PUBLIC FINANCE MANAGEMENT BILL, 2018...Clause 14(4) and (5) The fine of “$5 000” was deleted and...

PARLIAMENT OF BARBADOS

Bridgetown

REPORT

OF THE

JOINT SELECT COMMITTEE

ON THE

PUBLIC FINANCE

MANAGEMENT BILL 2018


Bridgetown

REPORT OF


ON THE

PUBLC FINANCE MANAGEMENT BILL 2018

1 Pursuant to a Resolution of the House of Assembly on Tuesday 18th

December 2018 and the

concurrence of the Senate on Wednesday 19th

December 2018 a Joint Select Committee

(hereafter referred to as ldquothe Committeerdquo) was constituted to debate and report on-

A Bill to make provision for the improvement of the management of public finance in Barbados

2 The following members were appointed to the Committee-

HON DALE D MARSHALL QC MP

HON WILDFRED A ABRAHAMS MP

HON COLIN E JORDAN MP

HON KIRK D M HUMPHREY MP

HON RYAN R STRAUGHN MP

HON RALPH A THORNE QC MP

BISHOP JOSEPH ATHERLEY JP MP

SENATOR THE HON MS KAY C McCONNEY

SENATOR DR ROMEL O SPRINGER

SENATOR MISS CRYSTAL N DRAKES

SENATOR MS ALPHEA M WIGGINS

3 The Terms of Reference of the Committee were as follows

To inquire into and determine whether the Bill as drafted effectively fulfils the expressed objects

of improving the management of public finance in Barbados

To examine whether the Bill as drafted will upon effective implementation contribute to an ethos

of compliance with the financial rules in government affairs thereby promoting transparency and

accountability

To make recommended changes if deemed necessary to the Bill as drafted for further

consideration by the Chief Parliamentary Counsel

2

4 The Committee has the honour to report as follows-

The Committee scheduled meetings for the following dates Friday 4th

January 2019

Wednesday 9th

January 2019 Friday 11th

January 2019 and Monday 14th

January 2019

The minutes of the meetings are appended hereto and Marked B C D amp E respectively and

form part of this report

The Hon Dale D Marshall was elected Chairman of the Committee in his absence and the Hon

Ryan R Straughn was elected Temporary Deputy Chairman of the Committee and chaired the first

meeting in the absence of the Chairman

The Committee at that first meeting settled on the procedure which governed its deliberation

Those deliberations it determined would not be conducted in public

It should be noted that given the importance of this Bill to the eventual success of the

Governmentrsquos BERT Programme it was critical that work of the Committee be conducted with despatch

The Committee determined it should complete its work by Monday 14th

January 2019 and be in

a position to report to the House by Tuesday 15th

January 2019

The agreed procedure that informed the Committee was for the Committee to examine the Bill

Clause by Clause To that end the Committee commenced its work at the second meeting on 9th

January 2019 where the following amendments were agreed

The reference in the Report to the amendments are obviously to the old Bill at Appendix ldquoArdquo

and those changes are consequently reflected in the New bill at Appendix ldquoFrdquo

Wednesday 9th

January 2019

In Clause 2 ldquopublic office holderrdquo delete the words ldquoHouse of Assembly the Senaterdquo and insert

the word ldquoParliamentrdquo

PART II Clause 6(3) and directed that the word ldquoproviderdquo was deleted and the word ldquosubmitrdquo

substituted therefor

Clause 8(1) the words ldquoarrange to be publishedrdquo were deleted and the word ldquopublishrdquo substituted

therefor

Clause 9 the words ldquoon a temporary basisrdquo were deleted

Under PART III Clause 10 the ldquoRole of Controller Generalrdquo was inserted after that of

ldquoDirector of Financerdquo

3

Clause 14(4) and (5) The fine of ldquo$5 000rdquo was deleted and ldquo$10 000rdquo substituted therefor

Clause 16(b) the word ldquopropertyrdquo appearing after ldquoGovernmentrdquo be capitalised

Bishop Joseph Atherley entered certain reservations with respect to Clause 21 under the caption

ldquoContingenciesrdquo 21 1(a) and (b) especially where it provides for an urgent and unforeseen need for

expenditure The following best encapsulates his concerns and to that extent represents a dissenting view

with respect to that provision Bishop Atherley was of the view that this provision could be subjected to

abuse especially leading up to general elections And that could secure an electoral advantage

Bishop Atherley further suggested that the language of that Clause was not prohibitive enough to

circumscribe a Minister of Finance especially when that Minister is the Prime Minister

Clause 23(1)(b) the words ldquoone weekrdquo and 23(1)(c) the words ldquoone monthrdquo be changed to the

words ldquo28 daysrdquo respectively

Clause 25(2) In the third line the word ldquowasrdquo was inserted between the words ldquoliabilityrsquo and

lsquoincurredrsquo

Clause 36 which speaks to ldquoUnclaimed Trust Assetsrdquo at line 3 the words ldquoConsolidated Fundrdquo

were deleted and the words ldquoGovernment for the use of marine conversation or any other public

interest purpose related to achieving environmental sustainabilityrdquo substituted therefor

Clause 37(7) Delete the words ldquoAccountant-Generalrdquo and substitute the words ldquoDirector of

Financerdquo therefor

Clause 39(4) The words ldquoA Person whordquo appearing at the beginning of clause were deleted and

the words ldquoMinistry or department whichrdquo substituted therefor and the words ldquounless that ministry

or department has a below the line accountrdquo were inserted at the end of the clause after the word

lsquoAccountrdquo

Clause 39(5) was deleted

Clause 41 which speaks to ldquoSettlementsrdquo was deleted and consequential amendments would

have to be made to Clause 43 which speaks to ldquoAccounting for Remissions Write-offs and

Settlementsrdquo

Clause 51 (1) and (3) the words ldquoGovernment Entityrdquo were deleted and the words ldquoCommercial

State-Owned Enterpriserdquo substituted therefor

Clause 52 The word ldquoandrdquo appearing in the third line was deleted and the word ldquoorrdquo substituted

therefor

Clause 60(1) the words ldquoExcept as expressly authorised by any enactment that is consistent

with this Actrdquo were deleted

4

The Committee agreed suggested the words ldquono government guarantee should be given except

with the prior authorisation of Parliamentrdquo be included in the Clause 60 In the amended Bill that

appears ldquoNo guarantee shall be granted by the government without prior authorisation by a

resolution of Parliamentrdquo

Clause 60(2)(a) and (e) were deleted

Clause 61(1) was deleted The Committee agreed that would be redrafted Clause 61(1) based on

Section 34 of the Financial Management and Audit Act Cap 5

EIGHT SCHEDULE

The ldquoController Generalrdquo be included in the Schedule

SIXTH SCHEDULE

The words ldquobefore the dayrdquo and ldquobefore the weekrdquo appearing in Paragraph (b)(i) and (ii) and

(c)(ii) respectively be changed to ldquoas at the date of publicationrdquo

SEVENTH SCHEDULE

Paragraph 4(l) the words ldquoand the Financial Secretaryrdquo and ldquoand completenessrdquo should be

deleted

Friday 11th

January 2019

THIRD SCHEDULE

In paragraph 1 the words ldquopriorities objectives andrdquo and ldquoas a key input into setting the

parametersrdquo were deleted

In paragraph 2(a)(i) the word ldquoout turnsrdquo were deleted and the word ldquooutturnrdquo substituted

therefor

In paragraph 2(a)(ii) the words ldquobudget executionrdquo were deleted and the words ldquoactual

expenditurerdquo substituted therefor

In paragraph 2(a)(iii) insert the word ldquosummaryrdquo between ldquoardquo and ldquoreportrdquo at the beginning of

the paragraph

Paragraph 2(a)(iv) was deleted

In Paragraph 2(b) the word ldquo3rdquo was deleted and the word ldquo2rdquo substituted therefor

Paragraph 2(b)(iv) was deleted thus the numbering sequence was revised

5

Paragraphs 2(c) and (d) were deleted

In paragraph 2(e) the word ldquo3rdquo was deleted and the word ldquo2rdquo substituted therefor

Paragraphs 2(e)(vi) and (vii) were deleted

Paragraph 2(f) was deleted

In paragraph 2(g) the words ldquoand measurable fiscal objectivesrdquo were deleted

In paragraph 2(g)(i) the words ldquomeasurable fiscal objectivesrdquo were deleted and substituted with

the words ldquofiscal targetsrdquo Also the word ldquo3rdquo was deleted and substituted with the word ldquo2rdquo and the

words ldquordquowhere possiblerdquo included after thye word ldquoincludingrdquo

In paragraph 2(g)(i)(B) the word ldquobenefitsrdquo was deleted and substituted with the words

ldquoNational Insurance Contributionsrdquo

Paragraph 2(g)(ii) and (iii) were deleted

Paragraph 2(h)(iii) (iv) and paragraph 2(i) were deleted

In paragraph 2(k) the words ldquoand completenessrdquo were deleted

FOURTH SCHEDULE

In sub-paragraph (a) the words ldquoand assumptionsrdquo were deleted

In sub-paragraph (b)(i) the words ldquoand next 3 years with an explanation of significant differences

to forecasts in the Fiscal Framework and Annual Budgetrdquo were deleted

In sub-paragraph (b)(ii) the words ldquoand next 3 years with an explanation of significant

differences to forecasts in the Fiscal Framework and Annual Budgetrdquo were deleted

In sub-paragraph (b)(iv) the words ldquoand forecast next 3 years with an explanation of how the

forecasts relate to fiscal principles and fiscal objectives in the Fiscal Frameworkrdquo were deleted

In sub-paragraph (b)(v) the words ldquoand next 3 years and explanation of how the forecasts relate

to the fiscal principles and fiscal objectives in the Fiscal Framework in the short and Medium Termrdquo

were deleted

Paragraphs (c) (d) and (e) were deleted

In Paragraph (f) the word ldquoappropriationrdquo was deleted and replaced with the word ldquoheadrdquo

In paragraph (g) the words ldquoa summary ofrdquo was inserted at the beginning of sub-paragraph (g)(i)

and (g)(ii) Also in sub-paragraph (g)(ii) the words ldquoincluding showing separately all new unpaid

invoices since the stock of arrears was last reportedrdquo were deleted

6

FIFTH SCHEDULE

Under the Fifth Schedule the word ldquoGovernmentrdquo was replaced with the words ldquoState-Owned

Enterpriserdquo and the caption should read ldquoContents for Annual Report of the performance of State-

Owned Enterpriserdquo

SIXTH SCHEDULE

In sub-paragraph (a) ldquo(c)rdquo was deleted

In sub-paragraphs (b)(i)ii

SEVENTH SCHEDULE

In Paragraph 1 The word ldquo3rdquo was deleted and the word ldquo2rdquo substituted therefor

In Paragraph 3 sub-paragraphs (c) (d) and (e) were deleted

In Paragraph 4 sub-paragraphs (b) (e) (f) and (i) were deleted

In sub-paragraphs (g) and (h) the words ldquoa summaryrdquo were inserted at the beginning of the each

sentence

EIGHTH SCHEDULE

In sub-paragraph (c) the words ldquooutside of the Government of Barbadosrdquo were deleted and the

words ldquoa representative of the Institute of Chartered Accountants of Barbadosrdquo were substituted

therefor Inserted within that list was 2 persons ldquoa person appointed by the Minister as a

representative of a trade union and ldquoa person appointed by the Minister as a representative of

the private sectorrdquo

Paragraph 3 was deleted

Clause 80 which dealt with ldquoAccounting Officerrdquo was moved to PART III Roles and Responsibilities

The Committee agreed that the proper order for the Roles and Responsibilities as follows

1 Role of Minister

2 Role of Minister responsible for Finance

3 Role of the Director of Finance

4 Role of Controller General

5 Role of a Permanent Secretary

6 Role of the Accountant-General

7 Role of a Chief Executive Officer

7

The role of the Controller General was taken from the role of the Accountant-General and there would

be some overlapping

The Role of the Controller General is as follows

(a) setting the accounting standards consistent with generally accepted practice

(b) publishing the accounting standards on an official website of the Government

(c) ensuring all Public Entities and State Owned-Enterprises have in place proper expenditure

control mechanisms in accordance with this Act

(d) ensuring every Public Entity and State Owned-Enterprises adopts a proper system of accounts

and all money received and paid by the Government is brought promptly and properly to

account

(e) exercising supervision over the receipt of revenue and securing its punctual collection except

where those responsibilities are by law assigned to the Barbados Revenue Authority or other

public officer or public office holder

The Controller General

(i) shall enforce the accounting standards for the Government and State Owned Enterprises

including for Public Entities

(ii) shall at all times have access to all Public Entities or places where accounting for

services take place or accounting records are kept

(iii) may require access to records and require any information records or explanations from

a public officer or public office holder or former public officer or public office holder

necessary for the performance of the responsibilities of the Controller General

(iv) may examine and report to the Director of Finance on the financial and accounting

operations of a Public Entity

(v) may provide accounting and other services in connection with the financial management

of a Public Entity and

(vi) within his area of responsibility and his powers may issue instructions in writing to

Chief Executive Officers of Public Entities and to persons to whom Chief Executive

Officers have delegated their responsibilities under this Act

8

In conducting an audit or examination or carrying out responsibility under this Act or

any other enactment the Controller General may

(a) summon and examine upon oath declaration or affirmation a person with respect to

any matter related to the audit examination or other responsibility and

(b) require a person to produce any records or information with respect to any matter

related to the audit examination or other responsibility

The Controller General may delegate to a public officer or public office holder any of his

responsibilities or powers other than the power under subsection (2)(g)

The Controller General and any delegate shall be accountable for discharging his

responsibilities and exercising his powers under this Act and any other enactment in

relation to financial administration with diligence and honesty and is subject to discipline

under the applicable enactment for failing to do sordquo

In relation to the Accountant-General Clause 14(2)(f) was deleted

In Clause 83(2) the words ldquo2 weeksrdquo were deleted and the words ldquo28 daysrdquo substituted therefor


In Clause 84 (1) the word ldquo15th

rdquo be deleted and the word ldquo31strdquo be substituted therefor

In Clause 90 (3) insert the words ldquo including Commercial State-Owned Enterprisesrdquo after the

word ldquoEnterpriserdquo in both the second and third lines

In Clause 92 The Caption should read ldquoMinister for a State-Owned Enterprise or Commercial

State-Owned Enterpriserdquo

In Clause 92 (3) The words ldquoact jointly with the other share-holding Ministerrdquo appearing after

the word ldquoshallrdquo were deleted

In Clause 93 The words ldquoa Share-holding Minister orrdquo were deleted

Clauses 97 98 99 101 and 102 were deleted

In Clause 110 The words ldquoof the boardrdquo appearing after the word ldquomeetingrdquo were deleted and in

ldquo(c) the words ldquo3 yearsrdquo were deleted and the wordsrdquo2 yearsrdquo were substituted therefor

In Clause 112 and 113 The words ldquoShare-holdingrdquo appearing before the word ldquoMinistersrdquo was

deleted wherever it appeared The Committee agreed that the words ldquoShare-holdingrdquo appearing before

the word ldquoMinistersrdquo wherever it appeared in the Bill be deleted

In Clause 114 (c) the word ldquo3rdquo was deleted and the word ldquo2rdquo substituted therefor

9

Clauses 116 and 117 were deleted

In Clause 119 (1) the words ldquoperiodic reportsrdquo appearing after the word ldquopreparedrdquo were

deleted After further discussion the Committee on the suggestion of Minister R Straughn agreed that

under the ldquoRole of Ministerrdquo should be the ability of the Minister to request a report of the State-Owned

Enterprises and Commercial State-Owned Enterprises at will

In Clause 120 (2) The word ldquo30th

rdquo appearing before the word ldquoOctoberrdquo wwas deleted and the

word ldquo31strdquo substituted therefor

In Clause 121 The words ldquoAt least once per yearrdquo were deleted and the words ldquoevery 2 yearsrdquo

were substituted therefor Further in (c) the words ldquo3 yearsrdquo were deleted and the wordsrdquo2 yearsrdquo were


In Clause 122 Sections ldquo(3) and (4)rdquo were deleted

In PART X The Committee agreed with the suggestion of Ms S Belle that that section be

renamed ldquoMEASURESrdquo

Clause 124 (2) (a) was deleted

In Clause 125 (2) the word ldquo$170 000rdquo was deleted and the word ldquo$100 000rdquo substituted

therefor

In Clause 126 (2) (g) was deleted

In Clause 127 After the words ldquoAuditor Generalrdquo the words ldquoPermanent Secretaries

Comptroller General Accountant-General or any public officerrdquo were inserted

The Chairman spoke to a Cabinet Paper relative to amending the Procurement Rules He gave

way to Hon Ryan R Straughn who explained that in relation to procurement the policy decision by the

Government is to give disable persons a part of Government procurement (5) depending on the age

Ms Belle indicated that that would be after the Bill has been passed

The Committee then turned its attention to Clauses 45 46 and 47 which would also be included

within the Cabinet Paper and would be included under PART XI MISCELLANEOUS Ms Belle stated

that these would be treated as Remissions

Ms Belle queried Clause 136 Commencement The timeline of January 31st 2019 was for the

purpose of the BERT Programme The Committee agreed to leave it at a date fixed by Proclamation

which would be September 2019

Monday 14th

January 2019

10

The Committee agreed that in light of Clause 121 of the Bill the reinsertion of Clause 116 which

was previously deleted from the Bill

The title of the post agreed to by Cabinet was ldquoComptroller Generalrdquo and not ldquoController-

Generalrdquo The Bill would be amended to reflect this correction throughout

Clause 125 which was previously amended by deleting the word $170 000rdquo and substituting the

word ldquo$100 000rdquo was further amended by deleting the word ldquo$100 000rdquo and substituting the word

ldquo$200 000rdquo therefor

Clause 74 (2) was amended by deleting the word ldquo$5 000rdquo and substituting the word ldquo$10 000rdquo

therefor

Clause 46 (3) was deleted and the words ldquoOn the next sitting of Parliament following the

purchase of securities under subsection (3) the Minister responsible for Finance shall haverdquo


20181213

OBJECTS AND REASONS

This Bill would make provision for the improvement of the management ofpublic finance in Barbados

Arrangement of Sections

PART I

PRELIMINARY

Short title

Interpretation

Construction

Application

PART II

FISCAL RESPONSIBILITY

Fiscal Responsibility Principles

Fiscal Framework

Mid-Year Review Report and Annual Report

Pre-election Economic and Fiscal Update Report

Deviation from fiscal objectives

1

2

3

4

5

6

7

8

9

2

PART III

ROLES AND RESPONSIBILITIES

Role of Minister

Role of Minister responsible for Finance

Role of a Permanent Secretary

Role of the Director of Finance

Role of the Accountant-General

Role of a Chief Executive Officer

Responsibilities of a public officer and a public office holder

Representations to the Minister

Liability for funds

PART IV

ANNUAL BUDGET AND AUTHORISATION OF EXPENDITURE

Annual Budget

Appropriations

Contingencies

Parliament approval of Annual Budget

Publication of Annual Budget

10

11

12

13

14

15

16

17

18

19

20

21

22

23

3

Supplementary Estimates and Supplementary Appropriations

Lapse of Appropriations and Warrants

Financial Memorandum

PART V

FINANCIAL MANAGEMENT

Authorisation of ExpenditureAuthorisation of Expenditure

Control of Expenditure

Commitments

Virements

Cash ManagementCash Planning and Management

Consolidated Fund Special Funds Trust AssetsConsolidated Fund

Charges on the Consolidated Fund

Special funds

Trust Assets

Unclaimed Trust Assets

24

25

26

27

28

29

30

31

32

33

34

35

36

4

Banking ArrangementsTreasury Account

Fees and ChargesFees and Charges

GrantsRequirements for Grants

Remissions Write-offs and SettlementsRemissions

Settlements

Write-offs

Accounting for Remissions Write-offs and Settlements

Financial Asset ManagementMedium-Term Financial Asset Management Strategy

Deposit of Excess Moneys

Authorised Investments and Investment Requirements

Securities

Crediting Interest from Investments

Loans by the Government to be authorized by Parliament

Appropriation Necessary for Lending

37

38

39

40

41

42

43

44

45

46

47

48

49

50

5

Investment in a Government Entity

Loans to be Secured

Liability ManagementLiability Management

Authority to Borrow and Guarantee

Borrowing for Current Requirements

Borrowing for Non-current Requirements

Payment of Loan Moneys into Consolidated Fund

Minister may change form of Public Debt

Debt is a charge on the Consolidated Fund

Guarantee that imposes a liability on the Government

Payments are debts due to Government

Reporting

Internal AuditInternal Audit Office

Functions of the Internal Audit Office

Director of Internal Audit

Internal audit offices in Public Entities

51

52

53

54

55

56

57

58

59

60

61

62

63

64

65

66

6

Internal Audit Committee

Duties of the Internal Audit Committee

Internal Audit Standing Instructions

Internal Audit Requirements of a Commercial State-Owned Enterprise

PART VI

AUDITOR-GENERAL

Duties of Auditor-General

Certification of Pensions

Auditor-Generalrsquos Report

Powers of Auditor General

Authorisation to perform duties

Examination of accounts on request

Fees for auditing accounts

Engagement of services by Auditor-General

Officers of the Audit Office

67

68

69

70

71

72

73

74

75

76

77

78

79

7

PART VII

ACCOUNTS AND REPORTS

AccountsAccounting Officers

Standing instructions to Accounting Officers

Timing of accounting for moneys recovered

Reporting and Transparency RequirementsMonthly Reports

Mid-Year Review Report

Financial Statements of the Government

Annual Report on Non-Financial Performance

Publication of Financial Statements and Annual Report of the Government

Public Accounts Committee

PART VIII

MINISTRY ACCOUNTABILITY

Performance of Ministry

Agreements and Review of Performance of Ministry

80

81

82

83

84

85

86

87

88

89

90

8

PART IX

ACCOUNTABILITY

General MattersClassification of Entities

Minister for a State-Owned Enterprise

Specific responsibilities of Minister responsible for Finance

Board of a Commercial State-Owned Enterprise and a State-OwnedEnterprise

Nomination of Directors

Training of Directors of a State-Owned Enterprise or a Commercial State-Owned Enterprise

Board Monitor

Dismissal of a Director of a State-Owned Enterprise

Dismissal of a Director of a Commercial State-Owned Enterprise

Chief Executive Officer of a State-Owned Enterprise and a CommercialState-Owned Enterprise

Status of an employee of a Commercial State-Owned Enterprise and aState-Owned Enterprise

Ministerial Standing Instructions

Standing Instructions of the Minister responsible for Finance

91

92

93

94

95

96

97

98

99

100

101

102

103

9

Accounting Standards

Protection of Commercially Sensitive Information

Financial year for Public Entities and Commercial State-OwnedEnterprises

State-Owned Enterprise AccountabilityAnnual Plan of a State-Owned Enterprise

Mid-Year and Annual Report of a State-Owned Enterprise

Performance Agreements and Reviews

Public Meeting of a State-Owned Enterprise

Commercial State-Owned Enterprise AccountabilityObjective of a Commercial State-Owned Enterprise

Timing Statement of Corporate Intent and Annual Plan

Contents of Statement of Corporate Intent

Contents of Annual Plan

Statement of Corporate Intent and Annual Plan

Introduction into Parliament and publication of Statement of CorporateIntent and Annual Plan

Dividend

Service Agreements

104

105

106

107

108

109

110

111

112

113

114

115

116

117

118

10

Periodic Reports Mid-Year Reports and Annual Reports

Reviews of Performance

Public Meeting of a Commercial State-Owned Enterprise

Government Share-Holding

PART X

SANCTIONS

Application of sanctions

Financial Misconduct

Criminal Proceedings

Institutional measures

Surcharge by Director of Finance

Notification of Surcharge

Withdrawal of Surcharge

Right of Appeal

Recovery of Loss

PART XI

MISCELLANEOUS

Rules

119

120

121

122

123

124

125

126

127

128

129

130

131

132

11

Amendment of Schedules

Savings

Repeal

Commencement

133

134

135

136

12

FIRST SCHEDULE

State Owned Enterprises

SECOND SCHEDULE

Commercial State-Owned Enterprises

THIRD SCHEDULE

Contents of Fiscal Framework

FOURTH SCHEDULE

Contents of the Mid-Year Review Report

FIFTH SCHEDULE

Contents for Annual Report of the Performance of Government

SIXTH SCHEDULE

Contents for the Pre-Election Economic and Fiscal Update

SEVENTH SCHEDULE

Contents for the Annual Budget

EIGHTH SCHEDULE


13

BARBADOS

A Bill entitled

An Act to make provision for the improvement of the management of publicfinance in Barbados

ENACTED by the Parliament of Barbados as follows

PART I

PRELIMINARY

Short title

This Act may be cited as the Public Finance Management Act 2018

Interpretation

In this Act

ldquoaccounting officerrdquo is an officer designated as such by the Director of Financepursuant to section 80

ldquoAnnual Budgetrdquo means the Annual Estimates required by section 19 thedocuments specified in the Seventh Schedule and any other documents theMinister responsible for Finance considers necessary

ldquoAnnual Estimatesrdquo means the Annual Estimates of revenue expenditure andfinancing referred to in section 19

ldquoAppropriationrdquo means a sum voted by Parliament in the form of the AnnualEstimates or Supplementary Estimates and authorized as expenditure by anAppropriation Act or Supplementary Appropriation Act but does not includestatutory expenditure authorised as a charge on the Consolidated Fund oron the general revenues and assets of Barbados under an Act according tosection 109 of the Constitution

ldquoAppropriation Actrdquo means an Act to appropriate sums necessary to meet theAnnual Estimates of expenditure in a Financial Year

ldquoAuditor-Generalrdquo means the public office established by section 113 of theConstitution

ldquoAudit Opinionrdquo means a certification by an auditor that accompanies financialstatements based on an audit of an accountants opinion on the procedures

1

2

16

and records used to produce the statements regardless of whether materialmisstatements exist in the financial statements

ldquoChief Executive Officerrdquo means the manager of a Public Entity or a CommercialState-Owned Enterprise

ldquocommitmentrdquo means the creation of a legal obligation to purchase goods orservices

ldquoCommercial State-Owned Enterpriserdquo means

an entity owned or controlled by the Government that provides servicesin the market or undertakes commercial activities and

specified in the Second Schedule

ldquoconflict of interestrdquo means

using an official position or information or influence from suchposition to further the private interests of the official or another personor

receiving a benefit of any kind that may reasonably be perceived tocompromise the officialrsquos judgement integrity or behaviour in hisofficial capacity

ldquoConsolidated Fundrdquo means the Fund established by section 107 of theConstitution

ldquoDirector of Financerdquo means the most senior management position in theMinistry responsible for Finance

ldquoEstimatesrdquo means Annual Estimates or Supplementary Estimates

ldquoExpenditure Headrdquo means a sum arranged by a Head classification andappropriated by an Appropriation Act

ldquoFinancial Memorandumrdquo means the Memorandum prepared by a Ministerpursuant to section 26

ldquoFinancial Statementsrdquo means the Statement referred to in section 85

(a)

(b)

(a)

(b)

17

ldquoFinancial Yearrdquo means the 12 months beginning on the 1st day of April andending on the 31st day of March

ldquoFiscal Frameworkrdquo means the document prepared by the Ministry responsiblefor Finance pursuant to section 6

ldquoGovernmentrdquo means the Government of Barbados

ldquoGovernment Propertyrdquo includes physical assets and financial assets in thepossession or under the control of the Government that is not property heldin trust

ldquoGuaranteerdquo means a legal obligation to pay a loan or other monetary obligationor to perform an act or obligation that is defaulted on by the borrower

ldquoInternal Audit Committeerdquo means the Committee referred to in section 67

ldquoInternal Audit Officerdquo means the Department referred to in section 63

ldquoMedium-Termrdquo means a minimum of 3 years and up to 5 years

ldquoNegotiable Instrumentrdquo means a cheque draft travellerrsquos cheque bill ofexchange postal note money order or other similar instrument and anyelectronic instrument that has the same effect

ldquooutput agreementrdquo means the output targets achieved during the financial yearbased on measurable targets agreed to at the start of the financial year

ldquoPermanent Secretaryrdquo has the meaning assigned to it by the Public ServiceAct Cap 29

ldquoPublic Accounts Committeerdquo means the Committee established by section 3 ofthe Public Accounts Committee Act Cap 10A

ldquoPublic Entityrdquo means a Ministry or Department of Government with the statusof a Ministry or State-Owned Enterprise but shall not include a CommercialState-Owned Enterprise

18

ldquopublic moneyrdquo means money belonging or payable to or received collected orheld by for or on behalf of the Government and includes

all revenues or other money raised payable or received for the purposeof the Government

all money held whether temporarily or otherwise by a public officeror public office holder in his official capacity either alone or jointlywith any other person whether or not that other person is a public officeror public office holder and

Negotiable Instruments

ldquopublic office holderrdquo means the holder of an elected or appointed office in Houseof Assembley the Senate the Judiciary Government a Governmentappointee to a board or commission or other advisory or governanceposition and includes but is not limited to Ministers constitutional officeholders and appointees to Government advisory bodies and to boards ofState Owned Enterprises and Commercial State-Owned Enterprises and thestaff supporting the public office holder including the staff of those referredto in section 117(7) of the Constitution

ldquopublic officerrdquo has the meaning assigned to it by section 117(1) of theConstitution

ldquoPublish on an official website of the Governmentrdquo means publishing thedocument on a website administered by the Government a Public Entityor a Commercial State-Owned Enterprise in a place on the website that isreadily accessible by the public and for a period of not less than 5 years fromthe date of making the document available on the website

ldquoremissionrdquo includes a waiver of all or part of a payment of a tax fee interestpenalty or other sum owed to the Government

ldquoMinisterrdquo means the Minister with responsibility for a Public Entity orCommercial State-Owned Enterprise

(a)

(b)

(c)

19

ldquoMinistryrdquo means the Ministry with oversight responsibilities for a Public Entityor Commercial State-Owned Enterprise

ldquosecuritiesrdquo means bonds debentures promissory notes treasury bills and otherdocuments evidencing debt and includes documents commonly known assecurities and electronic instruments that have the same effect

ldquosinking fundrdquo means a Fund for which provision is made in relation toGovernment securities under this Act or under any other enactment

ldquospecial fundrdquo means a fund referred to in section 34

ldquostatement of responsibilityrdquo means the statement signed by the Ministerresponsible for Finance and the Director of Finance pursuant to paragraph2(k) of the Third Schedule

ldquostatement of social responsibilityrdquomeans a statement summarising the serviceswhich the Government requires a Commercial State-Owned Enterprise toprovide

free at the point of delivery or

at a lower cost than it would be on a normal commercial basis

ldquoState-Owned Enterpriserdquo means

an entity of the Government that is not a Ministry and is not aCommercial State-Owned Enterprise and

is specified in the First Schedule

ldquostatutory entityrdquo means any corporation company board commissionauthority or other entity established by or under an enactment to providegoods or services to the public or to fulfil regulatory or other Governmentfunctions and such entity shall be classified as either State-OwnedEnterprise in the First Schedule or a Commercial State-Owned Enterprisein the Second Schedule

ldquostatutory expenditurerdquo has the meaning assigned to it by section 109(7)(b) ofthe Constitution

(a)

(b)

(a)

(b)

20

ldquoSupplementary Appropriation Actrdquo means an Act to appropriate sums of moneynecessary to meet the Supplementary Estimates of expenditure for servicesin a Financial Year in accordance with section 109 of the Constitutionand

ldquoSupplementary Estimatesrdquo means Supplementary Estimates of expenditurerevenue or financing

Construction

Where a conflict arises between an enactment with the exception ofthe Constitution and the provisions of this Act this Act and any rules made underthis Act shall prevail

Application

This Act shall apply to a Public Entity Commercial State-OwnedEnterprise public officer and public office holder unless otherwise stated in thisAct

PART II



The Government shall comply with the following fiscal responsibilityprinciples

achieving and maintaining a prudent level of public debt

managing fiscal risks in a prudent manner and

pursuing macro-economic stability inclusive growth and inter-generational equity

3

4

5(1)

(a)

(b)

(c)

21

The Government shall set measurable fiscal objectives for the fiscalresponsibility principles and shall report on the achievement of the fiscalobjectives to Parliament and the public as required by this Act

The Government shall use revenue in excess of Estimates in the executionof the Annual Budget to reduce debt and shall not use such revenues for additionalexpenditure unless appropriated by Parliament under section 24

Fiscal Framework

The Ministry responsible for Finance shall prepare a document to beknown as the ldquoFiscal Frameworkrdquo which shall review the performance of theprevious financial year against the fiscal objectives present a macro-economicoutlook and set out the fiscal objectives and policies for the medium term

The Fiscal Framework shall include the information and statements set outin the Third Schedule

The Minister responsible for Finance shall provide the Fiscal Frameworkto the Cabinet for approval no later than 31st July of the year preceding the AnnualBudget

The Fiscal Framework shall be laid in Parliament for information by theMinister responsible for Finance no later than 15th August of the year precedingthe Annual Budget

The Fiscal Framework shall be debated in Parliament and anyrecommendations in respect of the Fiscal Framework shall be considered by theCabinet

The Cabinet shall not be required to make changes recommended pursuantto subsection (5) subject to subsection (6)

The Minister responsible for Finance shall have laid in Parliament anexplanation of why the Government is not adopting part or all of therecommendations made under subsection (5) no later than 21 days after makingthe Cabinet decision on the recommendations

(2)

(3)

6(1)

(2)

(3)

(4)

(5)

(6)

(7)

22

The Director of Finance shall publish

the Fiscal Framework on an official website of the Government on theday the Fiscal Framework is laid in Parliament and shall make theFiscal Framework available to the public in printed form as soon aspracticable and

the recommendations of Parliament on the Fiscal Framework and theresponse of the Government on an official website of the Governmentno later than 3 weeks after the day the document containing theresponse of the Government is laid in Parliament

any changes made to the Fiscal Framework in response to therecommendations of Parliament on an official website of theGovernment no later than 3 weeks after the changes are agreed to bythe Cabinet


The Ministry responsible for Finance shall include information onprogress against the Fiscal Framework in a Mid-Year Review Report as specifiedin the Fourth Schedule by 15th October each year

The Ministry responsible for Finance shall include information on progressagainst the Fiscal Framework in the Annual Report of the Performance ofGovernment specified in Fifth Schedule


The Ministry responsible for Finance shall not earlier thanNomination Day and no later than 5 working days after Nomination Day arrangeto be published on an official website of the Government a Pre-electionEconomic and Fiscal Update Report which shall include the information andstatements specified in Sixth Schedule

Nothing in this section shall affect the setting of the polling date for theelection

(8)

(a)

(b)

(c)

7(1)

(2)

8(1)

(2)

23


The Government may deviate from the fiscal objectives stated in theFiscal Framework on a temporary basis where that deviation is due to asignificant unforeseeable event that cannot be accommodated through the use ofother measures provided for in this Act or prudent fiscal policy adjustments

PART III


Role of Minister

A Minister shall

oversee and direct the Public Entity or Commercial State-OwnedEnterprise under his responsibility to achieve the performancespecified in the

Annual Budget and the Annual Plan in respect of a Public Entityand

Statement of Corporate Intent and the Annual Plan in respect of aCommercial State-Owned Enterprise and

have the responsibilities with regard to a Public Entity and aCommercial State-Owned Enterprises specified in Part VIII and PartIX


The Minister responsible for Finance is responsible for

facilitating adherence to the fiscal responsibility principles and otherrequirements specified in this Act

