Government Finance Act

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P.R.O. LAW CONSOLIDATION
Law Status: In-Force
Last Consolidated: 2017-12-22


Be it decreed by His Royal Majesty, King August Charles II, by and with the advice and consent of the Government and Peoples of Gotzborg, in this Chamber of Deputies here assembled, and by the authority of the same, as follows:

Preliminary

Short Title

1. This Act may be cited as the Government Finance Act.

Commencement

2. This Act shall commence on a date to be fixed by Royal Decree.

Definitions and Interpretation

3. The Royal Chancellor may delegate the various powers, duties and responsibilities of this Act in such manner as he deems fit. Subject to such delegation, in this Act and any related regulation, decree, order or instrument of the Kingdom, a reference to a person or organization shall be taken as a reference to the person or the organization delegated by the Royal Chancellor for the referred matter.

4. In this Act and any related regulation, decree, order or instrument –

  1. “fiscal year” means the period from April 1 of any given year to March 31 of the following year.
  2. "the exchange" means the online utility used for holding and transferring units of the currency of the Kingdom, as defined in Section 2 of the Currency, Exchange and Banking Act;

The Directorate of Finance

Directorate of Finance created

5. Within the Royal Chancellor’s Office shall be formed a Directorate of Finance, headed by a Director, or other designated official, reporting directly to the Royal Chancellor, responsible for the administration of the powers designated in this Act.

Responsibilities of the Directorate of Finance

6. The Directorate of Finance shall –

  1. develop and monitor the budget of the Royal Government for each fiscal year;
  2. monitor the accounts, assets and liabilities of the Royal Government;
  3. manage the offering or purchase of bonds and other securities to raise revenue for the Royal Government;
  4. provide advice on government fiscal policy to the Royal Chancellor;
  5. administer the payroll office as defined in the Crown Servant Salary Act; and,
  6. author and issue related reports;

7. The Royal Chancellor may from time-to-time designate, by Order, further responsibilities of the Directorate of Finance as he deems appropriate.

Royal Government Budget

Revenues and Expenditures

8. The Directorate of Finance shall be responsible for the development of a report detailing the Royal Government’s annual budget, including the identification of revenue sources and programme expenditures.

9. The Directorate may provide advice to the Royal Chancellor and/or the Royal Cabinet Office on the identification of new revenue sources and expenditures or on the modification or discontinuation of existing revenue sources and expenditures of the Royal Government.

Cost Centres

10. The Directorate of Finance shall for general accounting purposes maintain a list of cost centres into which, at the commencement of each fiscal year, new funds are allocated, and which expenditures shall be charged against.

11. A cost centre shall be maintained for each distinct Royal Government entity, where that entity is a Vice-Ministry, or equivalent, or higher, or where the entity is considered an independent branch of the Royal Government. The Director of Finance shall, at his discretion, assign or designate inactive other cost centres for lesser entities or special projects.

12. The annual budget report described in Article 8 shall include a summary spreadsheet identifying each active cost centre for that fiscal year and the quantity of Thalers allocated to it.

Authority to Manage Government Accounts

Royal Government bank accounts

13. The Director of Finance shall be responsible for the management of a central Royal Government bank account, which shall operate on the exchange and may, by Order, be held with a designated private banking institution.

14. The aforementioned central account shall be the only bank account held by the Royal Government for the purposes of collecting revenue and disbursing funds, except for separate accounts created by Order for independent government entities. The Director of Finance shall be responsible for the management of any such additional bank accounts.

Disbursement of Funds from Royal Government Bank Accounts

15. The Director shall disburse funds from any Royal Government bank account subject to the following conditions –

  1. The disbursement, to be recorded against a cost centre, shall be authorized by an supervisory official with authority for that cost centre;
  2. Disbursements other than payroll in an amount greater than GTh5,000 shall require the written authorization of a Minister of State, who may delegate this authority by Order;
  3. Disbursements other than payroll in an amount greater than GTh20,000 shall require the written authorization of the Royal Chancellor, who may delegate this authority by Order;

Raising Funds through Bonds and Other Securities

Directorate of Finance authorized to raise funds

16. The Directorate of Finance shall, subject to any related regulation, decree, order or instrument of the Kingdom, manage the offering of Royal Government bond series and the purchase of other securities as it deems necessary to raise funds to alleviate any budgetary deficit.

Reporting

Quarterly Public Report

17. Within thirty (30) days of the end of each quarter of the fiscal year, the Directorate of Finance shall publish via government notice a report publicly summarizing the total cumulative revenues and expenditures of the Royal Government as of the end of that quarter.

Bi-Annual Cabinet Report

18. Within thirty (30) days of the end of the second quarter of the fiscal year, the Directorate of Finance shall provide a detailed report to the Royal Cabinet Office summarizing the total cumulative revenues and expenditures of the Royal Government to date, anticipated cash flow for the remainder of the fiscal year, and related guidance on the state of the Kingdom’s fiscal condition.

Annual Budget Report

19. No later than March 1 of each year, the Directorate of Finance shall publish via government notice, and with the approval of the Royal Chancellor, an annual budget outlining the estimated revenues and authorized expenditures of the Royal Government for the upcoming fiscal year, subject to the following limitation.

20. For the purposes of this Act receiving Royal Assent at a date later than March 1, for the first fiscal year in which this Act is in force, the Directorate of Finance shall publish an annual budget for the remainder of the current fiscal year within sixty (60) days of Royal Assent.

Public access to budget information limited

21. The Royal Chancellor may order the Directorate of Finance to redact specific information in the annual budget report where the Royal Chancellor is of the opinion that the public awareness of the information is contrary to the national interest or security.

22. Redaction shall be limited to sensitive identifying information. Where the information to be redacted is a line item of revenue or expenditure, the value of the item shall not be redacted in any case.

Notes

Chamber of Deputies Hansard Record
Introduction Date: 2013-03-17
Tabled By: His Royal Majesty
Vote Outcome: In Favour: ; Against:
Royal Assent Date: 2013-03-17 (Article 28)
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