Programme and Budget for 2010-2011: Regular budget account and Working Capital Fund as at 31 December 2011

This paper provides information on the position of 2010–11 income and expenditure as at 31 December 2011. The net shortfall of income after the adjustment for the provision for delays in the payment of contributions is US$52,659,726 or 49,763,441 Swiss francs (CHF). In accordance with article 21.1(a) of the Financial Regulations, the Working Capital Fund was drawn upon to finance budgetary expenditure pending receipt of contributions. The balance of this Fund, standing at CHF35,000,000, was, as a consequence, fully exhausted. The Director-General accordingly had recourse to internal borrowing for the balance of the shortfall (CHF14,763,441). In accordance with article 21.2(a) of the Financial Regulations, arrears of contributions received in 2012 have been used to reimburse the Working Capital Fund and internal borrowings, which were fully reimbursed by the end of February 2012.