9

10

(a)

(i)

(ii)

(b)

11(1)

(a)

24

managing the fiscal performance fiscal risks and report on the financialposition of the Government as a whole

ensuring that the Governmentrsquos plans are fully consistent with the fiscalresponsibility principles of this Act and the fiscal objectives in the mostrecent Fiscal Framework

overseeing the preparation of the Fiscal Framework the AnnualBudget including the Annual Estimates the Mid-year Review theFinancial Statements and other Government financial reports requiredto be produced for the Cabinet and Parliament

ensuring that the Annual Budget is executed as appropriated byParliament and as authorized for statutory expenditure and managedso as to comply with this Act

management of Government assets and liabilities as required by thisAct

exercising general control of the Ministry

supervising any Public Entity or Commercial State-Owned Enterprisefor which he is responsible by virtue of being a Share-holding Ministeror the Minister responsible for that entity

oversight and policy development for the financial management ofPublic Entities and Commercial State-Owned Enterprises

such other matters assigned to the Minister under an enactment or byadministrative authority

The Minister responsible for Finance shall from time to time determine theformat contents timing and quality of information to be provided in the budgetsplans reports and other documents required by this Act

The Minister responsible for Finance may enter into and executeagreements on behalf of the Government in relation to matters of a financialnature

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(j)

(2)

(3)

25


A Permanent Secretary where designated as an accounting officerunder section 80 shall be responsible for

administering the Expenditure Head or part of an Expenditure Head inthe Annual Budget that is under the control of the Public Entity

administering each item or part of an item of Statutory Expenditure inthe Annual Budget or under an Act that is under the control of the PublicEntity

administering each item of revenue or part of an item of revenue in theAnnual Budget that is under the control of the Public Entity

providing policy advice to the Minister

assisting the Minister to oversee the entities that he is responsible for

other functions as defined in rules made under this Act for accountingofficers and

other responsibilities set out in section 15


The Director of Finance shall be responsible for assisting the Ministerresponsible for Finance in the discharge of his responsibilities and shall managethe Ministry of Finance to provide the following functions

economic and fiscal policy advice

preparation of the Fiscal Framework and Annual Budget

management of the Annual Budget process

setting standards for the financial management systems and processesand monitoring the performance of such systems and processes

treasury services including banking and cash management

12

(a)

(b)

(c)

(d)

(e)

(f)

(g)

13(1)

(a)

(b)

(c)

(d)

(e)

26

management of Government assets and liabilities

project assessment advice and monitoring

setting the statistical reporting standards for all Public Entities andCommercial State-Owned Enterprises

overseeing the setting of the accounting standards by the Accountant-General

ensuring that information systems are designed in accordance withaccounting and reporting standards

ensuring that all Public Entities and Commercial State-OwnedEnterprises report on their true and fair financial position

Government financial reporting including producing the FinancialStatements and Government financial reports required by this Act

monitoring of the Governmentrsquos financial interests in entities to whichthis Act applies including managing the Governmentrsquos ownershipinterests in State Owned Enterprises and Commercial State-OwnedEnterprises

monitoring and managing the fiscal risks of the Government

designation of accounting officers and

other functions required by an enactment or administrative authority

The Director of Finance

shall at all times have access to all Public Entities and CommercialState-Owned Enterprises and places where accounting for servicestakes place or accounting records are kept

may require a public officer or public office holder to furnish anyinformation and provide access to any documents or information thatthe Director of Finance considers necessary and

(f)

(g)

(h)

(i)

(j)

(k)

(l)

(m)

(n)

(o)

(p)

(2)

(a)

(b)

27

may delegate any of his responsibilities or powers to the Accountant-General or any other appropriate public officer

The Director of Finance and any delegate is accountable for discharginghis responsibilities and exercising his powers under this Act or any otherenactment in relation to financial administration with diligence and honesty andis subject to discipline under the applicable enactment for failing to do so


The Accountant-General shall be responsible for

setting the accounting standards consistent with generally acceptedpractice

publishing the accounting standards on an official website of theGovernment

maintaining the accounts of the Government so as to show the currentstate of the Consolidated Fund and other funds and the financialposition of the Government

receiving and banking or overseeing the receipt and banking of publicmoney and overseeing its disbursement including overseeing theopening and closing of bank accounts

ensuring all Public Entities have in place proper expenditure controlmechanisms in accordance with this Act

maintaining arrangements for the management of the Governmentrsquoscash

preparing the Financial Statements and any other financial statementsor reports required by the Minister responsible for Finance or theDirector of Finance

verifying that payments are processed in accordance with this Act andrefusing payment on any invoice which is incorrect or insufficient incontent or which contravenes this Act or any other Act or that is in

(c)

(3)

14(1)

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

28

his opinion in any other way unacceptable in support of a charge onpublic monies

ensuring payments are processed within the agreed contractual timefor payment

ensuring in any instance of having less cash available than necessaryto meet all payments due payments are made in accordance withprotections and priorities in the law

ensuring every Public Entity adopts a proper system of accounts andall money received and paid by the Government is brought promptlyand properly to account

reporting to the Director of Finance in writing any apparent defect inthe control of revenue expenditure or money or any breach orcontravention of this Act or any other enactment by a Public EntityCommercial State-Owned Enterprise or service that may come to orbe brought to his notice

exercising supervision over the receipt of revenue and securing itspunctual collection except where those responsibilities are by lawassigned to the Barbados Revenue Authority or other public officer orpublic office holder

such responsibilities as are assigned to him under an enactment oradministrative authority

The Accountant-General

shall enforce the accounting standards for the Government includingfor Public Entities

shall at all times have access to all Public Entities or places whereaccounting for services take place or accounting records are kept

may require access to records and require any information records orexplanations from a public officer or public office holder or former

(i)

(j)

(k)

(l)

(m)

(n)

(2)

(a)

(b)

(c)

29

public officer or public office holder necessary for the performance ofthe responsibilities of the Accountant-General

may examine and report to the Director of Finance on the financial andaccounting operations of a Public Entity

may provide accounting and other services in connection with thefinancial management of a Public Entity

may station a person employed in the Ministry responsible for Financeor engaged by the Ministry responsible for Finance in any Public Entityor place where accounting for a Public Entity takes place when theAccountant-General considers it necessary to discharge hisresponsibilities and

within his area of responsibility and his powers may issue instructionsin writing to Chief Executive Officers of Public Entities and to personsto whom Chief Executive Officers have delegated their responsibilitiesunder this Act

In conducting an audit or examination or carrying out any responsibilityunder this Act or any other enactment the Accountant-General may

summon and examine upon oath declaration or affirmation a personwith respect to any matter related to the audit examination or otherresponsibility and

require a person to produce any records or information with respect toany matter related to the audit examination or other responsibility

A person summoned under subsection (3)(a) who without reasonableexcuse fails to obey the summons is guilty of an offence and is liable on summaryconviction to a fine of $5 000 or to imprisonment for a term of 12 months or toboth

A person who refuses to produce any records or information as requiredunder subsection (3)(b) is guilty of an offence and is liable on summary

(d)

(e)

(f)

(g)

(3)

(a)

(b)

(4)

(5)

30

conviction to a fine of $5 000 or to imprisonment for a term of 12 months or toboth

The Accountant-General may delegate to a public officer or public officeholder any of his responsibilities or powers other than the power undersubsection (2)(g)

The Accountant-General and any delegate shall be accountable fordischarging his responsibilities and exercising his powers under this Act and anyother enactment in relation to financial administration with diligence and honestyand is subject to discipline under the applicable enactment for failing to do so

For the purposes of subsection (1)(a) ldquogenerally accepted accountingpracticerdquo means

the International Public Sector Accounting Standards issued by theInternational Federation of Accountants

where no guidance is provided by the Standards mentioned inparagraph (a) the Accounting Standards issued by the InternationalAccounting Standards Board or

where no guidance is provided by the Standards specified in paragraph(a) or (b) accounting practice that is generally accepted within theaccounting profession in Barbados as appropriate for reporting by thepublic sector including statutory bodies


A Chief Executive Officer shall manage the assets and liabilities ofthe Public Entity or Commercial State-Owned Enterprise

in accordance with this Act and any other relevant enactment and

to achieve the performance required in the Annual Budget and theapproved Annual Plan and for a Commercial State-Owned Enterprisethe approved Statement of Corporate Intent and the Annual Plan

(6)

(7)

(8)

(a)

(b)

(c)

15(1)

(a)

(b)

31

A Chief Executive Officer shall be responsible for

the prompt collection and receipt of the revenue of the entity

the control of and accurate and timely accounting and reporting forexpenditure revenues assets and liabilities of the entity and

the control of and accurate and timely accounting and reporting forpublic money and all other money and property received by orcontrolled by or in the custody of the entity in accordance with thisAct and any other relevant enactment

A Chief Executive Officer shall ensure that the plans budgets and reportsare provided as required by this Act

A Chief Executive Officer is not absolved of responsibilities by reason ofthe proper discharge by the Accountant-General or the Auditor-General of hisresponsibilities such as the acceptance for deposit of money by the Accountant-General or by reason of the auditing of the accounts by the Auditor-General

A Chief Executive Officer and any delegate is accountable for discharginghis responsibilities under this Act or rules made under this Act and other relevantenactment with diligence and honesty and is subject to discipline and othersanctions under the applicable enactment for failing to do so


A public officer or public office holder who in the discharge of hisresponsibilities as a public officer or public office holder comes into thepossession or control of

public money that he knows or has reason to believe is intended to bepaid to or received by the Government

securities that are Government property and that are intended to beplaced on deposit with or entrusted to the Government or

electronic instruments relating to money or property that are intendedto be controlled by the Government

(2)

(a)

(b)

(c)

(3)

(4)

(5)

16

(a)

(b)

(c)

32

shall without delay deliver the money securities or control of the electronicinstruments relating to money or property to the public officer responsible forthem or to the Accountant-General


An accounting officer of a department shall in writing promptly makea representation to a Minister in respect of a decision of the Minister that relatesto the financial administration of the department where the accounting officerdisagrees with the decision and the accounting officer

is unable to defend the decision as a prudent financial administrativedecision or

regards the decision as inconsistent with his obligation to ensure thatthe financial administration of the department is carried out

to avoid waste of moneys

with propriety

Subject to subsection (1) the accounting officer shall in the representationstate the decision of the Minister with which he disagrees and the reasons for thedisagreement

Notwithstanding subsection (2) where the Minister adheres to his decisionthe Minister shall in writing communicate his adherence to the accountingofficer and the accounting officer shall carry the decision into effect

Liability for funds

Notwithstanding section 17 where an accounting officer of adepartment objects to a decision of a Minister that relates to the financialadministration of the department and the objection involves the liability of the

17(1)

(a)

(b)

(i)

(ii)

(2)

(3)

18(1)

33

accounting officer for moneys of the department or the regularity or propriety ofpayment of moneys of the Government the accounting officer shall

state in writing the

decision of the Minister

objection to the decision and

reasons for the objection

only authorise payment of moneys of the Government or make apayment of moneys of the Government where the Minister overrulesthe objection

Where a payment is made under subsection (l)(b) the accounting officershall immediately

inform the Director of Finance and the Accountant-General in writingof the circumstances of the payment and

forward the documentation that relates to the payment to the Auditor-General

Notwithstanding subsection (1)(b) and subsection (2) where loss wastageor improper use of moneys of the Government occurs as a result of the decisionof the Minister the Minister is liable for the loss wastage or improper use of themoneys of the Government

PART IV


Annual Budget

The Annual Budget shall contain revenue financing and expenditureEstimates and annexes including the information set out in the SeventhSchedule

(a)

(i)

(ii)

(iii)

(b)

(2)

(a)

(b)

(3)

19(1)

34

The Annual Budget shall present the financial information on a gross basis

The Annual Budget documents shall be accompanied by

an Appropriation Bill as the basis for approving expenditure

annual plans for Public Entities and Commercial State-OwnedEnterprises

The Annual Budget shall be laid by the Minister responsible for Financein Parliament no later than 15th March of the year prior to the year to which itrelates

Appropriations

The Appropriations shall be presented by Expenditure Heads whichshall be expenditure to be administered by a specified Ministry or other PublicEntity

The Appropriations shall be authorised in the Appropriation Act and shallbe made for one year

Contingencies

The Minister responsible for Finance may include in theAppropriations an Expenditure Head to be known as ldquoContingenciesrdquo which shall

provide for an urgent and unforeseen need for expenditure and

not exceed 3 per cent of the recurrent expenditure specified in theAppropriation Act

The Cabinet may authorize a charge for the purpose of Contingencieswhere it has received justification in writing from the Minister responsible forFinance

The Auditor-General in scrutinizing the utilization of the ContingenciesExpenditure Head shall assess whether the funds have been allocated and utilizedin the manner consistent with this Act and shall report to Parliament on anyimproper utilization of funds specified by the Contingencies Expenditure Head

(2)

(3)

(a)

(b)

(4)

20(1)

(2)

21(1)

(a)

(b)

(2)

(3)

35

The Minister responsible for Finance shall issue a warrant to authorise acharge on the Consolidated Fund made pursuant to this section


Parliament shall approve the Annual Budget for the forthcomingfinancial year no later than 31st March of the financial year prior to the year towhich the Annual Budget relates

The Ministry responsible for Finance shall be responsible for

the technical preparation of any proposal by Parliament to amend theAnnual Budget and Bills to implement the Annual Budget and

ensuring that the numbers contained in such proposals are accurate


The Minister responsible for Finance shall publish on an officialwebsite of the Government

the proposed Annual Budget on the same day the Annual Budgetdocuments are laid in Parliament

the Annual Budget approved by Parliament no later than one week afterthe date the Annual Budget was approved and

a summary of the Annual Budget within one month after the date theAnnual Budget is approved

The

proposed Annual Budget

Annual Budget approved by Parliament and

summary of the Annual Budget

referred to in subsection (1) shall be made available to the public in printed formas soon as practicable

(4)

22(1)

(2)

(a)

(b)

23(1)

(a)

(b)

(c)

(2)

(a)

(b)

(c)

36


Any expenditure proposed during the year by a Public Entity that isnot within the Appropriations approved by Parliament in the Annual Budget shallbe

funded through the virements authorized under this Act

deferred until future budget years if this can be done withoutsubstantially harming the public interest or

if funding by the ways set out in paragraphs (a) and (b) is not possiblethen Supplementary Estimates and Supplementary Appropriation Billshall be presented to the House of Assembly as required by section 109of the Constitution and this section

Where in respect of any Financial Year it is found

that the amount appropriated by the Appropriation Act for any purposeis insufficient or that a need has arisen for expenditure for a purposefor which no amount has been appropriated by the Appropriation Actor

that any moneys have been expended for any purpose in excess of theamount appropriated for that purpose by the Appropriation Act or fora purpose to which no amount has been appropriated by theAppropriation Act

Supplementary Estimates showing the sums required or spent shall be laid beforeParliament and when the Supplementary Estimates have been approved byParliament a Supplementary Appropriation Bill shall be introduced intoParliament as required by section 109 of the Constitution providing for a chargeon the Consolidated Fund for such sums and appropriating them to purposesspecified therein

The Supplementary Estimates and Supplementary Appropriation Bill shallbe accompanied by an explanation from the Minister responsible for Finance as

24(1)

(a)

(b)

(c)

(2)

(a)

(b)

(3)

37

to the impact of the additional expenditure or financing on the Governmentrsquosperformance against the fiscal objectives in the Fiscal Framework

The Government may propose Supplementary Estimates and aSupplementary Appropriation Bill to reduce expenditure or reallocateexpenditure when such reallocation is not within the power of the Governmentto make without an appropriation


The balance in an Appropriation that has not been expended at the endof the Financial Year after adjustment for the recording of liabilities referred toin subsection (2) and any warrant in relation to the balance of the Appropriationshall lapse

A liability incurred by the Government before the end of the Financial Yearthat remains unpaid at the end of the Financial Year shall be included in theaccounts for the Financial Year in which the liability incurred for theAppropriation to which it relates

All settlements of liabilities shall be in accordance with this Act but nothingin this section permits the recording of a payment that is in excess of the balanceavailable in the Appropriation

The liability recorded as a charge under subsection (1) may be dischargedor settled no later than 30 days after the end of the Financial Year

No warrant shall be issued by the Minister responsible for Finance formovements of funds for a Financial Year after the end of the Financial Year towhich the warrant is being issued in


A Minister who proposes any measure or action that has financialimplications requiring the approval of the Cabinet shall prepare and submit tothe Minister responsible for Finance a Financial Memorandum containing aprojection of the financial implications for the short medium and long term

(4)

25(1)

(2)

(3)

(4)

(5)

26(1)

38

The Minister responsible for Finance shall provide an opinion in writingto the Cabinet on whether the proposed measure or action should proceed

PART V


Authorisation of Expenditure


Sections 109 and 110 of the Constitution shall apply in respect of theauthorisation of expenditure of public money


An accounting officer shall provide spending procurement and cashplans to the Ministry responsible for Finance by no later than one week after theapproval by Parliament of the Appropriation Bill or such other date as specifiedby the Director of Finance

Where an accounting officer fails to supply the information as required bysubsection (1) the Minister responsible for Finance may suspend the warrant orpart of the warrant to authorise commitments for which there are no plans

Commitments

A public officer or public office holder shall not commit theGovernment to any financial liability unless specifically authorized to do sopursuant to this Act or any other enactment

An accounting officer and the Chief Executive Officer of a Public Entityshall maintain arrangements to ensure that any commitment made

is authorized pursuant to this Act or any other enactment

does not exceed the approved warrant and

(2)

27

28(1)

(2)

29(1)

(2)

(a)

(b)

39

is in accordance with the procedures of the Ministry responsible forFinance to control commitments and requirements stated in any otherrelevant enactment

An accounting officer and the Chief Executive Officer of a public entityshall maintain a proper record of all financial commitments chargeable to eachAppropriation and item of expenditure

Where an accounting officer public officer or public office holder makesa commitment in contravention of the procedures to control commitments theDirector of Finance shall assess whether a surcharge should be imposed

Virements

The Government shall not vire funds between Expenditure Headswithout prior authorization by Parliament through Supplementary Estimates anda Supplementary Appropriation Bill or resolution

The Director of Finance may authorise an accounting officer by way of awarrant to

vire funds within an expenditure head between non-salary recurrenteconomic items as specified in any rules made under this Act or

vire capital funds within an expenditure head between projects if theprojects have the same source of funding

The Director of Finance shall not issue a warrant to authorise the movementof funds

from an amount for a transfer to an entity or transfer to an individualor benefits for a class of persons to any other economic classificationof expenditure

from an amount for capital expenditure to non-capital expenditure or

from a transfer for a Public Entity or Commercial State-OwnedEnterprise for the purposes of expenditure on wages and relatedbenefits

(c)

(3)

(4)

30(1)

(2)

(a)

(b)

(3)

(a)

(b)

(c)

40

Subject to the restrictions in this section virements within and betweenprograms and within and between sub-programs in the same Expenditure Headshall be made in accordance with any rules made under this Act

When making virements of expenditure the accounting officer shall haveregard to the obligation to deliver the performance in the Annual Budget andAnnual Plan in relation to the funds appropriated and the Director of Financeshall have regard to such obligation in issuing a warrant

The accounting officer shall submit a report on the details of any virementsmade under this section and the performance of the service affected to theMinistry responsible for Finance in the form and within the time-frame set by theMinistry responsible for Finance

The Minister responsible for Finance shall report twice yearly toParliament on all virements made under this section and the performance of theAppropriations affected in the Mid-Year Review Report and FinancialStatements

Cash Management

Cash Planning and Management

The Director of Finance through the Accountant-General shall

establish effective procedures for the planning and management of cashwhich may include a cash management committee

inform the Ministers Permanent Secretaries and other Chief ExecutiveOfficers of Public Entities of the approved Annual Estimates under theresponsibility of the Minister to be administered by the Public Entity

require a Public Entity to prepare an annual cash plan specified bymonth for revenues expenditures and financing and to periodicallyupdate the plan and

(4)

(5)

(6)

(7)

31(1)

(a)

(b)

(c)

41

review the revenue expenditure and financing plans and cash forecastseach month against actual results revise the forecasts and adjust theplans and cash forecasts as necessary

The Chief Executive Officer shall ensure that the cash management plansprovided to the Accountant-General are consistent with the timing of plannedpurchases and are regularly updated

Consolidated Fund Special Funds Trust Assets

Consolidated Fund

There is a Consolidated Fund as established by section 107 of theConstitution

Subject to the provisions of this or any other Act for the time being in forceall public money shall be credited to the Consolidated Fund and banked into theTreasury Account or a sub-account of the Treasury Account


No sum shall be charged on the Consolidated Fund or warrant issuedexcept upon the authority of an Appropriation Act the Constitution or any otherenactment

Any sums issued in accordance with subsection (1) shall be disposed offor meeting the cost of the public services specified by the Appropriation Act forthe financial year during which the withdrawal is to take place or for servicesotherwise lawfully charged on the Consolidated Fund

The public debt of Barbados including the interest on that debt sinkingfund payments and redemption moneys in respect of that debt and the costscharges and expenses incidental to the management of that debt shall be a chargeon the Consolidated Fund as stated by section 111 of the Constitution

(d)

(2)

32(1)

(2)

33(1)

(2)

(3)

42

Special funds

A special fund may be established by an enactment for a specificpurpose and such fund shall be held or administered by the Government

The enactment referred to in subsection (1) shall specify

the purpose of the special fund

the money to be credited to the special fund and

the public officer or public office holder responsible for the accountingmanagement monitoring and reporting of the special fund

Where the termination of a special fund is not provided for in an enactmentthe Minister responsible for Finance may terminate a special fund that hasfulfilled its objectives and is not required for a public purpose and all moneys ofthe special fund shall be credited to the Consolidated Fund

Trust Assets

All trust assets shall be accounted for separately from other publicassets

Subject to any other enactment and the trust instrument the Accountant-General shall be responsible for trust assets and shall manage or arrange for themanagement of such assets

The Accountant-General may charge an administration fee which shall bededucted from the trust assets or from income from those assets and such feeshall be no more than 15 per cent

The Accountant-General may invest any trust assets for such periods andon such terms and conditions as are beneficial to the trust and in accordance withthe trust instrument and an enactment applying to the trust

No person shall have any right of action against the Accountant-Generalor the Government in respect of any investment or non-investment of any moneyto which this section relates

34(1)

(2)

(a)

(b)

(c)

(3)

35(1)

(2)

(3)

(4)

(5)

43


Any trust assets that are unclaimed for a period of 3 years after havingbecome payable to any person entitled thereto together with interest if anyadded thereto shall be transferred to the Consolidated Fund

Where a person claims any trust assets which have been transferred to theConsolidated Fund and establishes a claim to the satisfaction of the Accountant-General the money shall be paid to that person out of the Treasury Account onthe authority of this section and without appropriation

Banking Arrangements

Treasury Account

The Bank Account of the Government to be known as the TreasuryAccount shall be the principal bank account of the Government and shall beopened maintained and operated by the Accountant-General

Subject to the provisions of this Act and any rules made under the Act theAccountant-General shall be responsible for the general management andsupervision of the cash transactions and accounting operations of the Governmentand shall be accountable for all public monies received by the Accountant-General

No Public Entity shall open a bank account in respect of public moneywhether in or outside of Barbados without the prior written authorisation of theDirector of Finance

The Accountant-General shall designate a bank with which the Treasuryaccount shall be established and shall authorize the opening of sub-accounts indomestic and foreign commercial banks to act as transitory bank accounts tofacilitate the collection of public money including revenues of Public Entitiesgrants and loan funds and for processing payments

36(1)

(2)

37(1)

(2)

(3)

(4)

44

A bank holding public money shall provide information to the Ministerresponsible for Finance Director of Finance or Accountant-General in the formand by the time requested

The Director of Finance may close or direct the closure of a bank accountof a Public Entity and may issue instructions in writing respecting the bankingof the money from the bank account and the bank shall comply with suchinstructions

The Accountant-General may issue a direction regarding the bank accountsof a Commercial State-Owned Enterprise where the Accountant-Generalconsiders it necessary in the public interest to issue such a direction

The Accountant-General may determine the accounts in the names ofPublic Entities public officers or public office holders or their offices in any bankwhich shall be included in the Treasury Account and the financial statements ofthe Government

The Accountant-General shall maintain an up-to-date list of theGovernment entities required to use the Treasury Account and shall ensure thatis it published on an official website of the Government

Fees and Charges

Fees and Charges

A Public Entity may levy fees and charges in accordance with anenactment or authorisation in writing by the Minister responsible for Financeconsistent with the Laws of Barbados

(5)

(6)

(7)

(8)

(9)

38

45

Grants

Requirements for Grants

The Government may accept a grant that has been approved in theAnnual Budget or by the Cabinet after considering the advice of the Ministerresponsible for Finance and the Minister

A Minister who proposes to recommend to the Cabinet that donor fundingbe accepted shall provide the Minister responsible for Finance with fullinformation on the donor funding including the projected amount anycounterpart funding and implications for recurrent costs

The Director of Finance on behalf of the Government shall receive allgrants made to the Government by a foreign Government or any other entity orperson and shall ensure that the grants are credited to the Consolidated Fund andbanked in the Treasury Account

A person who receives grant funding or loan funding shall immediatelytransfer the funds to the Accountant-General to be credited to the ConsolidatedFund and banked in the Treasury Account

Where a person contravenes section (4) that contravention shall beconsidered to be financial misconduct pursuant to section 124 and the matter maybe referred to the Director of Public Prosecutions where it is suspected that acrime has been committed

Each Public Entity that administers a donor project shall use the accountingand auditing procedures of the Government

The Ministry responsible for Finance shall not release funding for donorprojects to a Public Entity unless such funding is accounted for as donor revenuein the Governmentrsquos accounting system

The Public Entity responsible for an agreement with a donor shall ensurethat the agreement requires the donor to provide information to the Ministryresponsible for Finance on all payments made by the donor under such agreement

39(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

46

Remissions Write-offs and Settlements

Remissions

Subject to this Act or rules made under this Act and any otherenactment no sums due to the Government by way of revenue and no other publicmoneys may be remitted except

in the case of sums not exceeding $100 000 under the authority of theMinister responsible for Finance and

in the case of sums exceeding $100 000 under the authority of theCabinet and

where a detailed statement of all amounts so remitted shall be auditedand submitted by the Auditor-General to the House of Assembly inaccordance with section 43

A recommendation by the Minister responsible for Finance to the Cabinetfor a remission under this section shall include a report that contains

a description of the proposed remission including the full value of theremission

the names and addresses of all beneficiaries of the proposed remissionsincluding in respect of a company the names and addresses of theshareholders

a statement of the reasons the Minister responsible for Financeconsiders the proposed remission to be in the public interest or that ahardship or injustice has or is likely to result

an analysis of the costs and benefits of the proposed remission

the conditions if any to which the remission is subject and

a list of the value of all remissions that have been granted to each andevery one of the beneficiaries of the proposed remission in the past 10years

40(1)

(a)

(b)

(c)

(2)

(a)

(b)

(c)

(d)

(e)

(f)

47

The Minister responsible for Finance or the Cabinet as the case may beshall only grant a remission where satisfied that it is in the public interest or thata hardship or injustice has or is likely to result

Settlements

Where a claim is made on behalf of the Government whether or notproceedings have been commenced and the official with authority to act onbehalf of the Government is satisfied that it is in the public interest to enter intoan agreement to settle the claim for a specified amount whether or not the amountis less than the amount of the claim the official with authority to act on behalfof the Government may settle the claim for the amount in full satisfaction of theclaim

The official with authority to act on behalf of the Government referred tosubsection (1) shall submit a report of a settlement agreement made pursuant tosubsection (1) to the Accountant-General pursuant to the preparation of thesummary statement required by section 43

Write-offs

The Director of Finance may by certificate write-off all or part of adebt due to the Government that he determines that

he is unable to collect or

the collection of which would not be cost effective

The write-off of all or part of a debt does not extinguish the right of theGovernment to collect the debt

The Director of Finance may delegate the authority to make write-offs andsuch delegation may be general or may relate to a class or classes of write-offsand may be made subject to conditions

(3)

41(1)

(2)

42(1)

(a)

(b)

(2)

(3)

48


A summary statement of

remissions settlements and write-offs in this Act and

remissions write-offs and settlements made under the authority of anyother Act shall be included in the Financial Statements

A summary statement is sufficient if it identifies the type of remissionwrite-off or settlement and the names of the persons affected including for acompany the names of the shareholders and the total value of each type ofremission write-off or settlement and in the case of a remission write-off orsettlement made under the authority of any other law the authority for it

The Accountant-General shall ensure that the summary statement

is available for inspection by the public in a register in the Ministryresponsible for Finance during usual business hours and on an officialwebsite of the Government and

continues to be so available until the Financial Statements containingthe summary statement are laid in Parliament and for 10 yearsthereafter

The register referred to in subsection (3) may be in such form as theAccountant-General determines provided that it contains at least the informationrequired by this section

Financial Asset Management

Medium-Term Financial Asset Management Strategy

The Minister responsible for Finance shall present with the AnnualBudget a Medium-Term Financial Asset Management Strategy

43(1)

(a)

(b)

(2)

(3)

(a)

(b)

(4)

44(1)

49

The Medium-Term Financial Asset Management Strategy shall include theprinciples applied by the Government to the management of its investmentportfolio and the acceptable investment instruments having regard to risk


The Accountant-General may in such manner and at such rates ofinterest as the Director of Finance may approve place on deposit at such bankor banks as the Accountant-General may determine such public moneys as maynot be immediately required to meet current transactions


The Minister responsible for Finance having regard to the Medium-Term Financial Asset Management Strategy shall authorise the investment ofmoney forming part of the Consolidated Fund or held in a Special Fund or otherfund for which provision is made by or under an enactment

with a registered bank

in deposits with the Central Bank

in securities approved in accordance with subsection (3) or

in a manner authorised by law for the investment of moneyadministered by a trustee

The Minister responsible for Finance may if he is satisfied that it is in thepublic interest and with the prior approval of Parliament authorise the Directorof Finance to purchase Securities consistent with the Medium-Term FinancialAsset Management Strategy with money credited to the Consolidated Fund

Within one week of purchasing securities under subsection (3) the Ministerresponsible for Finance shall have

a report laid in Parliament containing the full details of the Securitiespurchased including the investment grade rating if any and

(2)

45

46(1)

(a)

(b)

(c)

(d)

(2)

(3)

(a)

50

a copy of the agreement made in relation to the purchase together withthe most recent annual financial statements laid in Parliament wheresecurities in either domestic of foreign companies are purchased

Securities

A security taken in respect of a loan shall be taken in the name of theGovernment

The Minister responsible for Finance may on behalf of the Governmentdo any of the things in respect of or in connection with the security that couldbe done by the Government including exercising any powers functions andrights


The interest or dividends received from an investment under this Actfrom money from a special fund sinking fund or trust account in a sub-accountof the Treasury Account shall be credited to the fund or trust from which themoneys came to make the investment


The Government shall not lend public money to any personGovernment entity private sector entity or any other entity unless authorized byan Act or a resolution of Parliament

The Government shall not request a resolution of Parliament to authorizea loan from the Government to a person or Government entity private sectorentity or other Government or any other entity unless the loan is

to meet a legal obligation or

required in order to properly perform a function of Government and

for a loan over the value of $100 000

(b)

47(1)

(2)

48

49(1)

(2)

(a)

(b)

(c)

51


Any lending under section 49 shall be made from an Appropriation


Subject to the provisions of any other enactment and consistent withthe Medium-Term Financial Asset Management Strategy the Ministerresponsible for Finance may invest money by way of capital injection in aGovernment entity only by way of a capital contribution appropriated byParliament

All shares held in an entity by the Government shall be held in the nameof the Government of Barbados

All rights and powers attaching to the shares in a Government entityincluding the power of sale or disposition held by the Government shall beexercised by the Government in accordance with the Laws of Barbados

Loans to be Secured

A loan given by the Government to a person Government entityprivate sector entity other Government or any other entity shall be secured byway of a loan agreement and a debenture mortgage or other suitable instrumentdepending on the circumstances of the loan

Liability Management


The Minister responsible for Finance shall present a Medium-TermDebt Management Strategy with the Annual Budget to Parliament

The Medium-term Debt Management Strategy shall be consistent with thefiscal responsibility principles set out in section 5

50

51(1)

(2)

(3)

52

53(1)

(2)

52

The Minister responsible for Finance shall ensure the financing needs ofthe Government are met and payment obligations are made at the lowest possiblecost over the medium term to the long term with a prudent degree of risk


No money shall be raised on the credit of the Government to beguaranteed by the Government except under the authority of an Act or of aresolution of Parliament and any such resolution shall be made prior to the loanbeing contracted or a guarantee granted

Notwithstanding any other enactment it shall not be lawful for theGovernment a Public Entity or a Commercial State-Owned Enterprise to borrowfrom or to give a Government guarantee to any person entity or otherGovernment entity unless the Minister responsible for Finance has approvedsuch borrowing or guarantee in writing and the requirements of this Act arecomplied with

A loan or guarantee that contravenes this Act shall be null and void


The Minister responsible for Finance may in a Financial Year whenauthorised by resolution of Parliament for the purpose of meeting currentrequirements borrow money from a bank or other financial institution by meansof temporary advances overdraft treasury bills or other similar means subject tothis Act or rules made under this Act and other relevant enactments

Where the Minister responsible for Finance in a Financial Year whenauthorised by resolution of Parliament for the purpose of meeting currentrequirements borrows money from the Central Bank of Barbados by means oftemporary advances the amount shall not exceed 75 per centum of the net receiptsof the estimated revenue of the Government for that financial year

The Minister responsible for Finance shall ensure that any borrowingpursuant to this section is consistent with the Fiscal Responsibility Principles

(3)

54(1)

(2)

(3)

55(1)

(2)

(3)

53

pursuant to section 5 the Fiscal Framework pursuant section 6 and the AnnualBudget pursuant to section 19

Subject to subsection (1) no Government bank account shall be overdrawnnor any temporary advance obtained from a bank unless authorized by aresolution in Parliament

The interest of all advances referred to in this section shall be charged onthe Consolidated Fund


The Minister responsible for Finance shall determine how money isto be raised for non-current requirements having regard to the Medium-TermDebt Strategy

Where the money is to be raised by the issue and sale of GovernmentSecurities the Minister responsible for Finance may determine having regard tothe Medium-Term Debt Strategy any matter with respect thereto including butnot limited to

the principal amount of the Government Securities to be issued

the rate of interest payable and the rate of any premium or discountapplicable to the Government Securities

the currency in which the principal amount of the GovernmentSecurities and any interest or premium are payable

the sale price of the Government Securities

the form denomination and dates of issue and maturity of theGovernment Securities and

any other terms and conditions of the Government Securities

When raising money by the issue and sale of Government Securities theMinister responsible for Finance shall satisfy any jurisdiction with respect to the

(4)

(5)

56(1)

(2)

(a)

(b)

(c)

(d)

(e)

(f)

(3)

54

offer issue sale and trade of securities and other transactions relating to securitiesin the jurisdiction including without limitation

the preparation approval filing or delivery of a prospectus or otherdocument or any amendment or supplement to any of them

the registration qualification or exemption from registration orqualification of the Government under the laws of the jurisdictionregarding the offer issue sale or trade of Securities

the listing and trading of securities on a stock exchange

the disclosure of financial and other information

entering into agreements with respect to the offer issue sale or tradeof Securities or other transactions relating to Securities includingunderwriting and similar agreements

providing for the establishment and operation of Sinking Funds inrelation to Government Securities and

the execution of all documents and instruments in relation to mattersdescribed in this subsection


