The Social Investment Fund
of Belize
Financial Statements for the Years Ended
March 31, 2019 and 2018 and
Independent Auditors’ Report
THE SOCIAL INVESTMENT FUND OF BELIZE
TABLE OF CONTENTS
Page
Independent auditors' report on sources and uses of funds statements 1–2
Cumulative sources and uses of funds statements 3–4
Statements of cumulative investments 5
Notes to financial statements 6 – 12
Statement of Cumulative Investments (cost variance report) 13
Special report on compliance with contractual agreement (Basic Need Trust Fund) 15
Compliance schedules to Basic Needs Trust Fund 16 – 21
Special report on compliance with contractual agreement (Caribbean Development Bank) 22
Compliance schedules to Caribbean Development Bank Loan #2 23 – 26
Special report on compliance with contractual agreement (IBRD) 27
Compliance schedules to IBRD 28 – 30
Report on supplemental schedules 31
Project expenditure by funding source (categories) 32 – 33
World Bank /IDB (CRIP) sources and uses of fund statements 34 – 35
World Bank /IDB reconciliation statements 36
GOB project expenditure report (detailed) 37
CDI project expenditure report (detailed) 38
BNTF 6 project expenditure report (detailed) 39
BNTF 7 project expenditure report (detailed) 40
BNTF 8 project expenditure report (detailed) 41
CDB project expenditure report (detailed) 42 – 43
EU project expenditure report (detailed) 44
World Bank /IDB (BMDP) project expenditure report (detailed) 45
World Bank /IDB (CRIP) project expenditure report (detailed) 46
40 Central American Blvd.
Belize City, Belize, C.A.
T: +501 227 3020
E: info@csb.bz
www.csb.bz
INDEPENDENT AUDITORS’ REPORT
To the Board of Directors of:
SOCIAL INVESTMENT FUND OF BELIZE
Opinion
We have audited the financial statements of the Social Investment Fund of Belize financed with
resources of Grant and Loan Contracts with the Caribbean Development Bank (CDB), European Union
(EU), International Bank for Reconstruction and Development (World Bank) and with contributions of
the Government of Belize, which include the Cumulative Sources and Uses of Funds Statement and
the Statement of Cumulative Investments for the year ended March 31, 2019 and notes to the financial
statements, including a summary of significant accounting policies.
In our opinion, the accompanying Financial Statements of the Social Investment Fund of Belize for the
year ended March 31, 2019 have been prepared in all material respects, in accordance with the
financial reporting requirements of the Grant and Loan Contracts with the Caribbean Development
Bank, European Union and the World Bank.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our
responsibilities under those standards are further described in the Auditor’s Responsibilities for the
Audit of the Financial Statements section of our report. We are independent of the Social Investment
Fund of Belize in accordance with the International Ethics Standards Board for Accountants’ Code of
Ethics for Professional Accountants (IESBA Code), and we have fulfilled our other ethical
responsibilities in accordance with the IESBA Code. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our opinion.
Emphasis of Matter - Basis of Accounting and Restriction on Distribution
Without modifying our opinion, we draw attention to Note 2a to the financial statements, which
describes the basis of accounting. The financial statements have been prepared to assist the Social
Investment Fund of Belize in accordance with the financial reporting requirements of the Grant and
Loan Contracts with the Caribbean Development Bank, European Union and the World Bank. As a
result, the financial statements may not be suitable for another purpose. Our report is intended only
for the Social Investment Fund of Belize and the CDB, EU and World Bank, and should not be
distributed to other parties other than the CDB, EU and World Bank or the Social Investment Fund of
Belize. Our opinion has not been modified in respect of this matter.
Management’s Responsibility
Management is responsible for the preparation of these financial statements in accordance with the
requirements established in the financial reporting requirements of the Grant and Loan Contracts with
the Caribbean Development Bank, European Union and the World Bank. In addition, management is
responsible for establishing internal controls as they determine necessary to enable the preparation
of statements that are free from material misstatement, whether due to fraud or error.
Partners:
Claude Burrell, CPA, CISA
Giacomo Sanchez, CPA
AUDIT | TAX | OUTSOURCING | CONSULTING
Independent Auditors’ Report
Page 2
Auditor’s Responsibilities
Our objective is to obtain reasonable assurance that the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an audit report that includes our
opinion. Reasonable assurance is a high level of assurance, but it is not a guarantee that an audit
conducted in accordance with the ISAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on
the basis of the financial statements.
As part of an audit in accordance with ISAs, we exercise professional judgement and maintain
professional skepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financial statements, whether due
to fraud or error; to design and perform audit procedures responsive to those risks; and to
obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The
risk of not detecting a material misstatement resulting from fraud is higher than for one
resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit 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.
Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by management.
Conclude on the appropriateness of management’s use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant doubt on the SIF’s ability to continue
as a going concern. If we conclude that a material uncertainty exists, we are required to draw
attention in our auditor’s report to the related disclosures in the financial statements or, if such
disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditor’s report. However, future events or conditions
may cause Social Investment Fund of Belize to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements including
the disclosures, and whether the financial statements represent the underlying transactions
and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned
scope and timing of the audit and significant audit findings, including any significant deficiencies in
internal control that we identified during the audit.
Chartered Accountants
Belize City, Belize
June 28, 2019
AUDIT | TAX | OUTSOURCING | CONSULTING
THE SOCIAL INVESTMENT FUND OF BELIZE
CUMULATIVE SOURCES AND USES OF FUNDS STATEMENTS
FOR THE YEAR ENDED MARCH 31, 2019
Cumulative Cumulative
2019 2018
2019 2018
$ $ $ $
Project Financing
Government Funds:
GOB-Capital III - - 16,931,880 16,931,880
Administrative Income - - 318,869 318,869
Consultancy Income - - 800 800
Reimbursement from IBRD to GOB (CAP III) - - (11,783,091) (11,783,091)
Reimbursement from World Bank - - (204,706) (204,706)
Capital II 1,642,620 1,642,620 24,774,757 23,132,137
Reimbursement from CDB to GOB (Cap III) BNTF 5 - - 11,023,561 11,023,561
Reimbursement from CDB to GOB (Cap III) CDB Loan - - 12,696,643 12,696,643
Reimbursement from CDB to GOB (Cap III) BNTF 6 - - 5,067,414 5,067,414
Reimbursement from CDB to GOB (Cap II & III) BNTF 6
IBRD:
Initial advance to Special Account - - 150,000 150,000
Reimbursement to Special Account - - 266,295 266,295
Reimbursement made to GOB - - 204,706 204,706
Reimbursement made to GOB (Cap III) BNTF 5 - - 452,774 452,774
Reimbursement made to GOB (Cap III) CDB Loan - - (13,028,380) (13,028,380)
Reimbursement made to GOB (Cap III) BNTF 6 - - (5,067,414) (5,067,414)
Reimbursement made to GOB (Cap II & III) BNTF 6 - - (1,134,055) (1,134,055)
World Bank Loan – BMDP - - 28,871,656 28,871,656
Work Bank Loan – BMDP/CRIP Counterpart Funding 16,876 33,750 989,884 989,884
PPF financing - - 1,235,569 1,235,569
Repayment to IBRD by UNICEF - - (18,790) (18,790)
Japanese Grant - - 393,568 393,568
ODA - - 333,752 333,752
European Union - - 9,196,377 9,196,377
European Union Counterpart Funding - - 1,765,410 1,765,410
United Nations Children’s Fund - - 163,084 163,084
Inter-American Development Bank - - 933,801 933,801
Supplemental Loan - - 678,591 678,591
CDB/BNTF - - 1,387,076 1,387,076
PAHO/WHO - - 238,777 238,777
UK/BNTF - - 3,342,416 3,342,416
Caribbean Development Bank – CDI (Commonwealth
- - 15,318,298 15,318,298
Debt Initiative)
Caribbean Development Bank – BNTF 5 Grant - - 15,038,038 15,038,038
Caribbean Development Bank – BNTF 5 Counterpart
- - 2,472,044 2,472,044
Funding
Caribbean Development Bank – BNTF 6 Grant - - 6,011,347 6,011,347
Caribbean Development Bank – BNTF 6 Counterpart
- - 1,334,996 1,334,996
Funding
Caribbean Development Bank – BNTF 7 Grant 51,578 1,518,792 11,467,601 11,416,023
Caribbean Development Bank – BNTF 7 Counterpart
- 31,971 608,634 608,634
Funding
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THE SOCIAL INVESTMENT FUND OF BELIZE
CUMULATIVE SOURCES AND USES OF FUNDS STATEMENTS (CONTINUED)
FOR THE YEAR ENDED MARCH 31, 2019
Cumulative Cumulative
2019 2018
2019 2018
$ s $ $
Caribbean Development Bank - BNTF 8 Grant 1,671,291 2,780,108 2,780,108
Caribbean Development Bank - BNTF 8 Counterpart
50,602 212,881 212,881
Funding
Caribbean Development Bank - BNTF 9 Grant 1,933,957 1,933,957
Caribbean Development Bank - BNTF 9 Counterpart
12,500 12,500
Funding
Caribbean Development Bank - COB loan 16,029,640 16,029,640
Caribbean Development Bank - COB loan
2,516,638 2,516,638
Counterpart Funding
Caribbean Development Bank - COB Loan #2 (SIF
351,824 2,197,612 26,987,128 26,635,304
Loan II)
Caribbean Development Bank - COB Loan #2
8,437 8,437
Counterpart Funding
Caribbean Development Bank - COB Loan #3 (SIF
2,002,426 2,002,426 2,002,426
Loan Ill)
Caribbean Development Bank - COB Loan #2
18,000 2,303,537 2,285,537
Counterpart Funding
Caribbean Development Bank - COB Loan #2 Direct
246,772 246,772
Payment
World Bank - World Bank Project Preparation Facility 1,010,281 1,010.281
World Bank - CRIP 2,994,300 2,694,870 7,286,130 4,291,830
World Bank - CRIP Direct Payment 1,676,624 2,167,321 4,179,152 2,502,528
Inter-bank/Organization Transfers 409,391 409,391
Other Income 188,205 501,082 3,192,041 3,003,836
Total Financing 9,141,693 14,512,337 213,560,077 204,418,384
Project expenditures:
Community Projects 403,345 10,108,420 142,964,685 142,561,340
Consultants Services and Training 5,185,841 5,295,772 24,131,553 18,945,712
Incremental Operating Costs 2,965,457 2,742,992 38,685,654 35,720, 197
PPF Charges 531,568 531,568
Recovery/Other Expenses 1,440,811 1,440,811
Total Expenditure 8,554,643 18,147,184 207,754,271 199, 199,628
Net cash inflow(outflow) 587,050 (3,634,847) 5,805,806 5,218,756
Beginning Cash Balance 5,218,756 8,853,603
Ending Cash Balance 5,805,806 5,218,756 5,805,806 5,218,756
The financial statements on pages 3 to 5 were approved and authorized for issue by the Board of Directors on
June 28, 2019 and are signed on its behalf by:
The notes on pages 6 to 12 are an integral part of these financial statements .
