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{
    "id": 525050,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/525050/?format=api",
    "text_counter": 80,
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    "speaker": null,
    "content": "SCHEDULE FOR THE PROCESSING OF THE BUDGET POLICY STATEMENT 2015 BY THE SENATE Hon. Senators, as you are aware, the legislative budget cycle for 2015/2016 Financial Year and the Medium Term has begun with the submission of the following four documents to Parliament, yesterday 16th February, 2014. The four documents are: (a) The Medium Term Budget Policy Statement (BPS) 2015, which contains proposals for the 2015/2016 fiscal framework, showing the projected revenues and proposed expenditure ceilings as well as the economic indicators guiding budget formulation; (b) The Medium Term Debt Management Strategy, 2015, which shows the total indebtedness of the country, the proposed borrowing to finance the 2015/2016 Budget and strategies of ensuring that the country’s debt remains sustainable; (c) A legislative proposal on the Division of Revenue, 2015, seeking to anchor in law the amount of national revenue to be divided between the national Government and the devolved level of Government (vertical division of revenue); and, (d) A legislative proposal on the County Allocation of Revenue, 2015, proposing the exact amounts due to each county or central division of revenue. Hon. Senators, Section 25(7) of the Public Finance Management Act, 2012, provides that the BPS should be passed by Parliament within 14 days. This means that both Houses of Parliament should have dispensed with the BPS as well as the Medium Term Debt Management Strategy (MTDMS) by 3rd March, 2015, so as to allow the smooth interface of these documents with the subsequent budget documents, which include the introduction of both the Division of Revenue as well as the County Allocation of Revenue Bills in Parliament. This will also allow sufficient time for the respective county fiscal strategy papers to be aligned with the BPS, as provided in Section 117(2) of the Public Finance Management Act, 2012. In light of the limited amount of time occasioned by the strict deadlines in the processing of both the BPS as well as the MTDMS, a schedule that will guide the processing of both documents in the Senate has been prepared and is available at the Journals Office. I now direct that it be made available to all Senators. I would like to remind the hon. Senators that we must abide by the Budget cycle. I thank you for your attention."
}