Notwithstanding any enactment to the contrary any money raised byloan or by the sale of Government Securities shall be credited to the ConsolidatedFund and paid into the Treasury Account


Subject to subsection (2) and subject to the consent of the creditorholding the public debt or where the Minister responsible for Finance is entitledto do so the Minister responsible for Finance may change the form of the publicdebt or part of the public debt

(a)

(b)

(c)

(d)

(e)

(f)

(g)

57

58(1)

55

The Minister responsible for Finance shall not make a change in the formof the public debt or part of the public debt that has the effect of increasing thepresent value of the public debt except with the approval of Parliament


Section 111 of the Constitution applies in relation to debt charges onthe Consolidated Fund


Except as expressly authorised by any enactment that is consistentwith this Act it shall not be lawful for any person to give a guarantee or indemnitythat imposes a contingent liability on the Government

A guarantee shall

comply with this Act and any other enactment authorising theguarantee and where there is a conflict between this Act and any otherenactment this Act shall prevail

be a formal guarantee and not a letter of comfort or othercommunication purporting to commit the Government to obligationsin the nature of a guarantee that is inconsistent with this Act

meet the criteria for guarantees specified in rules made under this Act

comply with the fiscal responsibility principles in this Act the fiscalobjectives in the Fiscal Framework and be consistent with theMedium-Term Debt Strategy and

be authorized by a resolution of Parliament as required by section 54

The Government shall not be liable for any implied guarantees asserted byany individual or entity and shall only be liable for formal guarantees given inaccordance with this Act

A resolution of Parliament referred to in this section shall be published inthe Official Gazette no later than 2 weeks after making the resolution

(2)

59

60(1)

(2)

(a)

(b)

(c)

(d)

(e)

(3)

(4)

56


Any money paid by the Minister responsible for Finance pursuant toany guarantee indemnity or security given under this Act or any other Act andthe expenses associated with the guarantee indemnity or security shall constitutea debt due to the Government from the public officer public office holder PublicEntity Commercial State-Owned Enterprise or individuals in respect of whomthe guarantee indemnity or security was given and shall be recoverable as suchby standing instructions from the Minister responsible for Finance

Subject to the terms of the instrument authorizing the guarantee indemnityor security the debt shall be repaid over such period of time and on such termsand conditions as the Minister responsible for Finance specifies

A debt referred to in subsection (1) is recoverable in any court and may bepaid over such period of time and on such terms and conditions as agreed by theMinister responsible for Finance

Reporting

In addition to the reporting required in this Act the Ministerresponsible for Finance shall publish information in the Financial Statements ofthe Government describing the loans taken and guarantees given during thatFinancial Year

The Ministry responsible for Finance shall maintain memorandumaccounts of the loans taken by the Government and shall arrange repayment inaccordance with the legal obligations

The Ministry responsible for Finance shall ensure that the memorandumincludes information on the principal terms of repayment amounts drawninterest and service charges accrued principal and interest paid and the balanceoutstanding and shall make the memorandum available in a timely way to theMinisters and Parliament if requested

61(1)

(2)

(3)

62(1)

(2)

(3)

57

The Ministry responsible for Finance shall in addition to the informationand reporting on loans and guarantees required in this section and other sectionsin this Act provide a report at least every quarter to the Cabinet summarising theposition with loans guarantees and other liabilities

A Public Entity and a Commercial State-Owned Enterprise shall maintainrecords and provide reports to the Ministry responsible for Finance on loansguarantees and other liabilities as required by rules made under section 132

Internal Audit

Internal Audit Office

There shall be a department of the Ministry responsible for Financeknown as the Internal Audit Office which shall be responsible generally forconducting audits of Public Entities

The internal audit function shall operate in a manner consistent withInternational Auditing Standards to evaluate and improve risk managementcontrol and governance processes in relation to Public Entities


The responsibilities of the Internal Audit Office shall include

publishing on an official website of the Government standards andprocedures consistent with international standards for the conduct ofinternal audit activities

preparing the Government level annual audit plan that shall providecoverage of major risks and exposures across Public Entities and StateOwned Enterprises

assessing the risk management control and governance processes forPublic Entities and State Owned Enterprises including whether

risks are appropriately identified and managed

(4)

(5)

63(1)

(2)

64

(a)

(b)

(c)

(i)

58

public moneys and assets are adequately safeguarded and usedas intended

financial and operating information is accurate completereliable and timely

ethical standards and values are established and followed

applicable laws policies and procedures are complied with and

resources are applied to achieve the strategic objectives of theentity and the Government

providing assurance to the Chief Executive Officer that operations arebeing carried out economically efficiently effectively

providing the Chief Executive Officer with professional and impartialopinions and advice on systems of risk management control andgovernance with recommendations concerning activities reviewedand

monitoring and reporting on the implementation of recommendationsarising from audit reports


The Internal Audit Office shall be managed by a Director of InternalAudit or other appropriate public officer designated by the Minister responsiblefor Finance

The Director of Internal Audit shall report for management purposes to theDirector of Finance and for functional purposes to the Internal Audit Committee

The Director of Internal Audit shall manage the internal audit function ofPublic Entities having regard to the technical and professional advice of theInternal Audit Committee

(ii)

(iii)

(iv)

(v)

(vi)

(d)

(e)

(f)

65(1)

(2)

(3)

59

The Director of Internal Audit and officers assigned to the Internal AuditOffice of the Ministry responsible for Finance shall have access to

the premises property information and records in any form of a PublicEntity and

Public Officials and public officer holders

to seek explanations necessary to conduct an audit

The Director of Internal Audit shall provide a copy of each audit report tothe

Director of Finance


Chief Executive Officer of the Public Entity audited and

Auditor-General

The Director of Finance shall where he determines to be necessary directthe establishment of internal audit offices within Public Entities


Where a Public entity has an internal audit office that Public Entityshall submit a copy of the internal audit report of that entity to the

Director of Finance

Internal Audit Committee and

Auditor-General

when requested to do so by the Director of Finance


There shall be a Committee which shall be known as the ldquoInternalAudit Committeerdquo

(4)

(a)

(b)

(5)

(a)

(b)

(c)

(d)

(6)

66

(a)

(b)

(c)

67(1)

60

The provisions of the Eighth Schedule have effect with respect to theconstitution of the Committee and otherwise in relation thereto


The Internal Audit Committee shall

review the work of the internal auditors of the Government

recommend and periodically review an internal audit charter for theGovernment for approval by the Director of Finance

provide advice to the Director of Finance on the sufficiency ofresources of the Internal Audit Office in the Government

review and recommend for approval by the Director of Finance anannual internal audit plan which shall include the resources for theInternal Audit Office the scope of work and planned activities

adopt standards consistent with international internal auditingstandards and set requirements for the internal audit work in theGovernment including the content timing and circulation of internalaudit reports and shall communicate such standards and requirementsto public officers and public office holders including internal auditors

review and recommend for approval internal audit reports andcorresponding management action plans to address recommendations

require public officers or public office holders to attend meetings toexplain the reasons for deficiencies in internal audit reports and theplans and actions to correct such deficiencies

review reports on progress against the internal audit plan and requestsfrom Permanent Secretaries other Chief Executive Officers publicofficers or public office holders for advice audit of projects fraudinvestigations or other assistance

assess and make recommendations to improve the performance of theinternal auditors of the Government

(2)

68

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

61

provide advice to the Director of Finance on the recruitmentappointment and performance management of the Director of InternalAudit

provide the Director of Internal Audit with direct access to the InternalAudit Committee and

refer matters for consideration by the appropriate authorities includingthe Director of Public Prosecutions Accountant-General and thePolice where the Internal Audit Committee has made a decision that areferral is necessary


The Director of Finance may after consulting with the Internal AuditCommittee issue standing instructions to Public Entities State OwnedEnterprises or Commercial State-Owned Enterprises consistent with this Act

Internal Audit Requirements of a Commercial State-OwnedEnterprise

The board of directors of each Commercial State-Owned Enterpriseshall be responsible for establishing and maintaining an internal audit functionconsistent with International Auditing Standards

PART VI

AUDITOR-GENERAL


The Auditor-General is the auditor of the financial statements for theGovernment of Barbados

(j)

(k)

(l)

69

70

71(1)

62

The Auditor-General shall also

be responsible for the audit and inspection of all public accountswhether such accounts are of general revenue credited to andexpenditure met from the Consolidated Fund or of special funds ordepartmental accounts and statutory bodies which receive all or part oftheir funds from the Consolidated Fund

apply to the public accounts such an examination as will enable him toascertain that in his opinion the accounts are kept on a proper systemthat they are punctually and properly posted and that checks againstirregularity and fraud are adequate and effective

prepare and deliver an audit opinion to the entity whose statementshave been audited

satisfy himself that all standing instructions enactments and other lawsof Barbados relating to finance and accounts are strictly observed and

examine and in accordance with the outcome of his examination reporton the several statements and accounts which are required to besubmitted to him under this Act

The Auditor-General may carry out examinations into the economicalefficient and effective use of resources of any Ministry or Department or anyother entity required to be audited by him

Subsection (3) shall not be construed as entitling the Auditor-General toreview the merits of the policy objectives of Government in respect of anyMinistry Department or statutory body

The Auditor-General may refer matters for consideration by theappropriate authorities including the Director of Public ProsecutionsAccountant-General and the Police where the Auditor-General has made adecision that a referral is necessary

(2)

(a)

(b)

(c)

(d)

(e)

(3)

(4)

(5)

63


The Auditor-General shall examine the calculations and computationsof all pensions and gratuities or similar awards before any award is made andshall certify that they are arithmetically correct and are in accordance with allstatutory provisions relating thereto


The Auditor-General shall report annually as soon as possible and notlater than the last day of December following the close of each financial year theresults of his examination of the accounts and any failure to observe theenactments or other laws of Barbados

Notwithstanding subsection (1) the Auditor-General may at any time ifit appears to him to be desirable transmit to the House of Assembly a specialreport on any matter incidental to his powers and duties under this Act

The estimates of expenditure of the office of the Auditor-General shall betransmitted to the House of Assembly through the Public Accounts Committeeand the Public Accounts Committee shall consider the estimates in accordancewith subsection (4)

In considering the estimates of expenditure under subsection (3) the PublicAccounts Committee shall ensure that the estimates of expenditure are adequateto enable the Auditor-General to fulfil the responsibilities of the office of Auditor-General and for this purpose may make comments for the consideration of theAuditor-General who shall consider the comments and if necessary revise theestimates of expenditure for re-submission to and approval by the PublicAccounts Committee

Every report of the Auditor-General shall be addressed to the Speaker ofthe House of Assembly who shall lay the report before the House of Assemblyas soon as possible after the report is received by him

72

73(1)

(2)

(3)

(4)

(5)

64

A copy of every report of the Auditor-General shall also be transmitted tothe Senate for information


For the purpose of his examination under section 71(3) the Auditor-General is at all times entitled to

have access to all books records including data held or storedelectronically vouchers payment requests documents returns cashstamps securities stores or other property in whatever form existingin the possession of the audited body and every facility shall be givenfor carrying out the examination

send for and have custody of any books accounts vouchers paymentrequests papers data held or stored electronically or any otherinformation in whatever form existing under the control of the auditedbody relating to the matter under examination and to keep such booksaccounts vouchers payment requests or papers for such time as hemay require them

call upon any officer for any explanation and information the Auditor-General may require in order to enable him to discharge his duties

require any department concerned to furnish him from time to time orat regular periods with accounts of the transactions of such departmentup to the date as he may specify

without payment of any fee cause a search to be made in and extractsto be taken from any book document or record in any public office

summon and examine upon oath declaration or affirmation (whichoath declaration or affirmation the Auditor-General is herebyempowered to administer) all persons whom he thinks fit to examinerespecting

the receipt or expenditure of money

(6)

74(1)

(a)

(b)

(c)

(d)

(e)

(f)

(i)

65

the receipt or issue of any stores affected by this Act and

all other matters and things whatever necessary for the dueperformance of his functions

and any person so summoned is upon production of a certificate of theAuditor-General entitled to payment for his attendance in accordance withthe provisions of the Witnesses and Interpreters (Payment) Act Cap 119as if he were a witness attending a legal proceeding in obedience to asummons issued at the instance of the Government but the Auditor-Generalmay if he thinks fit in any case disallow the whole or any part of suchpayment

require every person employed in the office of the Auditor-Generalwho has to examine the accounts of a department to comply with anysecurity requirements applicable thereto and to take any oath ofsecrecy required to be taken by persons employed in that department

Any person summoned under paragraph (f) of subsection (1) who withoutreasonable excuse fails to obey the summons is guilty of an offence and is liableon summary conviction to a fine of $5 000 or to imprisonment for a term of12 months


The Auditor-General may authorise any officer in the office of theAuditor-General to perform on his behalf any of his functions under this Act orany other Act other than the administering of oaths and the certifying of andreporting on accounts for the House of Assembly

Where it appears to the Auditor-General that

any irregularities have occurred in the collection custody orexpenditure of public moneys or in the accounting for the same

any irregularities have occurred in the receipt custody issue saletransfer or delivery of any stamps securities stores or other propertyof the Government or in the accounting for the same

(ii)

(iii)

(g)

(2)

75(1)

(2)

(a)

(b)

66

any loss of or damage to the property of the Government has not beenduly reported to the Director of Finance

the Auditor General shall immediately bring the matter to the notice of theaccounting officer and where the case is serious report the circumstances to theDirector of Finance


The Auditor-General shall if required by

a resolution of the House of Assembly

the Public Accounts Committee of Parliament or

the Minister responsible for Finance

examine the accounts of any person or organisation who has received moneys byway of a grant or a loan out of funds voted by Parliament or in respect of whomfinancial aid from the Government is sought

The Auditor-General submit a report on the results of the examinationconducted pursuant to subsection (1) to the House of Assembly or to the Ministerresponsible for Finance

Where the Minister responsible for Finance fails within a reasonable timeto present the report referred to in subsection (2) to the House of Assembly theAuditor-General shall transmit the report to the Speaker of the House ofAssembly to be presented by him to the House of Assembly


The Auditor-General may subject to approval by the Ministerresponsible for Finance charge a fee for auditing the accounts of a person or bodywhose expenditure is not met from the Consolidated Fund

Any fees received by the Auditor-General under subsection (1) shall becredited to the Consolidated Fund

(c)

76(1)

(a)

(b)

(c)

(2)

(3)

77(1)

(2)

67


The Auditor-General may engage the services of professionallycompetent persons to assist in the conduct of audits and payment for suchservices shall be charged on the Consolidated Fund

Where under subsection (1) the Auditor-General engages a private auditorto conduct the audit of a Government entity the auditor of the entity shall makeavailable all working papers and other documents to the Auditor-General


The Audit Office shall consist of the Auditor-General and such otherofficers and employees as are assigned to him

PART VII


Accounts

Accounting Officers

The Director of Finance shall designate in writing the officers whoshall be accounting officers

An accounting officer designated under subsection (1) shall be chargedwith the duty of accounting for

all revenues

all expenses and expenditure and

all assets and liabilities relating to the operations of the entity overwhich he has responsibility

78(1)

(2)

79

80(1)

(2)

(a)

(b)

(c)

68

An accounting officer may by instrument in writing delegate to hisauthorised representative on such conditions as he determines any of hisfunctions arising under or by virtue of this Act but such delegation does notrelieve an accounting officer of his accountability under this Act


The Director of Finance may issue standing instructions in respect of

the preparation of estimates in the form of a budget

the collection payment management and administration of and theaccounting for public moneys

the purchase receipt custody issue sale transfer or delivery of anystamps securities stores or other property of the Government

the keeping of records of the Government or

any other purpose necessary for the efficient administration of thefinancial business of the Government


The recovery by the Government of an expenditure charged to anAppropriation for goods or services received

before the end of the Financial Year in which the expenditure was madeshall be credited to the Appropriation against which the expenditurewas charged or

after the end of the Financial Year shall be credited to the appropriaterevenue account of the Financial Year in which it is received

(3)

81

(a)

(b)

(c)

(d)

(e)

82

(a)

(b)

69

Reporting and Transparency Requirements

Monthly Reports

The Director of Finance shall prepare a monthly report on the financialperformance of the Government against the Annual Budget and AppropriationAct

The Minister responsible for Finance shall provide the monthly report tothe Cabinet no later than 2 weeks after the end of each month to which the reportrelates

The Director of Finance shall publish the monthly report on the officialwebsite of the Government no later than 2 weeks after the report is provided tothe Cabinet

The Auditor-General or the Director of Internal Audit may audit themonthly reports referred to in this section and the Chief Executive Officer of agovernment entity shall provide the information required by the Director ofInternal Audit or the Auditor-General to conduct such audit

The Director of Finance shall provide other periodic reports on financialor non-financial matters to the Minister responsible for Finance


The Minister responsible for Finance shall have a Mid-Year ReviewReport on progress made against the Fiscal Framework and the Annual Budgetas specified in the Fourth Schedule laid in Parliament no later than 15th October

The Director of Finance shall publish the Mid-Year Review Report on anofficial website of the Government on the same day as the Report is laid and shallmake a printed copy available as soon as practicable


In respect of each financial year and within a period of 4 months afterthe close of each financial year the Accountant-General shall prepare sign and

83(1)

(2)

(3)

(4)

(5)

84(1)

(2)

85(1)

70

transmit to the Auditor-General the following statements in respect of theGovernment

a statement of the financial position at the balance sheet date

a statement of financial performance

a statement of cash flows

a statement of borrowings

a statement of sinking fund and sinking fund assets for the year

a statement of contingent liabilities of the Government as at the balancesheet date including any Government guarantees or indemnities

a statement of all amounts remitted pursuant to section 40

a statement of accounting policies

such other statements as are necessary to fairly reflect the financialoperations of the Government for that year and its financial position atthe end of the financial year and in relation to each statement requiredby paragraphs (a) to (g) of this subsection and where appropriateparagraph (i) of this subsection

budgeted figures for the financial year and

comparative budgeted and actual figures for the previous financialyear

In respect of each financial year and within a period of 2 months after theclose of the financial year

accounting officers shall prepare sign and transmit to the Director ofFinance and the Auditor-General in such manner as the Director ofFinance may approve appropriation accounts in respect of the headsfor which they are responsible

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(i)

(ii)

(2)

(a)

71

accounting officers shall prepare sign and transmit to the Director ofFinance and the Auditor-General in such manner as the Director ofFinance may approve

a statement of performance for each programme of the Ministryincluding the results achieved by the Ministry during the year ascompared with the programmes budgeted for that year

a schedule of capital assets at the balance sheet date

a statement of the commitments and any other liabilities inrelation to the activities of the Ministry as at the balance sheetdate

such other statements as are necessary to fairly reflect thefinancial operations of the Ministry and

budgeted figures for the financial year and comparative actualand budgeted figures for the previous financial year and

accounting officers and collectors of revenue shall prepare sign andtransmit to the Director of Finance the Auditor-General and theAccountant-General in such manner as the Director of Finance maydirect approved statements of receipts revenue receivables refundswaivers and remittances and

the officer primarily responsible for a fund to which moneys have beenappropriated by Parliament shall prepare sign and transmit to theAuditor-General the Director of Finance and the Accountant-Generalfinancial statements in respect of the fund

The annual financial statements shall be prepared in accordance withaccounting standards and practices required by the Accountant-General underthis Act

The statements and accounts mentioned in subsections (2) and (3) whencertified and reported on shall be sent by the Auditor-General to the Speaker ofthe House of Assembly to be laid before the House of Assembly

(b)

(i)

(ii)

(iii)

(iv)

(v)

(c)

(d)

(3)

(4)

72

The Director of Finance shall publish the Financial Statements of theGovernment on an official website of the Government on the same day as thereport is laid in Parliament and shall make a printed copy available as soon aspracticable


A Minister shall no later than 3 months after the end of every FinancialYear prepare an Annual Report on the non-financial performance of the PublicEntities or Commercial State-Owned Enterprises he is responsible for

The Annual Report on Non-Financial Performance shall be laid inParliament no later than the day the Auditor-General has laid the FinancialStatement of the Government

The Director of Finance shall publish the Annual Report on an officialwebsite of the Government on the same day as the report is laid in Parliamentand shall make a printed copy available as soon as practicable

Publication of Financial Statements and Annual Report of theGovernment

The Director of Finance shall publish the Financial Statements theAudit Opinion and the Annual Report of the Government on the official websiteof the Government no later than one week after these documents have been laidin Parliament and shall publish such reports in printed form as soon as practicable


The Public Accounts Committee of Parliament shall

review the annual audited Financial Statements of the Government asa whole and the annual report on non-financial performance

review the annual reports including the non-financial performanceachieved and the audited financial statements for each Public Entityand Commercial State-Owned Enterprise and

(5)

86(1)

(2)

(3)

87

88(1)

(a)

(b)

73

report to Parliament on the results of such reviews no later than the firstweek of the tenth month of the financial year following the financialyear under review and such report shall include recommendations onthe actions to be taken

The Chairperson of the Public Accounts Committee shall ensure that theCommittee meets as often as is necessary to perform the functions required bythe Public Accounts Committee Act Cap 10A and this Act

Parliament shall

consider the report of the Public Accounts Committee on the reviewsset out in subsection (1)

review the report of the Auditor-General on the accounts and otherperformance of the Government and

debate the recommendations contained in the reports referred to in thissubsection

Parliament shall complete the reviews and debates in this section no laterthan the end of the tenth month after the end of the Financial Year to which thereports and reviews in this section relate

PART VIII



The financial and non-financial performance report expected for aMinistry shall be included in the Estimates and shall be submitted to the Ministerresponsible for Finance by the Minister

(c)

(2)

(3)

(a)

(b)

(c)

(4)

89

74


The Minister or the Minister responsible for Finance may commissiona review of a Ministry with regard to its performance

The Minister shall monitor the overall performance of the Ministry andmay have an output agreement and performance review process with thePermanent Secretary of the Ministry he is responsible for or with any otherMinistry providing services funded from the budget the Minister is responsiblefor

The Director of Finance may review the performance of each State-OwnedEnterprise against the requirements of this Act the Annual Budget and theAnnual Plan of the State-Owned Enterprise and shall provide a letter to theMinister responsible for Finance and the Minister on such performance no laterthan 30th November each year

A Permanent Secretary may have a service agreement and performancereview process with an entity providing services funded from the budget of theMinistry

PART IX

ACCOUNTABILITY

General Matters

Classification of Entities

A Government entity that is not a Ministry or a Department shall beclassified as

a State-Owned Enterprise and shall be set out in the First Schedule ofthis Act or

90(1)

(2)

(3)

(4)

91(1)

(a)

75

a Commercial State-Owned Enterprise and shall be set out in theSecond Schedule of this Act

The Government shall only classify an entity as a Commercial State-Owned Enterprise if the entity

is owned or controlled by the Government

provides or will provide services in the market or undertakescommercial activities that are or could be carried out by a private sectoroperator and

does or has potential to operate successfully with the primary objectiveto operate as a successful business and to earn a similar return on theownersrsquo funds over the medium term as that earned by comparablebusinesses not owned by the Government

The Government shall only classify a Government entity as a State-OwnedEnterprise if the entity

is not or is not suited to be a Ministry part of a Ministry or CommercialState-Owned Enterprise


has a mandate that requires

a greater degree of flexibility to manage resources than is possiblefor a Ministry and

a greater degree of autonomy in fulfilling its mandate than is thecase for a Ministry

Before establishing a State-Owned Enterprise or a Commercial State-Owned Enterprise the Cabinet shall consider the costs benefits and risksincluding the fiscal costs to the Government over the long term and shall presenta report on these matters to the Cabinet prior to establishing the entity

The Government shall from time to time review the classification and formof an entity or a group of entities to assess whether the classification and form is

(b)

(2)

(a)

(b)

(c)

(3)

(a)

(b)

(c)

(i)

(ii)

(4)

(5)

76

best suited to the efficient effective and economical achievement of the mandateof the entity


The Minister for a State-Owned Enterprise shall be the Ministerassigned responsibility for that State-Owned Enterprise in accordance withsection 72 of the Constitution

The Minister for a State-Owned Enterprise shall be responsible for theperformance of the functions given to him by this Act or rules made under thisAct and any other relevant enactments including the requirement to oversee anddirect in accordance with this Act the State-Owned Enterprise under hisresponsibility to achieve the performance specified in the Annual Budget and theAnnual Plan

A Minister shall act jointly with the other share-holding Minister to overseeand direct in accordance with this Act the Commercial State-Owned Enterpriseunder his responsibility to achieve the performance specified in the Statement ofCorporate Intent and the Annual Plan

A Minister of a Commercial State-Owned Enterprise shall exercise hispowers on behalf of the Government and in the public interest including whenexercising the voting rights attached to the shares of the Commercial State-Owned Enterprise


The Minister responsible for Finance shall have the responsibilitiesregarding financial management for State Owned Enterprises and CommercialState-Owned Enterprises in addition to the responsibilities of a Share-holdingMinister or Minister including

approving Government loans and guarantees for Commercial State-Owned Enterprises and State Owned Enterprises

92(1)

(2)

(3)

(4)

93

(a)

77

approving significant financing proposals for Commercial State-Owned Enterprises and State Owned Enterprises

setting and enforcing the Governmentrsquos ownership expectations forCommercial State-Owned Enterprises and State Owned Enterprises

monitoring the financial performance and risks of Commercial State-Owned Enterprises and State Owned Enterprises

taking the necessary disciplinary action required pursuant to the ThirdSchedule to the Public Service Act Cap 29

other responsibilities in this Act or rules made under this Act and anyother relevant enactments


A board of a State-Owned Enterprise or Commercial State-OwnedEnterprise shall be responsible for

providing corporate governance consistent with good practicecorporate governance standards

overseeing and managing the Governmentrsquos interests in the entity

ensuring the entity metes on its statutory requirements

ensuring the entity metes on the Annual Plan in respect of a State-Owned Enterprise and the Statement of Corporate Intent and AnnualPlan in respect of a Commercial State-Owned Enterprise and

meeting the requirements for directors under Part IX

In addition to the general requirements in subsection (1) each director ofa State-Owned Enterprise or a Commercial State-Owned Enterprise and the boardcollectively shall be responsible for

appointing and removing the Chief Executive Officer

(b)

(c)

(d)

(e)

(f)

94(1)

(a)

(b)

(c)

(d)

(e)

(2)

(a)

78

defining areas of priority for the State-Owned Enterprise orCommercial State-Owned Enterprise

ensuring the production of the Annual Plan and for a Commercial State-Owned Enterprise the Annual Plan and the Statement of CorporateIntent as required by this Act

ensuring the production of the Annual Report and other reports asrequired by this Act

meeting legal obligations including those specified in the CompaniesAct Cap 308 for entities incorporated under this Act

fulfilling the requirements of the Minister or the Minister responsiblefor Finance and their supporting Ministries consistent with this Act

overseeing the management of the entity including overseeing themanagement of risks

ensuring the entity has adequate corporate governance arrangementsincluding for the management of risks

acting in the best interests of the State-Owned Enterprise orCommercial State-Owned Enterprise

fulfilling the duties of a director with diligence and honesty

ensuring that any conflict of interest is declared to the board and thatthe director does not take part in making a decision if a conflict ofinterest exists and

other matters specified in rules made under this Act

The directors of a Commercial State-Owned Enterprise and the directorsof a State-Owned Enterprise shall be appointed by the Cabinet


Where a Minister or the Minister responsible for Finance isempowered by an enactment to appoint a person as a director to the board of a

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(j)

(k)

(l)

(3)

95

79

State-Owned Enterprise or a Commercial State-Owned Enterprise he shall seekthe approval of the Cabinet

Training of Directors of a State-Owned Enterprise or a CommercialState-Owned Enterprise

Directors of a State-Owned Enterprise or a Commercial State-OwnedEnterprise shall within a reasonable time of accepting their instruments ofappointment attend training seminars on the principles of good corporategovernance organised through the Ministry of Finance or an entity or individualso designated by the Ministry

Board Monitor

The Minister responsible for Finance may but shall not be obliged todesignate a public officer or employ by contract a person to attend boardmeetings of a State-Owned Enterprise or a Commercial State-Owned Enterpriseto monitor the Governmentrsquos interests in the State-Owned Enterprise orCommercial State-Owned Enterprise and that public officer or person shall beknown as a ldquoboard monitorrdquo

A board monitor shall report to the Director of Finance in compliance withthis Act on the performance fiscal risks and any other matters related to theboard of the State-Owned Enterprise or the Commercial State-Owned Enterprisethat the Director of Finance requires the monitor to report on

A board monitor shall not be an official member of the board of directorsand the board monitor shall not exercise any voting rights

The Chairperson of a board of directors shall ensure that a board monitoris notified of all board meetings and receives the same information as otherdirectors of the board


The Minister may at any time by instrument in writing terminate theappointment of a director of a State-Owned Enterprise

96

97(1)

(2)

(3)

(4)

98(1)

80

Notice of the termination of a director under subsection (1) shall bepublished in the Official Gazette


The Companies Act Cap 308 shall apply with regard to the dismissalof a director of a Commercial State-Owned Enterprise


Chief Executive Officer of a State-Owned Enterprise and aCommercial State-Owned Enterprise

The board of the State-Owned Enterprise or the board of theCommercial State-Owned Enterprise shall appoint the Chief Executive Officerwho shall be responsible to the board for managing the State-Owned Enterpriseor Commercial State-Owned Enterprise

The employment contract for a Chief Executive Officer of a CommercialState-Owned Enterprise or a State-Owned Enterprise and the enactment applyingto such contract shall form the basis for the employment relationship

Status of an employee of a Commercial State-Owned Enterprise anda State-Owned Enterprise

The terms and conditions of employment for a Chief Executive Officerand all employees of a State-Owned Enterprise or a Commercial State-OwnedEnterprise shall be in accordance with the Laws of Barbados


Thee Minister or the Minister responsible for Finance may givestanding instructions to the board of directors of a State-Owned Enterprise or aCommercial State-Owned Enterprise to take an action or refrain from taking an

(2)

99(1)

(2)

100(1)

(2)

101

102

81

action provided that the Minister giving such an instruction shall not direct aCommercial State-Owned Enterprise or a State-Owned Enterprise

in relation to an independent function granted by an enactment

to require the performance or non-performance of a particular act orthe bringing about of a particular result in respect of a particular personor persons

on any matters relating to the hiring dismissal promotion pay or otheremployment arrangements for any employee

on the awarding of a procurement contract

on the use of any coercive powers or

on the use of any discretionary powers of the Commercial State-OwnedEnterprise or the State-Owned Enterprise to confer benefit to a thirdparty


The Minister responsible for Finance may issue standing instructionsto a State-Owned Enterprise or a Commercial State-Owned Enterprise on policymatters consistent with this Act or any other enactments with regard to but notlimited to

accountability requirements

corporate governance

roles and responsibilities of Ministers boards of directors and staff

remuneration of staff and board directors

planning

performance expectations including dividends

business case requirements

investments including participation in private public partnerships

(a)

(b)

(c)

(d)

(e)

(f)

103

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

82

liability management including borrowing

asset management (financial physical human and intellectual)

risk management including liabilities

reporting

information provision

disclosures

monitoring

reviews of investment

reviews of performance and

other matters considered necessary by the Minister


A Public Entity shall implement International Accounting Standardsand practices in accordance with the accounting standards and standinginstructions issued by the Accountant-General under this Act and shall keepproper books of account of its revenues expenditures assets and liabilities

A Commercial State-Owned Enterprise shall implement InternationalAccounting Standards and shall keep proper books of account of its revenuesexpenditures assets and liabilities


Nothing in this Act shall be construed as requiring the inclusion ofinformation in the Statement of Corporate Intent Annual Report or other publiclyavailable report that would be likely to unreasonably prejudice the commercialposition of the Commercial State-Owned Enterprise

(i)

(j)

(k)

(l)

(m)

(n)

(o)

(p)

(q)

(r)

104(1)

(2)

105

83


Each Public Entity and Commercial State-Owned Enterprise shallhave the same financial year as the Government being the 12 months beginningon the 1st day of April and ending on the 31st day of March of the following year

State-Owned Enterprise Accountability

Annual Plan of a State-Owned Enterprise

A State-Owned Enterprise shall have an Annual Plan that shall include

strategic priorities for the medium-term that reflect the Governmentrsquospriorities and plans

a description of how the State-Owned Enterprise is responding to thechanging environment including description of significant changesfrom previous Annual Plan

services with outputs to be delivered in the coming Financial Year withdetails of

the outputs to be provided

the strategic priorities and outcomes that the outputs willcontribute to

measurable indicators of performance where feasible and

the budget allocated to groups of outputs consistent with theclassification used in the Annual Budget

payments on behalf of the Government including grants benefits andsubsidies to be paid

significant capital developments

106

107(1)

(a)

(b)

(c)

(i)

(ii)

(iii)

(iv)

(d)

(e)

84

a description of intentions to develop capability for physicalintellectual human and other resources including measurableindicators where feasible

a summary budget which shall include forecast financial statements

financial and other assumptions

a statement of fiscal risks and the intended management of these fiscalrisks and

other matters required by the Minister responsible for Finance or theMinister with the agreement of the Minister responsible for Finance

The board of directors of a State-Owned Enterprise if there is one or theChief Executive Officer where there is no board shall

agree the Annual Plan and Annual Budget with the Minister and theMinister responsible for Finance

consult in a manner to be determined by the Minister of the State-Owned Enterprise on any significant changes to the Annual Plan

submit a summary plan of the Annual Plan and Annual Budget to theMinistry and to the Ministry responsible for Finance by May 15th ofeach year

submit the Annual Plan and Annual Budget to the Ministry and to theMinistry responsible for Finance by the date set by the Director ofFinance but no later than December 15th of each year

publish the Annual Plan on the official website of the Government nolater than one week after the adoption of the Annual Budget byParliament

A Minister shall have the Annual Plan in respect of the State-OwnedEnterprise laid in Parliament on the same day as the Annual Budget

(f)

(g)

(h)

(i)

(j)

(2)

(a)

(b)

(c)

(d)

(e)

(3)

85


The board of directors and Chief Executive Officer of a State-OwnedEnterprise shall ensure that the reporting requirements of this Act are compliedwith

The board of directors of a State-Owned Enterprise shall cause to beprovided to the Minister Minister responsible for Finance and the Director ofFinance a mid-year report no later than one month after the end of the first 6months of the financial year

The mid-year report referred to in subsection (2) shall include informationon the following

significant variations in performance from the Annual Plan

progress with significant capital developments

financial performance which shall include unaudited financialstatements


report on fiscal risks and management of the fiscal risks


The board of directors of a State-Owned Enterprise shall cause to beprovided to the Minister Minister responsible for Finance and the Director ofFinance an Annual Report no later than 4 months after the end of the FinancialYear

The Annual Report referred to in subsection (4) shall include informationon the following

strategic priorities and outcomes in the Annual Plan

108(1)

(2)

(3)

(a)

(b)

(c)

(d)

(e)

(f)

(4)

(5)

(a)

86

outputs delivered with measurable indicators of actual performance foroutputs or groups of outputs consistent with the classification used inthe Annual Budget


payments made on behalf of Government including grants benefitsand subsidies to be paid


advances or issues in capability for physical intellectual human andother resources including measurable indicators where feasible

financial performance which shall include audited financialstatements


the auditors report on the financial statements

report on fiscal risk and the management of the fiscal risks

the remuneration paid to each director including value of benefits inkind

the remuneration paid to senior management including all benefits inkind presented in the form of number of employees within salary bandsand


