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The objectives of the Mid-Year Fiscal Position Report is to provide updated information of the Government’s fiscal performance and to thereby enable the public to evaluate the Government’s fiscal performance as against the fiscal strategy as set out in its current Statement.
(1) The Mid-Year Fiscal Position Report in respect of a financial year shall contain: (a) a statement of the estimated and actual expenditure for the first four months of that year ; (b) a statement of the estimated and actual revenue for the first four months of that year; (c) a statement of the estimated and actual cash flows for the first four months of that year; (d) a statement of the estimated and actual borrowings for the first four months of that year ; and (e) such other statements which may be necessary to reflect fairly, the financial position of the Government, in respect of the first four months of such financial year.
(2) Where there is a shortfall in the estimated revenue or cash flow, or an excess in the estimated expenditure or borrowings, the mid -year fiscal position Report shall stale the reasons for such shortfall.
(3) Subject to the provisions of subsection (4). the information contained in the Mid-Year Fiscal Position Report shall take into account, as far as possible, all government decisions and all other circumstances that may have a material effect on the fiscal position (including decisions taken and circumstance that exist, after the passing of the Appropriation Act for that year).
(4) Nothing contained in this section shall be read and construed as requiring the inclusion in the Mid-Year Fiscal Position Report, the disclosure of any information, which: the written opinion of the Minister, will: (a) be prejudicial to national security ; (b) compromise Sri Lanka in a material way in negotiation, litigation or commercial activity.
(5) Where any information on any matter required to be included in a Mid-Year Fiscal Position Report remains unchanged from the information in relation to such matter as is included in the last Budget Economic and Fiscal Position Report, the Mid-Year Fiscal Position Report shall state that such information remains so unchanged.
The purpose of themed term Fiscal Report is to compare the performance during the first 4 months in terms of the Budget for the year. So it is essential that the comparative figures for the Budget are also given on a proportionate basis. But the Report furnished by the Secretary to the Treasury compares the performance against the previous year’s figures and not the budgeted figures. This seems to be defeats the purpose of the law and I wonder whether the omission o compare with the budget is even legal. The intention of the law in my opinion is clear from clauses above. I wonder whether a lawyer would comment.
RMB Senanayake
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=58184
(1) The Mid-Year Fiscal Position Report in respect of a financial year shall contain: (a) a statement of the estimated and actual expenditure for the first four months of that year ; (b) a statement of the estimated and actual revenue for the first four months of that year; (c) a statement of the estimated and actual cash flows for the first four months of that year; (d) a statement of the estimated and actual borrowings for the first four months of that year ; and (e) such other statements which may be necessary to reflect fairly, the financial position of the Government, in respect of the first four months of such financial year.
(2) Where there is a shortfall in the estimated revenue or cash flow, or an excess in the estimated expenditure or borrowings, the mid -year fiscal position Report shall stale the reasons for such shortfall.
(3) Subject to the provisions of subsection (4). the information contained in the Mid-Year Fiscal Position Report shall take into account, as far as possible, all government decisions and all other circumstances that may have a material effect on the fiscal position (including decisions taken and circumstance that exist, after the passing of the Appropriation Act for that year).
(4) Nothing contained in this section shall be read and construed as requiring the inclusion in the Mid-Year Fiscal Position Report, the disclosure of any information, which: the written opinion of the Minister, will: (a) be prejudicial to national security ; (b) compromise Sri Lanka in a material way in negotiation, litigation or commercial activity.
(5) Where any information on any matter required to be included in a Mid-Year Fiscal Position Report remains unchanged from the information in relation to such matter as is included in the last Budget Economic and Fiscal Position Report, the Mid-Year Fiscal Position Report shall state that such information remains so unchanged.
The purpose of themed term Fiscal Report is to compare the performance during the first 4 months in terms of the Budget for the year. So it is essential that the comparative figures for the Budget are also given on a proportionate basis. But the Report furnished by the Secretary to the Treasury compares the performance against the previous year’s figures and not the budgeted figures. This seems to be defeats the purpose of the law and I wonder whether the omission o compare with the budget is even legal. The intention of the law in my opinion is clear from clauses above. I wonder whether a lawyer would comment.
RMB Senanayake
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=58184
