(4) The County Treasury shall include in its County Fiscal Strategy Paper the financial outlook with respect to county government revenues, expenditures and borrowing for the coming financial year and over the medium term. (5) In preparing the County Fiscal Strategy Paper, the County Treasury shall seek and take into account the views of — (a) the Commission on Revenue Allocation; (b) the public; (c) any interested persons or groups; and (d) any other forum that is established by legislation. (6) Not later than fourteen days after submitting the County Fiscal Strategy Paper to the county assembly, the county assembly shall consider and may adopt it with or without amendments.

(7) The County Treasury shall consider any recommendations made by the county assembly when finalising the budget proposal for the financial year concerned. (8) The County Treasury shall publish and publicise the County Fiscal Strategy Paper within seven days after it has been submitted to the county assembly. County Treasury to prepare a County Budget Review and Outlook Paper. 118. (1) A County Treasury shall — (a) prepare a County Budget Review and Outlook Paper in respect of the county for each financial year; and The Public Finance Management Act, 2012 122 (b) submit the paper to the County Executive Committee by the 30th September of that year.

(2) In preparing its county Budget Review and Outlook Paper, the County Treasury shall specify— (a) the details of the actual fiscal performance in the previous year compared to the budget appropriation for that year; (b) the updated economic and financial forecasts with sufficient information to show changes from the forecasts in the most recent County Fiscal Strategy Paper; (c) information on— (i) any changes in the forecasts compared with the County Fiscal Strategy Paper; or (ii) how actual financial performance for the previous financial year may have affected compliance with the fiscal responsibility principles, or the financial objectives in the County Fiscal Strategy Paper for that financial year; and (d) reasons for any deviation from the financial objectives in the County Fiscal Strategy Paper together with proposals to address the deviation and the time estimated for doing so.

(3) The County Executive Committee shall consider the County Budget Review and Outlook Paper with a view to approving it, with or without amendments, within fourteen days after its submission. (4) Not later than seven days after the County Budget Review and Outlook Paper is approved by the County Executive Committee, the County Treasury shall— (a) arrange for the Paper to be laid before the County Assembly; and (b) as soon as practicable after having done so, publish and publicise the Paper. Other responsibilities of County Treasury Banking arrangements for

119. (1) The County Treasury is responsible for authorising the opening, operating and closing of bank The Public Finance Management Act, 2012 123 county government and its entities. accounts for the county government and its entities, except as otherwise provided by other legislation and in accordance with regulations made under this Act. (2) As soon as practicable, each County Treasury shall establish a Treasury Single Account at the Central Bank of Kenya or a bank approved by the County Treasury through which payments of money to and by the various county government entities are to be made

(3) The Treasury Single Account shall not be operated in a manner that prejudices any entity to which funds have been disbursed. (4) An accounting officer for a county government entity shall not cause a bank account of the entity to be overdrawn beyond the limit authorised by the County Treasury or a Board of a county government entity, if any. (5) A County Treasury shall keep complete and current records of all bank accounts for which it is responsible under the Constitution, this Act or any other legislation.

(6) Subject to subsection (3), an accounting officer who authorises the bank account of a county government entity to be overdrawn is liable for the full cost of the overdrawn amount, in addition to any other disciplinary measures that - (a) the County Executive Committee member for finance may impose under section 156; or (b) any other relevant authority may impose under the provisions of any other legislation. Management of cash at the county government level. 120. (1) A County Treasury shall manage its cash within a framework established by the county assembly and by regulations.

(2) Every county government entity shall submit an annual cash flow plan and forecasts to the County Treasury in a form and manner directed by County Treasury, and shall send a copy to the Controller of Budget. (3) The County Treasury may invest subject to any regulations that may be prescribed, any money kept in a bank account of the county government. (4) Except as otherwise provided by other legislation, the following are payable into the County Exchequer Account— (a) all interest received from investments made under The Public Finance Management Act, 2012 124 subsection (3); (b) all money received from the redemption or maturity of the investments, and from the sale or conversion of securities relating to the investments.

(5) The County Treasury may incur costs, charges and expenses in connection with negotiating, placing, managing, servicing, or converting any investment entered into under subsection (3). (6)Any costs, charges or expenses incurred under subsection (5) are payable from the County Exchequer Account. Procurement for county government entities. Cap. 412C. 121. 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. County Treasury to maintain records of county government loans.

122. (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; (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.