from China CITIC Bank Corporation Limited Ningbo Branch and RMB 65,000,000.00 yuan from China Clean Development Mechanism Fund Management Center. As of December 31, 2019, accumulated USD 75,417,374.94 of loan had been withdrawn fi-om the World Bank, accounting for 94.27% of the total loan. In the loan, construction project took USD 40,727,515.54 accumulatively, accounting for 96.88% of the category plan; goods and non-consulting service took USD 10,861,061.20 accumulatively, accounting for 70.62% of the category plan; consulting services, including training and workshops took USD 2,366,600.51 accumulatively, accounting for 60.37% of the category plan; output-based Incentive Payments took USD 2,478,514.67 accumulatively, accounting for 74.88% of the category plan; supply and installation took USD 11,283,683.02 accumulatively, accounting for 74.48% of the category plan; front-end fee took USD 200,000.00 accumulatively, accounting for 100.00% of the category plan. 4.7 Payable By the end of 2019, the balance of payable was RMB 90,498,114.02 yuan, including RMB 34,349,744.62 yuan for SWSGC and RMB 56,148,369.40 yuan for Ningbo Capital Kitchen Waste Treatment Company Limited. 5. Special Account The Special Account of this project was set up in China Everbright Bank Ningbo Branch with account number of 76801488000009243 (Currency Unit: USD). The 19 initial deposit of the Special Account was USD 7,500,000.00. The beginning balance of 2019 was USD 1,571,518.04, the amount deposited in this year by World Bank was USD 14,925,684.16 and the disbursement of this year was USD 14,332,611.69. Hence, the ending balance of 2019 was USD 2,164,590.51. 6. Other Explanation for the Financial Statements 6.1 According to The Letter of Consent to the Adjustment Plan of the Institutions Affiliated to Ningbo Development and Reform Commission (Yongjigai [2019 NO. 120), World Bank Loan Project Management Office of Ningbo has been renamed as Ningbo Municipal Government Investment Project Evaluation Center since April 2019. 6.2 According to The Letter of Consent to the Adjustment Plan of the Institutions Affiliated to Municipal Comprehensive Administrative Law Enforcement Bureau( Yongjigai [2019J NO. 124), Ningbo Municipal Solid Waste Separation Project Management Center has been renamed as Ningbo Domestic Solid Waste Separation Guidance Center since March 2019. 20