(Vatican Radio) A communiqué released on Saturday by the Vatican’s Secretariat for the Economy provides a synopsis of the Annual Accounts of the Holy See, Vatican City State and Related Entities for 2015.
Please find the full text of the communiqué below:
The Holy See recorded a deficit of Euros 12.4 million in 2015. The main sources of
income for 2015, in addition to investments, include the contributions made pursuant
to Canon 1271 of the Code of Canon Law (Euros 24 million) and the contribution from
the Institute of Works of Religion (Euros 50 million). As in previous years, the most
significant expense for the Holy See is the cost of personnel. The Governatorato of
the Vatican City State indicates a surplus of Euros 59.9 million for 2015, largely
due to continued revenue from the cultural activities, especially those linked to
the Museums. The 2015 Annual Accounts represent the first set of financial information
prepared following the Vatican Financial Management Policies (VFMP), approved by Pope
Francis on 24 October 2014, which are based on International Public Sector Accounting
Standards (IPSAS). The Secretariat for the Economy informed the Council for the Economy
that the journey towards a full implementation of the VFMP is firmly underway and
highlighted that, however, a few more years will be necessary for this process to
be completed and a full audit to be performed. The 2015 Annual Accounts represent
an important step for the economic reforms and along the journey towards new policies,
which are progressing well. The Council for the Economy noted the unaudited 2015 Consolidated
Annual Accounts during this transition period. The adoption of the VFMP greatly benefits
the Holy See and the Vatican City State in enhancing quality and transparency of the
financial information and increasing discipline in the financial reporting and control
systems. Following the recommendation of the Council for the Economy in November of
2016, the Holy Father took note of the 2015 Consolidated Annual Accounts. Important
progress has been made in the budgeting process. The 2017 Budget has been presented,
for the first time prior to the start of the new calendar year, to the Council for
the Economy, which recommended its approval. This will allow further control on reviewing
expenses, through the monitoring of actual performances against approved financial
plans. The Council for the Economy thanked the Secretariat for the Economy for the
strong commitment in implementing the economic reforms approved by the Holy Father.
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