The Annual Report for a State-Owned Enterprise shall be

submitted to the Auditor-General or his agent no later than July 31st ofeach year and shall be audited for service performance

presented to the Minister and the Minister responsible for Finance bythe board of directors where there is one and by the Chief ExecutiveOfficer if there is no board of directors

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(j)

(k)

(l)

(m)

(6)

(a)

(b)

87

laid in Parliament by the Minister no later than 7 months after the endof the Financial Year and

published by the State-Owned Enterprise to which the report relates onan official website of the Government no later than one week after theAnnual Report is laid in Parliament


The Ministry responsible for Finance shall monitor and review theperformance of State Owned Enterprises including

compliance with this Act

financial

non-financial performance

fiscal risks and

any other matters specified by the Minister responsible for Finance

The Director of Finance may review the performance of a State-OwnedEnterprise against the requirements of this Act the Annual Budget and theAnnual Plan of the State-Owned Enterprise and shall provide a letter to theMinister responsible for Finance and the Minister on such performance no laterthan 30th October each year

A Minister shall have responsibility to monitor and review the overallperformance of a State-Owned Enterprise in his portfolio and the role of theMinister responsible for Finance in this Act shall not absolve the Minister fromhis responsibility

A Minister or the Minister responsible for Finance may commission aformal review of a State-Owned Enterprise

The board of directors Chief Executive Officer and staff of a State-OwnedEnterprise shall cooperate with a review under this Act and shall supply to theMinister the Minister responsible for Finance and the Ministry responsible for

(c)

(d)

109(1)

(a)

(b)

(c)

(c)

(d)

(2)

(3)

(4)

(5)

88

Finance or their agents with such information relating to the affairs of the State-Owned Enterprise as the Minister Minister responsible for Finance Ministryresponsible for Finance or the agent requests

A Minister may have an output agreement and performance review processwith a State-Owned Enterprise providing services funded from the budget theMinister is responsible for

The board of directors if there is one and in the absence of a board ofdirectors then the authority with responsibility for reviewing the performance ofthe Chief Executive Officer shall consider the performance review of the outputagreement performance compared to the Annual Plan and the letter referred toin subsection (2) when reviewing the performance each year for the ChiefExecutive Officer of a State-Owned Enterprise

A Chief Executive Officer of a State-Owned Enterprise may have a serviceagreement and performance review process with an entity providing servicesfunded by the State-Owned Enterprise


At least once per year a State-Owned Enterprise shall hold a publicmeeting of the board of that State-Owned Enterprise and a report shall bepresented at the public meeting on the following

the performance of the State-Owned Enterprise over the last year

the current state of the State-Owned Enterprise and

the expected performance of the State-Owned Enterprise for the next3 years

(6)

(7)

(8)

110

(a)

(b)

(c)

89

Commercial State-Owned Enterprise Accountability

Objective of a Commercial State-Owned Enterprise

The board of directors of a Commercial State-Owned Enterprise shallensure that the Commercial State-Owned Enterprise achieves the

primary objective to operate as a successful business and to earn areturn on the ownerrsquos funds over the medium-term and

additional objectives contained in the Statement of Corporate Intentand Annual Plan


The board of directors of each Commercial State-Owned Enterpriseshall provide a Statement of Corporate Intent and an Annual Plan for theCommercial State-Owned Enterprise and all its subsidiaries to the Share-holdingMinisters by no later than December 15th of each year


The board of directors of a Commercial State-Owned Enterprise shallcause to be prepared a Statement of Corporate Intent for the entity and itssubsidiaries (the group) that shall have a medium term scope with a focus on theforthcoming financial year and shall include

the objectives of the entity or group

the nature and scope of the activities to be undertaken

the ratio of consolidated owners funds to total assets and definitionsof those terms

the accounting policies

the expected performance for the medium term of the entity or groupin relation to its objectives

111

(a)

(b)

112

113

(a)

(b)

(c)

(d)

(e)

90

a statement of the principles adopted in determining the annualdividend together with an estimate of the amount or proportion ofannual earnings after tax (from both capital and revenue sources) thatis intended to be distributed to the Government where applicable

the information to be provided to the Share-holding Ministers by theCommercial State-Owned Enterprise during the course of thosefinancial years including the information to be included in the in-yearreports

the procedures to be followed before any member of the entity or groupsubscribes for purchases or otherwise acquires shares in any companyor other organisation

any activities for which the board of directors seeks compensation fromthe Government whether or not the Government has agreed to providesuch compensation

a statement of social responsibility and

such other matters as are agreed by the Share-holding Ministers andthe board of directors


The board of directors of a Commercial State-Owned Enterprise shallcause to be prepared an Annual Plan containing

details for the forthcoming financial year of the expected performancetargets and other measures by which the performance of the group maybe judged in relation to its objectives in the Statement of CorporateIntent which shall include the performance indicators required by theMinister responsible for Finance

an explanation of variations in performance from the previous AnnualPlan

(f)

(g)

(h)

(i)

(j)

(k)

114

(a)

(b)

91

forecast financial statements including an estimate of the anticipatedprofit for each of the 3 forthcoming years and the dividend to be paidto the Government where applicable with sufficient detail for theforthcoming financial year to enable meaningful assessment againstthose expectations after the end of that financial year

any proposed major financing transactions

a statement of any arrangements or proposed arrangements to providegoods or services for less than the cost of those services or to receiveservices from a government entity for less than the cost to provide thegoods or services

a statement of fiscal risks and the intended management of the fiscalrisks

other matters as are agreed by the Share-holding Ministers and theboard of directors and

additional information prescribed for a plan in the establishment lawfor the Commercial State-Owned Enterprise


The Share-holding Ministers shall agree on the Statement of CorporateIntent and the Annual Plan with the board of directors of the Commercial State-Owned Enterprise

The Share-holding Ministers acting jointly may issue instructions to theboard of directors in writing to make a change to the Statement of CorporateIntent or the Annual Plan prior to the finalisation of the Statement of CorporateIntent or the Annual Plan provided that the instructions

comply with the legal mandate and obligations of the CommercialState-Owned Enterprise and

is in the public interest

(c)

(d)

(e)

(f)

(g)

(h)

115(1)

(2)

(a)

(b)

92

The Share-holding Ministers acting jointly may agree with the board ofdirectors to make a change to the Statement of Corporate Intent or the AnnualPlan during the Financial Year or may direct the board of directors to make achange provided that the directive

complies with the legal mandate and obligations of the CommercialState-Owned Enterprise and


The Chief Executive Officer shall publish any change during the FinancialYear to a Statement of Corporate Intent or an Annual Plan on an official websiteof the Government no later than one week after agreeing the change or receivingan instruction to make a change

Introduction into Parliament and publication of Statement ofCorporate Intent and Annual Plan

The Statement of Corporate Intent and the Annual Plan for eachCommercial State-Owned Enterprise shall be laid in Parliament by the Ministerresponsible for Finance on the same day as the Annual Budget

The Chief Executive Officer of each Commercial State-Owned Enterpriseshall publish the Statement of Corporate Intent and the Annual Plan on an officialwebsite of the Government no later than one week after the adoption of theAnnual Budget by Parliament

Dividend

The board of directors of a Commercial State-Owned Enterprise shallagree on the proposed dividend with the Share-holding Ministers as part of theagreement on the Statement of Corporate Intent and the Annual Plan as specifiedin section 115 and 116 respectively and shall ensure that the dividendrequirements are adopted by the management of the Commercial State-OwnedEnterprise where applicable

(3)

(a)

(b)

(4)

116(1)

(2)

117(1)

93

Dividends or other profit distribution from a Commercial State-OwnedEnterprise paid to Government shall be included in the Annual Budget presentedto Parliament and shall be credited to the Consolidated Fund and paid into theTreasury Account

Dividend payments owed to Government shall not be set-off against anytax or other obligations the Commercial State-Owned Enterprise may have to theGovernment

Service Agreements

Where the Government requires a Commercial State-OwnedEnterprise to provide goods or services in other than a normal commercialmanner the Share-holding Minister shall conclude a service agreement with theCommercial State-Owned Enterprise

Such agreement shall specify the terms of delivery of goods or services tobe provided by the Commercial State-Owned Enterprise and the price that theGovernment will pay which shall be a fair market price or if there is no marketthen a price that equals the costs for an efficient provider of the goods or services


The board of directors of a Commercial State-Owned Enterprise shallcause to be prepared periodic reports a Mid-Year Report and an Annual Reportfor the Commercial State-Owned Enterprise and its subsidiaries includingfinancial statements in accordance with the provisions of this Act or rules madeunder this Act the Companies Act Cap 308 or any instructions issued by theDirector of Finance

The board of directors of a Commercial State-Owned Enterprise shallcause an Annual Report to be provided to the Share-holding Ministers and theDirector of Finance no later than 4 months after the end of the Financial Year

(2)

(3)

118(1)

(2)

119(1)

(2)

94

The Annual Report of a Commercial State-Owned Enterprise shall include

a report of the operations of the Commercial State-Owned Enterpriseand those of its subsidiaries during that Financial Year withinformation as is necessary to enable an informed assessment of theoperations of the entity including a comparison of the performance ofthe entity with the Statement of Corporate Intent and the Annual Plan

the dividend payable to the Government by the Commercial State-Owned Enterprise for the Financial Year to which the report relates

audited consolidated financial statements for that Financial Yearconsisting of statements of financial position profit and loss changesin financial position and such other statements as may be necessary toshow the financial position of the Commercial State-Owned Enterpriseand its subsidiaries and the financial results of their operations duringthat Financial Year


report on fiscal risks

report on compliance with the statement of social responsibility

the remuneration paid to each board director including the value ofbenefits in kind


such additional information as is necessary to enable an informedassessment of the activities of the Commercial State-Owned Enterpriseagainst the Statement of Corporate Intent and the Annual Plan

The Annual Report for each Commercial State-Owned Enterprise shall be

submitted to the Auditor General no later than July 31st of each yearand shall be audited by the Auditor General or his agents

(3)

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(4)

(a)

95

provided to the Share-holding Ministers by the board

laid in Parliament by the Minister responsible for Finance no later than7 months after the end of the Financial Year and

published by the Commercial State-Owned Enterprise to which the report relateson the official website of the Government no later than one week after the AnnualReport is laid in Parliament

The board of directors of a Commercial State-Owned Enterprise shallcause a Mid-Year Report to be provided to the Share-holding Ministers and theDirector of Finance no later than one month after the end of the first 6 months ofthe financial year

The Mid-Year Report shall include the following

a report on the operations of the Commercial State-Owned Enterpriseand those of its subsidiaries during the financial year with informationas is necessary to enable an informed assessment of the operations ofthe entity including a comparison of the performance of the entity withthe Statement of Corporate Intent and Annual Plan

unaudited consolidated financial statements for the financial yearconsisting of statements of financial position profit and loss changesin financial position and such other statements as may be necessary toshow the financial position of the Commercial State-Owned Enterpriseand its subsidiaries and the financial result of their operations duringthe financial year

a report on fiscal risk and management of the fiscal risk

a report on compliance with the statement of social responsibility

such additional information as is necessary to enable an informedassessment of the activities of the Commercial State-Owned Enterpriseagainst the Statement of Corporate Intent and Annual Plan

(b)

(c)

(5)

(6)

(a)

(b)

(c)

(d)

(e)

96


The Ministry responsible for Finance shall monitor and review theperformance of Commercial State-Owned Enterprises including


financial


fiscal risks and

other matters specified by the Minister

The Director of Finance shall review the performance of each CommercialState-Owned Enterprise against the requirements of this Act the Statement ofCorporate Intent and the Annual Plan and shall provide a letter to the Share-holding Ministers on such performance no later than 30th October each year

A Share-holding Minister who is not the Minister responsible for Financeshall have responsibility to monitor and review the overall performance of aCommercial State-Owned Enterprise in his portfolio and the role of the Ministerresponsible for Finance in this Act shall not absolve the Share-holding Ministerfrom his responsibility

A Share-holding Minister may commission a formal review of aCommercial State-Owned Enterprise

The board of directors Chief Executive Officer and staff of a CommercialState-Owned Enterprise shall cooperate with a review under this Act and shallsupply to the Minister the Minister responsible for Finance and the Ministryresponsible for Finance or their agent such information relating to the affairs ofthe Commercial State-Owned Enterprise or any of its subsidiaries as the MinisterMinister responsible for Finance Ministry responsible for Finance or the agentrequests

120(1)

(a)

(b)

(c)

(c)

(d)

(2)

(3)

(4)

(5)

97

The board of directors shall consider the performance compared to theStatement of Corporate Intent the Annual Plan and the letter referred to insubsection (2) when reviewing the performance each year for the Chief ExecutiveOfficer of the Commercial State-Owned Enterprise

A Chief Executive Officer of a Commercial State-Owned Enterprise mayhave a service agreement and performance review process with an entityproviding services funded by the Commercial State-Owned Enterprise


At least once per year a Commercial State-Owned Enterprise shallhold a public meeting of the board and a report shall be presented at the publicmeeting of the board on the following

the performance of the Commercial State-Owned Enterprise over thelast year

the current state of the Commercial State-Owned Enterprise and

the expected performance of the Commercial State-Owned Enterprisefor the next 3 years


Where the Government is a minority shareholder in a publicly listedentity then sections 113 to 123 shall not apply and such share-holding shall besubject to the provisions of the Companies Act Cap 308 and other relevantenactments

Where the Government holds more than 50 per cent but less than 100 percent of the shares then it shall exercise its rights in accordance with the CompaniesAct Cap 308 and section 125 to 133 shall apply only as far as they are consistentwith the Companies Act Cap 308

A Minister designated by the Cabinet shall hold shares in the name of theGovernment on behalf of the Government in the Commercial State-OwnedEnterprise shall be known as the Share-holding Minister

(6)

(7)

121

(a)

(b)

(c)

122(1)

(2)

(3)

98

The role of the Share-holding Minister shall be to exercise theshareholdersrsquo rights on behalf of the Government and in the best interests of thepeople of Barbados

PART X

SANCTIONS


A reference in this Part to positions and office holders includes currentand former positions and office holders


A public officer public office holder or other person withresponsibility for Government resources commits an act of financial misconductif without lawful authority under this Act or other lawful authority that personwilfully or negligently

incurs expenditures or makes commitments

borrows money on behalf of the Government or entities owned orcontrolled by the Government or repays or converts an existing loan

issues public securities or varies their terms and conditions

opens a bank account in the name of the Government or entities ownedor controlled by the Government

maintains a bank account for a Government purpose outside Barbadosexcept in accordance with an Act or other lawful authority

lends money or other assets on behalf of the Government or entitiesowned or controlled by the Government

issues guarantees or indemnities on behalf of the Government orentities owned or controlled by the Government

(4)

123

124(1)

(a)

(b)

(c)

(d)

(e)

(f)

(g)

99

issues securities for loans made to the Government or entities ownedor controlled by the Government

disposes of pledges or encumbers property of the Government

loses or damages Government property

for an accounting officer does an act that breaches the duties of anaccounting officer specified under this Act or rules made under thisAct or

seeks or accepts a personal loan or benefit in circumstances thatcompromise the integrity of the public officer or public office holder

A public officer or public office holder or other person with responsibilityfor Government resources commits an offence of financial misconduct if thatperson wilfully or negligently

fails to deliver to the superior manager or governing authority a gift ordonation of a value over $100 made on a public or official occasionunless exempted by law

fails to produce any information in the possession or under the controlof that person in relation to the financial management financialperformance or banking activities of the Government or entities ownedor controlled by the Government when required to do so under this Act

fails to keep proper records or conceals or wrongfully destroysinformation that is required to be recorded by this Act

fails to pay public money in a timely manner into the bank account ofthe Public Entity or Commercial State-Owned Enterprise

fails to produce the reports accounts or other information required bythis Act

provides incorrect information to the tax authorities with regard to aPublic Entity or Commercial State-Owned Enterprise

(h)

(i)

(j)

(k)

(l)

(2)

(a)

(b)

(c)

(d)

(e)

(f)

100

resists or obstructs any person acting in the discharge of that personsfunctions or duties or in the exercise of that persons powers under thisAct

makes any statement or declaration or gives any information orcertificate required by or under this Act knowing it to be false ormisleading

divulges data in electronic or other form without authority

diverts funds to unauthorized activities

fails to implement a lawful written instruction or directive relating tothe management of public finances given under this Act

fails to report an incident of financial misconduct the public officer orpublic office holder has become aware of to the Director of Finance

fails to declare a conflict of interest when dealing with or makingdecisions about public resources

for an accounting officer fails to perform a duty of an accounting officerspecified under this Act or rules made under this Act or

does any act for the purpose of procuring for any person or organization

the improper payment of any public money or

the improper use of any public financial resource

A charge of financial misconduct under this Act against any person shallbe investigated heard and disposed of as required by the Constitution the PublicService Act Cap 29 as applicable any other enactments and the terms ofappointment or employment applicable to that person


A public office holder public officer or other person withresponsibility for Government resources is guilty of an offence if without lawful

(g)

(h)

(i)

(j)

(k)

(l)

(m)

(n)

(o)

(i)

(ii)

(3)

125(1)

101

authority under this Act or any relevant enactment that person wilfully ornegligently

takes unlawful possession of public moneys or assets includingelectronic data

misappropriates public moneys or assets

provides inaccurate financial information or conceals information onpublic finances to obtain a benefit for that person or another person or

engages in corrupt acts including soliciting or receiving bribes

A person who is guilty of an offence referred to in subsection (1) is liableon indictment to a fine of $170 000 or to imprisonment for 5 years or to both


The Director of Finance may apply a sanction to a Public Entity orCommercial State-Owned Enterprise which has

approved expenditures in excess of an Appropriation under anAppropriation Act or other lawful authority

re-allocated expenditures without lawful authority

created liabilities in excess of its ability to finance the liabilities

defaulted on a loan

issued a guarantee without the appropriate authorization

failed to provide the Annual Plan Statement of Corporate Intentreports Annual Accounts or other information as required by this Act

provided inaccurate information to a public officer or public officeholder on financial matters

failed to adequately address issues raised by the Auditor-General orother external auditor when such issues are not contested or

(a)

(b)

(c)

(d)

(2)

126(1)

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

102

failed to manage its finances in accordance with this Act or rules madeunder this Act or other enactments

The Director of Finance may apply any of the following measures to aPublic Entity or Commercial State-Owned Enterprise that has breached theprovisions of this section

impose additional reporting requirements to those required by anyenactment

require a draft budget or financial plan to be submitted to the Ministryresponsible for Finance for approval by the Minister responsible forFinance prior to its approval by the board of directors of the entity

place restrictions on the management and use of money and otherassets

place restrictions on the creation of liabilities

withhold funds

treat any debt defaults as a charge on future revenues

temporarily assign personnel necessary to undertake the financialmanagement functions of the entity

make representations to the appointing authority for the board ofdirectors and the Chief Executive Officer to take action to dismiss orotherwise discipline any board director or the Chief Executive Officeror

require the entity to adhere to a programme of debt reduction

(i)

(2)

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

103


Where it appears to the Director of Finance upon a report by theAuditor-General or where the Director of Finance is otherwise satisfied that anyperson who is or was a public officer or public office holder

has failed to record and collect any moneys owing to the Governmentfor the collection of which that person is or was at the time of hisemployment or engagement responsible

has made a commitment that exceeds the authorised authority tocommit or spend

is or was responsible for any improper payment of public moneys orfor any payment of such moneys which is not duly vouched or for anyexpenses in excess of the amount authorised or

is or was responsible for any deficiency in or for the loss damage ordestruction of any public moneys stamps securities stores or otherproperty of the Government

and where within a period specified by the Director of Finance an explanationsatisfactory to the Director of Finance is not furnished with regard to the mattersreferred to in paragraphs (a) to (c) the Director of Finance may surcharge againstthat person

the amount not collected

such improper payment

payment not duly vouched

expenditure in excess of the amount authorised

the deficiency loss damage or the full value of the propertydestroyed as the case may be

or such lesser amount as the Director of Finance may determine

127

(a)

(b)

(c)

(d)

(i)

(ii)

(iii)

(iv)

(v)

104


The Director of Finance shall cause the Auditor-General theAccountant-General and the Chief Executive Officer of the entity concerned tobe notified of any surcharge made under section 129

The Chief Executive Officer on being notified under subsection (1) shallnotify the person surcharged and shall subject to sections 131 and 132 recoverthe amount surcharged from that person


The Director of Finance may at any time withdraw any surcharge inrespect of which a satisfactory explanation has been received or if it otherwiseappears that a surcharge should not have been made and in that event the Directorof Finance shall notify the Auditor-General the Accountant-General and theChief Executive Officer of the entity concerned of the withdrawal of thesurcharge

Right of Appeal

Any person who is dissatisfied with any surcharge made against himunder section 129 may appeal to a judge in Chambers within 28 days of thenotification of the surcharge under section 130

The Judge in Chambers may

confirm modify or reverse a decision made pursuant to section 129 orany part thereof or

direct the Director of Finance to reconsider either generally or inrespect of specified matters the whole or a specified part of the matterto which the appeal relates

128(1)

(2)

129

130(1)

(2)

(a)

(b)

105

Recovery of Loss

The amount of any surcharge made under section 129 may subject tosections 131 and 132 be recovered before a Magistrate on the complaint of theDirector of Finance or any person authorised to act for the Government

Notwithstanding subsection (1) the Director of Finance may direct thatthe amount of any surcharge which may be due from a public officer or publicoffice holder shall be recovered by monthly or semi-monthly deductions fromthe salary or other payment due to that public officer or public office holder insuch amounts not exceeding one-sixth of the salary or other payment duemonthly or semi-monthly as the Director of Finance may authorise

Nothing in this section shall prevent the Government from recovering theloss through civil proceedings

In any action for the recovery of a loss a certificate signed by the Directorof Finance stating the amount of the loss shall admissible as evidence of theassessment of the loss

PART XI

MISCELLANEOUS

Rules

The Cabinet may make rules for all or any of the following matters

the form and manner in which any of the Financial Statements are tobe kept

the procedure for the checking by accounting officers of claims againstthe Consolidated Fund and the paying of such claims

the procedure for the reporting by the Auditor-General of delays andirregularities

131(1)

(2)

(3)

(4)

132(1)

(a)

(b)

(c)

106

the purchase receipt custody issue sale transfer or delivery of anystamps securities or other Government Property

the proper and efficient keeping of the Financial Statements

the accounts of the Barbados Defence Force and the purchase ofmilitary stores equipment and supplies therefor

the accounting for public money including the collection receiptcustody banking expenditure proper accounting for care andmanagement and forms of records of public money

the records reports and accounts required by this Act

in relation to Government Property

the custody handling and proper accounting for GovernmentProperty and

the creation and maintaining of up-to-date inventories or registerson such property

the establishment and operation of

Sinking Funds and

Special Funds

any additional public finance requirements for a State-OwnedEnterprise or a Commercial State-Owned Enterprise

the payment of interest on late payments by the Government includingpermitting a specified person to determine when interest is payable therate of that interest and when it is calculated and compounded

the charges for payments to the Government made other than in legaltender

the interest rates applicable in respect of debts owed to theGovernment

(d)

(e)

(f)

(g)

(h)

(i)

(i)

(ii)

(j)

(i)

(ii)

(k)

(l)

(m)

(n)

107

the fees and charges

for dishonoured cheques and

to defray the costs of acceptance by the Accountant-General ofvoluntary assignments by public officer or public office holdersof salaries wages pensions gratuities and other money

the security of premises documents securities and the financialinformation system

the amendment of budget classifications and reallocation powers

all matters related to Government securities and

for any other matter required to be prescribed under this Act

All rules shall be subject to negative resolution


The Minister responsible for Finance may amend the Schedules byOrder

Savings

The

Financial Administration and Audit (Financial) Rules 2011(SI 2011 No 54) and

Financial Administration and Audit (Supplies) Rules 1971(SI 1971 No 47)

shall remain in force and shall apply in so far as they are not inconsistent withthis Act until revoked by rules made under this Act

Repeal

The Financial Management and Audit Act Cap 5 is repealed

(o)

(i)

(ii)

(p)

(q)

(r)

(s)

(2)

133

134

(a)

(b)

135

108

Commencement

This Act shall come into operation on a date fixed by Proclamation136

109

FIRST SCHEDULE

(Sections 2 and 91)


Air Transport Licensing Authority

Barbados Accreditation Council

Barbados Community College

Barbados Defence Force

Barbados International Business Promotion Corporation

Barbados Investment and Development Corporation

Barbados National Standards Institute

Barbados Vocational Training Board

Child Care Board

Community Legal Services Commission

Cultural Industries Authority

Fair Trading Commission

Financial Services Commission

National Assistance Board

National Council on Substance Abuse

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

110

National Productivity Council

National Sports Council

Rural Development Commission

Technical and Vocational Education and Training Council

Transport Authority

Urban Development Commission

16

17

18

19

20

21

111

SECOND SCHEDULE

(Sections 2 and 91)


Barbados State-Owned Enterprise for Micro-Enterprise DevelopmentLtd

Barbados Agricultural Credit Trust Ltd

Barbados Agricultural Development and Marketing Corporation

Barbados Agricultural Management Co Ltd

Barbados Cane Industry Corporation

Barbados Conference Services Ltd

Barbados National Oil Co Ltd

Barbados National Terminal Ltd

Barbados Port Inc

Barbados Revenue Authority

Barbados Tourism Investment Inc

Barbados Tourism Marketing Inc

Barbados Tourism Product Authority

Barbados Water Authority

Caribbean Airways International Ltd

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

112

Caribbean Aircraft Handling Co Ltd

Caribbean Broadcasting Corporation

Caves of Barbados Ltd

Enterprise Growth Fund Ltd

Grantley Adams International Airport Inc

Gymnasium Ltd

Hotels and Resort Ltd-Gems of Barbados

Kensington Oval Management Inc

National Conservation Commission

National Cultural Foundation

National Housing Corporation

National Insurance Department

National Petroleum Corporation

Needham Point Development Inc

Needham Point Holdings Ltd

New Life Investment Company Inc

Queen Elizabeth Hospital

Resolution Life Assurance Company Ltd

16

17

18

19

20

21

22

23

23

25

26

27

28

29

30

31

32

33

113

Sanitation Service Authority

Southern Meats Inc

Student Revolving Loan Fund

Transport Board

34

35

36

37

114

THIRD SCHEDULE

(Section 6)


The Fiscal Framework shall present an analysis of the outcomes forthe previous financial year and an assessment of the forthcoming financial yearwith an emphasis on measuring performance against the priorities objectives andtargets of the Government as a key input into setting the parameters for theforthcoming Annual Budget

The Fiscal Framework shall contain the information specified below

Report for the recently concluded financial year which shall include

an updated macro-economic and fiscal out turns to show changesfrom the forecasts in the previous Fiscal Framework for theinformation required in paragraph 3 of this Schedule

a summary of budget execution compared to the appropriationsand statutory commitments for the information required in sub-paragraph (e)(i) to (v) and (viii) of this Schedule if applicable

a report on the performance of all key policies identified in theprevious Fiscal Framework identified in sub-paragraph (h)(ii) ofthis Schedule

information on how any outcomes in fiscal performance for theyear affected compliance with the fiscal responsibility principlesand the fiscal objectives in the Fiscal Framework identified insub-paragraph (h)(i) and (i) of this Schedule

report on the extent to which the risks identified in the previousFiscal Framework Paper were realized and the effect on fiscalperformance and

1

2

(a)

(i)

(ii)

(iii)

(iv)

(v)

115

information on reasons for any deviations from the fiscalresponsibility principles and fiscal objectives with plans toaddress any such deviations and the expected time to achievethis

A medium-term macro-economic forecast setting out actual estimatedand projected values of the following economic variables for no lessthan the previous 2 years the current year and the next 3 yearsincluding

the Gross Domestic Product and its components

inflation

employment and unemployment

exchange rates with major trading partners

interest rates and

money supply and monetary conditions including credit to theprivate sector

and for (i) to (vi) the source of the data shall be identified and for historicalinformation a statement provided of whether it is official or estimated incases where official data are not available

Statement of assumptions and methodologies underpinning theforecasts

Information on the longer term macro-economic forecasts

Medium-term fiscal forecasts setting out actual estimated andprojected values of the following fiscal variables for no less than theprevious 2 years the current year and the next 3 years including

revenues by type

aggregate expenditures by economic administrative andfunctional classifications

(vi)

(b)

(i)

(ii)

(iii)

(iv)

(v)

(vi)

(c)

(d)

(e)

(i)

(ii)

116

budget balance for the overall budget

a summary of the sources of budget financing

the level of debt by external source domestic source and total

the accounting principles and methods used in the FiscalFramework and key assumptions on which the above numbersare based

sensitivity analysis taking account of possible changes in macro-economic conditions and

any other information the Minister responsible for Financedetermines is material to the Fiscal Framework

Forecasts for the longer term that have been used in formulating thefiscal policies in the Fiscal Framework and such forecasts shall takeaccount of the impacts of changes in demographics and other factors

Fiscal policy targets and measurable fiscal objectives for revenuesdebt deficit and expenditure for the forthcoming budget year and 2subsequent years including

a summary table of the measurable fiscal objectives for no lessthan the previous 2 years the current year and the next 3 yearsincluding

aggregate Government expenditure as a percentage of theGross Domestic Product and in nominal terms

Government expenditure on wages and benefits as apercentage of the Gross Domestic Product and in nominalterms for all positions funded from the Annual Budgetincluding all positions funded by direct charge on theConsolidated Fund and all positions funded byappropriation

(iii)

(iv)

(v)

(vi)

(vii)

(viii)

(f)

(g)

(i)

(A)

(B)

117

Government revenues as a percentage of the Gross DomesticProduct and in nominal terms

overall budget balance as a percentage of the GrossDomestic Product and in nominal terms

Government debt as a percentage of the Gross DomesticProduct and in nominal terms and

Government net worth as a percentage of the GrossDomestic Product and in nominal terms when net worth canbe measured and

information on the fiscal policies for medium-term including

the revenue policy with planned changes to taxes andpolicies affecting other revenues

deficit policy including deficit implied by the fiscal targetsincluding the overall budget balance

debt policy and summary of debt sustainability with debtceilings and

expenditure policy including expenditure priorities linked toceilings in the medium-term expenditure framework in theFiscal Framework

an assessment of the consistency of the planned fiscal policyaggregates and measurable fiscal objectives with the fiscalresponsibility principles and the previous Fiscal Framework and

information on reasons for any deviations from the fiscalresponsibility principles and fiscal objectives in the previousFiscal Framework with a summary of the plans to address anysuch deviations and the expected time to achieve this

A medium-term expenditure framework stating the Governmentrsquosannual and medium-term expenditure intentions and an explanation of

(C)

(D)

(E)

(F)

(ii)

(A)

(B)

(C)

(D)

(iii)

(iv)

(h)

118

any changes in the proposed ceilings from the previous FiscalFramework limits which shall include

the aggregate expenditure ceiling to be used in the preparation ofthe Annual Budget which shall include indicative ceilings for 2further outer years

ceilings for central Government expenditure by a Ministry andother budget entity for the budget year and next 2 years to be usedas the basis for the preparation of the Annual Budget

forecast non-financial performance information at a suitable levelof aggregation linked to the budget to show what is planned tobe provided and achieved for the proposed expenditure forstrategic changes only and

information on major public investments including priorities andrationale for these and forecast costs for the forthcoming budgetyear and 2 outer years related to expenditure ceilings

An explanation of how fiscal policy supports economic growth andstability

A fiscal risk statement including

contingent liabilities

any commitments not included in the fiscal forecasts and

all other circumstances which may have a material effect on thefiscal and economic forecasts and which have not already beenincorporated into the fiscal forecasts

and such fiscal risks shall be quantified where practicable

A statement of responsibility signed by the Minister responsible forFinance and the Director of Finance attesting to the reliability andcompleteness of the information in the Fiscal Framework and itscompliance with the law

(i)

(ii)

(iii)

(iv)

(i)

(j)

(i)

(ii)

(iii)

(k)

119

If the Government is unable to provide any of the information requiredby this Schedule the Ministry responsible for Finance shall state in the FiscalFramework the reasons for any missing information and shall ensure that suchinformation is available as soon as practicable for future Fiscal Frameworks

3

120

FOURTH SCHEDULE

(Section 7 and 84)


The Mid-Year Review Report shall provide an update to the fiscal framework and shall focusprimarily on out turns relative to the Annual Budget and includes the following information

updated macro-economic forecasts and assumptions used in the update whendifferent than in the Fiscal Framework

updated fiscal outlook including

Government revenue outturn for the first 6 months and a forecast for the budgetyear and next 3 years with an explanation of significant differences to forecastsin the Fiscal Framework and Annual Budget

Government expenditure outturn for the first 6 months and a forecast for thebudget year and next 3 years with an explanation of significant differences toforecasts in the Fiscal Framework and Annual Budget

approval of new major investment projects including public privatepartnership contracts

budget balance for the first 6 months and a forecast for the budget year budgetbalance for past 2 years and forecast next 3 years with an explanation of howthe forecasts relate to fiscal principles and fiscal objectives in the FiscalFramework and

net and Gross debt for the forecast for the Annual Budget and next 3 years andexplanation of how the forecasts relate to the fiscal principles and fiscalobjectives in the Fiscal Framework in the short and Medium Term

a table presenting each fiscal objective in the Fiscal Framework the position at Mid-Year and the forecast outturn for each fiscal objective

progress on Government priorities

any actual or expected significant differences for non-financial performanceindicators that were presented in the Fiscal Framework or the Estimates includingthe Financial Memorandum of Ministries in the Annual Budget with an explanationof any deviations

(a)

(b)

(i)

(ii)

(iii)

(iv)

(v)

(c)

(d)

(e)

121

information on virements reallocations use of the Contingency Appropriation theuse of the Supplementary Estimates and any other matters required to be reported bythis Act

other financing matters compared to the Annual Budget including

arrears tax relief tax exemptions other waivers

the outstanding stock of arrears for all Government entities including showingseparately all new unpaid invoices since the stock of arrears was last reportedand

other significant financing matters that have occurred or are planned

an update of fiscal risks including those stated in the Annual Budget and

where there are any deviations from the fiscal objectives in the Fiscal Framework theGovernment shall provide the information required by section 9 of this Act

(f)

(g)

(i)

(ii)

(iii)

(h)

(i)

122

FIFTH SCHEDULE

(Section 7)


The Annual Report of Performance for the Government prepared pursuant to section 7 shallcontain the following

a commentary on the departmentrsquos overall performance for the year includingperformance measured by the key performance indicators and a comparison of actualachievements with those forecast in the annual plan

a summary of the level of activity undertaken during the year

details of significant developments which are likely to affect the entityrsquos performancein subsequent years in particular any initiatives to improve quality value for moneycustomer satisfaction and income generation

organisational coverage of the annual report

the period covered

audited information

a Statement of performance

End-of-year performance information on appropriations

Exemptions from the statement of performance

Annual financial statements

an Audit report

unaudited information

asset performance indicators

a report on health and safety

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(j)

(k)

(l)

(m)

(n)

123

SIXTH SCHEDULE

(Section 8)


