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"id": 102940,
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"content": "institutional governance framework. On the political front, following the signing of the National Accord in 2008, the Government has expended a lot of Exchequer resources on implementing agreed reform actions, including setting up various institutions intended to enhance accountability and constitutional democracy in this country. The constitution making process is a part of Agenda Four, and has progressed well, and we are now in the final leg. This year, we would have spent Exchequer resources in excess of Kshs8 billion and in the following year, we have provided approximately Kshs7 billion, largely for civic education and the referendum. Our investment in this area is informed by the fact that the gains in good governance will not only facilitate the achievement of our stated development goals but will also make our country competitive and attractive to investors. Mr. Speaker, Sir, turning to the financial outturn of 2009/2010, the implementation of the Financial Year 2009/2010 Budget was faced with numerous challenges. These included difficulties in achieving revenue targets due to slowdown in economic growth and administrative challenges; prolonged drought whose effects were more severe than earlier envisioned and required substantial additional resources to mitigate. Mr. Speaker, Sir, with this background in mind, I wish to take the opportunity to briefly appraise hon. Member on the financial outturns of the year 2009/2010. Revenues; in the last Budget, it was estimated that the total revenues, including fees and duties collected and applied at source, would amount to Kshs568.9 billion, comprising of Kshs522.8 billion in ordinary revenue and Kshs46.1 billion in Appropriations-in-Aid. Due to the slowdown in economic activities and other challenges already mentioned, total revenues are now estimated to underperform by Kshs5 billion. However, increased receipts of investment income from parastatals and state corporations are expected to more than offset this shortfall and by the close of this financial year, revenues will be reaching Kshs586.4 billion. Mr. Speaker, Sir, as hon. Members may recall, the 2009/2010 Budget had factored privatization receipts amounting to Kshs6 billion from the sale of Government shares in SONY Sugar and the National Bank of Kenya. It is now evident that the privatization process will not be complete before the close of the financial year, thus reducing the expected resource envelope by Kshs6 billion. With regard to expenditure, Mr. Speaker, Sir, the 2000/2010 Printed Estimates reflect Ministerial recurrent expenditure amounting to Kshs419.2 billion, including Kshs41.8 billion which was to be financed through A-i-A. The Consolidated Fund Services took KShs.187.5 billion, while Development Expenditure had a provision of KShs.258.9 billion. Mr. Speaker, Sir, in order to deal with additional expenditures owing to unforeseen commitments which required huge funding, I recently requested Parliament to authorize additional expenditures under the Supplementary Estimates. Hon. Members will recall that the Supplementary Estimates for 2009/2010, which were recently approved by this House only reflected a net increase of Kshs27.2 billion for the Recurrent Expenditure while the Development Vote reflected a net reduction of Kshs5.8 billion. Overall, the approved gross recurrent expenditures for the current financial year is now estimated at Kshs443.2 billion, with Kshs42.8 billion being financed through A-I-A. Non-discretionary expenditures, which are financed directly from the Consolidated Fund Services amount to Kshs190.8 billion, while the approved gross development expenditure amount to Kshs253.1 billion, with Kshs71.7 billion being financed through A-I-A, while the remaining Kshs181.4 billion is to be financed from the Exchequer."
}