.4 •
THE SOCIAL INVESTMENT FUND OF BELIZE
STATEMENT OF CUMULATIVE INVESTMENTS (COST VARIANCE REPORT)
FOR THE YEAR ENDED MARCH 31, 2019
ACTUAL (BZ $) BUDGETED (BZ $) VARIANCE (BZ $)
Cumulative Year Cumulative Cumulative Year Cumulative Cumulative Year Cumulative
Investments
2018 2019 2019 2018 2019 2019 2018 2019 2019
$ $ $ $ $ $ $ $ $
Access 1,936,724 - 1,936,724 3,823,200 - 3,823,200 1,886,476 - 1,886,476
Agriculture 473,530 - 473,530 581,948 - 581,948 108,418 - 108,418
Community Markets 363,558 - 363,558 3,670,350 - 3,670,350 3,306,792 - 3,306,792
Economic Infrastructure Project 24,227,353 - 24,227,353 56,828,835 12,476,250 69,305,085 32,601,482 12,476,250 45,077,732
Education Projects 49,479,957 209,875 49,689,832 77,476,586 450,000 77,926,586 27,996,629 240,125 28,236,754
Health Projects 10,435,060 59,914 10,494,974 26,784,703 100,000 26,884,703 16,349,643 40,086 16,389,729
Housing 2,408,266 - 2,408,266 1,068,334 - 1,068,334 (1,339,932) - (1,339,932)
Integrated Pilot Project 1,159,224 - 1,159,224 7,259,464 - 7,259,464 6,100,240 - 6,100,240
Maintenance 924,555 - 924,555 2,076,100 - 2,076,100 1,151,545 - 1,151,545
Microenterprise Credit Project 2,028,595 - 2,028,595 3,935,315 - 3,935,315 1,906,720 - 1,906,720
Organizational Projects 1,757,879 107,226 1,865,105 8,081,576 - 8,081,576 6,323,697 (107,226) 6,216,471
Skills Training 933,673 - 933,673 5,881,678 - 5,881,678 4,948,005 - 4,948,005
Social Services Project 7,984,020 - 7,984,020 15,541,739 - 15,541,739 7,557,719 - 7,557,719
Vulnerable Persons 548,042 - 548,042 1,311,167 - 1,311,167 763,125 - 763,125
Water & Sanitation 37,900,904 26,330 37,927,234 77,423,378 60,000 77,483,378 39,522,474 33,670 39,556,144
Community sub-projects 142,561,340 403,345 142,964,685 291,744,373 13,086,250 304,830,623 149,183,033 12,682,905 161,865,938
Institutional Support - Consultancy Services 18,945,712 5,092,188 24,037,900 34,299,149 10,029,601 44,328,750 15,353,437 4,937,413 20,290,850
Institutional Support - Operating Cost 34,278,359 2,872,703 37,151,062 38,279,556 3,251,465 41,531,021 4,001,197 378,762 4,379,959
Institutional Support - Goods 1,441,838 186,407 1,628,245 1,138,055 209,000 1,347,055 (303,783) 22,593 (281,190)
Incremental Costs 35,720,197 3,059,110 38,779,307 39,417,611 3,460,465 42,878,076 3,697,414 401,355 4,098,769
PPF 531,568 - 531,568 683,147 - 683,147 151,579 - 151,579
Recovery/Other Expenses 1,440,811 - 1,440,811 - - - (1,440,811) - (1,440,811)
Total Investments 199,199,628 8,554,643 207,754,271 366,144,280 26,576,316 392,720,586 166,944652 18,021,673 184,966,325
The notes on pages 6 to 12 are an integral part of these financial statements.
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THE SOCIAL INVESTMENT FUND OF BELIZE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED MARCH 31, 2019
1. GENERAL INFORMATION
The Social Investment Fund of Belize (SIF) was established in May 1996 as a statutory body under the
Social Investment Fund Act, Chapter 43 of the Laws of Belize. The Mission of the SIF is to respond to
the basic human needs of the poorest of the poor in Belize in an efficient, transparent and ethnically
sensitive manner utilizing a participatory, collaborative and demand driven approach. SIF works in
close collaboration with other social services institutions in Belize to deliver services that are more
sustainable in the medium to long term, especially considering Belize's geographic spacing,
ethnic diversity, and gender equity and is funded through grants and loans provided by the
Caribbean Development Bank (CDB), the International Bank for Reconstruction and Development
(IBRD), the Commonwealth Debt Initiative (CDI), the European Union (EU), the Government of Belize
(GOB) and other donors.
PROJECT STATUS - BASIC NEEDS TRUST FUND
The office of the Basic Needs Trust Fund (BNTFO), which operated under the Ministry of National
Development, was closed in Belize City in December 2001. The BNTFO was responsible for executing
community sub-projects financed through the CDB's BNTF 4 Programme, the UK Provision for Basic
Needs Programme and the GOB. The BNTF 4 Programme was completed December 11, 2002. At
the time the Belize City office was closed, several community sub-projects were still being implemented.
In 2002, SIF was given the responsibility for completing those community sub-projects that were under
implementation and for implementing those that had already been approved.
On March 26, 2002, the GOB signed a grant agreement with the CDB for US$3,254,203 to finance a
Basic Needs Trust Fund 5th Programme which funds basic social infrastructural small and large sub-
projects in areas such as water and sanitation, education, health, skills training, community markets,
access and maintenance projects. The GOB contributed US$1,133,000 as was required under the
agreement.
In June 2003, GOB was granted an additional amount of US$2,006,897 by the Canadian International
Development Agency to fund large sub-projects under the Basic Needs Trust Fund 5th Programme.
The additional grant was approved on the terms and conditions set out in Grant Agreement No. GA
23/BZE dated March 26, 2002 between the CDB and the GOB. The BNTF 5th Programme has
concluded, as such BZ$498,794 was returned to GOB in fiscal 2014.
On January 30, 2009 the GOB was provided with another grant of US$3,005,596 from the Special Funds
Resources of the CDB to finance the Basic Needs Trust Fund 6th Programme, which funds sub-projects
focused on groups such as women, youth and poor households. GOB is also expected to contribute
US$1,072,180 under the terms and conditions of Grant GA 30/BZE. The BNTF 6th Programme is
nearing completion, as such BZ$1,300,000 was returned to GOB in fiscal 2014. The terminal
disbursement date of the BNTF 6th Programme has been extended to December 31, 2014. In fiscal
2015, several projects were completed under this grant, including: extension of the Corazon Creek
Technical High School and the Benque Pre-school, vocational, academic and life skills training
programmers, etc. The BNTF 6 Programme has closed out during the 2017 fiscal period, as such
BZ$1,134,055 was returned to GOB.
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THE SOCIAL INVESTMENT FUND OF BELIZE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED MARCH 31, 2019
1. GENERAL INFORMATION (Continued)
PROJECT STATUS – BASIC NEEDS TRUST FUND (CONTINUED)
On January 22, 2013 the GOB was provided with a grant of US$6,091,751 from the Special Funds
Resources of the CDB to finance the Basic Needs Trust Fund 7th Programme, which funds sub-projects
in the areas of education and human resource development, water and sanitation improvement, and
basic community access and drainage improvement. The overall objective of the 7th Programme is to
reduce poverty and vulnerability. GOB is also expected to contribute US$848,895, under the terms and
conditions of Grant GA 42/BZE. In fiscal 2015, the Preparation of Poverty Reduction Action Plan (PRAP)
consultancy was completed and sub-project profiles for the education and water and sanitation sectors
were developed.
On May 13, 2015 the GOB was provided with a grant of US$1,613,571 from the Special Funds Sources
of the CDB to finance the Basic Needs Trust Fund 8th Programme, which funds sub-projects in the areas
of education and human resource development, water and sanitation improvement, and basic
community access and drainage improvement. The overall objective of the 8th Programme is to reduce
poverty and vulnerability. GOB is also expected to contribute US$ 80,679, under the terms and
conditions of Grant GA/47 BZ.
On June 26th, 2017 the GOB was provided with a grant of US$ 4,540,000 from the Special Funds
Sources of the CDB to finance the Basic Needs Trust Fund 9th Programme, which funds sub-projects
in the areas of education and human resource development, livelihoods, water and sanitation systems
enhancement and basic community access and drainage enhancement. GOB is also expected to
contribute US$654,235, under the terms and conditions of Grant /61 BZ.
PROJECT STATUS – CARIBBEAN DEVELOPMENT BANK LOAN #1
On March 1, 2004, the GOB entered into a loan agreement with the CDB for funds totaling US$7,073,000
(Loan No. 15 SFR-OR-BZE). The Terminal Disbursement Date of this loan agreement was September
30, 2013.
These funds are used for social and economic infrastructure, social services and organizational
strengthening sub-projects aimed at reducing poverty in Belize and for the institutional support of SIF.
CDB Projects included: Rudimentary Water Systems in Maya Center/Kendall, Sundaywood, San
Antonio, Buena Vista, Blackman Eddy/Ontario, Santana/Corozalito; Resource/Library and/or IT Centers
in San Ignacio, Esperanza, Santa Clara/San Roman, Guinea Grass, Gracie Rock, San Joaquin, San
Jose Succotz; Trial Farm Drainage Project (Phase 1 ); Mopan Health Clinic (Phase 2) and San Pedro
Columbia Health Center; St. Ann's Women's Group; Queen Square Market; small infrastructural
projects at Roaring Creek Nazarene School and other schools throughout the country. No new
projects were initiated since 2013 as loan funds have now been disbursed and projects completed. The
CDB Loan #1 has closed out, as such BZ$334,374 was returned to GOB in fiscal 2014.
