180. Reporting by urban areas or cities (1) The Board of an urban area or city shall ensure that the urban area or city follows the guidelines prescribed by the Accounting Standards Board.

(2) The Accounting Officer of an urban area or city shall prepare an annual report including accounts in accordance with the provisions of the Urban Areas and Cities Act, 2011 and other reports as required by this Act.

(3) The annual report of an urban area or city shall contain such additional information as is necessary to enable an informed assessment of the activities of the urban area or city.

181. Transitional arrangements All directions, resolutions, orders and authorizations on financial management given or issued by local authorities established under the Local Government Act (Cap. 275) and subsisting or valid immediately before the commencement of this Act shall be deemed to have been given, issued or made pursuant to the Urban Areas and Cities Act, No. 13 of 2011 and this Act as the case may be, until the expiry, amendment or repeal of these Acts. 108 [Rev. 2020] Public Finance Management No. 18 of 2012 Establishment and dissolution of County Corporations and additional requirements for County Corporations and county government-linked corporations

182. Establishment and dissolution of county corporations (1) A county corporation may be established or dissolved only with the prior approval of the County Executive Committee, which may be given only after taking into account any recommendations of the County Treasury regarding the financial implications of establishing or dissolving the county corporation.

(2) The regulations shall prescribe the criteria to be used in establishing or dissolving county corporations and the regulations shall be tabled in the county assembly for approval.

183. Restrictions on county government investing in county governmentlinked corporations (1) The county government or county government entity may not invest— (a) in a county corporation; or (b) in a county government-linked company, without the prior approval of the County Executive Committee, which may be given only after taking into account any recommendations of the County Treasury regarding the financial implications of the investment.

184. Responsibility for monitoring financial performance of county corporations (1) The County Executive Committee member for that entity is responsible for monitoring— (a) the financial performance of County corporations and county government-linked corporation; and (b) the performance of any functions or activities that affect the financial performance of those county corporations.

(2) The responsibilities of the County Executive Committee member for that entity under subsection (1) shall include in particular— (a) analysing financial and other reports that are required to be prepared by a county corporation under any Act or county legislation; (b) reporting to the County Executive Committee on the performance of those county corporations; and (c) making recommendations to the County Executive Committee as to how a particular county corporation or county government-linked corporation could improve its performance.

185. Annual reporting by the County Treasury on county corporations (1) Not later than four months after the end of each financial year, the County Treasury shall prepare and submit to the county assembly a consolidated report summarising the extent of county government involvement or investment in, or funding of, all county corporations and county government-linked corporations for the financial year.