The Sustainable Fiscal Planning and Reporting Act sets out requirements and deadlines for public financial reporting, and establishes the government’s fiscal framework. The budget requirements...
Description
The Sustainable Fiscal Planning and Reporting Act sets out requirements and deadlines for public financial reporting, and establishes the government’s fiscal framework. The budget requirements include: preparing a three-year government strategic plan and three year ministry business plans, both with performance measures, preparing the fiscal plan on the same basis as the year-end financial statements and requiring three-year forecasts, assumptions on which the forecasts are based and their related sensitivities, and the forecast of government debt. The Act requires the Estimates / fiscal plan to be tabled in the Legislative Assembly prior to the end of February, and quarterly and mid-year fiscal and economic updates to be published on or before the end of August, November and February. The Act also prescribes the content of government and ministry annual reports, including reporting on the results of performance measures, and requires a final year-end report and Annual...