PROJECT STATUS – CARIBBEAN DEVELOPMENT BANK LOAN #2 (SIF LOAN II)
The GOB entered into a loan agreement with the CDB for funds totaling US$15,000,000 (Loan No.
19/SFR-OR-BZE) on November 16, 2011 (SIF Loan II). The funds are earmarked for projects in six
main categories including water and sanitation, health, economic/other infrastructure, education, social
services and organizational strengthening. The period of disbursement is up to September 30, 2015.
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THE SOCIAL INVESTMENT FUND OF BELIZE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED MARCH 31, 2019
1. GENERAL INFORMATION (Continued)
PROJECT STATUS – CARIBBEAN DEVELOPMENT BANK LOAN #2 (SIF LOAN II) (Continued)
The borrower is expected to contribute not less than BZ$3,597,000. Projects initiated, completed or
near completion under the SIF Loan II in 2015 include: substitution, rehabilitation and/or extension
of the All Saints Primary School, Orange Walk Technical High School, Chan Pine Ridge Water and
Sanitation Project, San Carlos/Indian Church Water System Project, Sarteneja Water and Sanitation
Project, Arenal Resource Center Project, Buttonwood Bay Drainage Construction Project, Arms
of Love Preschool, Santa Ana Water and Sanitation Project and Samuel Haynes Institute of Excellence
Extension. The Terminal Disbursement Date (TDD) was extended to March 31, 2017. The Caribbean
Development Bank (CDB) granted a second extension to March 2018. The terminal disbursement date
has been extended to July 31, 2018 as per CDB letter ref: 27/19/405.
PROJECT STATUS – CARIBBEAN DEVELOPMENT BANK LOAN #3 (SIF LOAN III)
The GOB entered into a loan agreement with the CDB for funds totaling US$ 10,000,000 (Loan No.
25/SFR-OR-BZE) on June 8, 2017 (SIF Loan III). The funds are embarked for projects in five main
categories including education, water and sanitation, health, social services and organizational
strengthening. The borrower is expected to contribute in counterpart funding US$2,518,000. The
Terminal Disbursement Date (TDD) for SIF Loan III is June 30, 2021.
PROJECT STATUS – COMMONWEALTH DEBT INITIATIVE
In December 2002, SIF received funding under the UK Debt Relief Programme (Commonwealth Debt
Initiative) and commenced implementation of community sub-projects in 2003. Additional funds were
granted thereafter. Some of the projects funded by CDI include: Gulisi Community Primary School, San
Roman Preschool, Stann Creek Ecumenical Junior College, Placencia Preschool, installation of water
facilities in several villages - Santana, Corozalito and Saint Ann’s, electrification projects in Cayo North
East and Maya Mopan village, the Bradley’s Bank Electrification project, etc. In 2015, SIF facilitated
the procurement of furniture and computers for the Belmopan Methodist High School with CDI funding.
In 2016, some of the sub-projects funded include Kuxlin Ha and Golden Haven Rest House Electrical
works and Trinity Methodist School Bathroom Rehabilitation.
EUROPEAN UNION (BANANA SUPPORT PROGRAMME)
The European Union (EU) entered into a comprehensive development project agreement with SIF aimed
at alleviating poverty and improving living conditions of select rural communities in the banana
producing areas of Belize through improvement of primary education and other water and sanitation
infrastructure. The EU provided a grant of €1,840,608.90. Projects funded under this grant include:
United Community Primary School Extension Project, Cowpen/Garage Rudimentary Water System
Construction Project, San Juan Satellite Health Center Extension Project and the Independence Primary
School Extension Project. The implementation period for this agreement ended on April 30, 2008.
EUROPEAN UNION: POVERTY ALLEVIATION
In June 1999, the European Union entered into a comprehensive development project agreement with
SIF to alleviate poverty and improve the living conditions of the most vulnerable groups in Belize. This
included improving primary education and training center facilities and supporting small scale productive
projects in the poorest communities by enabling access to a micro-enterprise credit scheme. The project
was completed December 31, 2002.
The total funding was 1,600,000 Million European Currency Units (MECU) of which 400,000 MECU was
slated for the education component and 1,200,000 MECU for the micro-enterprise credit project. Main
results of the project were:
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THE SOCIAL INVESTMENT FUND OF BELIZE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED MARCH 31, 2019
1. GENERAL INFORMATION (Continued)
EUROPEAN UNION: POVERTY ALLEVIATION (Continued0
1. Eight primary schools and training centers rehabilitated and functioning.
2. Micro-entrepreneurs had access to over 2,250 short and medium term loans.
3. Family income was expected to increase by 40% to 60% for participating entrepreneurs.
4. The lasting effect of Belizean Micro-Finance Institutions and Training Centers.
On December 21, 2007, an agreement was signed between the Ministry of Economic Development
(MED) and the EU for the implementation of Emergency Reconstruction after Hurricane Dean in Belize.
The total cost of the action eligible for financing by the European Union was estimated at €600,000. The
project aimed to reduce poverty by mitigating the vulnerability of poor rural families affected by Hurricane
Dean and rehabilitating the rural productive sector, thereby contributing to increased income,
employment and livelihood options. The project has now come to an end.
On May 15, 2009, an agreement was signed between the MED and the EU for €483,181.81 to implement
a water system for Crooked Tree Village in order to improve the living and working conditions of residents
of this poor community by providing a reliable, potable, safe and year-round water supply to Crooked
Tree Village. The project has now come to an end.
INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT (IBRD)
In 2001, a Supplementary Loan (No. 4142-1 BEL) of US$1,400,000 was secured under the "Agreement
Amending the Loan Agreement." This second agreement amends the first and is inclusively repayable
in twenty-three semi-annual installments of US$60,000 on May 15 and November 15 of each year,
commencing November 15, 2006 and ending May 15, 2018, with a final payment of US$20,000. Interest
will be charged on the principal amount withdrawn and outstanding from time to time at a rate of three
fourths of one percent, while the first loan shall accrue interest at one half of one percent annually.
Projects were executed by SIF, an independent executing agency, who reported to the World Bank and
the GOB. GOB was directly responsible for the overall SIF promotion, coordination, appraisal, financing,
supervision, execution and completion of community projects. SIF was also responsible for the
preparation and submission of quarterly financial reports to the World Bank. The project was completed
in March 2003.
PROJECT STATUS – IBRD - BMDP
On December 2, 2011, Loan Number 7958-BZ was executed between the GOB and the IBRD for
US$15,000,000 to improve access to basic municipal infrastructure and to enhance the service delivery
and municipal management in selected towns. The Belize Municipal Development Project is designed
into 3 categories: municipal infrastructure investments, technical assistance and capacity building for
TCC’S MLLGRD and MNRE and project management. Prior to the signing of said loan, the IBRD
provided an advance facility in respect of the loan agreement of up to US$800,000 (Project Preparation
Advance No. IBRD P4520-001 agreement signed on July 16, 2009 between the GOB and IBRD). The
advance facility was used in 2011 for the preparation of a project designed to improve municipal
service delivery and its sustainability in up to nine selected municipalities (San Ignacio/Santa
Elena, Belmopan City, Benque Viejo Del Carmen, Dangriga, Punta Gorda, Corozal and Orange
Walk), including consultancies on traffic management, municipal finance and revenue
enhancement, participatory investment planning and municipal development strategies, and
workshops on municipal capacity building, social assessment and indigenous framework.
-9-
THE SOCIAL INVESTMENT FUND OF BELIZE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED MARCH 31, 2019
1. GENERAL INFORMATION (Continued)
PROJECT STATUS – IBRD – BMDP (Continued)
Projects undertaken include civil works in seven of the municipalities, rehabilitation of the Punta Gorda
Town Council, refurbishment and extension of the Dangriga Market, finance management capacity
building, engineering services for technical supervision, etc. In 2014, several consultancies were initiated
including: Preparation of the Physical Assets Maintenance Plan, Municipal Growth Plans for the various
municipalities, Preparation of Designs, Technical specifications, and cost estimates for the rehabilitation
of streets in the various municipalities (Phase 2). In 2015, works on the Dangriga Market, Orange
Walk Town Park, and Phase 1 streets in the various municipalities were completed; Preparation of
Designs, Technical specifications, and cost estimates for the rehabilitation of streets in the various
municipalities (Phase 2) and the Centennial Park in Benque Viejo were also completed. The remaining
sub-projects under Phase 2 are expected to commence in fiscal 2016. The Terminal Disbursement Date
was extended to November 30, 2016.
PROJECT STATUS – IBRD – CRIP
On July 18, 2013, the World Bank and GOB signed an Advance Agreement for Preparation of the
Proposed Climate Resilient Infrastructure Project (CRlP), Project Preparation Advance No. P4680-BZ.
The World Bank has provided GOB with a PPF of US$1,500,000. The refinancing date for the PPA has
been extended from March 30, 2015 to May 4, 2015.
The objective of the PPF activities is to facilitate the preparation of a proposed project designed to
improve the resilience of critical infrastructure to natural hazards and impacts of climate variability
and to strengthen the capacity of the national and local government in managing climate resilience.
On February 3, 2015, Loan Number 8416-BZ (Climate Resilient Infrastructure Project) was executed
between the GOB and the IBRD for US$30,000,000 to enhance the resilience of road infrastructure
against flood risk and impacts of climate change; and to improve the Borrower’s capacity to respond
promptly and effectively in an eligible crisis or emergency, as required. The project includes the carrying
out of feasibility and engineering studies for the preparation of investments to reduce physical
vulnerability of critical infrastructure in priority areas; retrofitting and rehabilitating existing
infrastructure within the primary and secondary road networks (including associated drainage and
flood mitigation systems), as needed to strengthen their resilience to natural hazards and the
anticipated impacts of climate variability, and implementation of the subprojects. The project will
also assist in strengthening the capacity of the Ministry of Works and Transport (MOWT) and the
Ministry of Natural Resources and Agriculture (MNRA) to mainstream climate resilience
considerations into core physical and investment planning and in strengthening asset maintenance;
supporting project management and implementation through financing of services, training,
operating costs and goods for SIF, MOWT and MNRA; and provision of support for immediate
response to eligible crisis or emergencies.
