The Labour Party had revenue of €2.8 million in the financial year till July while expenditure was of €2.7 million, the party's general conference was told this evening.
Depreciation caused the party to close the year with a deficit of €21,800 - down by €100,000 compared to the previous year, leaving the party with a consolidated fund of €3.2 million.
The accounts were presented by party CEO Gino Cauchi, coincidentally on the day that the government announced its proposals on party financing.
The highlight of the conference was an address by the deputy leader for party affairs Toni Abela, who said the PN's electoral defeat had the "miraculous power" of getting the Nationalist Party to speak about subjects such as more transparency and the need to be closer to the people.
"This week they gave birth to a new statute... The new amendments are cut and paste of what the PL did. Women existed before man... she was called Eve... and now they noticed she should be more represented... They can change as much as they want in the statute but if the people don't change, its useless. Its not statutes that make good leaders. Its good leaders that make good statutes and they have not figured this out," Dr Abela said to applause.
"Whenever the PN criticize us it is because they wanted to do it themselves so, once they cannot, they try to stop us," he said.
He drew contrasts between the present government and the one before it, saying that the Labour government was addressing the reality of poverty that was set aside as a "perception" by the Nationalists.
This government was also reducing water and electricity bills for the people whereas the PN government liked dishing out bills.
The public transport problem was being addressed and projects, like the Cottonera waterfront, were finally materializing.
Prime Minister Joseph Muscat would be generating €1 billion through the citizenship scheme whereas, for the the previous administration, money was like peanuts and they threw them into endless reports.
He hit out at the PN's opposition to the citizenship scheme in Malta and abroad. The PN, he claimed, had also revealed what was said in confidence during the talks between the parties. (Simon Busuttil said on Sunday that Home Affairs Minister Manuel Mallia had said he would resign if even a day of residence was made a requirement of the citizenship scheme)
"This is political childishness: you either win it or you destroy it... The PN will never agree with the scheme and they are now insisting on permanent residence. They want people with their feet glued to the ground," he said.
In his address Dr Abela paid tribute to former minister Wistin Abela who recently passed away. "Usually sitting here today there would be a man, on a wheelchair, who said few words but whose eye spoke clearly - Wistin Abela," he said to a round of applause.
PL whip Carmelo Abela presented a report on the work of the "united" parliamentary group. He referred to the recent changes in the statute of the PN, saying the PL wanted to change its statute to change the country while the PN did so merely to win the general elections.
Party executive secretary Lydia Abela presented a motion for approval entitled Malta: Maltese, European and Global. She said that the motion was about understanding that Malta must not fear change. Malta must defend and strengthen its identity without being sentimental about the past and Malta would succeed by looking outward, as it always did.
Parliamentary Secretary Franco Mercieca said the PL was one based on positive energy compared to the PN what was a negative party that constantly said No.