The Pre-Election Economic and Fiscal Update shall include the following information andstatements

the information required for paragraph 1(a) (b) (c) (g) and (h) of the Mid-YearReview in the Fourth Schedule

a statement signed by the Minister responsible for Finance that the Pre-ElectionEconomic and Fiscal Update includes

all policy decisions with material economic or fiscal implications that theGovernment has made before the day on which the contents of the Pre-ElectionEconomic and Fiscal Update was finalised and

all other circumstances with material economic or fiscal implications of whichthe Minister responsible for Finance was aware before that day

a statement signed by the Director of Finance that the Pre-Election Economic andFiscal Update has been prepared by the Ministry responsible for Finance

using its best professional judgments and

on the basis of economic and fiscal information available to it before the weekon which the contents of the Pre-Election Economic and Fiscal Update wasfinalised and

a statement of the accounting and other standards applied which shall be theaccounting standards adopted for the Government consistent with internationallyaccepted standards and where such standards are not used then an explanation of thedeviation shall be provided

(a)

(b)

(i)

(ii)

(c)

(i)

(ii)

(d)

124

SEVENTH SCHEDULE

(Section 19)


The Annual Budget documents shall include Revenue Estimates withrevenue information (both budget and actual) for the previous 2 years and theprojected revenues for the current year and the next 3 Financial Years and theRevenue Estimates shall be at a level of detail as set by rules made under thisAct

The Annual Budget shall have Expenditure Estimates withexpenditure information for the previous 2 years (both budget and actual) andthe projected expenditure for the current year and the next 2 Financial Years andthe Expenditure Estimates shall be at a level of detail as set by rules made underthis Act

The Annual Budget shall have Financing Estimates with financinginformation for the previous 2 years (both budget and actual) and projectedfinancing for the current year and the next 2 years including

plans for external financing in the form of borrowing and grants

plans for domestic issuance of Government bills and notes and anyother financial liabilities

plans for issuance of guarantees to public or private entities

plans for divestment of Government assets

new loans to Public Entities and Commercial State-Owned Enterprises

plans for the approval of new public private partnership contracts and

other financing information that the Minister responsible for Financeconsiders necessary

1

2

3

(a)

(b)

(c)

(d)

(e)

(f)

(g)

125

The Annual Budget shall have annexes including

updated macro-economic information and summary of fiscal positioncompared to the Fiscal Framework

statement of economic assumptions including significant changes fromthe assumptions in the Fiscal Framework

information on projected Statutory Expenditure for the next FinancialYear and the following 2 years with a reference to the specific law thatauthorizes the Statutory Expenditure

medium-term debt management strategy including any limits forexternal domestic and total borrowing for issuing guarantees and forincurring other financial liabilities presented in the form thatParliament may approve by resolution if a debt limit or guarantee limitis proposed for the forthcoming financial year

medium-term asset management strategy including any restrictionsplaced on its composition

plans for the approval of new major investment projects includingpublic private partnership contracts and statement of the position withexisting contracts

statement of all tax arrears for the previous Financial Year and thecurrent year

statement of tax relief and exemptions granted or planned and theamount of such tax relief and exemptions for the current Financial Yearand forecasted for the next Financial Year

statement of all outstanding payments greater than 30 days

a report from the Ministry responsible for Finance specifying themeasures taken by the Government to implement the auditrecommendations from the previous year and the response to the

4

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(j)

126

findings of the committees of Parliament with responsibility forexamining performance reports and Government Financial Statements

the establishments register and an aggregate number of posts

a statement signed by the Minister responsible for Finance and theFinancial Secretary attesting to the reliability and completeness of theinformation in the Annual Budget documents and conformity with thefiscal responsibility requirements of this Act and

such other documents as the Minister responsible for Finance maydetermine or may be required under this Act

(k)

(l)

(m)

127

EIGHTH SCHEDULE

(Section 67)


Composition

The members of the Internal Audit Committee shall be

the Director of Finance

the Accountant-General

a representative outside of the Government of Barbados

one Chief Executive Officer from a State-Owned Enterprise and

one Chief Executive Officer of a Ministry selected by the Chairperson

Chairman Deputy Chairman and Secretary

The Chairman of the Internal Audit Committee shall be the Directorof Finance

At the first meeting of the Internal Audit Committee and thereafter asnecessary the Deputy Chairman and the Secretary shall be elected by themembers

Temporary appointment to the Committee

Where the Chairman or any other member of the Committee is absentor unable to perform his duties the Minister responsible for Finance maydesignate another person to act in the place of the Chairman or the other member

Meetings and Quorum


meet at such times and places as the chairperson may determine and

1

(a)

(b)

(c)

(d)

(e)

2(1)

(2)

3

4(1)

(a)

128

hold a special meeting on the written request of at least two membersof the Internal Audit Committee

The quorum for a meeting of the Internal Audit Committee shall be 3members

The Chairman or in the absence of the Chairman the Deputy Chairmanshall preside at all meetings

Where the Internal Audit Committee considers it necessary to do so theCommittee may invite Public Officials and public office holders or any otherrelevant person to attend any of its meetings to seek explanations in relation toan audit

Minutes

Minutes of each meeting shall be kept in proper form by the Secretaryor such other person as the Committee may appoint for the purpose and shall beconfirmed in writing at the next meeting

Decisions

The decisions of the Internal Audit Committee shall be by a majorityof votes and in the event of an equality of votes the Chairman has a casting vote

Signature and seal

All decisions made by the Internal Audit Committee and alldocuments of the Internal Audit Committee shall be signed by the Chairman orany other person so authorised to act

The seal of the Internal Audit Committee shall be kept in the custody ofthe Chairman or such other member as the Internal Audit Committee mayapprove

(b)

(2)

(3)

(4)

5

6

7(1)

(2)

129

Conflict of interest

A member of the Internal Audit Committee who is directly orindirectly interested in a matter being considered or dealt with by the InternalAudit Committee shall disclose the nature of the interest at a meeting of theInternal Audit Committee and shall not take part in any deliberation or decisionof the Internal Audit Committee with respect to the matter

Procedure

Subject to the provisions of this Act the Internal Audit Committeemay regulate its own proceedings

6

7

130

20190114

OBJECTS AND REASONS



PART I

PRELIMINARY

Short title

Interpretation

Construction

Application

PART II



Fiscal Framework




1

2

3

4

5

6

7

8

9

2

PART III


Role of Minister



Role of the Comptroller-General





Accounting Officers


Liability for funds

PART IV


Annual Budget

Appropriations

Contingencies

10

11

12

13

14

15

16

17

18

19

20

21

22

23

3






PART V




Commitments

Virements




Special funds

Trust Assets

24

25

26

27

28

29

30

31

32

33

34

35

36

37

4





Remissions Write-offs and DispensationsRemissions generally

Remission of duties imposed by way of penalty

Remission of duties on the address of the House of Assembly

Write-offs

Accounting for Remissions and Write-offs

Power of Minister responsible for Finance to dispense with probate orletters of administration




38

39

40

41

42

43

44

45

46

47

48

49

50

5

Securities




Investment in a Commercial State-Owned Enterprise

Loans to be Secured










Reporting

51

52

53

54

55

56

57

58

59

60

61

62

63

64

65

66

6




Internal audit offices in Public Entities and Commercial State-OwnedEnterprises





PART VI

AUDITOR-GENERAL




Powers of Auditor-General




67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

7



PART VII


AccountsStanding instructions to Accounting Officers








PART VIII




82

83

84

85

86

87

88

89

90

91

92

93

8

PART IX

ACCOUNTABILITY


Minister for a State-Owned Enterprise or a Commercial State-OwnedEnterprise











94

95

96

97

98

99

100

101

102

103

104

105

9










Service Agreements





PART X

MEASURES

Application of measures

106

107

108

109

110

111

112

113

114

115

116

117

118

119

120

10







Right of Appeal

Recovery of Loss

PART XI

MISCELLANEOUS

Rules


Savings

Repeal

Commencement

121

122

123

124

125

126

127

128

129

130

131

132

133

11

FIRST SCHEDULE


SECOND SCHEDULE


THIRD SCHEDULE


FOURTH SCHEDULE


FIFTH SCHEDULE

Contents for Annual Report of the State-Owned Enterprise

SIXTH SCHEDULE


SEVENTH SCHEDULE


EIGHTH SCHEDULE


12

BARBADOS

A Bill entitled



PART I

PRELIMINARY

Short title


Interpretation

In this Act



ldquoAnnual Estimatesrdquo means the Annual Estimates of revenue expenditure andfinancing





1

2

14
















(a)

(b)

(a)

(b)

15















16






ldquopublic office holderrdquo means the holder of an elected or appointed office inParliament the Judiciary the Government a Government appointee to aboard or commission or other advisory or governance position and includesbut is not limited to Ministers constitutional office holders and appointeesto Government advisory bodies and to boards of State Owned Enterprisesand Commercial State-Owned Enterprises and the staff supporting thepublic office holder including the staff of those referred to in section 117(7)of the Constitution




(a)

(b)

(c)

17













ldquoSupplementary Appropriation Actrdquo means an Act to appropriate sums of moneynecessary to meet the Supplementary Estimates of expenditure for services

(a)

(b)

(a)

(b)

18

in a Financial Year in accordance with section 109 of the Constitutionand


Construction


Application


PART II








3

4

5(1)

(a)

(b)

(c)

(2)

19


Fiscal Framework



The Minister responsible for Finance shall submit the Fiscal Frameworkto the Cabinet for approval no later than 31st July of the year preceding the AnnualBudget






the Fiscal Framework on an official website of the Government on theday the Fiscal Framework is laid in Parliament and shall make the

(3)

6(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(a)

20

Fiscal Framework available to the public in printed form as soon aspracticable and





The Ministry responsible for Finance shall include information on progressagainst the Fiscal Framework in the Annual Report of a State-Owned Enterprisespecified in Fifth Schedule


The Ministry responsible for Finance shall not earlier thanNomination Day and no later than 5 working days after Nomination Day publishon an official website of the Government a Pre-election Economic and FiscalUpdate Report which shall include the information and statements specified inSixth Schedule


(b)

(c)

7(1)

(2)

8(1)

(2)

21


The Government may deviate from the fiscal objectives stated in theFiscal Framework where that deviation is due to a significant unforeseeable eventthat cannot be accommodated through the use of other measures provided for inthis Act or prudent fiscal policy adjustments

PART III


Role of Minister

A Minister shall





A Minister may require a State-Owned Enterprise or a Commercial State-Owned Enterprise to produce periodic reports on financial matters related to theoperation of the State-Owned Enterprise or the Commercial State-OwnedEnterprise

9

10(1)

(a)

(i)

(ii)

(b)

(2)

22










supervising any Public Entity or Commercial State-Owned Enterprisefor which he is responsible by virtue of being the Minister responsiblefor that entity



11(1)

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(j)

23



The Minister responsible for Finance may require a State-OwnedEnterprise or a Commercial State-Owned Enterprise to produce periodic reportson financial matters related to the operation of the State-Owned Enterprise or theCommercial State-Owned Enterprise












(2)

(3)

(4)

12(1)

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

24













(j)

(k)

(l)

(m)

(n)

(o)

(p)

(2)

(a)

(b)

(c)

(3)

25


The Comptroller-General shall be responsible for

setting the accounting standards consistent with generally acceptedaccounting practice


ensuring that all Public Entities and Commercial State-OwnedEnterprises have in place proper expenditure control mechanisms inaccordance with this Act

ensuring that all Public Entities and Commercial State-OwnedEnterprises adopts a proper system of accounts and all money receivedand paid by the Government is brought promptly and properly toaccount


The Comptroller-General

shall enforce the accounting standards for the Government includingfor Public Entities and Commercial State-Owned Enterprises

shall at all times have access to all Public Entities or Commercial State-Owned Enterprises where accounting for services take place oraccounting records are kept

may require access to records and require any information records orexplanations from a public officer or public office holder or formerpublic officer or public office holder necessary for the performance ofthe responsibilities of the Comptroller-General

13(1)

(a)

(b)

(c)

(d)

(e)

(2)

(a)

(b)

(c)

26

may examine and report to the Director of Finance on the financial andaccounting operations of a Public Entity or a Commercial State-OwnedEnterprise

may provide accounting and other services in connection with thefinancial management of a Public Entity or a Commercial State-OwnedEnterprise and

within his area of responsibility and his powers issue instructions inwriting to Chief Executive Officers of Public Entities and CommercialState-Owned Enterprises or to persons to whom Chief ExecutiveOfficers have delegated their responsibilities under this Act

In conducting an audit or examination or carrying out any responsibilityunder this Act or any other enactment the Comptroller-General may




A person who refuses to produce any records or information as requiredunder subsection (3)(b) is guilty of an offence and is liable on summaryconviction to a fine of $10 000 or to imprisonment for a term of 12 months or toboth

The Comptroller-General may delegate to a public officer or public officeholder any of his responsibilities or powers other than the power undersubsection (2)(f)

(d)

(e)

(f)

(3)

(a)

(b)

(4)

(5)

(6)

27

The Comptroller-General and any delegate shall be accountable fordischarging his responsibilities and exercising his powers under this Act and anyother enactment in relation to financial administration with diligence and honestyand is subject to discipline under the applicable enactment for failing to do so












(7)

(8)

(a)

(b)

(c)

14

(a)

(b)

(c)

(d)

(e)

28









verifying that payments are processed in accordance with this Act andrefusing payment on any invoice which is incorrect or insufficient incontent or which contravenes this Act or any other Act or that is inhis opinion in any other way unacceptable in support of a charge onpublic monies



(f)

(g)

15(1)

(a)

(b)

(c)

(d)

(e)

(f)

(g)

29


reporting to the Comptroller-General in writing any apparent defectin the control of revenue expenditure or money or any breach orcontravention of this Act or any other enactment by a Public Entity orservice that may come to or be brought to his notice






may require access to records and require any information records orexplanations from a public officer or public office holder or formerpublic officer or public office holder necessary for the performance ofthe responsibilities of the Accountant-General

may examine and report to the Comptroller-General on the financialand accounting operations of a Public Entity




(h)

(i)

(j)

(k)

(2)

(a)

(b)

(c)

(d)

16(1)

(a)

30







A Chief Executive Officer is not absolved of responsibilities by reason ofthe proper discharge by the Comptroller-General or the Auditor-General of hisresponsibilities such as the acceptance for deposit of money by the Accountant-General or by reason of the auditing of the accounts by the Auditor-General





(b)

(2)

(a)

(b)

(c)

(3)

(4)

(5)

17

(a)

31

securities that are Government Property and that are intended to beplaced on deposit with or entrusted to the Government or



Accounting Officers



all revenues







(b)

(c)

18(1)

(2)

(a)

(b)

(c)

(3)

19(1)

(a)

32



with propriety



Liability for funds

Notwithstanding section 19 where an accounting officer of adepartment objects to a decision of a Minister that relates to the financialadministration of the department and the objection involves the liability of theaccounting officer for moneys of the department or the regularity or propriety ofpayment of moneys of the Government the accounting officer shall








(b)

(i)

(ii)

(2)

(3)

20(1)

(a)

(i)

(ii)

(iii)

(b)

(2)

(a)

33



PART IV


Annual Budget







Appropriations


(b)

(3)

21(1)

(2)

(3)

(a)

(b)

(4)

22(1)

34


Contingencies












(2)

23(1)

(a)

(b)

(2)

(3)

(4)

24(1)

(2)

(a)

(b)

35




the Annual Budget approved by Parliament no later than 28 days afterthe date that the Annual Budget was approved and

a summary of the Annual Budget within 28 days after the date that theAnnual Budget is approved

The










25(1)

(a)

(b)

(c)

(2)

(a)

(b)

(c)

26(1)

(a)

(b)

(c)

36





The Supplementary Estimates and Supplementary Appropriation Bill shallbe accompanied by an explanation from the Minister responsible for Finance asto the impact of the additional expenditure or financing on the Governmentrsquosperformance against the fiscal objectives in the Fiscal Framework




(2)

(a)

(b)

(3)

(4)

27(1)

37

A liability incurred by the Government before the end of the Financial Yearthat remains unpaid at the end of the Financial Year shall be included in theaccounts for the Financial Year in which the liability was incurred for theAppropriation to which it relates







PART V





(2)

(3)

(4)

(5)

28(1)

(2)

29

38




Commitments








30(1)

(2)

31(1)

(2)

(a)

(b)

(c)

(3)

(4)

39

Virements

The Government shall not vire funds between Expenditure Headswithout prior authorisation by Parliament through Supplementary Estimates anda Supplementary Appropriation Bill or resolution









When making virements of expenditure the accounting officer shall haveregard to the obligation to deliver the performance in the Annual Budget andannual plans required under this Act in relation to the funds appropriated andthe Director of Finance shall have regard to such obligation in issuing a warrant

32(1)

(2)

(a)

(b)

(3)

(a)

(b)

(c)

(4)

(5)

40



Cash Management








(6)

(7)

33(1)

(a)

(b)

(c)

(d)

(2)

41


Consolidated Fund







Special funds





34(1)

(2)

35(1)

(2)

(3)

36(1)

(2)

(a)

(b)

42



Trust Assets







Any trust assets that are unclaimed for a period of 3 years after havingbecome payable to any person entitled thereto together with interest if anyadded thereto shall be transferred to the Government for use in marineconservation or any other public interest purpose related to achievingenvironmental sustainability

(c)

(3)

37(1)

(2)

(3)

(4)

(5)

38(1)

43



Treasury Account






The Director of Finance may close or direct the closure of a bank accountof a Public Entity and may issue instructions in writing respecting the banking

(2)

39(1)

(2)

(3)

(4)

(5)

(6)

44

of the money from the bank account and the bank shall comply with suchinstructions

The Director of Finance may issue a direction regarding the bank accountsof a Commercial State-Owned Enterprise where the Accountant-Generalconsiders it necessary in the public interest to issue such a direction



Fees and Charges

Fees and Charges


Grants




(7)

(8)

(9)

40

41(1)

(2)

45


A Ministry or Department which receives grant funding or loan fundingshall immediately transfer the funds to the Accountant-General to be credited tothe Consolidated Fund and banked in the Treasury Account unless the ministryor department has a below the line account

Where a person contravenes subsection (4) that contravention shall beconsidered to be financial misconduct pursuant to section 121 and the matter maybe referred to the Director of Public Prosecutions where it is suspected that acrime has been committed




Remissions Write-offs and Dispensations

Remissions generally

Subject to sections 42 and 43 no sums due to the Government by wayof revenue and no other public moneys may be remitted except


(3)

(4)

(5)

(6)

(7)

(8)

42(1)

(a)

46


where a detailed statement of all amounts so remitted shall be auditedand submitted by the Auditor-General to the House of Assembly










Where by virtue of an Act in force in Barbados additional duties aremade payable by way of forfeiture the Minister responsible for Finance uponthe petition of any person who has incurred and paid these additional duties soimposed by way of forfeiture may if in the circumstances of the case he considersit equitable to do so remit such duties

(b)

(c)

(2)

(a)

(b)

(c)

(d)

(e)

(f)

(3)

43(1)

47

The Accountant-General is hereby authorised and required to pay any suchduties as are remitted under subsection (1) upon the warrant of the Ministerresponsible for Finance or of a person authorised in writing by the Ministerresponsible for Finance


The Minister responsible for Finance may upon the address of theHouse of Assembly remit and order repayment of any duties raised leviedcollected and paid to the Government for the uses of Barbados and theAccountant-General is hereby authorised and empowered to repay the same uponthe warrant of the Minister responsible for Finance or of a person authorised inwriting by the Minister responsible for Finance

Write-offs








remissions and write-offs in this Act and

remissions and write-offs made under the authority of any other Actshall be included in the Financial Statements

(2)

44

45(1)

(a)

(b)

(2)

(3)

46(1)

(a)

(b)

48

A summary statement is sufficient if it identifies the type of remission orwrite-off and the names of the persons affected including for a company thenames of the shareholders and the total value of each type of remission or write-off and in the case of a remission or write-off made under the authority of anyother enactment the authority for it






On the death of any person who was employed in the public service(hereafter in this section referred to as the deceased public officer) and to whomwas payable at the date of his death on account of his public service any salaryallowance pension or gratuity not exceeding the sum of $15 000 the Ministerresponsible for Finance on an application being made for such purpose maysubject to subsection (3) dispense with probate or letters of administration if heis satisfied that it is expedient to do so and direct that any such salary allowancepension or gratuity shall be paid to such person as appears to him best entitled toreceive the same

The Accountant-General is hereby authorised and required to pay upon thewarrant of the Minister responsible for Finance or of a person authorised by theMinister responsible for Finance in writing such sum as may be directed to bepaid under subsection (1)

(2)

(3)

(a)

(b)

(4)

47(1)

(2)

49

Before dispensing with probate or letters of administration and directingthe payment of any sums under subsection (1) the Minister shall satisfy himselfthat every reasonable care has been taken to ascertain whether or not the deceasedpublic officer was indebted to any person at the date of his death

Any payment made under this section shall be valid against all personsand all persons acting under the provisions of this section are absolutelydischarged from all liability in respect of any moneys duly paid or applied bythem under this section but nothing in this section shall in any way interfere withthe right of any creditor or other person having any claim to or upon the propertyof the deceased public officer to proceed against the legal personal representativeof the deceased public officer for the recovery of any money or other propertywhich such creditor or other person may claim

A summary statement of the dispensations made by the Ministerresponsible for Finance under this section shall be included in the FinancialStatements







(3)

(4)

(5)

48(1)

(2)

49

50








On the next sitting of Parliament following the purchase of securities undersubsection (3) the Minister responsible for Finance shall have



Securities


The Minister responsible for Finance may on behalf of the Governmentdo any of the things in respect of or in connection with the security that could

50(1)

(a)

(b)

(c)

(d)

(2)

(3)

(a)

(b)

51(1)

(2)

51

be done by the Government including exercising any powers functions andrights












Subject to the provisions of any other enactment and consistent withthe Medium-Term Financial Asset Management Strategy the Ministerresponsible for Finance may invest money by way of capital injection in aCommercial State-Owned Enterprise only by way of a capital contributionappropriated by Parliament

52

53(1)

(2)

(a)

(b)

(c)

54

55(1)

52

All shares held in a Commercial State-Owned Enterprise by theGovernment shall be held in the name of the Government of Barbados

All rights and powers attaching to the shares in a Commercial State-OwnedEnterprise including the power of sale or disposition held by the Governmentshall be exercised by the Government in accordance with the Laws of Barbados

Loans to be Secured

A loan given by the Government to a person Government entityprivate sector entity other Government or any other entity shall be secured byway of a loan agreement or a debenture mortgage or other suitable instrumentdepending on the circumstances of the loan








Notwithstanding any other enactment it shall not be lawful for theGovernment a Public Entity or a Commercial State-Owned Enterprise to borrow

(2)

(3)

56

57(1)

(2)

(3)

58(1)

(2)

53

from or to give a Government guarantee to any person entity or otherGovernment entity unless the Minister responsible for Finance has approvedsuch borrowing or guarantee in writing and the requirements of this Act arecomplied with





The Minister responsible for Finance shall ensure that any borrowingpursuant to this section is consistent with the Fiscal Responsibility Principlespursuant to section 5 the Fiscal Framework pursuant to section 6 and the AnnualBudget pursuant to section 21



(3)

59(1)

(2)

(3)

(4)

(5)

54










When raising money by the issue and sale of Government Securities theMinister responsible for Finance shall satisfy any jurisdiction with respect to theoffer issue sale and trade of securities and other transactions relating to securitiesin the jurisdiction including without limitation




60(1)

(2)

(a)

(b)

(c)

(d)

(e)

(f)

(3)

(a)

(b)

(c)

55






Notwithstanding any enactment to the contrary any money raised bythe Government by loan or by the sale of Government Securities shall be creditedto the Consolidated Fund and paid into the Treasury Account







It shall not be lawful for any person to give a guarantee or indemnitythat imposes a contingent liability on the Government

(d)

(e)

(f)

(g)

61

62(1)

(2)

63

64(1)

56

No guarantee shall be granted by the Government without priorauthorisation by a resolution of Parliament

A guarantee shall


meet the criteria for guarantees specified in rules made under this Actand

comply with the fiscal responsibility principles in this Act the fiscalobjectives in the Fiscal Framework and be consistent with theMedium-Term Debt Strategy




Any money paid by the Government under a guarantee constitutes adebt due to the Government from the person organisation or government inrespect of whom the guarantee was given

A debt referred to in subsection (1)

is recoverable in any court

may be paid over such period of time and on such terms and conditionsas agreed by the Cabinet

Reporting

In addition to the reporting required in this Act the Ministerresponsible for Finance shall publish information in the Financial Statements of

(2)

(3)

(a)

(b)

(c)

(4)

(5)

65(1)

(2)

(a)

(b)

66(1)

57

the Government describing the loans taken and guarantees given during thatFinancial Year





Internal Audit




(2)

(3)

(4)

(5)

67(1)

(2)

58















68

(a)

(b)

(c)

(i)

(ii)

(iii)

(iv)

(v)

(vi)

(d)

(e)

(f)

59






the premises property information and records in any form of a PublicEntity or Commercial State-Owned Enterprise and




Comptroller-General



Auditor-General


69(1)

(2)

(3)

(4)

(a)

(b)

(5)

(a)

(b)

(c)

(d)

(6)

60



Comptroller-General


Auditor-General











adopt standards consistent with international internal auditingstandards and set requirements for the internal audit work in the

70

(a)

(b)

(c)

71(1)

(2)

72

(a)

(b)

(c)

(d)

(e)

61

Government including the content timing and circulation of internalaudit reports and shall communicate such standards and requirementsto public officers and public office holders including internal auditors










(f)

(g)

(h)

(i)

(j)

(k)

(l)

73

62



PART VI

AUDITOR-GENERAL








74

75(1)

(2)

(a)

(b)

(c)

(d)

63










The estimates of expenditure of the office of the Auditor-General shall betransmitted to the House of Assembly through the Public Accounts Committee

(e)

(3)

(4)

(5)

76

77(1)

(2)

(3)

64

and the Public Accounts Committee shall consider the estimates in accordancewith subsection (4)








(4)

(5)

(6)

78(1)

(a)

(b)

65










Any person summoned under paragraph (f) of subsection (1) who withoutreasonable excuse fails to obey the summons is guilty of an offence and is liable

(c)

(d)

(e)

(f)

(i)

(ii)

(iii)

(g)

(2)

66

on summary conviction to a fine of $10 000 or to imprisonment for a term of12 months







the Auditor-General shall immediately bring the matter to the notice of theaccounting officer and where the case is serious report the circumstances to theDirector of Finance







79(1)

(2)

(a)

(b)

(c)

80(1)

(a)

(b)

(c)

67











(2)

(3)

81(1)

(2)

82(1)

(2)

83

68

PART VII


Accounts












84

(a)

(b)

(c)

(d)

(e)

85

(a)

(b)

69


Monthly Reports


The Minister responsible for Finance shall provide the monthly report tothe Cabinet no later than 28 days after the end of each month to which the reportrelates

The Director of Finance shall publish the monthly report on the officialwebsite of the Government no later than 14 days after the report is provided tothe Cabinet




The Minister responsible for Finance shall have a Mid-Year ReviewReport on progress made against the Fiscal Framework and the Annual Budgetas specified in the Fourth Schedule laid in Parliament no later than 31st October




86(1)

(2)

(3)

(4)

(5)

87(1)

(2)

88(1)

70








a statement of all amounts remitted pursuant to sections 42 43 and 44







(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(i)

(ii)

(2)

(a)

71











(b)

(i)

(ii)

(iii)

(iv)

(v)

(c)

(d)

(3)

(4)

72












(5)

89(1)

(2)

(3)

90

91(1)

(a)

(b)

73



Parliament shall





PART VIII




(c)

(2)

(3)

(a)

(b)

(c)

(4)

92

74




The Director of Finance may review the performance of each State-OwnedEnterprise or Commercial State-Owned Enterprise to ensure compliance with therequirements of this Act and shall provide a letter to the Minister responsible forFinance and the Minister on such performance no later than 30th November eachyear


PART IX

ACCOUNTABILITY

General Matters




93(1)

(2)

(3)

(4)

94(1)

(a)

75














(b)

(2)

(a)

(b)

(c)

(3)

(a)

(b)

(c)

(i)

(ii)

(4)

(5)

76





A Minister shall oversee and direct in accordance with this Act theCommercial State-Owned Enterprise under his responsibility to achieve theperformance specified in the Statement of Corporate Intent and the Annual Plan



The Minister responsible for Finance shall have the responsibilitiesregarding financial management for State Owned Enterprises and CommercialState-Owned Enterprises in addition to the responsibilities of a Minister for aState Owned Enterprises or a Commercial State-Owned Enterprise including


95(1)

(2)

(3)

(4)

96

(a)

77















(b)

(c)

(d)

(e)

(f)

97(1)

(a)

(b)

(c)

(d)

(e)

(2)

(a)

78


ensuring the production of the Annual Plan for a Commercial State-Owned Enterprise the Annual Plan and the Statement of CorporateIntent as required by this Act













(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(j)

(k)

(l)

(3)

98

79













99

100(1)

(2)

101

(a)

(b)

(c)

(d)

80

planning







reporting


disclosures

monitoring








Nothing in this Act shall be construed as requiring the inclusion ofinformation in the Statement of Corporate Intent Annual Report or other publicly

(e)

(f)

(g)

(h)

(i)

(j)

(k)

(l)

(m)

(n)

(o)

(p)

(q)

(r)

102(1)

(2)

103

81

available report that would be likely to unreasonably prejudice the commercialposition of the Commercial State-Owned Enterprise














104

105(1)

(a)

(b)

(c)

(i)

(ii)

(iii)

(iv)

(d)

82














(e)

(f)

(g)

(h)

(i)

(j)

(2)

(a)

(b)

(c)

(d)

(e)

(3)

83














106(1)

(2)

(3)

(a)

(b)

(c)

(d)

(e)

(f)

(4)

(5)

(a)

84
















(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(j)

(k)

(l)

(m)

(6)

(a)

(b)

85






financial


fiscal risks and






(c)

(d)

107(1)

(a)

(b)

(c)

(d)

(e)

(2)

(3)

(4)

(5)

86






A State-Owned Enterprise shall hold a public meeting every two yearsand a report shall be presented at the public meeting on the following




(6)

(7)

(8)

108

(a)

(b)

(c)

87







The board of directors of each Commercial State-Owned Enterpriseshall provide a Statement of Corporate Intent and an Annual Plan for theCommercial State-Owned Enterprise and all its subsidiaries to the Minister byno later than December 15th of each year








109

(a)

(b)

110

111

(a)

(b)

(c)

(d)

(e)

88


the information to be provided to the Minister by the Commercial State-Owned Enterprise during the course of those financial years includingthe information to be included in the in-year reports




such other matters as are agreed by the Minister and the board ofdirectors





forecast financial statements including an estimate of the anticipatedprofit for each of the 2 forthcoming years and the dividend to be paid

(f)

(g)

(h)

(i)

(j)

(k)

112

(a)

(b)

(c)

89

to the Government where applicable with sufficient detail for theforthcoming financial year to enable meaningful assessment againstthose expectations after the end of that financial year




other matters as are agreed by the Minister and the board of directorsand



The Minister shall agree on the Statement of Corporate Intent and theAnnual Plan with the board of directors of the Commercial State-OwnedEnterprise

The Minister may issue instructions to the board of directors in writing tomake a change to the Statement of Corporate Intent or the Annual Plan prior tothe finalisation of the Statement of Corporate Intent or the Annual Plan providedthat the instructions



(d)

(e)

(f)

(g)

(h)

113(1)

(2)

(a)

(b)

90

The Minister may agree with the board of directors to make a change tothe Statement of Corporate Intent or the Annual Plan during the Financial Yearor may direct the board of directors to make a change provided that the directive







Service Agreements

Where the Government requires a Commercial State-OwnedEnterprise to provide goods or services in other than a normal commercialmanner the Minister shall conclude a service agreement with the CommercialState-Owned Enterprise


(3)

(a)

(b)

(4)

114(1)

(2)

115(1)

(2)

91


The board of directors of a Commercial State-Owned Enterprise shallcause to be prepared a Mid-Year Report and an Annual Report for theCommercial State-Owned Enterprise and its subsidiaries including financialstatements in accordance with the provisions of this Act or rules made under thisAct the Companies Act Cap 308 or any instructions issued by the Director ofFinance

The board of directors of a Commercial State-Owned Enterprise shallcause an Annual Report to be provided to the Minister and the Director of Financeno later than 4 months after the end of the Financial Year








116(1)

(2)

(3)

(a)

(b)

(c)

(d)

(e)

(f)

92





submitted to the Auditor-General no later than July 31st of each yearand shall be audited by the Auditor-General or his agents

provided to the Minister by the board



The board of directors of a Commercial State-Owned Enterprise shallcause a Mid-Year Report to be provided to the Minister and the Director ofFinance no later than one month after the end of the first 6 months of the financialyear



(g)

(h)

(i)

(4)

(a)

(b)

(c)

(5)

(6)

(a)

93








financial


fiscal risks and


The Director of Finance shall review the performance of each CommercialState-Owned Enterprise against the requirements of this Act the Statement ofCorporate Intent and the Annual Plan and shall provide a letter to the Ministeron such performance no later than 31st October each year

A Minister who is not the Minister responsible for Finance shall haveresponsibility to monitor and review the overall performance of a CommercialState-Owned Enterprise in his portfolio and the role of the Minister responsiblefor Finance in this Act shall not absolve the Minister from his responsibility

(b)

(c)

(d)

(e)

117(1)

(a)

(b)

(c)

(d)

(e)

(2)

(3)

94

A Minister may commission a formal review of a Commercial State-Owned Enterprise





A Commercial State-Owned Enterprise shall hold a public meetingevery 2 years and a report shall be presented at the public meeting of the boardon the following





Where the Government is a minority shareholder in a publicly listedentity then sections 109 to 118 shall not apply and such share-holding shall be

(4)

(5)

(6)

(7)

118

(a)

(b)

(c)

119(1)

95

subject to the provisions of the Companies Act Cap 308 and other relevantenactments

Where the Government holds more than 50 per cent but less than 100 percent of the shares then it shall exercise its rights in accordance with the CompaniesAct Cap 308 and sections 120 to 128 shall apply only as far as they are consistentwith the Companies Act Cap 308

PART X

MEASURES










(2)

120

121(1)

(a)

(b)

(c)

(d)

(e)

96





loses or damages in respect of Government Property









(f)

(g)

(h)

(i)

(j)

(k)

(l)

(2)

(a)

(b)

(c)

(d)

(e)

97




diverts funds to unauthorised activities











(f)

(g)

(h)

(i)

(j)

(k)

(l)

(m)

(n)

(i)

(ii)

(3)

122(1)

98












defaulted on a loan

issued a guarantee without the appropriate authorisation




(a)

(b)

(c)

(d)

(2)

123(1)

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

99







withhold funds





The Director of Finance may impose a surcharge against a person whois or was a public officer or public office holder where it appears to the Directorof Finance upon a report by the Auditor-General Comptroller-General

(i)

(2)

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

124(1)

100

Permanent Secretary or accounting officer or where the Director of Finance isotherwise satisfied that the public officer or public office holder





Where Director of Finance is not furnished with regard to the mattersreferred to in paragraphs (a) to (d) of subsection (1) within a period specified bythe Director of Finance he may impose a surcharge on a public officer or publicoffice holder who is the subject of the matters referred to in paragraphs (a) to (d)of subsection (1) and the nature of the surcharge may be


the improper payment

the payment not duly vouched

the expenditure in excess of the amount authorised

the deficiency loss damage or the full value of the property destroyedas the case may be or


(a)

(b)

(c)

(d)