DEPARTMENT FOR INTERNATIONAL DEVELOPMENT
– HURRICANE IRIS RECOVERY PROJECT
As a result of Hurricane Iris, funds equivalent to £305,112 from the UK Department for International
Development were provided to SIF for the implementation of recovery projects. These included the
construction of starter houses, rudimentary water systems and hurricane shelters. Funds were originally
granted to BNTF 4 under the Provision for Basic Needs Programme, which was completed in 2002.
- 10 -
THE SOCIAL INVESTMENT FUND OF BELIZE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED MARCH 31, 2019
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
a) Basis of presentation – The Belize Social Investment Fund uses a cash basis of accounting modified
for the presentation of investments at fair value, which is a comprehensive basis of accounting other
than generally accepted accounting principles. Under this basis, certain revenues are recognized
when received rather than when earned and certain expenses and purchases are recognized when
cash is disbursed rather than when the obligation is incurred.
b) Functional and presentation currency – The financial statements are presented in Belize dollars, which
is SIF’s functional currency.
c) Foreign currency translations – Transactions in foreign currencies are translated into Belize dollars at
exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign
currencies at the reporting date are translated to the functional currency at the exchange rate at that
date. All differences arising on settlement or translation of monetary items are taken to the statement
of sources and uses of funds.
d) Cash – Cash include cash on hand, deposits held with banks and other short-term highly liquid
investments with original maturities of three months or less.
e) Income and expense recognition – Interest income on loans and other income are recognized when
collected. Interest income on fixed deposits is recognized when earned. Interest and other expenses
are recognized when paid.
f) Interest income – Interest on term deposits may be paid quarterly or monthly.
3. CASH
2019 2018
Social Investment Fund $ 520,890 $ 568,396
Social Investment Fund/ European Union 964,257 964,404
Caribbean Development Bank - SIF Loan II 59,999 2,984
Social Investment Fund - SIF Loan II counterpart 427,729 533,224
Caribbean Development Bank - SIF Loan III 1,608,070 1,962,501
Caribbean Development Bank - Basic Needs Trust Fund 9 1,773,084 79
Caribbean Development Bank - Basic Needs Trust Fund 8 - 105
Social Investment Fund - Basic Needs Trust Fund 8 counterpart 43,053 71,982
Caribbean Development Bank - Basic Needs Trust Fund 7 - 14,033
Social Investment Fund - Basic Needs Trust Fund 7 counterpart 117,941 107,697
Social Investment Fund - Basic Needs Trust Fund 9 12,435 -
Social Investment Fund - Government of Belize Counterpart 3,210 -
World Bank - Climate Resilient Infrastructure Project 101,376 865,952
Social Investment Fund - Belize Municipal Development Project counterpart 173,762 127,399
$5,805,806 $5,218,756
- 11 -
THE SOCIAL INVESTMENT FUND OF BELIZE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED MARCH 31, 2019
4. TAXATION
Under the Social Investment Fund Act, Chapter 43 of Laws of Belize, Revised Edition 2000, SIF is
exempt from taxes on income and property assessed under the Income and Business Tax Act. All
instruments executed by or on behalf of SIF are also exempted from stamp duty.
- 12 -
THE SOCIAL INVESTMENT FUND OF BELIZE
STATEMENTS OF CUMULATIVE INVESTMENTS (COST VARIANCE REPORT)
FOR THE YEARS ENDING MARCH 31, 2016, 2017, 2018 AND 2019
TOTAL TOTAL VARIANCE
2016 2017 2018 2019 BUDGETED 2016 2017 2018 2019 ACTUAL
$ $ $ $ $ $ $ $ $ $ $
Economic Infrastructure 6,478,809 3,578,061 - 12,476,250 22,533,120 4,253,380 6,015,437 - - 10,268,817 (12,264,303)
Education Projects 1,910,871 11,437,513 8,895,000 450,000 22,693,384 333,118 6,572,606 6,341,410 209,875 13,457,009 (9,236,375)
Health Projects 1,751,803 3,461,616 1,731,000 100,000 7,044,419 - 2,468,818 2,151,057 59,914 4,679,789 (2,364,630)
Integrated Pilot Project - - - - - - - - - - -
Organizational Projects 1,039,664 956,367 133,000 - 2,129,031 91,359 384,464 153,293 107,226 736,342 (1,392,689)
Skills Training - - - - - - - - - - -
Social Services Project 535,824 60,766 - - 596,590 437,685 136,841 - - 574,526 (22,064)
Water & Sanitation 3,456,109 4,557,417 1,618,000 60,000 9,691,526 2,232,222 2,586,696 1,391,625 26,330 6,236,873 (3,454,653)
Consultancy Services 3,586,541 3,231,983 14,568,587 10,029,601 31,416,712 1,136,772 2,304,749 5,243,010 5,092,188 13,776,719 (17,639,993)
Institutional Support - Operating Cost/Goods 3,122,480 3,029,965 3,273,627 3,460,465 12,886,537 2,694,187 2,701,271 2,866,789 3,059,110 11,321,357 (1,565,180)
TOTAL INVESTMENTS 21,882,101 30,313,688 30,219,214 26,576,316 108,991,319 11,178,723 23,170,882 18,147,184 8,554,643 61,051,432 (47,939,887)
- 13 -
40 Central American Blvd.
Belize City, Belize, C.A.
T: +501 227 3020
E: info@csb.bz
www.csb.bz
INDEPENDENT AUDITORS’ REPORT
TO: BASIC NEEDS TRUST FUND (BNTF) PROGRAMME
We have audited the Cumulative Sources and Uses of Funds Statements and Statement of
Cumulative Investments for the Social Investment Fund for the year ended March 31, 2019,
entered into by the Government of Belize (GOB), the Caribbean Development Bank (CDB), the
European Union (EU), the Commonwealth Debt Initiative (CDI), and the International Bank for
Reconstruction and Development (IBRD), executed by SIF.
In relation to our audit, we determined compliance with most financial and accounting contractual
clauses and articles within the Special Conditions and General Conditions of BNT 7th, 8th and 9th
Grant Agreements, and compliance with the applicable provisions of the SIF’s Operating
Regulations as of March 31, 2019 We have examined the Special Conditions described in Section
3 and 5 of the BNTF’s Operational Manual.
We conducted our audit in accordance with International Standards on Auditing and the
requirements of the Caribbean Development Bank. Those standards require that we plan and
perform the audit to obtain reasonable assurance that the Program has complied with the
pertinent loan contractual clauses, applicable laws and regulations and the provisions contained
in the BNTF Operations Manual. The audit also includes examining, on a test basis, the
appropriate evidence. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, for the year ended March 31, 2019 SIF complied in all material respects with the
financial and accounting contractual clauses of the BNTF’s Grant Agreements, and with all
applicable laws and regulations and the Operating Regulations of the Fund.
Chartered Accountants
Belize City, Belize
June 28, 2019
Partners:
Claude Burrell, CPA, CISA
Giacomo Sanchez, CPA
AUDIT | TAX | OUTSOURCING | CONSULTING
THE SOCIAL INVESTMENT FUND OF BELIZE
SUMMARY OF COMPLIANCE WITH CONTRACTUAL AGREEMENT
FOR THE YEAR ENDED MARCH 31, 2019
Basic Needs Trust Fund (7th Programme)
This is the summary of compliance with SIF’s BNTF Operations Manual.
Section No. Conditions Status
Conditions precedent to first disbursement
Article IV, Section
Authorized signatories for applications for payments. Compliant
4.01 (i)
Section 4.01 (ii) Establishment of Oversight Entity. Compliant
Implementing Agency has operations in
Section 4.01 (iii) Compliant
independent accommodation accessible to the community.
Particular conditions
Within six (6) months of satisfaction of conditions
Article V, Section precedent Programme Organization and Management:
Compliant
5.01 (i) Manager/Coordinator, Community Liaison Officer and
Administrative/Accounting Officer.
Section 5.01 (iv) Maintain a Special Account at a commercial bank in Belize Compliant
By March 31, 2013 or such later date as the Bank may
Section 5.01 (v) Compliant
agree in writing, update and adopt PRAP.
By June 30, 2013 or such later date as the Bank may
Section 5.01 (vi) Compliant
agree in writing, prepare a country project portfolio.
Revised Operations Manual for use in the implementation
Section 5.01 (vii) Compliant
of the Project.
Article V, Section By November 30, in each year, submit to the Bank a draft
Compliant
5.02 (i) Annual Work Plan and Budget.
Article V, Section By January 15, in each year, submit to the Bank a draft
Compliant
5.02 (ii) Annual Project Performance Report.
By July 30, in each year, commencing the first year after
Article V, Section Pending from Project
Project implementation, submit to the Bank an annual
5.02 (ii) Manager
environmental performance report.
Pay US $266,948 into the Special Account in the
Article V, Section
instalments and by the periods set out in Schedule 3 Compliant
5.03
(Years 1-4).
Article V, Section
Mid-Term Evaluation Compliant
5.06
Article V, Section SIF performs annual
Annual Performance Audit
5.07 financial audit
- 15 -
THE SOCIAL INVESTMENT FUND OF BELIZE
SUMMARY OF COMPLIANCE WITH CONTRACTUAL AGREEMENT (CONTINUED)
FOR THE YEAR ENDED MARCH 31, 2019
Basic Needs Trust Fund (7th Programme) (Continued)
Section No. Conditions Status
Article V, Section
Reporting requirement as per Schedule 6
5.08
Poverty Reduction Action Plan (PRAP) Compliant
Completed September
Country Project Completion Report
2018.
Consultant currently
Program Closing Report being procured by CDB
to conduct PCR.
Article IV, Section Conditions precedent to first disbursement for each
4 sub- project
Sub-project profile in accordance with the format set out in
Sections 4.03,
the Operations Manual, and approved by the Oversight Compliant
4.04
Entity.
- 16 -
THE SOCIAL INVESTMENT FUND OF BELIZE
SUMMARY OF COMPLIANCE WITH CONTRACTUAL AGREEMENT (CONTINUED)
FOR THE YEAR ENDED MARCH 31, 2019
Basic Needs Trust Fund (8th Programme)
This is the summary of compliance with SIF’s BNTF Operations Manual.
Section No. Conditions Status
Conditions precedent to first disbursement
Article IV, Section
Authorized signatories for applications for payments. Compliant
4.01 (i)
Section 4.01 (ii) Establishment of Oversight Entity. Compliant
Implementing Agency has operations in
Section 4.01 (iii) independent accommodation accessible to the Compliant
community.
