Section 11Part 2 — Establishment, functions and duties of the Water Authority
Financial procedure
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The revenue of the Authority shall be classified under the following heads of receipts —
dues and charges received by virtue of this Act;
amounts borrowed by the Authority; and
miscellaneous receipts including interest on and service of investments, and such revenue shall, within seven days of receipt, be paid into a bank account approved by the Financial Secretary.
The revenue of the Authority shall be applied to meet the following heads of expenditure —
repayment of overdraft, if any, on current account;
interest on loans;
sinking fund on loan redemption;
reimbursement to the Government of all sums expended by it in respect of the salaries, pensions, gratuities and the like of public officers seconded under section 4(1);
salaries and wages;
reserve against liabilities for pension and other terminal benefits;
repair and maintenance of premises and equipment and other current operating expenses;
compensation payments;
hire of transport and equipment;
reserve fund for depreciation, renewals and expansion;
recoverable charge expenditure; and
miscellaneous expenditure approved by the Financial Secretary.
Any balance of account in favour of the Authority after provision for all expenditures provided by subsection (2) up to an annual amount to be prescribed in regulations may be transferred forward to a general reserve fund, and any balance in excess of that sum paid into the general revenue of the Islands.
The Authority shall cause estimates of expenditure and revenue to be prepared and adopted each year in respect of the financial year following, and such estimates, when adopted, shall be published in the Gazette.
The Authority shall also have the right to obtain wayleaves for the construction of any works associated with the public water or wastewater system, subject to compensation as prescribed.
The Authority will enjoy duty free concession on all materials and equipment imported into the Islands to be used on any project.