(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 The Public Finance Management Act, 2012 53 circumstances and the manner in which persons or groups may make written or oral representations about the contents of the statement.

(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. (8) The Cabinet Secretary shall take into account resolutions passed by Parliament in finalising the budget for the relevant financial year. (9) The National Treasury shall publish and publicise the Budget Policy Statement not later than fifteen days after submission of the Statement to Parliament. National Treasury to prepare Budget Review and Outlook Paper. 26.(1) The National Treasury shall prepare and submit to Cabinet for approval, by the 30th September in each financial year, a Budget Review and Outlook Paper which shall include- (a) actual fiscal performance in the previous financial year compared to the budget appropriation for that year; (b) updated macro-economic and financial forecasts with sufficient information to show changes from the forecasts in the most recent Budget Policy Statement; (c) information on how actual financial performance for the previous financial year may have affected compliance with the fiscal responsibility principles or the financial objectives in the latest Budget Policy Statement; and (d) the reasons for any deviation from the financial objectives together with proposals to address the deviation and the time estimated to do so.

(2) Cabinet shall consider the Budget Review and Outlook Paper with a view to approving it, with or without amendments, not later than fourteen days after its submission. (3) Not later than seven days after the Budget Review and Outlook Paper has been approved by Cabinet, the National Treasury shall— (a) submit the Paper to the Budget Committee of the National Assembly to be laid before each House of Parliament ; and The Public Finance Management Act, 2012 54 (b) publish and publicise the Paper not later than fifteen days after laying the Paper before Parliament. Publication of pre and post- election economic and fiscal reports by National Treasury.

27. (1)The National Treasury shall arrange to be published- (a) a pre-election economic and fiscal update not earlier than four months before the polling day for any general election; and (b) a post-election economic and fiscal update not later than four months after the polling day of any general election. (2) The pre-election and post-election economic and fiscal update shall— (a) detail all election related spending including- (i) direct election expenses such as those for the Independent Electoral and Boundaries Commission for costs of elections and election materials; (ii) indirect election expenses such as allocations to police and security forces for the election year; and (iii) any other expenses related to the election specified in regulations or instructions; and (b) be accompanied by a statement signed by the Principal Secretary stating that the economic and fiscal updates include— (i) all policy decisions with material economic or fiscal implications that the national government made before the day on which the contents of the economic and fiscal updates were finalised; (ii) all other circumstances with material economic or fiscal implications of which the National Treasury was aware before those days; and (iii) a confirmation that the economic and fiscal updates were prepared using the best professional judgment and information available before the economic and fiscal updates were finalised. The Public Finance Management Act, 2012 55

(3) If the day of dissolution of Parliament is less than two months before the day appointed as polling day for the general election, the Cabinet Secretary shall arrange for the pre-election economic and fiscal update required under this section to be published not later than fourteen days after the day of the dissolution of Parliament. Other responsibilities of the National Treasury Banking arrangements for national government entities. 28. (1) The National Treasury shall authorise the opening, operating and closing of bank accounts and sub accounts for all national government entities in accordance with regulations made under this Act.

(2) The National Treasury shall establish a Treasury Single Account into which all revenues received by national government entities shall be deposited and from which all payments of money to or on behalf of national government entities shall be made. (3) The Treasury Single Account shall not be operated in any manner that prejudices any entity to which funds have been disbursed. (4) An accounting officer for a national government entity shall not cause a bank account of the entity to be overdrawn beyond the limit authorised by the National Treasury or a board of a national government entity, if any.

(5) Subject to subsection (3), an accounting officer who authorises the bank account of a national 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 Cabinet Secretary may impose by regulations; or (b) any other relevant authority may impose under the provisions of any other legislation. (6) The National 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.

(7) The National Treasury shall give monthly statements on actual revenue collected in the accounts relating to Article 206 of the Constitution to the Commission on Revenue Allocation. Management of cash at the national government level. 29. (1) The National Treasury shall establish a framework The Public Finance Management Act, 2012 56 within which the national government shall manage its cash transactions. (2) Every national government entity, other than a state corporation, shall submit an annual cash plan and forecast to— (a) the National Treasury in a form and manner and relating to such periods directed by that Treasury; and (b) the Controller of Budget.

(3) Subject to the Constitution, the Cabinet Secretary may, notwithstanding any previous authority given, limit or suspend national government expenditure, if in the Cabinet Secretary’s opinion, the exigencies of the financial situation render such a limitation or suspension necessary. (4) The approval of the National Assembly for any limitation or suspension under subsection (3) shall be sought within two months of the decision being made. (5) The National Treasury may invest, subject to any regulations that may be prescribed, any money kept in a bank account of the national government.

(6) Except as otherwise provided by legislation— (a) interest received from investments made under subsection (5); and (b) money received from the redemption or maturity of those investments, and from the sale or conversion of securities relating to them, is payable into the National Exchequer Account. (7) The National Treasury may incur costs, charges and expenses in connection with negotiating, placing, managing, servicing, or converting any investment entered into under subsection (5). (8) Costs, charges or expenses referred to under subsection (7) shall be paid from the Consolidated Fund in accordance with Article 228 of the Constitution. Procurement of goods and services. 30. For the purposes of this Act, all procurement of goods and services required for the purposes of the national government or a national government entity is to be carried out in accordance with Article 227 of the Constitution and the relevant legislation on procurement and disposal of assets. Cabinet Secretary to report all loans. 31.(1) The Cabinet Secretary shall submit to Parliament, every four months, a report of all loans made to the The Public Finance Management Act, 2012 57 national government, national government entities and county governments, in accordance with Article 211(2) of the Constitution.