Particular conditions
The following represents the minimum staff component
of the BNTFO:
Article V, Section
a) Project Manager Compliant
5.01 b (i)
b) Administrative/Accounting Officer (AO)
c) Community Liaison Officer
Maintain a Special Account at a commercial bank in
Section 5.01 b(iii) Compliant
Belize.
Article V, Section By November 30, in each year, submit to the Bank a
Compliant
5.02 (i) draft Annual Work Plan and Budget.
Article V, Section By January 15, in each year, submit to the Bank a draft
Compliant
5.02 (ii) Annual Project Performance Report.
By July 30, in each year, commencing the first year after
Article V, Section Pending from Project
Project implementation, submit to the Bank an annual
5.02 (iii) Manager
environmental performance report.
Article V, Section Environmental Screening Checklist (Site specific
Compliant
5.02 (iv) checklist) for sub-projects.
Pay US$80,679 into the Special Account in the
Article V, Section
instalments and by the periods set out in Schedule 4 Compliant
5.03
(Years 1 & 2).
Article V, Section
Mid-Term Evaluation Compliant
5.05
Article V, Section SIF performs annual
Annual Performance Audit
5.06 financial audit
- 17 -
THE SOCIAL INVESTMENT FUND OF BELIZE
SUMMARY OF COMPLIANCE WITH CONTRACTUAL AGREEMENT (CONTINUED)
FOR THE YEAR ENDED MARCH 31, 2019
Basic Needs Trust Fund (8th Programme) (Continued)
Section No. Conditions Status
Article V, Section
Reporting requirement as per Schedule 10
5.07
SIF performs annual
Performance Audit including Financial Audit
financial audit
Completed September
Country Project Completion Report
2018
Consultant currently
Program Closing Report being procured by CDB
to conduct PCR
Conditions precedent to first disbursement for each
Article IV, Section 4
sub-project
Sub-project profile in accordance with the format set out
Sections 4.02, 4.03 in the Operations Manual, and approved by the Compliant
Oversight Entity.
- 18 -
THE SOCIAL INVESTMENT FUND OF BELIZE
SUMMARY OF COMPLIANCE WITH CONTRACTUAL AGREEMENT (CONTINUED)
FOR THE YEAR ENDED MARCH 31, 2019
Basic Needs Trust Fund (9th Programme)
This is the summary of compliance with SIF’s BNTF Operations Manual.
Section No. Conditions Status
Conditions precedent to first disbursement
Article IV, Section
Authorized signatories for applications for payments. Compliant
4.01 (i)
Section 4.01 (ii) Account has been maintained; Compliant
Section 4.01 (iii) Executing Agency has been maintained; and Compliant
Section 4.01 (iv) Oversight Entity has been maintained. Compliant
Particular conditions
maintain an account at a commercial bank or other
Article V, Section institution, acceptable to the Bank, through which all
Compliant
5.01 d (i) activities under the Project, and only such activities will
be financed;
The following represents the minimum staff component
of the BNTFO:
a) Project Manager
Section
b) Administrative/Accounting Officer (AO) Compliant
5.01 d (ii)
c) Community Liaison Officer (CLO)
d) Monitoring and Evaluation Officer (M&E Officer)
e) Project Engineer (PE)
by August 31, 2017, or such later date as the Bank may
Section specify in writing, prepare and adopt the CPF in Compliant, Ref.
5.01 d (iii) accordance with the guidelines set out in Schedule 15, in 27/2/81/1
form and substance acceptable to the Bank.
Mid-Term Evaluation. (a) The Executing Agency shall by
March 31, 2019, or such later date as the Bank may
Section specify in writing, facilitate and make all necessary
Currently ongoing
5.05 arrangements in consultation with the Bank for an MTE of
BNTF 9 and the Project to be conducted by independent
consultants.
the Beneficiary shall contribute to the Project an amount
of not less than the equivalent of six hundred and fifty-
Section four thousand two hundred and thirty-five United States
Compliant, ongoing.
5.06 b dollars (USD654,235), which shall be paid into the
Account in the instalments and by the dates set out in the
Financing Plan.
- 19 -
THE SOCIAL INVESTMENT FUND OF BELIZE
SUMMARY OF COMPLIANCE WITH CONTRACTUAL AGREEMENT (CONTINUED)
FOR THE YEAR ENDED MARCH 31, 2019
Basic Needs Trust Fund (9th Programme) (Continued)
Section No. Conditions Status
Article V, Section
Reporting requirement as per Schedule 10
5.07
Country Policy Framework (CPF) Compliant, Ref. 27/2/81/1
Sector Portfolio of sub-projects Compliant, Ref 27/2/81/1
This report will be
prepared during
Sub-project Monitoring Reports (SPMR)
implementation of sub
projects.
Minutes of OE meetings Compliant
Compliant. Reports are
Status of Portfolio by Sector submitted monthly to
CDB.
Annual Work Plan and Budget (AWPB) Compliant
Compliant. Submitted to
Annual Project Performance Report (APPR)
CDB January 2019.
This report will be
Sub-project Completion Report (SPCR) prepared upon completion
of Sub - Project.
Financial Audit Compliant
Performance Audit Due until August 2019.
Not Applicable at the
moment. This report will
Environmental Performance Report be prepared during
implementation stage of
the sub-project.
- 20 -
THE SOCIAL INVESTMENT FUND OF BELIZE
SUMMARY OF COMPLIANCE WITH CONTRACTUAL AGREEMENT (CONTINUED)
FOR THE YEAR ENDED MARCH 31, 2019
Basic Needs Trust Fund (9th Programme) (Continued)
Section No. Conditions Status
Article V, Section
Reporting requirement as per Schedule 10
5.07
Mid-Term Evaluation (MTE) Currently ongoing
Not Applicable. Due within
6 months after CDB's
Country Project Completion Report (CPCR)
Terminal Disbursement
Date (TDD).
Not Applicable. Due within
6 months after CDB's
Programme Closing Report (PCR)
Terminal Disbursement
Date (TDD).
Article IV, Section Conditions precedent to first disbursement for each
4 sub-project
Sub-project profile in accordance with the format set out in
Sections 4.02,
the Operations Manual, and approved by the Oversight Compliant
4.03
Entity.
- 21 -
40 Central American Blvd.
Belize City, Belize, C.A.
T: +501 227 3020
E: info@csb.bz
www.csb.bz
INDEPENDENT AUDITORS’ REPORT
TO: CARIBBEAN DEVELOPMENT BANK
We have audited the Cumulative Sources and Uses of Funds Statements and Statement of
Cumulative Investments for the Social Investment Fund for the year ended March 31, 2019.
entered into by the Government of Belize (GOB), the Caribbean Development Bank (CDB), the
European Union (EU), the Commonwealth Debt Initiative (CDI), and the International Bank for
Reconstruction and Development (IBRD), executed by SIF.
In relation to our audit, we determined compliance with most financial and accounting contractual
clauses and articles within the Special Conditions and General Conditions of CDB Loan #2, #3
and compliance with the applicable provisions of the SIF’s Operating Regulations as of March 31,
2019. We have examined the Special Conditions described in the loan agreement.
We conducted our audit in accordance with International Standards on Auditing and the
requirements of the Caribbean Development Bank. Those standards require that we plan and
perform the audit to obtain reasonable assurance that the Program has complied with the
pertinent loan contractual clauses, applicable laws and regulations and the provisions contained
in the BNTF Operations Manual. The audit also includes examining, on a test basis, the
appropriate evidence. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, for the year ended March 31, 2019, SIF complied in all material respects with the
financial and accounting contractual clauses of the loan agreements, and with all applicable laws
and regulations and the Operating Regulations of the Fund.
Chartered Accountants
Belize City, Belize
June 28, 2019
Partners:
Claude Burrell, CPA, CISA
Giacomo Sanchez, CPA
AUDIT | TAX | OUTSOURCING | CONSULTING
THE SOCIAL INVESTMENT FUND OF BELIZE
SUMMARY OF COMPLIANCE WITH CONTRACTUAL AGREEMENT (CONTINUED)
FOR THE YEAR ENDED MARCH 31, 2019
Caribbean Development Bank Loan II
This is a summary of compliance with the loan agreement, exceptions noted in the Management Letter.
Section No. Conditions Status
Article V Conditions precedent to first disbursement
Establish special bank account at commercial bank
S 5.01 Compliant
acceptable to CDB.
Create and fill two additional positions (1 engineer
Compliant
and 1 social development officer).
Other conditions
Article IV S4.01 Withdrawal and application of loan. Compliant
Article IV S4.03 (b) Procurement Plan Compliant
Article VI Particular conditions
Article VI S6.01 Execution of the Project (staffing) Compliant
GOB to implement through the Ministry of Local
Government the portion of the Technical Assistance
Compliant.
Component in respect of the institutional and
operational framework of the Village Water Boards.
The Statistical Institute of
GOB to procure that the Statistical Institute of Belize
Belize has already prepared a
implement the portion of the Technical Assistance
Poverty Map and Poverty Index
Component for the update of the Poverty Map and
based on 2010 Census (March
Poverty Index.
2013).
Environmental Screening Checklist (Site specific
Article VI S6.05 Compliant
checklist) for sub-projects.
Compliant. SIF's Board of
Project Proposal to Increase Sustainability of sub- Directors approved June 2013.
Article VI S 6.06
projects due 31 December 2011. Bridge financing provided to
beneficiaries.
Article VII Sub-projects
Appraisal, financing and supervision of sub-projects;
design, inspection and certification of infrastructure
S7.01 loans; eligibility of sub-projects; sub-project limits; Compliant
sub- project approvals; approval of contracts I
variations in respect of sub-projects.
- 23 -
THE SOCIAL INVESTMENT FUND OF BELIZE
SUMMARY OF COMPLIANCE WITH CONTRACTUAL AGREEMENT (CONTINUED)
FOR THE YEAR ENDED MARCH 31, 2019
Caribbean Development Bank Loan II (Continued)
Section No. Conditions Status
Article VI General Provisions
Article IV S4.04 Procurement processes Compliant
Article VI S6.01 (a)
Guarantee Agreement Not Applicable
(i)
Article VI S6.01 (a) Not Applicable. Belize is a member
Requirement for non-CDB members
(ii) state.
