PUBLIC FINANCE MANAGEMENT

CHAPTER 37:02
PUBLIC FINANCE MANAGEMENT

ARRANGEMENT OF SECTIONS

    SECTION

PART I
PRELIMINARY

    1.    Short title

    2.    Interpretation

    3.    Purpose of the Act

    4.    Application

PART II
MANAGEMENT OF PUBLIC RESOURCES

    5.    Establishment of the Treasury

    6.    Functions and powers of the Treasury

    7.    Responsibilities of the Minister

    8.    Secretary to the Treasury

    9.    Responsibilities of the Secretary to the Treasury

    10.    Access to information by the Secretary to the Treasury

    11.    Accountant General

    12.    Responsibilities of the Accountant General

    13.    Responsibilities of Ministers

    14.    Responsibilities of controlling officers on management of public funds

    15.    Responsibilities of controlling officers on management of public assets

    16.    Responsibilities of officers

    17.    Comptroller of Internal Audit

    18.    Responsibilities of the Comptroller of Internal Audit

    19.    Audit committee

    20.    Functions of the audit committee

PART III
PARLIAMENTARY OVERSIGHT OF BUDGETARY MATTERS

    21.    Responsibilities of the Budget Committee

    22.    Powers of the Budget Committee

    23.    Meetings and reports of the Budget Committee

    24.    Confidentiality

PART IV
ECONOMIC, FISCAL AND FINANCIAL POLICY

    25.    Principles of responsible fiscal management

    26.    Accounting procedures and practices

    27.    Economic and fiscal policy statement

    28.    Budget policy statement

    29.    Fiscal risk and management strategy

    30.    Economic and fiscal data

    31.    Reporting requirements

    32.    Provision of relevant information

PART V
PARLIAMENTARY APPROPRIATION AND BUDGET

    33.    Estimates

    34.    Form of estimates

    35.    Appropriation required

    36.    Adjustment for unforeseen expenditure

    37.    Approval of Appropriation Bill

    38.    Supplementary appropriation

    39.    Appropriation of Funds

    40.    Transfer between outputs

    41.    Charge for supply of goods or provision of services

PART VI
PUBLIC MONEY AND THE CONSOLIDATED FUND

    42.    Consolidated Fund

    43.    Development Fund

    44.    Treasury Funds

    45.    Treasury Single Account System

    46.    Dealing with public money

    47.    Banks to furnish statements

    48.    Overseas bank accounts and imprests

    49.    Balances may be invested

    50.    Temporary transfer from one fund or account to another

    51.    Imprest

    52.    Remission or refund of revenue

    53.    Refund and corrections

    54.    Donations and grants

PART VII
TRUST MONEYS AND UNCLAIMED MONEY

    55.    Trust money

    56.    Establishment of a Trust Fund and trust accounts

    57.    Operation of trust accounts

    58.    Investment of trust account money

    59.    Oversight of the Trust Fund and trust accounts

    60.    Interpretation of unclaimed money, holder, etc.

    61.    Period after which money becomes unclaimed money

    62.    Register of unclaimed money

    63.    Holder to notify entry to Secretary to the Treasury and owner

    64.    Payment of unclaimed money to the Consolidated Fund

    65.    Secretary to the Treasury to pay to claimant

    66.    Examination of accounts

    67.    Unclaimed trust money

    68.    Responsibility to second claimant

    69.    Offences and penalty

PART VIII
BORROWING, LOANS AND GUARANTEES

    70.    Government not to borrow except under an Act

    71.    Debt management strategy

    72.    Annual borrowing plan

    73.    Instrument of loan agreement

    74.    Minister may borrow when authorized

    75.    Provisions for general borrowing

    76.    Subsidiary loan agreement

    77.    Borrowing on overdraft

    78.    Treasury Bills

    79.    Borrowing by stocks, bonds or promissory notes

    80.    Derivative transactions

    81.    Liability of the Government

    82.    Power to give guarantees and indemnities

    83.    Taking and releasing of securities by Government

    84.    Expenditure for protection of public securities

    85.    Power to lend money

PART IX
DEBT RETIREMENT FUND

    86.    Debt Retirement Fund

    87.    Sources of money for the Debt Retirement Fund

    88.    Debt Retirement Fund Committee

    89.    Payments from the Debt Retirement Fund

    90.    Records and reporting requirements

PART X
STATUTORY BODIES AND STATE-OWNED ENTERPRISES

    91.    Classification of statutory bodies and state-owned enterprises

    92.    Annual commitments

    93.    Performance, management plan and budget

    94.    Bank accounts

    95.    Moneys payable to, or to be retained by, statutory bodies or state-owned enterprises

    96.    Borrowing on overdraft and private loans

    97.    Guarantee by statutory body or state-owned enterprise

    98.    Application of resources

    99.    Accounts and records

    100.    Reports and financial statements

    101.    Powers of inspection of the Secretary to the Treasury

    102.    Investment and reporting requirements

    103.    Payment of dividends and surplus funds to the Consolidated Fund

    104.    Reporting on adverse occurrences

    105.    Reporting on investments where Government is minority shareholder

PART XI
FINANCIAL REPORTING

    106.    Quarterly reports and summaries

    107.    Financial statements

    108.    Annual reports

PART XII
DISCIPLINE AND OFFENCES

    109.    Improper conduct and disciplinary measures

    110.…