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Commission Reports Net Income of $74,969 for 2019
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The [Commission Name] has released its annual report for 2019, revealing a net income of $74,969 for the year ended December 31, 2019. This represents a 52% decrease from the previous year’s net income of $156,657.
Financial Performance
- Total assets stood at $5,893,060 as of December 31, 2019, up from $5,499,618 in 2018.
- Liquid assets accounted for 97.4% of the commission’s assets, with a slight increase from 98.2% in 2018.
- Total liabilities increased to $2,872,365 in 2019, compared to $2,553,517 in 2018. The increase was mainly due to an increase in statutory deposits held by the commission in connection with approved external insurers licensed in the jurisdiction.
- Accumulated reserves stood at $3,020,695 as of December 31, 2019, up from $2,946,101 in 2018. This represents a 2.5% increase over the previous year.
Revenue Analysis
- The commission reported a total revenue of $1,132,177 for 2019, down 7.5% or $91,282 from the previous year’s total of $1,223,459.
- License fee revenue decreased by 6.1% to $963,518, mainly due to a decrease in the number of licensees.
Expense Analysis
- The commission’s expenses decreased by 0.86% to $1,057,583, compared to $1,066,802 in 2018.
- Professional services increased by 94.6%, driven by the hiring of a consultant to assist with matters concerning the Utility Token legislative framework.
- Travel and subsistence expenses also increased, primarily due to regulatory conferences attended during the year.
Commentary
The commission’s chairman attributed the decrease in net income to a combination of factors, including a decline in license fees and an increase in expenses related to professional services and travel.
Comparative Balance Sheet Indicators
[Figure 5: Comparative Balance Sheet Indicators]
Revenue Items
[Figure 6: Comparative Revenue Analysis]
Expenditure Items
[Figure 7: Comparative Expenditure Analysis]