Article VI s 6.01
Legal Opinion Compliant
(a) (iii) (iv)
S6.01 (a) (v) and Designation of Representatives and
Compliant
(vi) Authorization for Withdrawals
S6.08 Reporting Requirements
Quarterly reports of status portfolio Compliant
Schedule of Cumulative Commitments and
Disbursements and Anticipated Approvals and Compliant
Disbursements for the next six months.
Annual work plan and budget Compliant
Audited Statements Compliant
Consultant's Reports:
Review of Village Water Boards (due June
Compliant
2011)
Development of Monitoring and
Development of Monitoring and Evaluation
Evaluation System - completed and
System (due May 2011)
approved by CDB 27 Feb 2015.
Poverty Map and Poverty Index
Development of Poverty Map and Index ( due based on 2010 Census - completed
October 2011) March 2013 by Statistical Institute of
Belize
Impact Evaluation including Beneficiary
Compliant
Assessment (due December 2014)
Environmental Performance Report Compliant
Annual Monitoring and Evaluation Report Compliant
Ongoing. Consultant was hired on
Project Completion Report
April 8, 2019
- 24 -
THE SOCIAL INVESTMENT FUND OF BELIZE
SUMMARY OF COMPLIANCE WITH CONTRACTUAL AGREEMENT (CONTINUED)
FOR THE YEAR ENDED MARCH 31, 2019
Caribbean Development Bank Loan III
This is a summary of compliance with the loan agreement, exceptions noted in the Management Letter.
Section No. Conditions Status
Article V Conditions precedent to first disbursement
Article V S5.01 (i) Special Account has been established; and Compliant
Article V S5.01 (ii) M&E Specialist has been engaged. Compliant
Withdrawal of loan.
Article IV S4.01 Withdrawal and application of loan. Compliant
Article IV S4.03 (b) Procurement Compliant
Article VI Particular conditions
Article VI S6.01 Execution of the Project Compliant
The Executing Agency shall not make any changes to
the provisions of the OM or to its Menu of Eligible Sub-
Article VI S6.05 Compliant
projects set out in Schedule 10 without the Bank's prior
approval in writing.
by March 31, or such later date as the Bank may specify
in writing, in each year commencing during the first year
after project implementation, submit to the Bank an
This report will be prepared
environmental performance report which shall provide a
Article VI S 6.06 during implementation of
summary of the environmental performance of the sub-
sub-projects.
projects financed from the Bank's resources during the
immediately preceding year of the Executing Agency's
operations; and
Community Needs and Assets Assessment. The
Executing Agency shall include in the CNAA an analysis
of the institutional capacity and financial arrangements of Ongoing, appraisal of sub-
Article VI S 6.07
line ministries and sponsors, and their ability to operate projects is being performed
and maintain investments; and social and gender
considerations.
Grievance Redress Mechanism. The Executing Agency
shall, by December 31, 2017, or such later date as the
Bank may specify in writing, put in place a grievance
Submitted to CDB for
Article VI S 6.08 redress mechanism to receive and facilitate resolution of
approval May 31, 2019
the affected communities' concerns and complaints
about environmental and social performance that may
arise during sub-project implementation.
Climate Change Resilience. The Executing Agency shall
Ongoing, appraisal of sub-
Article VI S 6.09 integrate CC resilience into its operations in accordance
projects is being performed
with guidance set out at Schedule 11.
a Quarterly Report on Investment Costs in the form
Article VI S 6.12 attached at Schedule 12 and in substance acceptable to Complaint
the Bank; and
- 25 -
THE SOCIAL INVESTMENT FUND OF BELIZE
SUMMARY OF COMPLIANCE WITH CONTRACTUAL AGREEMENT (CONTINUED)
FOR THE YEAR ENDED MARCH 31, 2019
Caribbean Development Bank Loan III (Continued)
Section No. Conditions Status
S6.08 Reporting Requirements
Monthly Progress Report on status of sub-project
portfolio:
(a) requests received;
(b) sub-projects being appraised;
(c) sub-projects approved;
Compliant, report submitted
(d) sub-projects in implementation including
monthly to CDB.
start and end dates;
(e) sub-projects completed;
(f) sub-projects suspended/cancelled; and
(g) sub-projects by district and poverty
classification (quintiles 1-5).
Schedule of Allocated Amounts, Approved Amounts,
Compliant, report submitted
Contract Amounts, Uncommitted Amounts,
monthly to CDB.
Cumulative Commitments
No of beneficiaries by Category, District, Poverty Compliant, report submitted
Index. monthly to CDB.
Copy of Annual Work Plan and Budget Compliant
Financial Audit Compliant
Consultants' Reports on institutional strengthening,
Complaint
TA and training activities.
M&E Progress Report Complaint
Due within 3 months after the
completion of the last
PCR prepared by PC and PM
component of the sub-project to
be implemented.
Report will be prepared during
Annual Environmental Performance Report the implementation of the sub
project.
SIF and CDB currently in
Mid-term Review discussion for the preparation
of the report.
Due within 6 months of project
CDB's PCR
completion.
- 26 -
40 Central American Blvd.
Belize City, Belize, C.A.
T: +501 227 3020
E: info@csb.bz
www.csb.bz
INDEPENDENT AUDITORS’ REPORT
TO: INTERNATIONAL BANK FOR RECONSTRUCTION
AND DEVELOPMENT
We have audited the Cumulative Sources and Uses of Funds Statements and Statement of
Cumulative Investments for the Social Investment Fund for the year ended March 31, 2019,
entered into by the Government of Belize (GOB), the Caribbean Development Bank (CDB), the
European Union (EU), the Commonwealth Debt Initiative (CDI), and the International Bank for
Reconstruction and Development (IBRD), executed by SIF.
In relation to our audit, we determined compliance with most financial and accounting contractual
clauses and articles within the Special Conditions and General Conditions of loan agreement
(CRIP) and the agreement for preparation of the proposed Climate Resilient Infrastructure Project
(CRIP) and compliance with the applicable provisions of the SIF’s Operating Regulations as of
March 31, 2019. We have examined the Special Conditions described in loan agreement (CRIP)
and the advance agreement for the CRIP.
We conducted our audit in accordance with International Standards on Auditing and the
requirements of the World Bank. Those standards require that we plan and perform the audit to
obtain reasonable assurance that the Program has complied with the pertinent loan contractual
clauses, applicable laws and regulations and the provisions contained in the loan and advance
agreements. The audit also includes examining, on a test basis, the appropriate evidence. We
believe that our audit provides a reasonable basis for our opinion.
In our opinion, for the year ended March 31, 2019, SIF complied in all material respects with the
financial and accounting contractual clauses of the loan agreements, and with all applicable laws
and regulations and the Operating Regulations of the Fund.
Chartered Accountants
Belize City, Belize
June 28, 2019
Partners:
Claude Burrell, CPA, CISA
Giacomo Sanchez, CPA
AUDIT | TAX | OUTSOURCING | CONSULTING
THE SOCIAL INVESTMENT FUND OF BELIZE
SUMMARY OF COMPLIANCE WITH CONTRACTUAL AGREEMENT (CONTINUED)
FOR THE YEAR ENDED MARCH 31, 2019
International Bank for Reconstruction and Development – CRIP (PPA)
This is a summary of compliance with the advance agreement, exceptions noted in the Management
Letter.
Section No. Conditions Status
Standard Conditions
Article II, Activities
Preparation of studies relating to pre-engineering
Section 2.01 (a) Compliant
activities.
Compliant. Social Assessment
and Involuntary Resettlement
Preparation of environmental and social impact
Framework and Environmental
Section 2.01 (b) assessment, resettlement framework and indigenous
Safeguards assessments for
people's framework for the Project.
the Project completed April
2014.
Provision of technical equipment required for the
Section 2.01 (c) Compliant
Activities.
Technical assistance for the implementation of the
Recipient's National Land Use Management Plan
Section 2.01 (d) Compliant, In progress
and National Spatial Data Infrastructure (NSDI)
policy.
Establishment of a project implementation unit (PIU)
Section 2.01 ( e) Compliant
within the SIF.
Section 2.01 (f) Financing of Training and Operating Costs. Compliant
Section 2.01 (g) Consultancy services for audit of the Advance. Compliant
Article II, Section
Institutional and Other Arrangements
2.03
The Ministry of Finance and SIF enter into a
Section 2.03 (a) Compliant
Subsidiary Agreement.
Maintain and designate staffing and resources for
Section 2.03 (b) Compliant
implementation of the Activities.
Terms of reference for any consultancies shall be
Section 2.03 (c) Compliant
satisfactory to the Bank
- 28 -
THE SOCIAL INVESTMENT FUND OF BELIZE
SUMMARY OF COMPLIANCE WITH CONTRACTUAL AGREEMENT (CONTINUED)
FOR THE YEAR ENDED MARCH 31, 2019
International Bank for Reconstruction and Development – CRIP (Loan Agreement)
(Continued)
Section No. Conditions Status
Standard Conditions
Article II, Section Monitoring, Reporting and Evaluation of the
Compliant. In progress.
2.04 Activities.
Article II, Section Financial Management, Financial Reports and
2.05 Audits
Financial Management System Compliant
Semi- annually unaudited financial Compliant
Annual audited financial statements Compliant
Article VI, Section
Subsidiary Agreement Compliant
6.01 (b)
Article VI, Section
Legal opinion (ratification of Subsidiary Agreement) Compliant
6.02
Disbursement Letter
Authorized signatories to request proceeds of
Section II (i) Compliant
advance
Other
Inter-Ministerial Obligation Agreement Compliant
Supervision Mission (March 2014)
Section 6 (i) Completion of the Operations Manual. Compliant
Completion and disclosure of the two safeguards
Section 6 (ii) Compliant
framework.
Section 6 (iii) Completion of the first-year procurement plan. Compliant
Technical Mission (March 2015)
Section v(20) (a) Selection of focal points. Compliant
Contingency Emergency Response Operations
Section 5 (28) Compliant
Manual
- 29 -
THE SOCIAL INVESTMENT FUND OF BELIZE
SUMMARY OF COMPLIANCE WITH CONTRACTUAL AGREEMENT (CONTINUED)
FOR THE YEAR ENDED MARCH 31, 2019
International Bank for Reconstruction and Development – CRIP (Loan Agreement)
This is a summary of compliance with the loan agreement, exceptions noted in the Management
Letter
Section No. Conditions Status
Oversight of the project provided by Ministry of
Compliant. Project Steering
Finance and Economic Development and the Project
Committee established.
