ACT
(Acts 14 of 2020 and 1 of 2022)
Act 14 of 2020 .. in force 4 December 2020
Amended by Act 1 of 2022 .. in force 21 February 2022
ARRANGEMENT OF SECTIONS
PRELIMINARY
| 1. | Short title |
| 2. | Interpretation |
| 3. | Act binds the Crown |
| 4. | Conflict of laws |
PART 1
ADMINISTRATION
| 5. | Functions of the Minister |
| 6. | Powers of the Minister |
| 7. | Delegation of functions and powers |
| 8. | Functions of the Director of Finance |
| 9. | Powers of the Director of Finance |
| 10. | Functions of the Accountant General |
| 11. | Powers of the Accountant General |
| 12. | Functions of accounting officer |
PART 2
PUBLIC MONIES
Division 1
Consolidated Fund
| 13. | Payment into the Consolidated Fund |
| 14. | Payment from the Consolidated Fund |
Division 2
Contingencies Fund
| 15. | Establishment of Contingencies Fund |
| 16. | Transfer to the Contingencies Fund |
| 17. | Administration of Contingencies Fund |
| 18. | Financial statement in respect of Contingencies Fund |
| 19. | Advance from the Contingencies Fund |
Division 3
Sinking Fund
| 20. | Establishment and transfer of a sinking fund |
| 21. | Administration of a sinking fund |
Division 4
Special Fund
| 22. | Establishment of a special fund |
| 23. | Payment and accounting procedures applicable to a special fund |
| 24. | Closure of a special fund |
Division 5
Trust Fund
PART 3
FISCAL POLICY
| 26. | Fiscal policy |
| 27. | Fiscal Policy Statement |
PART 4
PREPARATION FOR BUDGET
| 28. | Fiscal and budget survey |
| 29. | Budget circular |
| 30. | Guidelines |
PART 5
APPROVAL OF ESTIMATES
| 31. | Estimates |
| 32. | Approval of Estimates |
| 33. | Appropriation for Contingencies Fund |
| 34. | Supplementary Estimate |
| 35. | Publication of Estimates |
PART 6
EXECUTION OF APPROPRIATION LAW
| 36. | Execution of appropriation law |
| 37. | Prohibition against exceeding allocation in the budget |
| 38. | Warrants for withdrawal from Consolidated Fund |
| 39. | General Warrant |
| 40. | Provisional Warrant |
| 41. | Contingencies Fund Warrant |
| 42. | Virement Warrant |
| 43. | Reallocation Warrant |
| 44. | Support for warrant |
| 45. | Limitations, conditions, suspension or cancellation of warrant |
| 46. | Lapse of appropriation and warrant |
| 47. | Commitments |
PART 7
INTERNAL AUDIT UNIT
| 48. | Internal Audit Unit |
| 49. | Functions of Internal Audit Unit |
| 50. | Powers of Internal Audit Unit |
PART 8
CASH MANAGEMENT, BANKING, DEPOSIT, REFUND, SET-OFF, WRITE-OFF AND INVESTMENT
| 51. | Deposit |
| 52. | Banking arrangement |
| 53. | Refund of money |
| 54. | Set-off or write-off of debt, claim or settlement |
| 55. | Settlement of claims against the Government |
| 56. | Investment |
PART 9
ASSET MANAGEMENT
| 57. | Acquisition, use and safe custody of public assets |
| 58. | Debt due to the Government |
| 59. | Enquiry and report on malfeasance |
| 60. | Accounting procedure |
| 61. | Disposal of assets |
PART 10
PUBLIC DEBT AND CONTINGENT LIABILITY
| 62. | Annual borrowings |
| 63. | Loans and authority to sign loans |
| 64. | Proceeds of Government borrowing |
| 65. | Government guarantee, indemnity and other contingent liabilities |
| 66. | Government lending |
| 67. | Advance warrant |
| 68. | Imprest warrant |
| 69. | Charges on Consolidated Fund |
| 70. | Public debt management |
PART 11
GRANTS
| 71. | Receipt of grant |
| 72. | Responsibility of responsible Minister with respect to a grant |
| 73. | Record of use of grant |
PART 12
ACCOUNTING, REPORTING AND AUDITING PUBLIC ACCOUNTS
| 74. | Accounting |
| 75. | Public Accounts |
| 76. | Reporting |
| 77. | Audit of Public Accounts |
PART 13
STATUTORY BODY
| 78. | Responsibilities of a statutory body |
| 79. | Institutional arrangements |
| 80. | Operation on commercially sustainable basis |
| 81. | Representation on a board or controlling body of a statutory body |
| 82. | Strategic, financial, operational and business plan |
| 83. | Accounts and audit |
| 84. | Financial management |
| 85. | Dividend policy |
| 86. | Borrowing, lending, guaranteeing and other contingent liabilities |
PART 14
INQUIRY COMMITTEE
| 87. | Appointment of Inquiry Committee |
| 88. | Functions of Inquiry Committee |
| 89. | Powers of Inquiry Committee |
| 90. | Proceedings of Inquiry Committee |
| 91. | Notice of decision of Inquiry Committee |
PART 15
SURCHARGE
| 92. | Liability for non-compliance with financial management system |
| 93. | Power to surcharge |
| 94. | Grounds for surcharge |
| 95. | Notification of surcharge |
| 96. | Withdrawal of surcharge |
| 97. | Recovery of surcharge |
| 98. | Appeal against surcharge |
PART 16
APPEALS TRIBUNAL
| 99. | Establishment of Appeals Tribunal |
| 100. | Tenure of Appeals Tribunal |
| 101. | Functions of Appeals Tribunal |
| 102. | Powers of Appeals Tribunal |
| 103. | Removal |
| 104. | Resignation |
| 105. | Secretary of Appeals Tribunal |
| 106. | Application for an appeal |
| 107. | Transmission of appeal documents |
| 108. | Hearing of Appeals Tribunal |
| 109. | Decisions of Appeals Tribunal |
| 110. | Costs |
| 111. | Decision final |
PART 17
MISCELLANEOUS
| 112. | Regulations |
| 113. | Repeal |
| 114. | Transition |
| 115. | Savings |
AN ACT to provide for the administration of public finance management; the formulation of a fiscal policy and the issuance of a Fiscal Policy Statement; the preparation for budget; the approval of Estimates; the execution of the appropriation law; the regulation and control of public monies by the establishment of a Contingencies Fund, sinking fund, special fund or trust fund, cash management, including, banking, deposit, refund, set-off, write-off and investment of public monies; the management of public debt and contingent liability; grants; the accounting, reporting and auditing of Public Accounts; the oversight of statutory bodies; surcharge; the functions of the Internal Audit Unit; the establishment of the Inquiry Committee and Appeals Tribunal; public asset management and for related matters.
Commencement [4 December 2020]