Latvian State Treasury publishes annual overview

Latvia's state Treasury (Valsts Kase, VK) has published its annual report in English, giving everyone the chance to pore over Latvia's financial affairs for the year 2017.

The report is available in PDF format HERE or by clicking on the attachment to this story. 

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VK parskats 2017_ENG.pdf

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"The Treasury led the year 2017 under the aegis of the assessment of strategic goals and objectives. When drafting the Operational Strategy of the Treasury for 2017-2019, we have jointly, attracting each and every employee, analysed and reviewed the strategic progress of the authority, gathered information on development possibilities, assessed the conclusions and recommendations of internal audits, process measurements and risks, decisions on the optimisation of internal processes and allocation of the saved-up resources to the projects of the Treasury, the development and management of changes, setting new initiatives, as well as revising the overriding goal, vision and strategic priorities of the Treasury," said chief treasurer Kaspars Āboliņš in his introduction.

There is also a more interesting look back at the founding of the Treasury one hundred years ago and official data on the use of budget money, Latvia's level of indebtedness and so on. There are many interesting facts: for example, did you know it is the State Treasury that arranges the visits of the international ratings agencies?

"As part of central government debt management, for the purpose of establishing the credit rating of the Republic of Latvia, the Treasury arranges visits by analysts from the three major international rating agencies – Fitch Ratings, S&P Global and Moody’s Investors Service – as well as the Japanese rating agency R&I to Latvia, and provides them with regular, comprehensive and relevant information on Latvia with a view to facilitating the credit rating agencies to make decisions for the favourable development of the credit rating of the Republic of Latvia," says the report.

You can also learn that there were 191 official positions at the Treasury in 2017: 175 civil service positions and 16 staff positions. In 2017, the average number of employees was 192 (including employees on a long-term leave of absence). Staff turnover leaped from 5% in 2016 to 10% in 2017.

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