Public Finance Management Amendment Bill - H.B. 14, 2015
 

Explanatory Memorandum

This Bill seeks to provide for the arnendment of the Public Finance Management Act [Chapter 22:19] the individual clauses of the Bill are explained below:
Clause 1
This clause sets out the Bill's short title.
Clause 2
This clause amends section 10 to compel accounting officers to ensure systems are in place for planning, budgeting, allocating, and reporting, review of the of the recurent and capital budgets.
Clause 3
This clause repeals and replaces section 46 with the new section dealing with plans and projections.
Clause 4
This clause amends section 47 to compel the submission of a budget of estimated revenue not less than three months before the start of the financial year.
Clause 5
This clause amends section 49 by inserting provisions for preparation of financial statements for each quarter of each financial year.
Clause 6
in this clause the Principal Act is amended by the insertion of a new section that undertakes the separation of roles of appropriate Ministries and Public Entities.
Clause 7
ln this clause the Principal Act is amended by the insertion of a new subsection in section 82 which focuses on recommendations by an auditor being implemented.