121. Procurement for county government entities For the purposes of this Act, all procurement of goods and services and disposal of assets, required for the purposes of the county government or a county government entity are to be carried out in accordance with Article 227 of the Constitution and the Public Procurement and Disposal Act (Cap. 412C).

122. County Treasury to maintain record of county government loans (1) The County Treasury shall maintain a record of all loans made to the county government and make the record available to the county assembly within seven days of request.

(2) The County Treasury shall include in the record under subsection (1), the following information— (a) the principal of the loan and the terms and conditions of the loan, including interest and other charges payable and the terms of repayment; 80 [Rev. 2020] Public Finance Management No. 18 of 2012 (b) the amount of the loan advanced at any particular time; (c) the principal amount, interest and other charges paid at any particular time; and (d) the balance of principal, interest and other charges outstanding at any particular time.

(4) The county treasury shall maintain the following additional information with respect to every such loan— (a) the names of the parties to the loan; (b) the amount of the loan and the currency in which it is expressed and in which it is repayable; (c) the terms and conditions of the loan, including interest and other charges payable and the terms of repayment; (d) the amount of the loan advanced at the time the report under subsection (3) is submitted; (e) the purpose for which the loan was used and the perceived benefits of the loan; and (f) any other information that the county assembly requests.

(5) The County Treasury shall submit both quarterly and annual reports of all loans made to the county government to the county assembly.

123. County Treasury to submit county government debt management strategy to county assembly (1) On or before the 28th February in each year, the County Treasury shall submit to the county assembly a statement setting out the debt management strategy of the county government over the medium term with regard to its actual liability and potential liability in respect of loans and its plans for dealing with those liabilities.

(2) The County Treasury shall include the following information in the statement — (a) the total stock of debt as at the date of the statement; (b) the sources of loans made to the county government; (c) the principal risks associated with those loans; (d) the assumptions underlying the debt management strategy; and (e) an analysis of the sustainability of the amount of debt, both actual and potential.

(3) As soon as practicable after the statement has been submitted to the county assembly under this section, the County Executive Committee member for finance shall publish and publicise the statement and submit a copy to the Commission on Revenue Allocation and the Intergovernmental Budget and Economic Council.

124. County Treasury to provide county assembly with additional reports when required On being requested to do so by the county assembly, the County Treasury shall prepare and submit to the county assembly a report on any matter relating to its responsibilities within fourteen days of the request. 81 No. 18 of 2012 Public Finance Management [Rev. 2020] County government budget process

125. Stages in county government budget process (1) The budget process for county governments in any financial year shall consist of the following stages— (a) integrated development planning process which shall include both long term and medium term planning; (b) planning and establishing financial and economic priorities for the county over the medium term; (c) making an overall estimation of the county government’s revenues and expenditures; (d) adoption of County Fiscal Strategy Paper; (e) preparing budget estimates for the county government and submitting estimates to the count) assembly; (f) approving of the estimates by the county assembly; (g) enacting an appropriation law and any other laws required to implement the county government’s budget; (h) implementing the county government’s budget; and (i) accounting for, and evaluating, the county government’s budgeted revenues and expenditures.