The government's 2014 fiscal year financial statements have underscored its strong position of assets exceeding liabilities, says Manas Jamveha, director-general of the Comptroller-General's Department.
The latest balance sheet conducted by the department reported that the government's assets amounted to 6.59 trillion baht compared with 4.31 trillion baht in liabilities.
Manas: Asset value likely understated
However, asset value stated in the balance sheet is likely to have been understated as the appraisal price has not really reflected current market prices, Mr Manas said.
The department is responsible for conducting the government's annual balance sheets, which are audited by the Office of the Auditor-General.
Of the government's assets at the end of fiscal 2014, 3.92 trillion baht or 60% was from land plots, 1.99 trillion or 30% was its investment in 62 state enterprises and others, and the rest was Treasury reserves.
The government's liabilities represented 65.48% of assets.
Its liabilities at 4.31 trillion baht at the end of the last fiscal year were higher than the 4.03 trillion in the same period a year earlier and the 3.83 trillion at the end of fiscal 2012.
Around 3.53 trillion baht was long-term debt, while another 472 billion baht of the government's liabilities are due this fiscal year.
Bonds were the government's largest liabilities at 79% of its revenue in fiscal 2014 at 2.12 trillion baht.
Tax was the largest contributor to the government's revenue in fiscal 2014 but the 2.12 trillion baht in revenue was lower than the 2.31 trillion collected in fiscal 2013 and the 2.18 trillion in fiscal 2012.
The government's expenditure totalled 2.45 trillion baht in the 2014 fiscal year, slightly below 2.46 trillion in the previous fiscal year but higher than 2.18 trillion in fiscal 2012.
The government's current ratio at the end of fiscal 2014, however, fell to 0.74 times of current liabilities from 0.94 times in the corresponding period a year earlier.
The current ratio is a financial ratio that shows the proportion of current assets to current liabilities. It is used as a measurement of liquidity. The ratio can give a sense of an organisation's efficiency and ability to raise cash.