(2)

(a)

(b)

(c)

(d)

(e)

(f)

101






Right of Appeal





125(1)

(2)

126

127(1)

(2)

(a)

(b)

102

Recovery of Loss





PART XI

MISCELLANEOUS

Rules





128(1)

(2)

(3)

(4)

129(1)

(a)

(b)

(c)

103










Sinking Funds and

Special Funds





(d)

(e)

(f)

(g)

(h)

(i)

(i)

(ii)

(j)

(i)

(ii)

(k)

(l)

(m)

(n)

104











Savings

The




Repeal


(o)

(i)

(ii)

(p)

(q)

(r)

(s)

(2)

130

131

(a)

(b)

132

105

Commencement


106

FIRST SCHEDULE

(Sections 2 and 94)










Child Care Board







1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

107





Transport Authority


16

17

18

19

20

21

108

SECOND SCHEDULE

(Sections 2 and 94)


Barbados Agency for Micro-Enterprise Development Ltd








Barbados Port Inc







1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

109






Gymnasium Ltd













16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

31

32

33

110


Southern Meats Inc


Transport Board

34

35

36

37

111

THIRD SCHEDULE

(Section 6)


The Fiscal Framework shall present an analysis of outcomes for theprevious financial year and an assessment of the forthcoming financial year withemphasis on measuring performance against the targets of the Government forthe forthcoming Annual Budget



an updated macro-economic and fiscal outturn to show changesfrom the forecasts in the previous Fiscal Framework for theinformation required in paragraph 3 of this Schedule

a summary of actual expenditure compared to the appropriationsand statutory commitments for the information required in sub-paragraph (e)(i) to (v) and (viii) of this Schedule if applicable

a summary report on the performance of all key policies identifiedin the previous Fiscal Framework identified in sub-paragraph (h)(ii) of this Schedule



A medium-term macro-economic forecast setting out actual estimatedand projected values of the following economic variables for no less

1

2

(a)

(i)

(ii)

(iii)

(iv)

(v)

(b)

112

than the previous 2 years the current year and the next 2 yearsincluding


inflation


interest rates and


and for (i) to (v) the source of the data shall be identified and for historicalinformation a statement provided of whether it is official or estimated incases where official data are not available


revenues by type




the level of debt by external source domestic source and totaland


(i)

(ii)

(iii)

(iv)

(v)

(c)

(i)

(ii)

(iii)

(iv)

(v)

(vi)

113

Fiscal policy targets for revenues debt deficit and expenditure for theforthcoming budget year and 2 subsequent years including

a summary table of the fiscal targets for no less than the previous2 years the current year and the next 2 years including wherepossible


Government expenditure on wages and National InsuranceContributions as a percentage of the Gross Domestic Productand in nominal terms for all positions funded from theAnnual Budget including all positions funded by directcharge on the Consolidated Fund and all positions funded byappropriation





information on reasons for any deviations from the fiscalresponsibility principles and fiscal objectives in the previousFiscal Framework with a summary of the plans to address any suchdeviations and the expected time to achieve this


(d)

(i)

(A)

(B)

(C)

(D)

(E)

(F)

(ii)

(e)

114


the aggregate expenditure ceiling to be used in the preparation ofthe Annual Budget which shall include indicative ceilings for 2further outer years and







A statement of responsibility signed by the Minister responsible forFinance and the Director of Finance attesting to the reliability of theinformation in the Fiscal Framework and its compliance with the law


(i)

(ii)

(f)

(i)

(ii)

(iii)

(g)

3

115

FOURTH SCHEDULE

(Section 7 and 87)



updated macro-economic forecasts used in the update when different than in theFiscal Framework


Government revenue outturn for the first 6 months and a forecast for the budgetyear

Government expenditure outturn for the first 6 months and a forecast for thebudget year


budget balance for the first 6 months and a forecast for the budget year budgetbalance for past 2 years and

net and Gross debt for the forecast for the Annual Budget

information on virements reallocations use of the Contingency head the use of theSupplementary Estimates and any other matters required to be reported by this Act


a summary of arrears tax relief tax exemptions other waivers

a summary of the outstanding stock of arrears for all Government entities and




(a)

(b)

(i)

(ii)

(iii)

(iv)

(v)

(c)

(d)

(i)

(ii)

(iii)

(e)

(f)

116

FIFTH SCHEDULE

(Section 7)


The Annual Report of Performance for the State-Owned Enterprise prepared pursuant to section7 shall contain the following





the period covered

audited information





an Audit report




(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(j)

(k)

(l)

(m)

(n)

117

SIXTH SCHEDULE

(Section 8)



the information required for paragraph 1(a) (b) (c) (d) and (3) of the Mid-YearReview in the Fourth Schedule


all policy decisions with material economic or fiscal implications that theGovernment has made as of the date of publication and

all other circumstances with material economic or fiscal implications of whichthe Minister responsible for Finance was aware as of the date of publication



on the basis of economic and fiscal information available to it as of the date ofpublication and


(a)

(b)

(i)

(ii)

(c)

(i)

(ii)

(d)

118

SEVENTH SCHEDULE

(Section 21)







issuance of guarantees to public or private entities divestment ofGovernment assets or new loans to Public Entities and CommercialState-Owned Enterprises



1

2

3

(a)

(b)

(c)

(d)

(e)

119





a summary statement of all tax arrears for the previous Financial Yearand the current year

a summary statement of tax relief and exemptions granted or plannedand the amount of such tax relief and exemptions for the currentFinancial Year and forecasted for the next Financial Year

a report from the Ministry responsible for Finance specifying themeasures taken by the Government to implement the auditrecommendations from the previous year and the response to thefindings of the committees of Parliament with responsibility forexamining performance reports and Government Financial Statements


a statement signed by the Minister responsible for Finance attesting tothe reliability of the information in the Annual Budget documents andconformity with the fiscal responsibility requirements of this Act and


4

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

120

EIGHTH SCHEDULE

(Section 71)


Composition



the Comptroller-General

a representative of the Institute of Chartered Accountants of Barbados

a person approved by the Minister as a representative of a trade unionand

a person approved by the Minister as a representative of a private sectororganisation




Meetings and Quorum




1

(a)

(b)

(c)

(d)

(e)

2(1)

(2)

3(1)

(a)

(b)

121




Minutes


Decisions


Signature and seal




A member of the Internal Audit Committee who is directly orindirectly interested in a matter being considered or dealt with by the InternalAudit Committee shall disclose the nature of the interest at a meeting of the

(2)

(3)

(4)

4

5

6(1)

(2)

7

122

Internal Audit Committee and shall not take part in any deliberation or decisionof the Internal Audit Committee with respect to the matter

Procedure

Subject to the provisions of this Act the Internal Audit Committeemay regulate its own proceedings8

123

Cover for Report

Report of the Joint Select Committee on the Public Finance Management Bill 2018 (PT 1)

Public Finance Management Bill 2018 (PT2)

Minutes - Apendices BCDampE (PT 3)

Public Finance Management Bill 2019 (PT 4)


Bridgetown

REPORT OF


ON THE

PUBLC FINANCE MANAGEMENT BILL 2018

1 Pursuant to a Resolution of the House of Assembly on Tuesday 18th

December 2018 and the

concurrence of the Senate on Wednesday 19th

December 2018 a Joint Select Committee

(hereafter referred to as ldquothe Committeerdquo) was constituted to debate and report on-

A Bill to make provision for the improvement of the management of public finance in Barbados

2 The following members were appointed to the Committee-

HON DALE D MARSHALL QC MP

HON WILDFRED A ABRAHAMS MP

HON COLIN E JORDAN MP

HON KIRK D M HUMPHREY MP

HON RYAN R STRAUGHN MP

HON RALPH A THORNE QC MP

BISHOP JOSEPH ATHERLEY JP MP

SENATOR THE HON MS KAY C McCONNEY

SENATOR DR ROMEL O SPRINGER

SENATOR MISS CRYSTAL N DRAKES

SENATOR MS ALPHEA M WIGGINS

3 The Terms of Reference of the Committee were as follows

To inquire into and determine whether the Bill as drafted effectively fulfils the expressed objects

of improving the management of public finance in Barbados

To examine whether the Bill as drafted will upon effective implementation contribute to an ethos

of compliance with the financial rules in government affairs thereby promoting transparency and

accountability

To make recommended changes if deemed necessary to the Bill as drafted for further

consideration by the Chief Parliamentary Counsel

2



January 2019

Wednesday 9th



January 2019













January 2019






Wednesday 9th

January 2019






therefor




3













lsquoincurredrsquo









lsquoAccountrdquo




Settlementsrdquo




therefor



4








EIGHT SCHEDULE


SIXTH SCHEDULE



SEVENTH SCHEDULE


deleted

Friday 11th

January 2019

THIRD SCHEDULE




therefor




the paragraph




5














FOURTH SCHEDULE










were deleted






6

FIFTH SCHEDULE




SIXTH SCHEDULE



SEVENTH SCHEDULE





sentence

EIGHTH SCHEDULE









1 Role of Minister







7


be some overlapping








account



















8
































9

















therefor














Monday 14th

January 2019

10









therefor




20181213

OBJECTS AND REASONS



PART I

PRELIMINARY

Short title

Interpretation

Construction

Application

PART II



Fiscal Framework




1

2

3

4

5

6

7

8

9

2

PART III


Role of Minister








Liability for funds

PART IV


Annual Budget

Appropriations

Contingencies



10

11

12

13

14

15

16

17

18

19

20

21

22

23

3




PART V




Commitments

Virements




Special funds

Trust Assets


24

25

26

27

28

29

30

31

32

33

34

35

36

4





Settlements

Write-offs





Securities




37

38

39

40

41

42

43

44

45

46

47

48

49

50

5


Loans to be Secured










Reporting





51

52

53

54

55

56

57

58

59

60

61

62

63

64

65

66

6





PART VI

AUDITOR-GENERAL










67

68

69

70

71

72

73

74

75

76

77

78

79

7

PART VII











PART VIII




80

81

82

83

84

85

86

87

88

89

90

8

PART IX

ACCOUNTABILITY







Board Monitor







91

92

93

94

95

96

97

98

99

100

101

102

103

9














Dividend

Service Agreements

104

105

106

107

108

109

110

111

112

113

114

115

116

117

118

10





PART X

SANCTIONS








Right of Appeal

Recovery of Loss

PART XI

MISCELLANEOUS

Rules

119

120

121

122

123

124

125

126

127

128

129

130

131

132

11


Savings

Repeal

Commencement

133

134

135

136

12

FIRST SCHEDULE


SECOND SCHEDULE


THIRD SCHEDULE


FOURTH SCHEDULE


FIFTH SCHEDULE


SIXTH SCHEDULE


SEVENTH SCHEDULE


EIGHTH SCHEDULE


13

BARBADOS

A Bill entitled



PART I

PRELIMINARY

Short title


Interpretation

In this Act








1

2

16
















(a)

(b)

(a)

(b)

17














18










(a)

(b)

(c)

19














(a)

(b)

(a)

(b)

20



Construction


Application


PART II







3

4

5(1)

(a)

(b)

(c)

21



Fiscal Framework








(2)

(3)

6(1)

(2)

(3)

(4)

(5)

(6)

(7)

22











(8)

(a)

(b)

(c)

7(1)

(2)

8(1)

(2)

23



PART III


Role of Minister

A Minister shall








9

10

(a)

(i)

(ii)

(b)

11(1)

(a)

24












(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(j)

(2)

(3)

25

















12

(a)

(b)

(c)

(d)

(e)

(f)

(g)

13(1)

(a)

(b)

(c)

(d)

(e)

26















(f)

(g)

(h)

(i)

(j)

(k)

(l)

(m)

(n)

(o)

(p)

(2)

(a)

(b)

27













(c)

(3)

14(1)

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

28












(i)

(j)

(k)

(l)

(m)

(n)

(2)

(a)

(b)

(c)

29











(d)

(e)

(f)

(g)

(3)

(a)

(b)

(4)

(5)

30












(6)

(7)

(8)

(a)

(b)

(c)

15(1)

(a)

(b)

31













(2)

(a)

(b)

(c)

(3)

(4)

(5)

16

(a)

(b)

(c)

32







with propriety



Liability for funds


17(1)

(a)

(b)

(i)

(ii)

(2)

(3)

18(1)

33











PART IV


Annual Budget


(a)

(i)

(ii)

(iii)

(b)

(2)

(a)

(b)

(3)

19(1)

34






Appropriations



Contingencies






(2)

(3)

(a)

(b)

(4)

20(1)

(2)

21(1)

(a)

(b)

(2)

(3)

35












The





(4)

22(1)

(2)

(a)

(b)

23(1)

(a)

(b)

(c)

(2)

(a)

(b)

(c)

36











24(1)

(a)

(b)

(c)

(2)

(a)

(b)

(3)

37











(4)

25(1)

(2)

(3)

(4)

(5)

26(1)

38


PART V








Commitments





(2)

27

28(1)

(2)

29(1)

(2)

(a)

(b)

39




Virements









(c)

(3)

(4)

30(1)

(2)

(a)

(b)

(3)

(a)

(b)

(c)

40





Cash Management






(4)

(5)

(6)

(7)

31(1)

(a)

(b)

(c)

41




Consolidated Fund







(d)

(2)

32(1)

(2)

33(1)

(2)

(3)

42

Special funds







Trust Assets






34(1)

(2)

(a)

(b)

(c)

(3)

35(1)

(2)

(3)

(4)

(5)

43





Treasury Account





36(1)

(2)

37(1)

(2)

(3)

(4)

44






Fees and Charges

Fees and Charges


(5)

(6)

(7)

(8)

(9)

38

45

Grants










39(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

46


Remissions












40(1)

(a)

(b)

(c)

(2)

(a)

(b)

(c)

(d)

(e)

(f)

47


Settlements



Write-offs






(3)

41(1)

(2)

42(1)

(a)

(b)

(2)

(3)

48













43(1)

(a)

(b)

(2)

(3)

(a)

(b)

(4)

44(1)

49













(2)

45

46(1)

(a)

(b)

(c)

(d)

(2)

(3)

(a)

50


Securities











(b)

47(1)

(2)

48

49(1)

(2)

(a)

(b)

(c)

51







Loans to be Secured






50

51(1)

(2)

(3)

52

53(1)

(2)

52










(3)

54(1)

(2)

(3)

55(1)

(2)

(3)

53














(4)

(5)

56(1)

(2)

(a)

(b)

(c)

(d)

(e)

(f)

(3)

54













(a)

(b)

(c)

(d)

(e)

(f)

(g)

57

58(1)

55






A guarantee shall








(2)

59

60(1)

(2)

(a)

(b)

(c)

(d)

(e)

(3)

(4)

56





Reporting




61(1)

(2)

(3)

62(1)

(2)

(3)

57



Internal Audit










(4)

(5)

63(1)

(2)

64

(a)

(b)

(c)

(i)

58













(ii)

(iii)

(iv)

(v)

(vi)

(d)

(e)

(f)

65(1)

(2)

(3)

59






Director of Finance



Auditor-General




Director of Finance


Auditor-General




(4)

(a)

(b)

(5)

(a)

(b)

(c)

(d)

(6)

66

(a)

(b)

(c)

67(1)

60













(2)

68

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

61








PART VI

AUDITOR-GENERAL



(j)

(k)

(l)

69

70

71(1)

62










(2)

(a)

(b)

(c)

(d)

(e)

(3)

(4)

(5)

63









72

73(1)

(2)

(3)

(4)

(5)

64











(6)

74(1)

(a)

(b)

(c)

(d)

(e)

(f)

(i)

65











(ii)

(iii)

(g)

(2)

75(1)

(2)

(a)

(b)

66














(c)

76(1)

(a)

(b)

(c)

(2)

(3)

77(1)

(2)

67






PART VII


Accounts

Accounting Officers



all revenues



78(1)

(2)

79

80(1)

(2)

(a)

(b)

(c)

68













(3)

81

(a)

(b)

(c)

(d)

(e)

82

(a)

(b)

69


Monthly Reports











83(1)

(2)

(3)

(4)

(5)

84(1)

(2)

85(1)

70















(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(i)

(ii)

(2)

(a)

71











(b)

(i)

(ii)

(iii)

(iv)

(v)

(c)

(d)

(3)

(4)

72












(5)

86(1)

(2)

(3)

87

88(1)

(a)

(b)

73



Parliament shall





PART VIII




(c)

(2)

(3)

(a)

(b)

(c)

(4)

89

74






PART IX

ACCOUNTABILITY

General Matters




90(1)

(2)

(3)

(4)

91(1)

(a)

75














(b)

(2)

(a)

(b)

(c)

(3)

(a)

(b)

(c)

(i)

(ii)

(4)

(5)

76










92(1)

(2)

(3)

(4)

93

(a)

77















(b)

(c)

(d)

(e)

(f)

94(1)

(a)

(b)

(c)

(d)

(e)

(2)

(a)

78















(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(j)

(k)

(l)

(3)

95

79




Board Monitor







96

97(1)

(2)

(3)

(4)

98(1)

80












(2)

99(1)

(2)

100(1)

(2)

101

102

81














planning




(a)

(b)

(c)

(d)

(e)

(f)

103

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

82




reporting


disclosures

monitoring









(i)

(j)

(k)

(l)

(m)

(n)

(o)

(p)

(q)

(r)

104(1)

(2)

105

83















106

107(1)

(a)

(b)

(c)

(i)

(ii)

(iii)

(iv)

(d)

(e)

84













(f)

(g)

(h)

(i)

(j)

(2)

(a)

(b)

(c)

(d)

(e)

(3)

85














108(1)

(2)

(3)

(a)

(b)

(c)

(d)

(e)

(f)

(4)

(5)

(a)

86
















(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(j)

(k)

(l)

(m)

(6)

(a)

(b)

87






financial


fiscal risks and






(c)

(d)

109(1)

(a)

(b)

(c)

(c)

(d)

(2)

(3)

(4)

(5)

88










(6)

(7)

(8)

110

(a)

(b)

(c)

89















111

(a)

(b)

112

113

(a)

(b)

(c)

(d)

(e)

90











(f)

(g)

(h)

(i)

(j)

(k)

114

(a)

(b)

91












(c)

(d)

(e)

(f)

(g)

(h)

115(1)

(2)

(a)

(b)

92








Dividend


(3)

(a)

(b)

(4)

116(1)

(2)

117(1)

93



Service Agreements






(2)

(3)

118(1)

(2)

119(1)

(2)

94













(3)

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(4)

(a)

95











(b)

(c)

(5)

(6)

(a)

(b)

(c)

(d)

(e)

96




financial


fiscal risks and






120(1)

(a)

(b)

(c)

(c)

(d)

(2)

(3)

(4)

(5)

97












(6)

(7)

121

(a)

(b)

(c)

122(1)

(2)

(3)

98


PART X

SANCTIONS












(4)

123

124(1)

(a)

(b)

(c)

(d)

(e)

(f)

(g)

99













(h)

(i)

(j)

(k)

(l)

(2)

(a)

(b)

(c)

(d)

(e)

(f)

100















(g)

(h)

(i)

(j)

(k)

(l)

(m)

(n)

(o)

(i)

(ii)

(3)

125(1)

101












defaulted on a loan





(a)

(b)

(c)

(d)

(2)

126(1)

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

102







withhold funds





(i)

(2)

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

103














127

(a)

(b)

(c)

(d)

(i)

(ii)

(iii)

(iv)

(v)

104






Right of Appeal





128(1)

(2)

129

130(1)

(2)

(a)

(b)

105

Recovery of Loss





PART XI

MISCELLANEOUS

Rules





131(1)

(2)

(3)

(4)

132(1)

(a)

(b)

(c)

106










Sinking Funds and

Special Funds





(d)

(e)

(f)

(g)

(h)

(i)

(i)

(ii)

(j)

(i)

(ii)

(k)

(l)

(m)

(n)

107











Savings

The




Repeal


(o)

(i)

(ii)

(p)

(q)

(r)

(s)

(2)

133

134

(a)

(b)

135

108

Commencement


109

FIRST SCHEDULE

(Sections 2 and 91)










Child Care Board







1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

110





Transport Authority


16

17

18

19

20

21

111

SECOND SCHEDULE

(Sections 2 and 91)










Barbados Port Inc







1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

112






Gymnasium Ltd













16

17

18

19

20

21

22

23

23

25

26

27

28

29

30

31

32

33

113


Southern Meats Inc


Transport Board

34

35

36

37

114

THIRD SCHEDULE

(Section 6)










1

2

(a)

(i)

(ii)

(iii)

(iv)

(v)

115




inflation



interest rates and






revenues by type


(vi)

(b)

(i)

(ii)

(iii)

(iv)

(v)

(vi)

(c)

(d)

(e)

(i)

(ii)

116












(iii)

(iv)

(v)

(vi)

(vii)

(viii)

(f)

(g)

(i)

(A)

(B)

117













(C)

(D)

(E)

(F)

(ii)

(A)

(B)

(C)

(D)

(iii)

(iv)

(h)

118













(i)

(ii)

(iii)

(iv)

(i)

(j)

(i)

(ii)

(iii)

(k)

119


3

120

FOURTH SCHEDULE

(Section 7 and 84)













(a)

(b)

(i)

(ii)

(iii)

(iv)

(v)

(c)

(d)

(e)

121








(f)

(g)

(i)

(ii)

(iii)

(h)

(i)

122

FIFTH SCHEDULE

(Section 7)







the period covered

audited information





an Audit report




(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(j)

(k)

(l)

(m)

(n)

123

SIXTH SCHEDULE

(Section 8)











(a)

(b)

(i)

(ii)

(c)

(i)

(ii)

(d)

124

SEVENTH SCHEDULE

(Section 19)












1

2

3

(a)

(b)

(c)

(d)

(e)

(f)

(g)

125












4

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(j)

126





(k)

(l)

(m)

127

EIGHTH SCHEDULE

(Section 67)


Composition












Meetings and Quorum



1

(a)

(b)

(c)

(d)

(e)

2(1)

(2)

3

4(1)

(a)

128





Minutes


Decisions


Signature and seal



(b)

(2)

(3)

(4)

5

6

7(1)

(2)

129



Procedure


6

7

130

20190114

OBJECTS AND REASONS



PART I

PRELIMINARY

Short title

Interpretation

Construction

Application

PART II



Fiscal Framework




1

2

3

4

5

6

7

8

9

2

PART III


Role of Minister








Accounting Officers


Liability for funds

PART IV


Annual Budget

Appropriations

Contingencies

10

11

12

13

14

15

16

17

18

19

20

21

22

23

3






PART V




Commitments

Virements




Special funds

Trust Assets

24

25

26

27

28

29

30

31

32

33

34

35

36

37

4








Write-offs






38

39

40

41

42

43

44

45

46

47

48

49

50

5

Securities





Loans to be Secured










Reporting

51

52

53

54

55

56

57

58

59

60

61

62

63

64

65

66

6









PART VI

AUDITOR-GENERAL








67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

7



PART VII










PART VIII




82

83

84

85

86

87

88

89

90

91

92

93

8

PART IX

ACCOUNTABILITY













94

95

96

97

98

99

100

101

102

103

104

105

9










Service Agreements





PART X

MEASURES


106

107

108

109

110

111

112

113

114

115

116

117

118

119

120

10







Right of Appeal

Recovery of Loss

PART XI

MISCELLANEOUS

Rules


Savings

Repeal

Commencement

121

122

123

124

125

126

127

128

129

130

131

132

133

11

FIRST SCHEDULE


SECOND SCHEDULE


THIRD SCHEDULE


FOURTH SCHEDULE


FIFTH SCHEDULE


SIXTH SCHEDULE


SEVENTH SCHEDULE


EIGHTH SCHEDULE


12

BARBADOS

A Bill entitled



PART I

PRELIMINARY

Short title


Interpretation

In this Act








1

2

14
















(a)

(b)

(a)

(b)

15















16










(a)

(b)

(c)

17














(a)

(b)

(a)

(b)

18



Construction


Application


PART II








3

4

5(1)

(a)

(b)

(c)

(2)

19


Fiscal Framework










(3)

6(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(a)

20










(b)

(c)

7(1)

(2)

8(1)

(2)

21



PART III


Role of Minister

A Minister shall






9

10(1)

(a)

(i)

(ii)

(b)

(2)

22













11(1)

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(j)

23















(2)

(3)

(4)

12(1)

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

24













(j)

(k)

(l)

(m)

(n)

(o)

(p)

(2)

(a)

(b)

(c)

(3)

25












13(1)

(a)

(b)

(c)

(d)

(e)

(2)

(a)

(b)

(c)

26










(d)

(e)

(f)

(3)

(a)

(b)

(4)

(5)

(6)

27













(7)

(8)

(a)

(b)

(c)

14

(a)

(b)

(c)

(d)

(e)

28












(f)

(g)

15(1)

(a)

(b)

(c)

(d)

(e)

(f)

(g)

29













(h)

(i)

(j)

(k)

(2)

(a)

(b)

(c)

(d)

16(1)

(a)

30












(b)

(2)

(a)

(b)

(c)

(3)

(4)

(5)

17

(a)

31




Accounting Officers



all revenues







(b)

(c)

18(1)

(2)

(a)

(b)

(c)

(3)

19(1)

(a)

32



with propriety



Liability for funds









(b)

(i)

(ii)

(2)

(3)

20(1)

(a)

(i)

(ii)

(iii)

(b)

(2)

(a)

33



PART IV


Annual Budget







Appropriations


(b)

(3)

21(1)

(2)

(3)

(a)

(b)

(4)

22(1)

34


Contingencies












(2)

23(1)

(a)

(b)

(2)

(3)

(4)

24(1)

(2)

(a)

(b)

35






The










25(1)

(a)

(b)

(c)

(2)

(a)

(b)

(c)

26(1)

(a)

(b)

(c)

36









(2)

(a)

(b)

(3)

(4)

27(1)

37








PART V





(2)

(3)

(4)

(5)

28(1)

(2)

29

38




Commitments








30(1)

(2)

31(1)

(2)

(a)

(b)

(c)

(3)

(4)

39

Virements











32(1)

(2)

(a)

(b)

(3)

(a)

(b)

(c)

(4)

(5)

40



Cash Management








(6)

(7)

33(1)

(a)

(b)

(c)

(d)

(2)

41


Consolidated Fund







Special funds





34(1)

(2)

35(1)

(2)

(3)

36(1)

(2)

(a)

(b)

42



Trust Assets








(c)

(3)

37(1)

(2)

(3)

(4)

(5)

38(1)

43



Treasury Account







(2)

39(1)

(2)

(3)

(4)

(5)

(6)

44





Fees and Charges

Fees and Charges


Grants




(7)

(8)

(9)

40

41(1)

(2)

45











(3)

(4)

(5)

(6)

(7)

(8)

42(1)

(a)

46













(b)

(c)

(2)

(a)

(b)

(c)

(d)

(e)

(f)

(3)

43(1)

47




Write-offs










(2)

44

45(1)

(a)

(b)

(2)

(3)

46(1)

(a)

(b)

48









(2)

(3)

(a)

(b)

(4)

47(1)

(2)

49










(3)

(4)

(5)

48(1)

(2)

49

50











Securities



50(1)

(a)

(b)

(c)

(d)

(2)

(3)

(a)

(b)

51(1)

(2)

51














52

53(1)

(2)

(a)

(b)

(c)

54

55(1)

52



Loans to be Secured










(2)

(3)

56

57(1)

(2)

(3)

58(1)

(2)

53









(3)

59(1)

(2)

(3)

(4)

(5)

54














60(1)

(2)

(a)

(b)

(c)

(d)

(e)

(f)

(3)

(a)

(b)

(c)

55














(d)

(e)

(f)

(g)

61

62(1)

(2)

63

64(1)

56


A guarantee shall











Reporting


(2)

(3)

(a)

(b)

(c)

(4)

(5)

65(1)

(2)

(a)

(b)

66(1)

57






Internal Audit




(2)

(3)

(4)

(5)

67(1)

(2)

58















68

(a)

(b)

(c)

(i)

(ii)

(iii)

(iv)

(v)

(vi)

(d)

(e)

(f)

59










Comptroller-General



Auditor-General


69(1)

(2)

(3)

(4)

(a)

(b)

(5)

(a)

(b)

(c)

(d)

(6)

60



Comptroller-General


Auditor-General












70

(a)

(b)

(c)

71(1)

(2)

72

(a)

(b)

(c)

(d)

(e)

61











(f)

(g)

(h)

(i)

(j)

(k)

(l)

73

62



PART VI

AUDITOR-GENERAL








74

75(1)

(2)

(a)

(b)

(c)

(d)

63











(e)

(3)

(4)

(5)

76

77(1)

(2)

(3)

64









(4)

(5)

(6)

78(1)

(a)

(b)

65











(c)

(d)

(e)

(f)

(i)

(ii)

(iii)

(g)

(2)

66















79(1)

(2)

(a)

(b)

(c)

80(1)

(a)

(b)

(c)

67











(2)

(3)

81(1)

(2)

82(1)

(2)

83

68

PART VII


Accounts












84

(a)

(b)

(c)

(d)

(e)

85

(a)

(b)

69


Monthly Reports











86(1)

(2)

(3)

(4)

(5)

87(1)

(2)

88(1)

70















(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(i)

(ii)

(2)

(a)

71











(b)

(i)

(ii)

(iii)

(iv)

(v)

(c)

(d)

(3)

(4)

72












(5)

89(1)

(2)

(3)

90

91(1)

(a)

(b)

73



Parliament shall





PART VIII




(c)

(2)

(3)

(a)

(b)

(c)

(4)

92

74






PART IX

ACCOUNTABILITY

General Matters




93(1)

(2)

(3)

(4)

94(1)

(a)

75














(b)

(2)

(a)

(b)

(c)

(3)

(a)

(b)

(c)

(i)

(ii)

(4)

(5)

76










95(1)

(2)

(3)

(4)

96

(a)

77















(b)

(c)

(d)

(e)

(f)

97(1)

(a)

(b)

(c)

(d)

(e)

(2)

(a)

78















(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(j)

(k)

(l)

(3)

98

79













99

100(1)

(2)

101

(a)

(b)

(c)

(d)

80

planning







reporting


disclosures

monitoring









(e)

(f)

(g)

(h)

(i)

(j)

(k)

(l)

(m)

(n)

(o)

(p)

(q)

(r)

102(1)

(2)

103

81















104

105(1)

(a)

(b)

(c)

(i)

(ii)

(iii)

(iv)

(d)

82














(e)

(f)

(g)

(h)

(i)

(j)

(2)

(a)

(b)

(c)

(d)

(e)

(3)

83














106(1)

(2)

(3)

(a)

(b)

(c)

(d)

(e)

(f)

(4)

(5)

(a)

84
















(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(j)

(k)

(l)

(m)

(6)

(a)

(b)

85






financial


fiscal risks and






(c)

(d)

107(1)

(a)

(b)

(c)

(d)

(e)

(2)

(3)

(4)

(5)

86










(6)

(7)

(8)

108

(a)

(b)

(c)

87















109

(a)

(b)

110

111

(a)

(b)

(c)

(d)

(e)

88












(f)

(g)

(h)

(i)

(j)

(k)

112

(a)

(b)

(c)

89












(d)

(e)

(f)

(g)

(h)

113(1)

(2)

(a)

(b)

90








Service Agreements



(3)

(a)

(b)

(4)

114(1)

(2)

115(1)

(2)

91











116(1)

(2)

(3)

(a)

(b)

(c)

(d)

(e)

(f)

92












(g)

(h)

(i)

(4)

(a)

(b)

(c)

(5)

(6)

(a)

93








financial


fiscal risks and




(b)

(c)

(d)

(e)

117(1)

(a)

(b)

(c)

(d)

(e)

(2)

(3)

94












(4)

(5)

(6)

(7)

118

(a)

(b)

(c)

119(1)

95



PART X

MEASURES










(2)

120

121(1)

(a)

(b)

(c)

(d)

(e)

96














(f)

(g)

(h)

(i)

(j)

(k)

(l)

(2)

(a)

(b)

(c)

(d)

(e)

97















(f)

(g)

(h)

(i)

(j)

(k)

(l)

(m)

(n)

(i)

(ii)

(3)

122(1)

98












defaulted on a loan





(a)

(b)

(c)

(d)

(2)

123(1)

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

99







withhold funds






(i)

(2)

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

124(1)

100













(a)

(b)

(c)

(d)

(2)

(a)

(b)

(c)

(d)

(e)

(f)

101






Right of Appeal





125(1)

(2)

126

127(1)

(2)

(a)

(b)

102

Recovery of Loss





PART XI

MISCELLANEOUS

Rules





128(1)

(2)

(3)

(4)

129(1)

(a)

(b)

(c)

103










Sinking Funds and

Special Funds





(d)

(e)

(f)

(g)

(h)

(i)

(i)

(ii)

(j)

(i)

(ii)

(k)

(l)

(m)

(n)

104











Savings

The




Repeal


(o)

(i)

(ii)

(p)

(q)

(r)

(s)

(2)

130

131

(a)

(b)

132

105

Commencement


106

FIRST SCHEDULE

(Sections 2 and 94)










Child Care Board







1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

107





Transport Authority


16

17

18

19

20

21

108

SECOND SCHEDULE

(Sections 2 and 94)










Barbados Port Inc







1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

109






Gymnasium Ltd













16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

31

32

33

110


Southern Meats Inc


Transport Board

34

35

36

37

111

THIRD SCHEDULE

(Section 6)











1

2

(a)

(i)

(ii)

(iii)

(iv)

(v)

(b)

112



inflation


interest rates and




revenues by type






(i)

(ii)

(iii)

(iv)

(v)

(c)

(i)

(ii)

(iii)

(iv)

(v)

(vi)

113











(d)

(i)

(A)

(B)

(C)

(D)

(E)

(F)

(ii)

(e)

114











(i)

(ii)

(f)

(i)

(ii)

(iii)

(g)

3

115

FOURTH SCHEDULE

(Section 7 and 87)

















(a)

(b)

(i)

(ii)

(iii)

(iv)

(v)

(c)

(d)

(i)

(ii)

(iii)

(e)

(f)

116

FIFTH SCHEDULE

(Section 7)







the period covered

audited information





an Audit report




(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(j)

(k)

(l)

(m)

(n)

117

SIXTH SCHEDULE

(Section 8)











(a)

(b)

(i)

(ii)

(c)

(i)

(ii)

(d)

118

SEVENTH SCHEDULE

(Section 21)










1

2

3

(a)

(b)

(c)

(d)

(e)

119











4

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

120

EIGHTH SCHEDULE

(Section 71)


Composition










Meetings and Quorum




1

(a)

(b)

(c)

(d)

(e)

2(1)

(2)

3(1)

(a)

(b)

121




Minutes


Decisions


Signature and seal





(2)

(3)

(4)

4

5

6(1)

(2)

