(11) The regulations shall provide for the establishment, management, operation or winding-up of national public funds. 27 No. 18 of 2012 Public Finance Management [Rev. 2020]

(12) This section applies to all other rational public funds including funds earmarked for specific purposes established by an Act of Parliament but does not apply to a public fund established by the Constitution.

(13) In this section— “administrator”, in relation to a national public fund, means a person designated by the Cabinet Secretary under subsection (5) to administer the fund; and “national public fund” means a public fund established under subsection (4). [Act No. 18 of 2018, Sch., Act No. 13 of 2020, Sch.] Responsibilities of the National Treasury with respect to the Budget process

25. National Treasury to prepare annual Budget Policy Statement (1) The National Treasury shall prepare and submit to Cabinet the Budget Policy Statement for approval.

(2) The National Treasury shall submit the Budget Policy Statement approved in terms of subsection (1) to Parliament, by the 15th February in each year.

(3) In preparing the Budget Policy Statement, the National Treasury shall set out the broad strategic priorities and policy goals that will guide the national government and county governments in preparing their budgets both for the following financial year and over the medium term.

(4) The National Treasury shall include in the Budget Policy Statement— (a) an assessment of the current state of the economy and the financial outlook over the medium term, including macro-economic forecasts; (b) the financial outlook with respect to Government revenues, expenditures and borrowing for the next financial year and over the medium term; (c) the proposed expenditure limits for the national government, including those of Parliament and the Judiciary and indicative transfers to county governments; and (d) the fiscal responsibility principles and financial objectives over the medium term including limits on total annual debt.

(5) In preparing the Budget Policy Statement, the National Treasury shall seek and take into account the views of— (a) the Commission on Revenue Allocation; (b) county governments; (c) Controller of Budget; (d) the Parliamentary Service Commission; (e) the Judicial Service Commission; (f) the public; and (g) any other interested persons or groups.

(6) Regulations made under this Act shall prescribe circumstances and the manner in which persons or groups may make written or oral representations about the contents of the statement. 28 [Rev. 2020] Public Finance Management No. 18 of 2012

(7) Parliament shall, not later than fourteen days after the Budget Policy Statement is submitted to Parliament, table and discuss a report containing its recommendations and pass a resolution to adopt it with or without amendments.