s.42Budget statement
42
Section 42Part 4 — Ministries and Portfolios - Duties of Ministries, Portfolios and Chief Officers

Budget statement

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The chief officer of a ministry or portfolio shall prepare and execute two-yearly budget statements with the Cabinet for successive periods of two financial years.
Every budget statement shall contain —
a specification of all the outputs the Cabinet is to purchase from the ministry or portfolio including, for each output —
a description of the output to be purchased;
the quantity of each output to be purchased;
the quality of each output to be purchased;
the delivery dates for each output to be purchased;
the place of delivery of each output to be purchased;
the price to be paid for each output to be purchased;
the evidence of delivery to be provided for each output to be purchased; and
the payment schedule;
details of the ownership performance to be achieved during the year including —
a description of the nature and scope of the activities of the ministry or portfolio during that year;
the strategic goals and objectives of the ministry or portfolio for that year and the following two years;
ownership performance targets of the ministry or portfolio for the year, including the targets for those aspects of ownership performance set out in Schedule 5; and
forecast financial statements of the ministry or portfolio for the year, which shall —
be consistent with the forecast financial statements in the plan and estimates; and
contain the statements and information set out in Schedule 2;
the amount of any equity investment by the Cabinet in the ministry or portfolio planned for the year; and
the amount of any withdrawal of any equity investment in the ministry or portfolio by the Cabinet planned for the year.
A draft of each proposed budget statement shall be —
prepared in accordance with the timetable established by the Cabinet in accordance with section 17;
available for review by the Cabinet as part of the Cabinet collective review phase of the budget process in accordance with section 20; and
presented to the Cayman Islands Parliament by the relevant Minister or official member at the same time as the plan and estimates for that financial year are presented in accordance with section 24(1).
The finalised budget statement shall be —
prepared immediately after completion of the legislative review phase of the relevant budget period;
signed by the chief officer and by the following persons on behalf of the Cabinet —
in the case of the budget statement of the Portfolio of the Civil Service, the Deputy Governor;
in the case of the budget statement of the Portfolio of Legal Affairs, the Attorney General or, where the Attorney General is the Chief Officer, the Governor; and
in the case of the budget statement of a ministry, the relevant Minister; and
presented to the Cayman Islands Parliament by the relevant Minister or official member on the next sitting day after it has been signed.
Repealed by section 16(e) of the Public Management and Finance (Amendment) (No.2) Law, 2017 [Law 28 of 2017].
A budget statement may be amended by the Cabinet during the financial year to which it relates provided that the price to be paid for each output in the amended performance agreement is sufficient to deliver the outputs required by the amended performance agreement.
All amendments under subsection (6) shall be written and presented to the Cayman Islands Parliament.

Cross References

Referenced By