7

122


Procedure


123

Cover for Report





2



January 2019

Wednesday 9th



January 2019













January 2019






Wednesday 9th

January 2019






therefor




3













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4








EIGHT SCHEDULE


SIXTH SCHEDULE



SEVENTH SCHEDULE


deleted

Friday 11th

January 2019

THIRD SCHEDULE




therefor




the paragraph




5














FOURTH SCHEDULE










were deleted






6

FIFTH SCHEDULE




SIXTH SCHEDULE



SEVENTH SCHEDULE





sentence

EIGHTH SCHEDULE









1 Role of Minister







7


be some overlapping








account



















8
































9

















therefor














Monday 14th

January 2019

10









therefor




20181213

OBJECTS AND REASONS



PART I

PRELIMINARY

Short title

Interpretation

Construction

Application

PART II



Fiscal Framework




1

2

3

4

5

6

7

8

9

2

PART III


Role of Minister








Liability for funds

PART IV


Annual Budget

Appropriations

Contingencies



10

11

12

13

14

15

16

17

18

19

20

21

22

23

3




PART V




Commitments

Virements




Special funds

Trust Assets


24

25

26

27

28

29

30

31

32

33

34

35

36

4





Settlements

Write-offs





Securities




37

38

39

40

41

42

43

44

45

46

47

48

49

50

5


Loans to be Secured










Reporting





51

52

53

54

55

56

57

58

59

60

61

62

63

64

65

66

6





PART VI

AUDITOR-GENERAL










67

68

69

70

71

72

73

74

75

76

77

78

79

7

PART VII











PART VIII




80

81

82

83

84

85

86

87

88

89

90

8

PART IX

ACCOUNTABILITY







Board Monitor







91

92

93

94

95

96

97

98

99

100

101

102

103

9














Dividend

Service Agreements

104

105

106

107

108

109

110

111

112

113

114

115

116

117

118

10





PART X

SANCTIONS








Right of Appeal

Recovery of Loss

PART XI

MISCELLANEOUS

Rules

119

120

121

122

123

124

125

126

127

128

129

130

131

132

11


Savings

Repeal

Commencement

133

134

135

136

12

FIRST SCHEDULE


SECOND SCHEDULE


THIRD SCHEDULE


FOURTH SCHEDULE


FIFTH SCHEDULE


SIXTH SCHEDULE


SEVENTH SCHEDULE


EIGHTH SCHEDULE


13

BARBADOS

A Bill entitled



PART I

PRELIMINARY

Short title


Interpretation

In this Act








1

2

16
















(a)

(b)

(a)

(b)

17














18










(a)

(b)

(c)

19














(a)

(b)

(a)

(b)

20



Construction


Application


PART II







3

4

5(1)

(a)

(b)

(c)

21



Fiscal Framework








(2)

(3)

6(1)

(2)

(3)

(4)

(5)

(6)

(7)

22











(8)

(a)

(b)

(c)

7(1)

(2)

8(1)

(2)

23



PART III


Role of Minister

A Minister shall








9

10

(a)

(i)

(ii)

(b)

11(1)

(a)

24












(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(j)

(2)

(3)

25

















12

(a)

(b)

(c)

(d)

(e)

(f)

(g)

13(1)

(a)

(b)

(c)

(d)

(e)

26















(f)

(g)

(h)

(i)

(j)

(k)

(l)

(m)

(n)

(o)

(p)

(2)

(a)

(b)

27













(c)

(3)

14(1)

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

28












(i)

(j)

(k)

(l)

(m)

(n)

(2)

(a)

(b)

(c)

29











(d)

(e)

(f)

(g)

(3)

(a)

(b)

(4)

(5)

30












(6)

(7)

(8)

(a)

(b)

(c)

15(1)

(a)

(b)

31













(2)

(a)

(b)

(c)

(3)

(4)

(5)

16

(a)

(b)

(c)

32







with propriety



Liability for funds


17(1)

(a)

(b)

(i)

(ii)

(2)

(3)

18(1)

33











PART IV


Annual Budget


(a)

(i)

(ii)

(iii)

(b)

(2)

(a)

(b)

(3)

19(1)

34






Appropriations



Contingencies






(2)

(3)

(a)

(b)

(4)

20(1)

(2)

21(1)

(a)

(b)

(2)

(3)

35












The





(4)

22(1)

(2)

(a)

(b)

23(1)

(a)

(b)

(c)

(2)

(a)

(b)

(c)

36











24(1)

(a)

(b)

(c)

(2)

(a)

(b)

(3)

37











(4)

25(1)

(2)

(3)

(4)

(5)

26(1)

38


PART V








Commitments





(2)

27

28(1)

(2)

29(1)

(2)

(a)

(b)

39




Virements









(c)

(3)

(4)

30(1)

(2)

(a)

(b)

(3)

(a)

(b)

(c)

40





Cash Management






(4)

(5)

(6)

(7)

31(1)

(a)

(b)

(c)

41




Consolidated Fund







(d)

(2)

32(1)

(2)

33(1)

(2)

(3)

42

Special funds







Trust Assets






34(1)

(2)

(a)

(b)

(c)

(3)

35(1)

(2)

(3)

(4)

(5)

43





Treasury Account





36(1)

(2)

37(1)

(2)

(3)

(4)

44






Fees and Charges

Fees and Charges


(5)

(6)

(7)

(8)

(9)

38

45

Grants










39(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

46


Remissions












40(1)

(a)

(b)

(c)

(2)

(a)

(b)

(c)

(d)

(e)

(f)

47


Settlements



Write-offs






(3)

41(1)

(2)

42(1)

(a)

(b)

(2)

(3)

48













43(1)

(a)

(b)

(2)

(3)

(a)

(b)

(4)

44(1)

49













(2)

45

46(1)

(a)

(b)

(c)

(d)

(2)

(3)

(a)

50


Securities











(b)

47(1)

(2)

48

49(1)

(2)

(a)

(b)

(c)

51







Loans to be Secured






50

51(1)

(2)

(3)

52

53(1)

(2)

52










(3)

54(1)

(2)

(3)

55(1)

(2)

(3)

53














(4)

(5)

56(1)

(2)

(a)

(b)

(c)

(d)

(e)

(f)

(3)

54













(a)

(b)

(c)

(d)

(e)

(f)

(g)

57

58(1)

55






A guarantee shall








(2)

59

60(1)

(2)

(a)

(b)

(c)

(d)

(e)

(3)

(4)

56





Reporting




61(1)

(2)

(3)

62(1)

(2)

(3)

57



Internal Audit










(4)

(5)

63(1)

(2)

64

(a)

(b)

(c)

(i)

58













(ii)

(iii)

(iv)

(v)

(vi)

(d)

(e)

(f)

65(1)

(2)

(3)

59






Director of Finance



Auditor-General




Director of Finance


Auditor-General




(4)

(a)

(b)

(5)

(a)

(b)

(c)

(d)

(6)

66

(a)

(b)

(c)

67(1)

60













(2)

68

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

61








PART VI

AUDITOR-GENERAL



(j)

(k)

(l)

69

70

71(1)

62










(2)

(a)

(b)

(c)

(d)

(e)

(3)

(4)

(5)

63









72

73(1)

(2)

(3)

(4)

(5)

64











(6)

74(1)

(a)

(b)

(c)

(d)

(e)

(f)

(i)

65











(ii)

(iii)

(g)

(2)

75(1)

(2)

(a)

(b)

66














(c)

76(1)

(a)

(b)

(c)

(2)

(3)

77(1)

(2)

67






PART VII


Accounts

Accounting Officers



all revenues



78(1)

(2)

79

80(1)

(2)

(a)

(b)

(c)

68













(3)

81

(a)

(b)

(c)

(d)

(e)

82

(a)

(b)

69


Monthly Reports











83(1)

(2)

(3)

(4)

(5)

84(1)

(2)

85(1)

70















(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(i)

(ii)

(2)

(a)

71











(b)

(i)

(ii)

(iii)

(iv)

(v)

(c)

(d)

(3)

(4)

72












(5)

86(1)

(2)

(3)

87

88(1)

(a)

(b)

73



Parliament shall





PART VIII




(c)

(2)

(3)

(a)

(b)

(c)

(4)

89

74






PART IX

ACCOUNTABILITY

General Matters




90(1)

(2)

(3)

(4)

91(1)

(a)

75














(b)

(2)

(a)

(b)

(c)

(3)

(a)

(b)

(c)

(i)

(ii)

(4)

(5)

76










92(1)

(2)

(3)

(4)

93

(a)

77















(b)

(c)

(d)

(e)

(f)

94(1)

(a)

(b)

(c)

(d)

(e)

(2)

(a)

78















(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(j)

(k)

(l)

(3)

95

79




Board Monitor







96

97(1)

(2)

(3)

(4)

98(1)

80












(2)

99(1)

(2)

100(1)

(2)

101

102

81














planning




(a)

(b)

(c)

(d)

(e)

(f)

103

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

82




reporting


disclosures

monitoring









(i)

(j)

(k)

(l)

(m)

(n)

(o)

(p)

(q)

(r)

104(1)

(2)

105

83















106

107(1)

(a)

(b)

(c)

(i)

(ii)

(iii)

(iv)

(d)

(e)

84













(f)

(g)

(h)

(i)

(j)

(2)

(a)

(b)

(c)

(d)

(e)

(3)

85














108(1)

(2)

(3)

(a)

(b)

(c)

(d)

(e)

(f)

(4)

(5)

(a)

86
















(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(j)

(k)

(l)

(m)

(6)

(a)

(b)

87






financial


fiscal risks and






(c)

(d)

109(1)

(a)

(b)

(c)

(c)

(d)

(2)

(3)

(4)

(5)

88










(6)

(7)

(8)

110

(a)

(b)

(c)

89















111

(a)

(b)

112

113

(a)

(b)

(c)

(d)

(e)

90











(f)

(g)

(h)

(i)

(j)

(k)

114

(a)

(b)

91












(c)

(d)

(e)

(f)

(g)

(h)

115(1)

(2)

(a)

(b)

92








Dividend


(3)

(a)

(b)

(4)

116(1)

(2)

117(1)

93



Service Agreements






(2)

(3)

118(1)

(2)

119(1)

(2)

94













(3)

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(4)

(a)

95











(b)

(c)

(5)

(6)

(a)

(b)

(c)

(d)

(e)

96




financial


fiscal risks and






120(1)

(a)

(b)

(c)

(c)

(d)

(2)

(3)

(4)

(5)

97












(6)

(7)

121

(a)

(b)

(c)

122(1)

(2)

(3)

98


PART X

SANCTIONS












(4)

123

124(1)

(a)

(b)

(c)

(d)

(e)

(f)

(g)

99













(h)

(i)

(j)

(k)

(l)

(2)

(a)

(b)

(c)

(d)

(e)

(f)

100















(g)

(h)

(i)

(j)

(k)

(l)

(m)

(n)

(o)

(i)

(ii)

(3)

125(1)

101












defaulted on a loan





(a)

(b)

(c)

(d)

(2)

126(1)

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

102







withhold funds





(i)

(2)

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

103














127

(a)

(b)

(c)

(d)

(i)

(ii)

(iii)

(iv)

(v)

104






Right of Appeal





128(1)

(2)

129

130(1)

(2)

(a)

(b)

105

Recovery of Loss





PART XI

MISCELLANEOUS

Rules





131(1)

(2)

(3)

(4)

132(1)

(a)

(b)

(c)

106










Sinking Funds and

Special Funds





(d)

(e)

(f)

(g)

(h)

(i)

(i)

(ii)

(j)

(i)

(ii)

(k)

(l)

(m)

(n)

107











Savings

The




Repeal


(o)

(i)

(ii)

(p)

(q)

(r)

(s)

(2)

133

134

(a)

(b)

135

108

Commencement


109

FIRST SCHEDULE

(Sections 2 and 91)










Child Care Board







1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

110





Transport Authority


16

17

18

19

20

21

111

SECOND SCHEDULE

(Sections 2 and 91)










Barbados Port Inc







1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

112






Gymnasium Ltd













16

17

18

19

20

21

22

23

23

25

26

27

28

29

30

31

32

33

113


Southern Meats Inc


Transport Board

34

35

36

37

114

THIRD SCHEDULE

(Section 6)










1

2

(a)

(i)

(ii)

(iii)

(iv)

(v)

115




inflation



interest rates and






revenues by type


(vi)

(b)

(i)

(ii)

(iii)

(iv)

(v)

(vi)

(c)

(d)

(e)

(i)

(ii)

116












(iii)

(iv)

(v)

(vi)

(vii)

(viii)

(f)

(g)

(i)

(A)

(B)

117













(C)

(D)

(E)

(F)

(ii)

(A)

(B)

(C)

(D)

(iii)

(iv)

(h)

118













(i)

(ii)

(iii)

(iv)

(i)

(j)

(i)

(ii)

(iii)

(k)

119


3

120

FOURTH SCHEDULE

(Section 7 and 84)













(a)

(b)

(i)

(ii)

(iii)

(iv)

(v)

(c)

(d)

(e)

121








(f)

(g)

(i)

(ii)

(iii)

(h)

(i)

122

FIFTH SCHEDULE

(Section 7)







the period covered

audited information





an Audit report




(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(j)

(k)

(l)

(m)

(n)

123

SIXTH SCHEDULE

(Section 8)











(a)

(b)

(i)

(ii)

(c)

(i)

(ii)

(d)

124

SEVENTH SCHEDULE

(Section 19)












1

2

3

(a)

(b)

(c)

(d)

(e)

(f)

(g)

125












4

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(j)

126





(k)

(l)

(m)

127

EIGHTH SCHEDULE

(Section 67)


Composition












Meetings and Quorum



1

(a)

(b)

(c)

(d)

(e)

2(1)

(2)

3

4(1)

(a)

128





Minutes


Decisions


Signature and seal



(b)

(2)

(3)

(4)

5

6

7(1)

(2)

129



Procedure


6

7

130

20190114

OBJECTS AND REASONS



PART I

PRELIMINARY

Short title

Interpretation

Construction

Application

PART II



Fiscal Framework




1

2

3

4

5

6

7

8

9

2

PART III


Role of Minister








Accounting Officers


Liability for funds

PART IV


Annual Budget

Appropriations

Contingencies

10

11

12

13

14

15

16

17

18

19

20

21

22

23

3






PART V




Commitments

Virements




Special funds

Trust Assets

24

25

26

27

28

29

30

31

32

33

34

35

36

37

4








Write-offs






38

39

40

41

42

43

44

45

46

47

48

49

50

5

Securities





Loans to be Secured










Reporting

51

52

53

54

55

56

57

58

59

60

61

62

63

64

65

66

6









PART VI

AUDITOR-GENERAL








67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

7



PART VII










PART VIII




82

83

84

85

86

87

88

89

90

91

92

93

8

PART IX

ACCOUNTABILITY













94

95

96

97

98

99

100

101

102

103

104

105

9










Service Agreements





PART X

MEASURES


106

107

108

109

110

111

112

113

114

115

116

117

118

119

120

10







Right of Appeal

Recovery of Loss

PART XI

MISCELLANEOUS

Rules


Savings

Repeal

Commencement

121

122

123

124

125

126

127

128

129

130

131

132

133

11

FIRST SCHEDULE


SECOND SCHEDULE


THIRD SCHEDULE


FOURTH SCHEDULE


FIFTH SCHEDULE


SIXTH SCHEDULE


SEVENTH SCHEDULE


EIGHTH SCHEDULE


12

BARBADOS

A Bill entitled



PART I

PRELIMINARY

Short title


Interpretation

In this Act








1

2

14
















(a)

(b)

(a)

(b)

15















16










(a)

(b)

(c)

17














(a)

(b)

(a)

(b)

18



Construction


Application


PART II








3

4

5(1)

(a)

(b)

(c)

(2)

19


Fiscal Framework










(3)

6(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(a)

20










(b)

(c)

7(1)

(2)

8(1)

(2)

21



PART III


Role of Minister

A Minister shall






9

10(1)

(a)

(i)

(ii)

(b)

(2)

22













11(1)

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(j)

23















(2)

(3)

(4)

12(1)

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

24













(j)

(k)

(l)

(m)

(n)

(o)

(p)

(2)

(a)

(b)

(c)

(3)

25












13(1)

(a)

(b)

(c)

(d)

(e)

(2)

(a)

(b)

(c)

26










(d)

(e)

(f)

(3)

(a)

(b)

(4)

(5)

(6)

27













(7)

(8)

(a)

(b)

(c)

14

(a)

(b)

(c)

(d)

(e)

28












(f)

(g)

15(1)

(a)

(b)

(c)

(d)

(e)

(f)

(g)

29













(h)

(i)

(j)

(k)

(2)

(a)

(b)

(c)

(d)

16(1)

(a)

30












(b)

(2)

(a)

(b)

(c)

(3)

(4)

(5)

17

(a)

31




Accounting Officers



all revenues







(b)

(c)

18(1)

(2)

(a)

(b)

(c)

(3)

19(1)

(a)

32



with propriety



Liability for funds









(b)

(i)

(ii)

(2)

(3)

20(1)

(a)

(i)

(ii)

(iii)

(b)

(2)

(a)

33



PART IV


Annual Budget







Appropriations


(b)

(3)

21(1)

(2)

(3)

(a)

(b)

(4)

22(1)

34


Contingencies












(2)

23(1)

(a)

(b)

(2)

(3)

(4)

24(1)

(2)

(a)

(b)

35






The










25(1)

(a)

(b)

(c)

(2)

(a)

(b)

(c)

26(1)

(a)

(b)

(c)

36









(2)

(a)

(b)

(3)

(4)

27(1)

37








PART V





(2)

(3)

(4)

(5)

28(1)

(2)

29

38




Commitments








30(1)

(2)

31(1)

(2)

(a)

(b)

(c)

(3)

(4)

39

Virements











32(1)

(2)

(a)

(b)

(3)

(a)

(b)

(c)

(4)

(5)

40



Cash Management








(6)

(7)

33(1)

(a)

(b)

(c)

(d)

(2)

41


Consolidated Fund







Special funds





34(1)

(2)

35(1)

(2)

(3)

36(1)

(2)

(a)

(b)

42



Trust Assets








(c)

(3)

37(1)

(2)

(3)

(4)

(5)

38(1)

43



Treasury Account







(2)

39(1)

(2)

(3)

(4)

(5)

(6)

44





Fees and Charges

Fees and Charges


Grants




(7)

(8)

(9)

40

41(1)

(2)

45











(3)

(4)

(5)

(6)

(7)

(8)

42(1)

(a)

46













(b)

(c)

(2)

(a)

(b)

(c)

(d)

(e)

(f)

(3)

43(1)

47




Write-offs










(2)

44

45(1)

(a)

(b)

(2)

(3)

46(1)

(a)

(b)

48









(2)

(3)

(a)

(b)

(4)

47(1)

(2)

49










(3)

(4)

(5)

48(1)

(2)

49

50











Securities



50(1)

(a)

(b)

(c)

(d)

(2)

(3)

(a)

(b)

51(1)

(2)

51














52

53(1)

(2)

(a)

(b)

(c)

54

55(1)

52



Loans to be Secured










(2)

(3)

56

57(1)

(2)

(3)

58(1)

(2)

53









(3)

59(1)

(2)

(3)

(4)

(5)

54














60(1)

(2)

(a)

(b)

(c)

(d)

(e)

(f)

(3)

(a)

(b)

(c)

55














(d)

(e)

(f)

(g)

61

62(1)

(2)

63

64(1)

56


A guarantee shall











Reporting


(2)

(3)

(a)

(b)

(c)

(4)

(5)

65(1)

(2)

(a)

(b)

66(1)

57






Internal Audit




(2)

(3)

(4)

(5)

67(1)

(2)

58















68

(a)

(b)

(c)

(i)

(ii)

(iii)

(iv)

(v)

(vi)

(d)

(e)

(f)

59










Comptroller-General



Auditor-General


69(1)

(2)

(3)

(4)

(a)

(b)

(5)

(a)

(b)

(c)

(d)

(6)

60



Comptroller-General


Auditor-General












70

(a)

(b)

(c)

71(1)

(2)

72

(a)

(b)

(c)

(d)

(e)

61











(f)

(g)

(h)

(i)

(j)

(k)

(l)

73

62



PART VI

AUDITOR-GENERAL








74

75(1)

(2)

(a)

(b)

(c)

(d)

63











(e)

(3)

(4)

(5)

76

77(1)

(2)

(3)

64









(4)

(5)

(6)

78(1)

(a)

(b)

65











(c)

(d)

(e)

(f)

(i)

(ii)

(iii)

(g)

(2)

66















79(1)

(2)

(a)

(b)

(c)

80(1)

(a)

(b)

(c)

67











(2)

(3)

81(1)

(2)

82(1)

(2)

83

68

PART VII


Accounts












84

(a)

(b)

(c)

(d)

(e)

85

(a)

(b)

69


Monthly Reports











86(1)

(2)

(3)

(4)

(5)

87(1)

(2)

88(1)

70















(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(i)

(ii)

(2)

(a)

71











(b)

(i)

(ii)

(iii)

(iv)

(v)

(c)

(d)

(3)

(4)

72












(5)

89(1)

(2)

(3)

90

91(1)

(a)

(b)

73



Parliament shall





PART VIII




(c)

(2)

(3)

(a)

(b)

(c)

(4)

92

74






PART IX

ACCOUNTABILITY

General Matters




93(1)

(2)

(3)

(4)

94(1)

(a)

75














(b)

(2)

(a)

(b)

(c)

(3)

(a)

(b)

(c)

(i)

(ii)

(4)

(5)

76










95(1)

(2)

(3)

(4)

96

(a)

77















(b)

(c)

(d)

(e)

(f)

97(1)

(a)

(b)

(c)

(d)

(e)

(2)

(a)

78















(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(j)

(k)

(l)

(3)

98

79













99

100(1)

(2)

101

(a)

(b)

(c)

(d)

80

planning







reporting


disclosures

monitoring









(e)

(f)

(g)

(h)

(i)

(j)

(k)

(l)

(m)

(n)

(o)

(p)

(q)

(r)

102(1)

(2)

103

81















104

105(1)

(a)

(b)

(c)

(i)

(ii)

(iii)

(iv)

(d)

82














(e)

(f)

(g)

(h)

(i)

(j)

(2)

(a)

(b)

(c)

(d)

(e)

(3)

83














106(1)

(2)

(3)

(a)

(b)

(c)

(d)

(e)

(f)

(4)

(5)

(a)

84
















(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(j)

(k)

(l)

(m)

(6)

(a)

(b)

85






financial


fiscal risks and






(c)

(d)

107(1)

(a)

(b)

(c)

(d)

(e)

(2)

(3)

(4)

(5)

86










(6)

(7)

(8)

108

(a)

(b)

(c)

87















109

(a)

(b)

110

111

(a)

(b)

(c)

(d)

(e)

88












(f)

(g)

(h)

(i)

(j)

(k)

112

(a)

(b)

(c)

89












(d)

(e)

(f)

(g)

(h)

113(1)

(2)

(a)

(b)

90








Service Agreements



(3)

(a)

(b)

(4)

114(1)

(2)

115(1)

(2)

91











116(1)

(2)

(3)

(a)

(b)

(c)

(d)

(e)

(f)

92












(g)

(h)

(i)

(4)

(a)

(b)

(c)

(5)

(6)

(a)

93








financial


fiscal risks and




(b)

(c)

(d)

(e)

117(1)

(a)

(b)

(c)

(d)

(e)

(2)

(3)

94












(4)

(5)

(6)

(7)

118

(a)

(b)

(c)

119(1)

95



PART X

MEASURES










(2)

120

121(1)

(a)

(b)

(c)

(d)

(e)

96














(f)

(g)

(h)

(i)

(j)

(k)

(l)

(2)

(a)

(b)

(c)

(d)

(e)

97















(f)

(g)

(h)

(i)

(j)

(k)

(l)

(m)

(n)

(i)

(ii)

(3)

122(1)

98












defaulted on a loan





(a)

(b)

(c)

(d)

(2)

123(1)

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

99







withhold funds






(i)

(2)

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

124(1)

100













(a)

(b)

(c)

(d)

(2)

(a)

(b)

(c)

(d)

(e)

(f)

101






Right of Appeal





125(1)

(2)

126

127(1)

(2)

(a)

(b)

102

Recovery of Loss





PART XI

MISCELLANEOUS

Rules





128(1)

(2)

(3)

(4)

129(1)

(a)

(b)

(c)

103










Sinking Funds and

Special Funds





(d)

(e)

(f)

(g)

(h)

(i)

(i)

(ii)

(j)

(i)

(ii)

(k)

(l)

(m)

(n)

104











Savings

The




Repeal


(o)

(i)

(ii)

(p)

(q)

(r)

(s)

(2)

130

131

(a)

(b)

132

105

Commencement


106

FIRST SCHEDULE

(Sections 2 and 94)










Child Care Board







1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

107





Transport Authority


16

17

18

19

20

21

108

SECOND SCHEDULE

(Sections 2 and 94)










Barbados Port Inc







1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

109






Gymnasium Ltd













16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

31

32

33

110


Southern Meats Inc


Transport Board

34

35

36

37

111

THIRD SCHEDULE

(Section 6)











1

2

(a)

(i)

(ii)

(iii)

(iv)

(v)

(b)

112



inflation


interest rates and




revenues by type






(i)

(ii)

(iii)

(iv)

(v)

(c)

(i)

(ii)

(iii)

(iv)

(v)

(vi)

113











(d)

(i)

(A)

(B)

(C)

(D)

(E)

(F)

(ii)

(e)

114











(i)

(ii)

(f)

(i)

(ii)

(iii)

(g)

3

115

FOURTH SCHEDULE

(Section 7 and 87)

















(a)

(b)

(i)

(ii)

(iii)

(iv)

(v)

(c)

(d)

(i)

(ii)

(iii)

(e)

(f)

116

FIFTH SCHEDULE

(Section 7)







the period covered

audited information





an Audit report




(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(j)

(k)

(l)

(m)

(n)

117

SIXTH SCHEDULE

(Section 8)











(a)

(b)

(i)

(ii)

(c)

(i)

(ii)

(d)

118

SEVENTH SCHEDULE

(Section 21)










1

2

3

(a)

(b)

(c)

(d)

(e)

119











4

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

120

EIGHTH SCHEDULE

(Section 71)


Composition










Meetings and Quorum




1

(a)

(b)

(c)

(d)

(e)

2(1)

(2)

3(1)

(a)

(b)

121




Minutes


Decisions


Signature and seal





(2)

(3)

(4)

4

5

6(1)

(2)

7

122


Procedure


123

Cover for Report





3













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lsquoAccountrdquo




Settlementsrdquo




therefor



4








EIGHT SCHEDULE


SIXTH SCHEDULE



SEVENTH SCHEDULE


deleted

Friday 11th

January 2019

THIRD SCHEDULE




therefor




the paragraph




5














FOURTH SCHEDULE










were deleted






6

FIFTH SCHEDULE




SIXTH SCHEDULE



SEVENTH SCHEDULE





sentence

EIGHTH SCHEDULE









1 Role of Minister







7


be some overlapping








account



















8
































9

















therefor














Monday 14th

January 2019

10









therefor




20181213

OBJECTS AND REASONS



PART I

PRELIMINARY

Short title

Interpretation

Construction

Application

PART II



Fiscal Framework




1

2

3

4

5

6

7

8

9

2

PART III


Role of Minister








Liability for funds

PART IV


Annual Budget

Appropriations

Contingencies



10

11

12

13

14

15

16

17

18

19

20

21

22

23

3




PART V




Commitments

Virements




Special funds

Trust Assets


24

25

26

27

28

29

30

31

32

33

34

35

36

4





Settlements

Write-offs





Securities




37

38

39

40

41

42

43

44

45

46

47

48

49

50

5


Loans to be Secured










Reporting





51

52

53

54

55

56

57

58

59

60

61

62

63

64

65

66

6





PART VI

AUDITOR-GENERAL










67

68

69

70

71

72

73

74

75

76

77

78

79

7

PART VII











PART VIII




80

81

82

83

84

85

86

87

88

89

90

8

PART IX

ACCOUNTABILITY







Board Monitor







91

92

93

94

95

96

97

98

99

100

101

102

103

9














Dividend

Service Agreements

104

105

106

107

108

109

110

111

112

113

114

115

116

117

118

10





PART X

SANCTIONS








Right of Appeal

Recovery of Loss

PART XI

MISCELLANEOUS

Rules

119

120

121

122

123

124

125

126

127

128

129

130

131

132

11


Savings

Repeal

Commencement

133

134

135

136

12

FIRST SCHEDULE


SECOND SCHEDULE


THIRD SCHEDULE


FOURTH SCHEDULE


FIFTH SCHEDULE


SIXTH SCHEDULE


SEVENTH SCHEDULE


EIGHTH SCHEDULE


13

BARBADOS

A Bill entitled



PART I

PRELIMINARY

Short title


Interpretation

In this Act








1

2

16
















(a)

(b)

(a)

(b)

17














18










(a)

(b)

(c)

19














(a)

(b)

(a)

(b)

20



Construction


Application


PART II







3

4

5(1)

(a)

(b)

(c)

21



Fiscal Framework








(2)

(3)

6(1)

(2)

(3)

(4)

(5)

(6)

(7)

22











(8)

(a)

(b)

(c)

7(1)

(2)

8(1)

(2)

23



PART III


Role of Minister

A Minister shall








9

10

(a)

(i)

(ii)

(b)

11(1)

(a)

24












(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(j)

(2)

(3)

25

















12

(a)

(b)

(c)

(d)

(e)

(f)

(g)

13(1)

(a)

(b)

(c)

(d)

(e)

26















(f)

(g)

(h)

(i)

(j)

(k)

(l)

(m)

(n)

(o)

(p)

(2)

(a)

(b)

27













(c)

(3)

14(1)

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

28












(i)

(j)

(k)

(l)

(m)

(n)

(2)

(a)

(b)

(c)

29











(d)

(e)

(f)

(g)

(3)

(a)

(b)

(4)

(5)

30












(6)

(7)

(8)

(a)

(b)

(c)

15(1)

(a)

(b)

31













(2)

(a)

(b)

(c)

(3)

(4)

(5)

16

(a)

(b)

(c)

32







with propriety



Liability for funds


17(1)

(a)

(b)

(i)

(ii)

(2)

(3)

18(1)

33











PART IV


Annual Budget


(a)

(i)

(ii)

(iii)

(b)

(2)

(a)

(b)

(3)

19(1)

34






Appropriations



Contingencies






(2)

(3)

(a)

(b)

(4)

20(1)

(2)

21(1)

(a)

(b)

(2)

(3)

35












The





(4)

22(1)

(2)

(a)

(b)

23(1)

(a)

(b)

(c)

(2)

(a)

(b)

(c)

36











24(1)

(a)

(b)

(c)

(2)

(a)

(b)

(3)

37











(4)

25(1)

(2)

(3)

(4)

(5)

26(1)

38


PART V








Commitments





(2)

27

28(1)

(2)

29(1)

(2)

(a)

(b)

39




Virements









(c)

(3)

(4)

30(1)

(2)

(a)

(b)

(3)

(a)

(b)

(c)

40





Cash Management






(4)

(5)

(6)

(7)

31(1)

(a)

(b)

(c)

41




Consolidated Fund







(d)

(2)

32(1)

(2)

33(1)

(2)

(3)

42

Special funds







Trust Assets






34(1)

(2)

(a)

(b)

(c)

(3)

35(1)

(2)

(3)

(4)

(5)

43





Treasury Account





36(1)

(2)

37(1)

(2)

(3)

(4)

44






Fees and Charges

Fees and Charges


(5)

(6)

(7)

(8)

(9)

38

45

Grants










39(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

46


Remissions












40(1)

(a)

(b)

(c)

(2)

(a)

(b)

(c)

(d)

(e)

(f)

47


Settlements



Write-offs






(3)

41(1)

(2)

42(1)

(a)

(b)

(2)

(3)

48













43(1)

(a)

(b)

(2)

(3)

(a)

(b)

(4)

44(1)

49













(2)

45

46(1)

(a)

(b)

(c)

(d)

(2)

(3)

(a)

50


Securities











(b)

47(1)

(2)

48

49(1)

(2)

(a)

(b)

(c)

51







Loans to be Secured






50

51(1)

(2)

(3)

52

53(1)

(2)

52










(3)

54(1)

(2)

(3)

55(1)

(2)

(3)

53














(4)

(5)

56(1)

(2)

(a)

(b)

(c)

(d)

(e)

(f)

(3)

54













(a)

(b)

(c)

(d)

(e)

(f)

(g)

57

58(1)

55






A guarantee shall








(2)

59

60(1)

(2)

(a)

(b)

(c)

(d)

(e)

(3)

(4)

56





Reporting




61(1)

(2)

(3)

62(1)

(2)

(3)

57



Internal Audit










(4)

(5)

63(1)

(2)

64

(a)

(b)

(c)

(i)

58













(ii)

(iii)

(iv)

(v)

(vi)

(d)

(e)

(f)

65(1)

(2)

(3)

59






Director of Finance



Auditor-General




Director of Finance


Auditor-General




(4)

(a)

(b)

(5)

(a)

(b)

(c)

(d)

(6)

66

(a)

(b)

(c)

67(1)

60













(2)

68

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

61








PART VI

AUDITOR-GENERAL



(j)

(k)

(l)

69

70

71(1)

62










(2)

(a)

(b)

(c)

(d)

(e)

(3)

(4)

(5)

63









72

73(1)

(2)

(3)

(4)

(5)

64











(6)

74(1)

(a)

(b)

(c)

(d)

(e)

(f)

(i)

65











(ii)

(iii)

(g)

(2)

75(1)

(2)

(a)

(b)

66














(c)

76(1)

(a)

(b)

(c)

(2)

(3)

77(1)

(2)

67






PART VII


Accounts

Accounting Officers



all revenues



78(1)

(2)

79

80(1)

(2)

(a)

(b)

(c)

68













(3)

81

(a)

(b)

(c)

(d)

(e)

82

(a)

(b)

69


Monthly Reports











83(1)

(2)

(3)

(4)

(5)

84(1)

(2)

85(1)

70















(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(i)

(ii)

(2)

(a)

71











(b)

(i)

(ii)

(iii)

(iv)

(v)

(c)

(d)

(3)

(4)

72












(5)

86(1)

(2)

(3)

87

88(1)

(a)

(b)

73



Parliament shall





PART VIII




(c)

(2)

(3)

(a)

(b)

(c)

(4)

89

74






PART IX

ACCOUNTABILITY

General Matters




90(1)

(2)

(3)

(4)

91(1)

(a)

75














(b)

(2)

(a)

(b)

(c)

(3)

(a)

(b)

(c)

(i)

(ii)

(4)

(5)

76










92(1)

(2)

(3)

(4)

93

(a)

77















(b)

(c)

(d)

(e)

(f)

94(1)

(a)

(b)

(c)

(d)

(e)

(2)

(a)

78















(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(j)

(k)

(l)

(3)

95

79




Board Monitor







96

97(1)

(2)

(3)

(4)

98(1)

80












(2)

99(1)

(2)

100(1)

(2)

101

102

81














planning




(a)

(b)

(c)

(d)

(e)

(f)

103

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

82




reporting


disclosures

monitoring









(i)

(j)

(k)

(l)

(m)

(n)

(o)

(p)

(q)

(r)

104(1)

(2)

105

83















106

107(1)

(a)

(b)

(c)

(i)

(ii)

(iii)

(iv)

(d)

(e)

84













(f)

(g)

(h)

(i)

(j)

(2)

(a)

(b)

(c)

(d)

(e)

(3)

85














108(1)

(2)

(3)

(a)

(b)

(c)

(d)

(e)

(f)

(4)

(5)

(a)

86
















(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(j)

(k)

(l)

(m)

(6)

(a)

(b)

87






financial


fiscal risks and






(c)

(d)

109(1)

(a)

(b)

(c)

(c)

(d)

(2)

(3)

(4)

(5)

88










(6)

(7)

(8)

110

(a)

(b)

(c)

89















111

(a)

(b)

112

113

(a)

(b)

(c)

(d)

(e)

90











(f)

(g)

(h)

(i)

(j)

(k)

114

(a)

(b)

91












(c)

(d)

(e)

(f)

