|Council of Governors (CoG)
|Year of Publication
The Public Finance Management Act, 2012 ushered in a paradigm shift in budgetmaking. Apart from introducing reforms in our public financial management system,the new law entrenched Stages in County government budget process in Section 125.
The County Budget Review and Outlook Paper (CBROP) presents the fiscaloutcome for 2012/13 and how this affects the financial objectives set out in the 2013Budget. The updated macroeconomic outlook therein also provides us with a basis torevise the 2013/14 budget in the context of the Supplementary Estimates, as well assetting out the broad fiscal parameters for the next budget and medium term.
Within a short period, we went through the challenges of last financial year andclosed the year satisfactorily, despite the challenges faced in the process of transitingfrom the previous Government Structures to the currently devolved County Government.The outcome has had implications on the basis on which the fiscal projections for thecurrent financial year were prepared since the County Governments came into existenceon the 4th March, 2013 just four months to the end of the FY 2012/2013. Under thesecircumstances, we remain steadfast in maintaining macroeconomic stability, even inthe face of expenditure pressures associated with implementation of the Constitutionand the challenges faced by the County Governments with regard to receiving funding fromthe National Government.
Having just taken off, the County of Government o f B u s i a will expedite theassumption of the devolved functions by putting in place the necessary structures for adevolved system while maintaining fiscal discipline. More important, greatertransparency and high quality management of public finances at the County will benecessary to achieve the aspirations of the people for better governance.
The fiscal framework presented in this 2013 CBROP provides a strong basis forbuilding our common future under the new constitutional dispensation. Moredetails will be provided in the County Fiscal Strategy Paper 2014.
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