Steering Committee.
Parts 1 and 2.2 of the Project carried out by the
3.01 (a) (i) Compliant
Ministry of Works.
Part 2.1 of the Project carried out by Ministry of Natural
3.01 (a)(ii) Compliant
Resources.
Part 4 of the Project carried out by the Coordinating
3.01 (a) (iii) Compliant
Authority.
Subsidiary Agreement - executed, authorized or
5.01/5.02 Compliant
ratified.
Schedule 2
Section 1 A (1) Project Steering Committee established. Compliant
Compliant. Project
Coordinator, Engineer, and
Financial Specialist, financial
Section 1 A (2) PMU established with adequate staff.
and administrative assistants,
Procurement Officer
employed.
Section 1 A (3) Parts 1, 2 and 3 of the Project to be carried out by SIF. Compliant. In progress
Project Operations Manual should not be amended,
Section 1 A (5) abrogated, repealed, waived or failed to be enforced Compliant
without prior approval by the Bank.
Section 1 D (1) Annual work plan due not later than 15 October each
Compliant
(A) year.
The Bank's Environmental and Social Safeguards
Section 1 E (1) should be incorporated in subproject terms of Compliant. In progress
references.
Section 1 F (1) Contingent Emergency Response Operations Manual. Compliant. In progress
Section 2 (A) -1 Project Reports (semester) Compliant
Section 2 (B) (1) Financial management system Compliant
Section 2 (B) (2) Semi- annually unaudited financial reports (semester) Compliant
Section 2 (B) (1) Annual audited financial statements Compliant
- 30 -
40 Central American Blvd.
Belize City, Belize, C.A.
T: +501 227 3020
E: info@csb.bz
www.csb.bz
INDEPENDENT AUDITORS’ REPORT
TO: THE MINISTER OF FINANCE AND THE SOCIAL
INVESTMENT FUND OF BELIZE BOARD OF DIRECTORS
We have audited the Cumulative Sources and Uses of Funds Statements and Statement of
Cumulative Investments for the Social Investment Fund for the year ended March 31, 2019,
entered into by the Government of Belize (GOB), the Caribbean Development Bank (CDB), the
European Union (EU), the Commonwealth Debt Initiative (CDI), and the International Bank for
Reconstruction and Development (IBRD), executed by SIF.
We conducted our audit in accordance with International Standards on Auditing and the
requirements of the World Bank. Those standards require that we comply with ethical
requirements and plan and perform the audits to obtain reasonable assurance whether the
financial statements are free from material misstatement.
We conducted our audits for the purpose of expressing an opinion on the sources and uses of
funds statements and the statements of cumulative investments of the Social Investment Fund of
Belize taken as a whole. The accompanying supplementary financial information is presented for
the purpose of additional analysis and should not be considered necessary to the presentation of
the basic financial statements. We have read this information and verified that it is consistent with
the information provided in the financial statements and is part of the audit mentioned in the first
paragraph and, in our opinion, except for the limitations mentioned in our report on the basic
financial statements, is fairly presented, in all material respects, when taken as a whole with the
basic financial statements.
Chartered Accountants
Belize City, Belize
June 28, 2019
Partners:
Claude Burrell, CPA, CISA
Giacomo Sanchez, CPA
AUDIT | TAX | OUTSOURCING | CONSULTING
THE SOCIAL INVESTMENT FUND OF BELIZE
PROJECT EXPENDITURES BY FUNDING SOURCE (CATEGORIES)
FOR THE YEAR ENDED MARCH 31, 2019
WORLD
CDB LOAN CDB LOAN
GOB CDI BNTF 7 BNTF 8 BNTF 9 EU BANK/ CRIP TOTAL
II III
Expenditures: IBRD
$ $ $ $ $ $ $ $ $
Economic Infrastructure
Project - - - - - - - - - - -
Education Project - - 1,489 - - 208,386 - - - - 209,875
Institutional Support -
Consultancy Services 25,746 - 53,495 35,663 28,774 287,180 82,785 - - 4,578,545 5,092,188
Institutional Support - Goods 99,557 - - - 86,850 - - - - 186,407
Institutional Support –
Operating Cost 1,589,876 - 388 (6,640) 132,244 (3,816) 286,436 147 237 873,831 2,872,703
Integrated Pilot Project - - - - - - - - - - -
Organizational Project - - - - - 107,226 - - - - 107,226
Skills Training - - - - - - - - - - -
Social Services Project - - - - - - - - - - -
Water & Sanitation - - - - - 26,330 - - - - 26,330
Health Projects - - - - - 59,914 - - - - 59,914
Contingency - - - - - - - - - - -
Maintenance - - - - - - - - - - -
TOTAL 1,715,179 - 55,372 29,023 161,018 772,070 369,221 147 237 5,452,376 8,554,643
- 32 -
THE SOCIAL INVESTMENT FUND OF BELIZE
PROJECT EXPENDITURES BY FUNDING SOURCE (CATEGORIES) (CONTINUED)
FOR THE YEAR ENDED MARCH 31, 2019
CDB CDB WORLD 2019 2018
GOB CDI BNTF 7 BNTF 8 BNTF 9 EU CRIP
LOAN II LOAN III BANK/ IBRD TOTAL TOTAL
Expenditures: $ $ $ $ $ $ $ $ $ $ $
Advertisement 41,882 - - - - - - - - - 41,882 39,474
Audit fees 14,290 - - - - - - - - - 14,290 17,210
Bank charges 3,261 - - - - - - - - - 3,261 2,909
Board of Directors 26,473 - - - - - - - - - 26,473 24,562
Computer 11,790 - - - - - - - - - 11,790 16,952
Consultancy Services 25,746 - 53,495 35,663 28,774 287,180 82,785 - - 4,578,545 5,092,188 5,243,009
Fuel - - - - - - - - - - - -
Furniture and equipment 13,467 - - - - - - - - - 13,467 8,266
Gratuity 164,383 - - - - - - - - - 164,383 193,404
Insurance 93,913 - - - - - - - - - 93,913 83,184
Leasehold improvements - - - - - - - - - - - -
Legal Fees 2,869 - - - - - - - - - 2,869 12,050
Licensing - - - - - - - - - - - -
Maintenance 14,730 - - - - - - - - - 14,730 71,035
Miscellaneous 83,737 - - - - - - - - - 83,737 93,683
Project management
support/Operating cost - - 388 (6,640) 132,244 83,304 286,436 147 237 873,831 1,369,947 1,200,275
Postage 1,781 - - - - - - - - - 1,781 1,598
Promotional expense 20,073 - - - - - - - - - 20,073 22,389
Rental 51,962 - - - - - - - - - 51,962 43,390
Salaries 695,917 - - - - - - - - - 695,917 672,761
Social Security employer's
contribution 20,115 - - - - - - - - - 20,115 20,360
Staff advance - personal loans 15,317 - - - - - - - - - 15,317 (3,546)
Subscriptions 3,856 - - - - - - - - - 3,856 -
Supplies 13,942 - - - - - - - - - 13,942 14,171
Training 14,744 - - - - - - - - - 14,744 15,392
Travel 97,939 - - - - - - - - - 97,939 111,965
Utilities 83,020 - - - - - - - - - 83,020 77,924
Vehicle 199,972 - - - - - - - - - 199,972 127,382
Projects - - 1,489 - - 401,586 - - - 403,075 10,037,385
TOTAL 1,715,179 - 55,372 29,023 161,018 772,070 369,221 147 237 5,452,376 8,554,643 18,147,184
- 33 -
THE SOCIAL INVESTMENT FUND OF BELIZE
CLIMATE RESILIENT INFRASTRUCTURE PROJECT (8416 BZ)
CUMULATIVE SOURCES AND USES OF FUNDS STATEMENT (BZ)
MARCH 31, 2019
Direct Payment
Actual Year to Actual
Description by World Bank Allocation
Date Cumulative
$ $ $
RECEIPTS
World Bank 2,994,300 - - 8,296,411
Direct Payment by World Bank - 1,676,624 - 4,179,152
Direct Payment( PPF Charge
& Front End Fee) - - - 161,341
Total Receipts 2,994,300 1,676,624 - 12,636,904
LESS EXPENDITURES (by
Components)
1. GO, Non-CW, CS 635,534 - 43,000,000 3,709,650
2. GO, CW, Cs & TRG 3,943,011 - 9,850,000 5,680,388
3. GO, CS, Non-CS 856,955 - 4,000,000 2,260,610
4. Emergency Component - - 2,000,000 -
5. PPF Refinancing - - 1,000,000 734,880
6. Front End Fee - - 150,000 150,000
Total 5,435,500 - 60,000,000 12,535,528
BANK BALANCES
OPENING CASH BALANCE 865,952
CLOSING CASH BALANCE 101,376
- 34 -
THE SOCIAL INVESTMENT FUND OF BELIZE
CLIMATE RESILIENT INFRASTRUCTURE PROJECT (8416 BZ)
CUMULATIVE SOURCES AND USES OF FUNDS STATEMENT (US)
MARCH 31, 2019
Direct Payment
Actual Year to Actual
Description by World Bank Allocation
Date Cumulative
$ $ $
RECEIPTS
World Bank 1,500,000 - - 4,156,360
Direct Payment by World Bank - 839,907 - 2,093,554
Direct Payment( PPF Charge
& Front End Fee) - - - 80,671
Total Receipts 1,500,000 839,907 - 6,330,585
LESS EXPENDITURES (by
Components)
1. GO, Non-CW, CS 318,372 - 21,500,000 1,858,356
2. GO, CW, Cs & TRG 1,975,259 - 4,925,000 2,845,601
3. GO, CS, Non-CS 429,293 - 2,000,000 1,132,457
4. Emergency Component - - 1,000,000 -
5. PPF Refinancing - - 500,000 368,129
6. Front End Fee - - 75,000 75,000
Total 2,722,924 30,000,000 6,279,543
BANK BALANCES
OPENING CASH BALANCE 434,059
CLOSING CASH BALANCE 51,042
- 35 -
THE SOCIAL INVESTMENT FUND OF BELIZE
DESIGNATED ACCOUNT RECONCILIATION STATEMENT, LOAN NO. 84160
MARCH 31, 2019
DESIGNATED ACCOUNT RECONCILIATION
Loan No: 84160
Bank's Name: Scotiabank (Belize) Ltd.
