PRESENTATION TO PARLIAMENT
ON THE 1ST SUPPLEMENTARY BUDGET – FY 2011/12
THE HON. AUDLEY SHAW, M.P.
Minister of Finance
September 7, 2011
Mr. Speaker, in March 2010 Parliament approved a most profound amendment to both the Financial Administration and Audit (FAA) and the Public Bodies Management and Accountability (PBMA) Acts – the Fiscal Responsibility Framework (FRF) for Jamaica.
The Fiscal Responsibility Framework seeks to provide greater prudential management of Jamaica’s fiscal affairs and, more broadly, to confirm the commitment of the Government of Jamaica to instituting a culture and process that will promote fiscal discipline.
One of the more powerful amendments to the PBMA Act is the provision that requires the Minister of Finance to seek the approval of both Houses of Parliament for the budget of all public bodies, consistent with what obtains for the Central Government. With Parliament now being required to approve the budgets of public bodies, the concept of “off-budget spending” with respect to activities undertaken by public bodies is now obsolete.
It is against this background that I now present Supplementary Estimates for both the Central Government and Public Bodies.
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