Impacto dos restos a pagar na TERRACAPum estudo de caso

Resumo

This master’s thesis investigates the fiscal, financial, and institutional impacts of the recurring practice of registering and executing outstanding payables (Restos a Pagar – RP) in the budgetary management of the Agência de Desenvolvimento do Distrito Federal – TERRACAP, a non-dependent state-owned enterprise, during the cycles of the Multi-Year Plans (PPA) 2016- 2019 and 2020-2023. The central problem of this research is: does the execution of outstanding payables (RP) mitigate the contracted public debt of state-owned enterprises in the Federal District (DF)? Although RPs are legally provided for, their repeated use, disconnected from available cash flow, undermines fiscal governance, weakens the allocative function of the budget, and distorts the debt and financial sustainability indicators of these state-owned enterprises. Using a mixed-methods approach – both qualitative and quantitative – the research adopts a single case study design, employing document analysis and categorical content analysis of budgetary and financial data extracted from internal systems (SIGGO, GFO, GPAv2) and legal instruments. The findings reveal that, during the analyzed period, TERRACAP exhibited a significant discrepancy between the forecasted budget, executed budget, and actual revenue collected, having executed only 68.8% of the authorized funds and accumulating BRL 350.12 million in RP, of which 43.2% were concentrated in the final years of the second PPA. A low rate of public investment execution (40%) was also observed, signaling a persistent retreat of the allocative function and the use of RP as a mechanism for deferring expenses and accounting manipulation, generating artificial surpluses that do not reflect the company’s actual solvency. In discussing the intertemporal effects of RP on the fiscal structure of state-owned enterprises, the study proposes a critical interpretation of the disconnection between planning, execution, and budgetary control. Accordingly, the research confirms that the lack of correlation between RP and financial liquidity compromises the principle of fiscal responsibility – especially in light of the worsening negative fiscal balance in 2023 (BRL -148.10 million). As a contribution, the study proposes the adoption of sound fiscal management practices integrated with accounting governance, based on international standards (IPSAS, OECD), and highlights the urgent need to institutionalize preventive mechanisms for RP re-registration, automatic cancellation, and proactive transparency as a condition for the sustainability of public policies implemented by state-owned enterprises

Ficha do documento

Tipo

Dissertação

Ano

2025

Instituição

Fundação Getulio Vargas

Fonte

Repositório da FGV

Idioma

Português

Acesso

Acesso aberto

Identificador

oai:repositorio.fgv.br:10438/37269

Temas

Políticas PúblicasFinanças PúblicasAdministração PúblicaDadosGovernançaMeio Ambiente

Palavras-chave

Restos a pagarEmpresas estataisExecução orçamentáriaSustentabilidade fiscalGovernança públicaOutstanding payablesState-owned enterprisesBudget executionTax sustainabilityPublic governanceAdministração públicaOrçamentoDespesa pública