US $
1 Amount advanced by World Bank 3,793,902
2 Less total amount recovered by World Bank 3,499,661
3 Current outstanding amount advanced to DA 294,241
4 Amount in Designated Account at 03/31/2019 (as per bank statement) 51,042
5 Plus amount of eligible expenditure documented in current application No__62 243,199
6 Plus amounts claimed in previous application not yet credited at date of bank statement -
7 Plus amounts withdrawn after date of bank statement not submitted to the WB -
8 Less debited amounts after date of bank statement -
9 Less interests generated in the Designated Account -
10 Total advance accounted for (4 + 5 + 6 + 7+ 8 - 9 ) 294,241
11 Difference to be accounted for -
- 36 -
THE SOCIAL INVESTMENT FUND OF BELIZE
GOB PROJECT EXPENDITURES REPORT (DETAILED)
FOR THE YEARS ENDED MARCH 31, 2019 AND 2018
2019 2018
Expenditures:
Advertisement $ 41,882 $ 39,474
Audit fees 14,290 17,210
Bank charges 3,261 2,909
Board of Directors 26,473 24,562
Computer 11,790 16,952
Consultancy services 25,746 11,861
Fuel - -
Furniture and equipment 13,467 8,266
Gratuity 164,383 193,404
Insurance 93,913 83,184
Leasehold improvements - -
Legal fees 2,869 12,050
Licensing - -
Maintenance 14,730 (6,533)
Miscellaneous 83,737 93,683
Operating cost - -
Postage 1,781 1,598
Promotional expense 20,073 22,389
Rental 51,962 43,390
Salaries 695,917 672,761
Social Security employer's contribution 20,115 20,360
Staff advance – personal loans 15,317 (3,546)
Subscriptions 3,856 -
Supplies 13,942 14,171
Training 14,744 15,392
Travel 97,939 111,965
Utilities 83,020 77,924
Vehicle 199,972 127,382
Projects - - - -
TOTAL $1,715,179 $1,600,808
- 37 -
THE SOCIAL INVESTMENT FUND OF BELIZE
CDI PROJECT EXPENDITURES REPORT (DETAILED)
FOR THE YEARS ENDED MARCH 31, 2019 AND 2018
2019 2018
Expenditures:
Advertisement $ - $ -
Audit fees - -
Bank charges - -
Board of Directors - -
Computer - -
Consultancy services - -
Fuel - -
Furniture and equipment - -
Gratuity - -
Insurance - -
Leasehold improvements - -
Legal Fees - -
Licensing - -
Maintenance - -
Miscellaneous - -
Project management support/operating cost - 482
Postage - -
Promotional expense - -
Rental - -
Salaries - -
Social Security employer's contribution - -
Staff advance – personal loans - -
Subscriptions - -
Supplies - -
Training - -
Travel - -
Utilities - -
Vehicle - -
Projects - - 881
TOTAL $ - - $1,363
- 38 -
THE SOCIAL INVESTMENT FUND OF BELIZE
BNTF 7 PROJECT EXPENDITURES REPORT (DETAILED)
FOR THE YEARS ENDED MARCH 31, 2019 AND 2018
2019 2018
Expenditures:
Advertisement $ - $ -
Audit fees - -
Bank charges - -
Board of Directors - -
Computer - -
Consultancy services 53,495 441,476
Fuel - -
Furniture and equipment - -
Gratuity - -
Insurance - -
Leasehold improvements - -
Legal fees - -
Licensing - -
Maintenance - -
Miscellaneous - -
Project management support/operating cost 388 202,229
Postage - -
Promotional expense - -
Rental - -
Salaries - -
Social Security employer's contribution - -
Staff advance – personal loans - -
Supplies - -
Training - -
Travel - -
Utilities - -
Vehicle - -
Projects 1,489 3,697,269
TOTAL $55,372 $4,340,974
- 39 -
THE SOCIAL INVESTMENT FUND OF BELIZE
BNTF 8 PROJECT EXPENDITURES REPORT (DETAILED)
FOR THE YEARS ENDED MARCH 31, 2019 AND 2018
2019 2018
Expenditures:
Advertisement $ - $ -
Audit fees - -
Bank charges - -
Board of Directors - -
Computer - -
Consultancy services 35,663 110,002
Fuel - -
Furniture and equipment - -
Gratuity - -
Insurance - -
Leasehold improvements - -
Legal fees - -
Licensing - -
Maintenance - -
Miscellaneous - -
Project management support/operating cost (6,640) 3,637
Postage - -
Promotional expense - -
Rental - -
Salaries - -
Social Security employer's contribution - -
Staff advance – personal loans - -
Supplies - -
Training - -
Travel - -
Utilities - -
Vehicle - -
Projects - - 2,408,828
TOTAL $29,023 $2,522,467
- 40 -
THE SOCIAL INVESTMENT FUND OF BELIZE
BNTF 9 PROJECT EXPENDITURES REPORT (DETAILED)
FOR THE YEARS ENDED MARCH 31, 2019 AND 2018
2019 2018
Expenditures:
Advertisement $ - $ -
Audit fees - -
Bank charges - -
Board of Directors - -
Computer - -
Consultancy services 28,774 -
Fuel - -
Furniture and equipment - -
Gratuity - -
Insurance - -
Leasehold improvements - -
Legal fees - -
Licensing - -
Maintenance - -
Miscellaneous - -
Project management support/operating cost 132,244 -
Postage - -
Promotional expense - -
Rental - -
Salaries - -
Social Security employer's contribution - -
Staff advance – personal loans - -
Supplies - -
Training - -
Travel - -
Utilities - -
Vehicle - -
Projects - - - -
TOTAL $161,018 $ - -
- 41 -
THE SOCIAL INVESTMENT FUND OF BELIZE
CDB LOAN II PROJECT EXPENDITURES REPORT (DETAILED)
FOR THE YEARS ENDED MARCH 31, 2019 AND 2018
2019 2018
Expenditures:
Advertisement $ - $ -
Audit fees - -
Bank charges - -
Board of Directors - -
Computer - -
Consultancy services 287,180 284,591
Fuel - -
Furniture and equipment - -
Gratuity - -
Insurance - -
Leasehold improvements - -
Legal fees - -
Licensing - -
Maintenance - 77,568
Miscellaneous - -
Project management support/operating cost 83,304 260,461
Postage - -
Promotional expense - -
Rental - -
Salaries - -
Social Security employer's contribution - -
Staff advance – personal loans - -
Supplies - -
Training - -
Travel - -
Utilities - -
Vehicle - -
Projects 401,586. 3,930,406
TOTAL $772,070 $4,553,026
- 42 -
THE SOCIAL INVESTMENT FUND OF BELIZE
CDB LOAN III PROJECT EXPENDITURES REPORT (DETAILED)
FOR THE YEARS ENDED MARCH 31, 2019 AND 2018
2019 2018
Expenditures:
Advertisement $ - $ -
Audit fees - -
Bank charges - -
Board of Directors - -
Computer - -
Consultancy services 82,785 -
Fuel - -
Furniture and equipment - -
Gratuity - -
Insurance - -
Leasehold improvements - -
Legal fees - -
Licensing - -
Maintenance - -
Miscellaneous - -
Project management support/operating cost 286,436 39,925
Postage - -
Promotional expense - -
Rental - -
Salaries - -
Social Security employer's contribution - -
Staff advance – personal loans - -
Supplies - -
Training - -
Travel - -
Utilities - -
Vehicle - -
Projects - - - -
TOTAL $369,221 $39,925
- 43 -
THE SOCIAL INVESTMENT FUND OF BELIZE
EU PROJECT EXPENDITURES REPORT (DETAILED)
FOR THE YEARS ENDED MARCH 31, 2019 AND 2018
2019 2018
Expenditures:
Advertisement $ - $ -
Audit fees - -
Bank charges - -
Board of Directors - -
Computer - -
Consultancy services - -
Fuel - -
Furniture and equipment - -
Gratuity - -
Insurance - -
Leasehold improvements - -
Legal fees - -
Licensing - -
Maintenance - -
Miscellaneous - -
Project management support/operating cost 147 209
Postage - -
Promotional expense - -
Rental - -
Salaries - -
Social Security employer's contribution - -
Staff advance – personal loans - -
Supplies - -
Training - -
Travel - -
Utilities - -
Vehicle - -
Projects - - - -
TOTAL $147 $209
- 44 -
THE SOCIAL INVESTMENT FUND OF BELIZE
WORLD BANK/ IBRD (BMDP) PROJECT EXPENDITURES REPORT (DETAILED)
FOR THE YEARS ENDED MARCH 31, 2019 AND 2018
2019 2018
Expenditures:
Advertisement $ - $ -
Audit fees - -
Bank charges - -
Board of Directors - -
Computer - -
Consultancy services - (1,679)
Fuel - -
Furniture and equipment - -
Gratuity - -
Insurance - -
Leasehold improvements - -
Legal fees - -
Licensing - -
Maintenance - -
Miscellaneous - -
Operating cost 237 68,353
Postage - -
Promotional expense - -
Rental - -
Salaries - -
Social Security employer's contribution - -
Staff advance – personal loans - -
Supplies - -
Training - -
Travel - -
Utilities - -
Vehicle - -
Projects - . - .
TOTAL $237 $66,674
- 45 -
THE SOCIAL INVESTMENT FUND OF BELIZE
WORLD BANK/ IBRD (CRIP) PROJECT EXPENDITURES REPORT (DETAILED)
FOR THE YEARS ENDED MARCH 31, 2019 AND 2018
2019 2018
Expenditures:
Advertisement $ - $ -
Audit fees - 2,245
Bank charges - -
Board of Directors - -
Computer - 13,585
Consultancy services 4,578,545 4,891,849
Fuel - -
Furniture and equipment - 8,509
Gratuity - -
Insurance - -
Leasehold improvements - -
Legal fees - -
Licensing - -
Maintenance - -
Miscellaneous - -
Project management support/operating cost 873,831 100,102
Postage - -
Promotional expense - -
Rental - -
Salaries - -
Social Security employer's contribution - -
Staff advance – personal loans - -
Supplies - -
Training - -
Travel - -
Utilities - -
Vehicle - -
Projects - - - -
TOTAL $5,452,376 $5,021.737
- 46 -
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