(g)

(h)

115(1)

(2)

(a)

(b)

92








Dividend


(3)

(a)

(b)

(4)

116(1)

(2)

117(1)

93



Service Agreements






(2)

(3)

118(1)

(2)

119(1)

(2)

94













(3)

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(4)

(a)

95











(b)

(c)

(5)

(6)

(a)

(b)

(c)

(d)

(e)

96




financial


fiscal risks and






120(1)

(a)

(b)

(c)

(c)

(d)

(2)

(3)

(4)

(5)

97












(6)

(7)

121

(a)

(b)

(c)

122(1)

(2)

(3)

98


PART X

SANCTIONS












(4)

123

124(1)

(a)

(b)

(c)

(d)

(e)

(f)

(g)

99













(h)

(i)

(j)

(k)

(l)

(2)

(a)

(b)

(c)

(d)

(e)

(f)

100















(g)

(h)

(i)

(j)

(k)

(l)

(m)

(n)

(o)

(i)

(ii)

(3)

125(1)

101












defaulted on a loan





(a)

(b)

(c)

(d)

(2)

126(1)

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

102







withhold funds





(i)

(2)

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

103














127

(a)

(b)

(c)

(d)

(i)

(ii)

(iii)

(iv)

(v)

104






Right of Appeal





128(1)

(2)

129

130(1)

(2)

(a)

(b)

105

Recovery of Loss





PART XI

MISCELLANEOUS

Rules





131(1)

(2)

(3)

(4)

132(1)

(a)

(b)

(c)

106










Sinking Funds and

Special Funds





(d)

(e)

(f)

(g)

(h)

(i)

(i)

(ii)

(j)

(i)

(ii)

(k)

(l)

(m)

(n)

107











Savings

The




Repeal


(o)

(i)

(ii)

(p)

(q)

(r)

(s)

(2)

133

134

(a)

(b)

135

108

Commencement


109

FIRST SCHEDULE

(Sections 2 and 91)










Child Care Board







1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

110





Transport Authority


16

17

18

19

20

21

111

SECOND SCHEDULE

(Sections 2 and 91)










Barbados Port Inc







1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

112






Gymnasium Ltd













16

17

18

19

20

21

22

23

23

25

26

27

28

29

30

31

32

33

113


Southern Meats Inc


Transport Board

34

35

36

37

114

THIRD SCHEDULE

(Section 6)










1

2

(a)

(i)

(ii)

(iii)

(iv)

(v)

115




inflation



interest rates and






revenues by type


(vi)

(b)

(i)

(ii)

(iii)

(iv)

(v)

(vi)

(c)

(d)

(e)

(i)

(ii)

116












(iii)

(iv)

(v)

(vi)

(vii)

(viii)

(f)

(g)

(i)

(A)

(B)

117













(C)

(D)

(E)

(F)

(ii)

(A)

(B)

(C)

(D)

(iii)

(iv)

(h)

118













(i)

(ii)

(iii)

(iv)

(i)

(j)

(i)

(ii)

(iii)

(k)

119


3

120

FOURTH SCHEDULE

(Section 7 and 84)













(a)

(b)

(i)

(ii)

(iii)

(iv)

(v)

(c)

(d)

(e)

121








(f)

(g)

(i)

(ii)

(iii)

(h)

(i)

122

FIFTH SCHEDULE

(Section 7)







the period covered

audited information





an Audit report




(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(j)

(k)

(l)

(m)

(n)

123

SIXTH SCHEDULE

(Section 8)











(a)

(b)

(i)

(ii)

(c)

(i)

(ii)

(d)

124

SEVENTH SCHEDULE

(Section 19)












1

2

3

(a)

(b)

(c)

(d)

(e)

(f)

(g)

125












4

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(j)

126





(k)

(l)

(m)

127

EIGHTH SCHEDULE

(Section 67)


Composition












Meetings and Quorum



1

(a)

(b)

(c)

(d)

(e)

2(1)

(2)

3

4(1)

(a)

128





Minutes


Decisions


Signature and seal



(b)

(2)

(3)

(4)

5

6

7(1)

(2)

129



Procedure


6

7

130

20190114

OBJECTS AND REASONS



PART I

PRELIMINARY

Short title

Interpretation

Construction

Application

PART II



Fiscal Framework




1

2

3

4

5

6

7

8

9

2

PART III


Role of Minister








Accounting Officers


Liability for funds

PART IV


Annual Budget

Appropriations

Contingencies

10

11

12

13

14

15

16

17

18

19

20

21

22

23

3






PART V




Commitments

Virements




Special funds

Trust Assets

24

25

26

27

28

29

30

31

32

33

34

35

36

37

4








Write-offs






38

39

40

41

42

43

44

45

46

47

48

49

50

5

Securities





Loans to be Secured










Reporting

51

52

53

54

55

56

57

58

59

60

61

62

63

64

65

66

6









PART VI

AUDITOR-GENERAL








67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

7



PART VII










PART VIII




82

83

84

85

86

87

88

89

90

91

92

93

8

PART IX

ACCOUNTABILITY













94

95

96

97

98

99

100

101

102

103

104

105

9










Service Agreements





PART X

MEASURES


106

107

108

109

110

111

112

113

114

115

116

117

118

119

120

10







Right of Appeal

Recovery of Loss

PART XI

MISCELLANEOUS

Rules


Savings

Repeal

Commencement

121

122

123

124

125

126

127

128

129

130

131

132

133

11

FIRST SCHEDULE


SECOND SCHEDULE


THIRD SCHEDULE


FOURTH SCHEDULE


FIFTH SCHEDULE


SIXTH SCHEDULE


SEVENTH SCHEDULE


EIGHTH SCHEDULE


12

BARBADOS

A Bill entitled



PART I

PRELIMINARY

Short title


Interpretation

In this Act








1

2

14
















(a)

(b)

(a)

(b)

15















16










(a)

(b)

(c)

17














(a)

(b)

(a)

(b)

18



Construction


Application


PART II








3

4

5(1)

(a)

(b)

(c)

(2)

19


Fiscal Framework










(3)

6(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(a)

20










(b)

(c)

7(1)

(2)

8(1)

(2)

21



PART III


Role of Minister

A Minister shall






9

10(1)

(a)

(i)

(ii)

(b)

(2)

22













11(1)

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(j)

23















(2)

(3)

(4)

12(1)

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

24













(j)

(k)

(l)

(m)

(n)

(o)

(p)

(2)

(a)

(b)

(c)

(3)

25












13(1)

(a)

(b)

(c)

(d)

(e)

(2)

(a)

(b)

(c)

26










(d)

(e)

(f)

(3)

(a)

(b)

(4)

(5)

(6)

27













(7)

(8)

(a)

(b)

(c)

14

(a)

(b)

(c)

(d)

(e)

28












(f)

(g)

15(1)

(a)

(b)

(c)

(d)

(e)

(f)

(g)

29













(h)

(i)

(j)

(k)

(2)

(a)

(b)

(c)

(d)

16(1)

(a)

30












(b)

(2)

(a)

(b)

(c)

(3)

(4)

(5)

17

(a)

31




Accounting Officers



all revenues







(b)

(c)

18(1)

(2)

(a)

(b)

(c)

(3)

19(1)

(a)

32



with propriety



Liability for funds









(b)

(i)

(ii)

(2)

(3)

20(1)

(a)

(i)

(ii)

(iii)

(b)

(2)

(a)

33



PART IV


Annual Budget







Appropriations


(b)

(3)

21(1)

(2)

(3)

(a)

(b)

(4)

22(1)

34


Contingencies












(2)

23(1)

(a)

(b)

(2)

(3)

(4)

24(1)

(2)

(a)

(b)

35






The










25(1)

(a)

(b)

(c)

(2)

(a)

(b)

(c)

26(1)

(a)

(b)

(c)

36









(2)

(a)

(b)

(3)

(4)

27(1)

37








PART V





(2)

(3)

(4)

(5)

28(1)

(2)

29

38




Commitments








30(1)

(2)

31(1)

(2)

(a)

(b)

(c)

(3)

(4)

39

Virements











32(1)

(2)

(a)

(b)

(3)

(a)

(b)

(c)

(4)

(5)

40



Cash Management








(6)

(7)

33(1)

(a)

(b)

(c)

(d)

(2)

41


Consolidated Fund







Special funds





34(1)

(2)

35(1)

(2)

(3)

36(1)

(2)

(a)

(b)

42



Trust Assets








(c)

(3)

37(1)

(2)

(3)

(4)

(5)

38(1)

43



Treasury Account







(2)

39(1)

(2)

(3)

(4)

(5)

(6)

44





Fees and Charges

Fees and Charges


Grants




(7)

(8)

(9)

40

41(1)

(2)

45











(3)

(4)

(5)

(6)

(7)

(8)

42(1)

(a)

46













(b)

(c)

(2)

(a)

(b)

(c)

(d)

(e)

(f)

(3)

43(1)

47




Write-offs










(2)

44

45(1)

(a)

(b)

(2)

(3)

46(1)

(a)

(b)

48









(2)

(3)

(a)

(b)

(4)

47(1)

(2)

49










(3)

(4)

(5)

48(1)

(2)

49

50











Securities



50(1)

(a)

(b)

(c)

(d)

(2)

(3)

(a)

(b)

51(1)

(2)

51














52

53(1)

(2)

(a)

(b)

(c)

54

55(1)

52



Loans to be Secured










(2)

(3)

56

57(1)

(2)

(3)

58(1)

(2)

53









(3)

59(1)

(2)

(3)

(4)

(5)

54














60(1)

(2)

(a)

(b)

(c)

(d)

(e)

(f)

(3)

(a)

(b)

(c)

55














(d)

(e)

(f)

(g)

61

62(1)

(2)

63

64(1)

56


A guarantee shall











Reporting


(2)

(3)

(a)

(b)

(c)

(4)

(5)

65(1)

(2)

(a)

(b)

66(1)

57






Internal Audit




(2)

(3)

(4)

(5)

67(1)

(2)

58















68

(a)

(b)

(c)

(i)

(ii)

(iii)

(iv)

(v)

(vi)

(d)

(e)

(f)

59










Comptroller-General



Auditor-General


69(1)

(2)

(3)

(4)

(a)

(b)

(5)

(a)

(b)

(c)

(d)

(6)

60



Comptroller-General


Auditor-General












70

(a)

(b)

(c)

71(1)

(2)

72

(a)

(b)

(c)

(d)

(e)

61











(f)

(g)

(h)

(i)

(j)

(k)

(l)

73

62



PART VI

AUDITOR-GENERAL








74

75(1)

(2)

(a)

(b)

(c)

(d)

63











(e)

(3)

(4)

(5)

76

77(1)

(2)

(3)

64









(4)

(5)

(6)

78(1)

(a)

(b)

65











(c)

(d)

(e)

(f)

(i)

(ii)

(iii)

(g)

(2)

66















79(1)

(2)

(a)

(b)

(c)

80(1)

(a)

(b)

(c)

67











(2)

(3)

81(1)

(2)

82(1)

(2)

83

68

PART VII


Accounts












84

(a)

(b)

(c)

(d)

(e)

85

(a)

(b)

69


Monthly Reports











86(1)

(2)

(3)

(4)

(5)

87(1)

(2)

88(1)

70















(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(i)

(ii)

(2)

(a)

71











(b)

(i)

(ii)

(iii)

(iv)

(v)

(c)

(d)

(3)

(4)

72












(5)

89(1)

(2)

(3)

90

91(1)

(a)

(b)

73



Parliament shall





PART VIII




(c)

(2)

(3)

(a)

(b)

(c)

(4)

92

74






PART IX

ACCOUNTABILITY

General Matters




93(1)

(2)

(3)

(4)

94(1)

(a)

75














(b)

(2)

(a)

(b)

(c)

(3)

(a)

(b)

(c)

(i)

(ii)

(4)

(5)

76










95(1)

(2)

(3)

(4)

96

(a)

77















(b)

(c)

(d)

(e)

(f)

97(1)

(a)

(b)

(c)

(d)

(e)

(2)

(a)

78















(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(j)

(k)

(l)

(3)

98

79













99

100(1)

(2)

101

(a)

(b)

(c)

(d)

80

planning







reporting


disclosures

monitoring









(e)

(f)

(g)

(h)

(i)

(j)

(k)

(l)

(m)

(n)

(o)

(p)

(q)

(r)

102(1)

(2)

103

81















104

105(1)

(a)

(b)

(c)

(i)

(ii)

(iii)

(iv)

(d)

82














(e)

(f)

(g)

(h)

(i)

(j)

(2)

(a)

(b)

(c)

(d)

(e)

(3)

83














106(1)

(2)

(3)

(a)

(b)

(c)

(d)

(e)

(f)

(4)

(5)

(a)

84
















(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(j)

(k)

(l)

(m)

(6)

(a)

(b)

85






financial


fiscal risks and






(c)

(d)

107(1)

(a)

(b)

(c)

(d)

(e)

(2)

(3)

(4)

(5)

86










(6)

(7)

(8)

108

(a)

(b)

(c)

87















109

(a)

(b)

110

111

(a)

(b)

(c)

(d)

(e)

88












(f)

(g)

(h)

(i)

(j)

(k)

112

(a)

(b)

(c)

89












(d)

(e)

(f)

(g)

(h)

113(1)

(2)

(a)

(b)

90








Service Agreements



(3)

(a)

(b)

(4)

114(1)

(2)

115(1)

(2)

91











116(1)

(2)

(3)

(a)

(b)

(c)

(d)

(e)

(f)

92












(g)

(h)

(i)

(4)

(a)

(b)

(c)

(5)

(6)

(a)

93








financial


fiscal risks and




(b)

(c)

(d)

(e)

117(1)

(a)

(b)

(c)

(d)

(e)

(2)

(3)

94












(4)

(5)

(6)

(7)

118

(a)

(b)

(c)

119(1)

95



PART X

MEASURES










(2)

120

121(1)

(a)

(b)

(c)

(d)

(e)

96














(f)

(g)

(h)

(i)

(j)

(k)

(l)

(2)

(a)

(b)

(c)

(d)

(e)

97















(f)

(g)

(h)

(i)

(j)

(k)

(l)

(m)

(n)

(i)

(ii)

(3)

122(1)

98












defaulted on a loan





(a)

(b)

(c)

(d)

(2)

123(1)

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

99







withhold funds






(i)

(2)

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

124(1)

100













(a)

(b)

(c)

(d)

(2)

(a)

(b)

(c)

(d)

(e)

(f)

101






Right of Appeal





125(1)

(2)

126

127(1)

(2)

(a)

(b)

102

Recovery of Loss





PART XI

MISCELLANEOUS

Rules





128(1)

(2)

(3)

(4)

129(1)

(a)

(b)

(c)

103










Sinking Funds and

Special Funds





(d)

(e)

(f)

(g)

(h)

(i)

(i)

(ii)

(j)

(i)

(ii)

(k)

(l)

(m)

(n)

104











Savings

The




Repeal


(o)

(i)

(ii)

(p)

(q)

(r)

(s)

(2)

130

131

(a)

(b)

132

105

Commencement


106

FIRST SCHEDULE

(Sections 2 and 94)










Child Care Board







1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

107





Transport Authority


16

17

18

19

20

21

108

SECOND SCHEDULE

(Sections 2 and 94)










Barbados Port Inc







1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

109






Gymnasium Ltd













16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

31

32

33

110


Southern Meats Inc


Transport Board

34

35

36

37

111

THIRD SCHEDULE

(Section 6)











1

2

(a)

(i)

(ii)

(iii)

(iv)

(v)

(b)

112



inflation


interest rates and




revenues by type






(i)

(ii)

(iii)

(iv)

(v)

(c)

(i)

(ii)

(iii)

(iv)

(v)

(vi)

113











(d)

(i)

(A)

(B)

(C)

(D)

(E)

(F)

(ii)

(e)

114











(i)

(ii)

(f)

(i)

(ii)

(iii)

(g)

3

115

FOURTH SCHEDULE

(Section 7 and 87)

















(a)

(b)

(i)

(ii)

(iii)

(iv)

(v)

(c)

(d)

(i)

(ii)

(iii)

(e)

(f)

116

FIFTH SCHEDULE

(Section 7)







the period covered

audited information





an Audit report




(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(j)

(k)

(l)

(m)

(n)

117

SIXTH SCHEDULE

(Section 8)











(a)

(b)

(i)

(ii)

(c)

(i)

(ii)

(d)

118

SEVENTH SCHEDULE

(Section 21)










1

2

3

(a)

(b)

(c)

(d)

(e)

119











4

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

120

EIGHTH SCHEDULE

(Section 71)


Composition










Meetings and Quorum




1

(a)

(b)

(c)

(d)

(e)

2(1)

(2)

3(1)

(a)

(b)

121




Minutes


Decisions


Signature and seal





(2)

(3)

(4)

4

5

6(1)

(2)

7

122


Procedure


123

Cover for Report





4








EIGHT SCHEDULE


SIXTH SCHEDULE



SEVENTH SCHEDULE


deleted

Friday 11th

January 2019

THIRD SCHEDULE




therefor




the paragraph




5














FOURTH SCHEDULE










were deleted






6

FIFTH SCHEDULE




SIXTH SCHEDULE



SEVENTH SCHEDULE





sentence

EIGHTH SCHEDULE









1 Role of Minister







7


be some overlapping








account



















8
































9

















therefor














Monday 14th

January 2019

10









therefor




20181213

OBJECTS AND REASONS



PART I

PRELIMINARY

Short title

Interpretation

Construction

Application

PART II



Fiscal Framework




1

2

3

4

5

6

7

8

9

2

PART III


Role of Minister








Liability for funds

PART IV


Annual Budget

Appropriations

Contingencies



10

11

12

13

14

15

16

17

18

19

20

21

22

23

3




PART V




Commitments

Virements




Special funds

Trust Assets


24

25

26

27

28

29

30

31

32

33

34

35

36

4





Settlements

Write-offs





Securities




37

38

39

40

41

42

43

44

45

46

47

48

49

50

5


Loans to be Secured










Reporting





51

52

53

54

55

56

57

58

59

60

61

62

63

64

65

66

6





PART VI

AUDITOR-GENERAL










67

68

69

70

71

72

73

74

75

76

77

78

79

7

PART VII











PART VIII




80

81

82

83

84

85

86

87

88

89

90

8

PART IX

ACCOUNTABILITY







Board Monitor







91

92

93

94

95

96

97

98

99

100

101

102

103

9














Dividend

Service Agreements

104

105

106

107

108

109

110

111

112

113

114

115

116

117

118

10





PART X

SANCTIONS








Right of Appeal

Recovery of Loss

PART XI

MISCELLANEOUS

Rules

119

120

121

122

123

124

125

126

127

128

129

130

131

132

11


Savings

Repeal

Commencement

133

134

135

136

12

FIRST SCHEDULE


SECOND SCHEDULE


THIRD SCHEDULE


FOURTH SCHEDULE


FIFTH SCHEDULE


SIXTH SCHEDULE


SEVENTH SCHEDULE


EIGHTH SCHEDULE


13

BARBADOS

A Bill entitled



PART I

PRELIMINARY

Short title


Interpretation

In this Act








1

2

16
















(a)

(b)

(a)

(b)

17














18










(a)

(b)

(c)

19














(a)

(b)

(a)

(b)

20



Construction


Application


PART II







3

4

5(1)

(a)

(b)

(c)

21



Fiscal Framework








(2)

(3)

6(1)

(2)

(3)

(4)

(5)

(6)

(7)

22











(8)

(a)

(b)

(c)

7(1)

(2)

8(1)

(2)

23



PART III


Role of Minister

A Minister shall








9

10

(a)

(i)

(ii)

(b)

11(1)

(a)

24












(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(j)

(2)

(3)

25

















12

(a)

(b)

(c)

(d)

(e)

(f)

(g)

13(1)

(a)

(b)

(c)

(d)

(e)

26















(f)

(g)

(h)

(i)

(j)

(k)

(l)

(m)

(n)

(o)

(p)

(2)

(a)

(b)

27













(c)

(3)

14(1)

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

28












(i)

(j)

(k)

(l)

(m)

(n)

(2)

(a)

(b)

(c)

29











(d)

(e)

(f)

(g)

(3)

(a)

(b)

(4)

(5)

30












(6)

(7)

(8)

(a)

(b)

(c)

15(1)

(a)

(b)

31













(2)

(a)

(b)

(c)

(3)

(4)

(5)

16

(a)

(b)

(c)

32







with propriety



Liability for funds


17(1)

(a)

(b)

(i)

(ii)

(2)

(3)

18(1)

33











PART IV


Annual Budget


(a)

(i)

(ii)

(iii)

(b)

(2)

(a)

(b)

(3)

19(1)

34






Appropriations



Contingencies






(2)

(3)

(a)

(b)

(4)

20(1)

(2)

21(1)

(a)

(b)

(2)

(3)

35












The





(4)

22(1)

(2)

(a)

(b)

23(1)

(a)

(b)

(c)

(2)

(a)

(b)

(c)

36











24(1)

(a)

(b)

(c)

(2)

(a)

(b)

(3)

37











(4)

25(1)

(2)

(3)

(4)

(5)

26(1)

38


PART V








Commitments





(2)

27

28(1)

(2)

29(1)

(2)

(a)

(b)

39




Virements









(c)

(3)

(4)

30(1)

(2)

(a)

(b)

(3)

(a)

(b)

(c)

40





Cash Management






(4)

(5)

(6)

(7)

31(1)

(a)

(b)

(c)

41




Consolidated Fund







(d)

(2)

32(1)

(2)

33(1)

(2)

(3)

42

Special funds







Trust Assets






34(1)

(2)

(a)

(b)

(c)

(3)

35(1)

(2)

(3)

(4)

(5)

43





Treasury Account





36(1)

(2)

37(1)

(2)

(3)

(4)

44






Fees and Charges

Fees and Charges


(5)

(6)

(7)

(8)

(9)

38

45

Grants










39(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

46


Remissions












40(1)

(a)

(b)

(c)

(2)

(a)

(b)

(c)

(d)

(e)

(f)

47


Settlements



Write-offs






(3)

41(1)

(2)

42(1)

(a)

(b)

(2)

(3)

48













43(1)

(a)

(b)

(2)

(3)

(a)

(b)

(4)

44(1)

49













(2)

45

46(1)

(a)

(b)

(c)

(d)

(2)

(3)

(a)

50


Securities











(b)

47(1)

(2)

48

49(1)

(2)

(a)

(b)

(c)

51







Loans to be Secured






50

51(1)

(2)

(3)

52

53(1)

(2)

52










(3)

54(1)

(2)

(3)

55(1)

(2)

(3)

53














(4)

(5)

56(1)

(2)

(a)

(b)

(c)

(d)

(e)

(f)

(3)

54













(a)

(b)

(c)

(d)

(e)

(f)

(g)

57

58(1)

55






A guarantee shall








(2)

59

60(1)

(2)

(a)

(b)

(c)

(d)

(e)

(3)

(4)

56





Reporting




61(1)

(2)

(3)

62(1)

(2)

(3)

57



Internal Audit










(4)

(5)

63(1)

(2)

64

(a)

(b)

(c)

(i)

58













(ii)

(iii)

(iv)

(v)

(vi)

(d)

(e)

(f)

65(1)

(2)

(3)

59






Director of Finance



Auditor-General




Director of Finance


Auditor-General




(4)

(a)

(b)

(5)

(a)

(b)

(c)

(d)

(6)

66

(a)

(b)

(c)

67(1)

60













(2)

68

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

61








PART VI

AUDITOR-GENERAL



(j)

(k)

(l)

69

70

71(1)

62










(2)

(a)

(b)

(c)

(d)

(e)

(3)

(4)

(5)

63









72

73(1)

(2)

(3)

(4)

(5)

64











(6)

74(1)

(a)

(b)

(c)

(d)

(e)

(f)

(i)

65











(ii)

(iii)

(g)

(2)

75(1)

(2)

(a)

(b)

66














(c)

76(1)

(a)

(b)

(c)

(2)

(3)

77(1)

(2)

67






PART VII


Accounts

Accounting Officers



all revenues



78(1)

(2)

79

80(1)

(2)

(a)

(b)

(c)

68













(3)

81

(a)

(b)

(c)

(d)

(e)

82

(a)

(b)

69


Monthly Reports











83(1)

(2)

(3)

(4)

(5)

84(1)

(2)

85(1)

70















(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(i)

(ii)

(2)

(a)

71











(b)

(i)

(ii)

(iii)

(iv)

(v)

(c)

(d)

(3)

(4)

72












(5)

86(1)

(2)

(3)

87

88(1)

(a)

(b)

73



Parliament shall





PART VIII




(c)

(2)

(3)

(a)

(b)

(c)

(4)

89

74






PART IX

ACCOUNTABILITY

General Matters




90(1)

(2)

(3)

(4)

91(1)

(a)

75














(b)

(2)

(a)

(b)

(c)

(3)

(a)

(b)

(c)

(i)

(ii)

(4)

(5)

76










92(1)

(2)

(3)

(4)

93

(a)

77















(b)

(c)

(d)

(e)

(f)

94(1)

(a)

(b)

(c)

(d)

(e)

(2)

(a)

78















(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(j)

(k)

(l)

(3)

95

79




Board Monitor







96

97(1)

(2)

(3)

(4)

98(1)

80












(2)

99(1)

(2)

100(1)

(2)

101

102

81














planning




(a)

(b)

(c)

(d)

(e)

(f)

103

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

82




reporting


disclosures

monitoring









(i)

(j)

(k)

(l)

(m)

(n)

(o)

(p)

(q)

(r)

104(1)

(2)

105

83















106

107(1)

(a)

(b)

(c)

(i)

(ii)

(iii)

(iv)

(d)

(e)

84













(f)

(g)

(h)

(i)

(j)

(2)

(a)

(b)

(c)

(d)

(e)

(3)

85














108(1)

(2)

(3)

(a)

(b)

(c)

(d)

(e)

(f)

(4)

(5)

(a)

86
















(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(j)

(k)

(l)

(m)

(6)

(a)

(b)

87






financial


fiscal risks and






(c)

(d)

109(1)

(a)

(b)

(c)

(c)

(d)

(2)

(3)

(4)

(5)

88










(6)

(7)

(8)

110

(a)

(b)

(c)

89















111

(a)

(b)

112

113

(a)

(b)

(c)

(d)

(e)

90











(f)

(g)

(h)

(i)

(j)

(k)

114

(a)

(b)

91












(c)

(d)

(e)

(f)

(g)

(h)

115(1)

(2)

(a)

(b)

92








Dividend


(3)

(a)

(b)

(4)

116(1)

(2)

117(1)

93



Service Agreements






(2)

(3)

118(1)

(2)

119(1)

(2)

94













(3)

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(4)

(a)

95











(b)

(c)

(5)

(6)

(a)

(b)

(c)

(d)

(e)

96




financial


fiscal risks and






120(1)

(a)

(b)

(c)

(c)

(d)

(2)

(3)

(4)

(5)

97












(6)

(7)

121

(a)

(b)

(c)

122(1)

(2)

(3)

98


PART X

SANCTIONS












(4)

123

124(1)

(a)

(b)

(c)

(d)

(e)

(f)

(g)

99













(h)

(i)

(j)

(k)

(l)

(2)

(a)

(b)

(c)

(d)

(e)

(f)

100















(g)

(h)

(i)

(j)

(k)

(l)

(m)

(n)

(o)

(i)

(ii)

(3)

125(1)

101












defaulted on a loan





(a)

(b)

(c)

(d)

(2)

126(1)

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

102







withhold funds





(i)

(2)

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

103














127

(a)

(b)

(c)

(d)

(i)

(ii)

(iii)

(iv)

(v)

104






Right of Appeal





128(1)

(2)

129

130(1)

(2)

(a)

(b)

105

Recovery of Loss





PART XI

MISCELLANEOUS

Rules





131(1)

(2)

(3)

(4)

132(1)

(a)

(b)

(c)

106










Sinking Funds and

Special Funds





(d)

(e)

(f)

(g)

(h)

(i)

(i)

(ii)

(j)

(i)

(ii)

(k)

(l)

(m)

(n)

107











Savings

The




Repeal


(o)

(i)

(ii)

(p)

(q)

(r)

(s)

(2)

133

134

(a)

(b)

135

108

Commencement


109

FIRST SCHEDULE

(Sections 2 and 91)










Child Care Board







1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

110





Transport Authority


16

17

18

19

20

21

111

SECOND SCHEDULE

(Sections 2 and 91)










Barbados Port Inc







1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

112






Gymnasium Ltd













16

17

18

19

20

21

22

23

23

25

26

27

28

29

30

31

32

33

113


Southern Meats Inc


Transport Board

34

35

36

37

114

THIRD SCHEDULE

(Section 6)










1

2

(a)

(i)

(ii)

(iii)

(iv)

(v)

115




inflation



interest rates and






revenues by type


(vi)

(b)

(i)

(ii)

(iii)

(iv)

(v)

(vi)

(c)

(d)

(e)

(i)

(ii)

116












(iii)

(iv)

(v)

(vi)

(vii)

(viii)

(f)

(g)

(i)

(A)

(B)

117













(C)

(D)

(E)

(F)

(ii)

(A)

(B)

(C)

(D)

(iii)

(iv)

(h)

118













(i)

(ii)

(iii)

(iv)

(i)

(j)

(i)

(ii)

(iii)

(k)

119


3

120

FOURTH SCHEDULE

(Section 7 and 84)













(a)

(b)

(i)

(ii)

(iii)

(iv)

(v)

(c)

(d)

(e)

121








(f)

(g)

(i)

(ii)

(iii)

(h)

(i)

122

FIFTH SCHEDULE

(Section 7)







the period covered

audited information





an Audit report




(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(j)

(k)

(l)

(m)

(n)

123

SIXTH SCHEDULE

(Section 8)











(a)

(b)

(i)

(ii)

(c)

(i)

(ii)

(d)

124

SEVENTH SCHEDULE

(Section 19)












1

2

3

(a)

(b)

(c)

(d)

(e)

(f)

(g)

125












4

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(j)

126





(k)

(l)

(m)

127

EIGHTH SCHEDULE

(Section 67)


Composition












Meetings and Quorum



1

(a)

(b)

(c)

(d)

(e)

2(1)

(2)

3

4(1)

(a)

128





Minutes


Decisions


Signature and seal



(b)

(2)

(3)

(4)

5

6

7(1)

(2)

129



Procedure


6

7

130

20190114

OBJECTS AND REASONS



PART I

PRELIMINARY

Short title

Interpretation

Construction

Application

PART II



Fiscal Framework




1

2

3

4

5

6

7

8

9

2

PART III


Role of Minister








Accounting Officers


Liability for funds

PART IV


Annual Budget

Appropriations

Contingencies

10

11

12

13

14

15

16

17

18

19

20

21

22

23

3






PART V




Commitments

Virements




Special funds

Trust Assets

24

25

26

27

28

29

30

31

32

33

34

35

36

37

4








Write-offs






38

39

40

41

42

43

44

45

46

47

48

49

50

5

Securities





Loans to be Secured










Reporting

51

52

53

54

55

56

57

58

59

60

61

62

63

64

65

66

6









PART VI

AUDITOR-GENERAL








67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

7



PART VII










PART VIII




82

83

84

85

86

87

88

89

90

91

92

93

8

PART IX

ACCOUNTABILITY













94

95

96

97

98

99

100

101

102

103

104

105

9










Service Agreements





PART X

MEASURES


106

107

108

109

110

111

112

113

114

115

116

117

118

119

120

10







Right of Appeal

Recovery of Loss

PART XI

MISCELLANEOUS

Rules


Savings

Repeal

Commencement

121

122

123

124

125

126

127

128

129

130

131

132

133

11

FIRST SCHEDULE


SECOND SCHEDULE


THIRD SCHEDULE


FOURTH SCHEDULE


FIFTH SCHEDULE


SIXTH SCHEDULE


SEVENTH SCHEDULE


EIGHTH SCHEDULE


12

BARBADOS

A Bill entitled



PART I

PRELIMINARY

Short title


Interpretation

In this Act








1

2

14
















(a)

(b)

(a)

(b)

15















16










(a)

(b)

(c)

17














(a)

(b)

(a)

(b)

18



Construction


Application


PART II








3

4

5(1)

(a)

(b)

(c)

(2)

19


Fiscal Framework










(3)

6(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(a)

20










(b)

(c)

7(1)

(2)

8(1)

(2)

21



PART III


Role of Minister

A Minister shall






9

10(1)

(a)

(i)

(ii)

(b)

(2)

22













11(1)

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(j)

23















(2)

(3)

(4)

12(1)

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

24













(j)

(k)

(l)

(m)

(n)

(o)

(p)

(2)

(a)

(b)

(c)

(3)

25












13(1)

(a)

(b)

(c)

(d)

(e)

(2)

(a)

(b)

(c)

26










(d)

(e)

(f)

(3)

(a)

(b)

(4)

(5)

(6)

27













(7)

(8)

(a)

(b)

(c)

14

(a)

(b)

(c)

(d)

(e)

28












(f)

(g)

15(1)

(a)

(b)

(c)

(d)

(e)

(f)

(g)

29













(h)

(i)

(j)

(k)

(2)

(a)

(b)

(c)

(d)

16(1)

(a)

30












(b)

(2)

(a)

(b)

(c)

(3)

(4)

(5)

17

(a)

31




Accounting Officers



all revenues







(b)

(c)

18(1)

(2)

(a)

(b)

(c)

(3)

19(1)

(a)

32



with propriety



Liability for funds









(b)

(i)

(ii)

(2)

(3)

20(1)

(a)

(i)

(ii)

(iii)

(b)

(2)

(a)

33



PART IV


Annual Budget







Appropriations


(b)

(3)

21(1)

(2)

(3)

(a)

(b)

(4)

22(1)

34


Contingencies












(2)

23(1)

(a)

(b)

(2)

(3)

(4)

24(1)

(2)

(a)

(b)

35






The










25(1)

(a)

(b)

(c)

(2)

(a)

(b)

(c)

26(1)

(a)

(b)

(c)

36









(2)

(a)

(b)

(3)

(4)

27(1)

37








PART V





(2)

(3)

(4)

(5)

28(1)

(2)

29

38




Commitments








30(1)

(2)

31(1)

(2)

(a)

(b)

(c)

(3)

(4)

39

Virements











32(1)

(2)

(a)

(b)

(3)

(a)

(b)

(c)

(4)

(5)

40



Cash Management








(6)

(7)

33(1)

(a)

(b)

(c)

(d)

(2)

41


Consolidated Fund







Special funds





34(1)

(2)

35(1)

(2)

(3)

36(1)

(2)

(a)

(b)

42



Trust Assets








(c)

(3)

37(1)

(2)

(3)

(4)

(5)

38(1)

43



Treasury Account







(2)

39(1)

(2)

(3)

(4)

(5)

(6)

44





Fees and Charges

Fees and Charges


Grants




(7)

(8)

(9)

40

41(1)

(2)

45











(3)

(4)

(5)

(6)

(7)

(8)

42(1)

(a)

46













(b)

(c)

(2)

(a)

(b)

(c)

(d)

(e)

(f)

(3)

43(1)

47




Write-offs










(2)

44

45(1)

(a)

(b)

(2)

(3)

46(1)

(a)

(b)

48









(2)

(3)

(a)

(b)

(4)

47(1)

(2)

49










(3)

(4)

(5)

48(1)

(2)

49

50











Securities



50(1)

(a)

(b)

(c)

(d)

(2)

(3)

(a)

(b)

51(1)

(2)

51














52

53(1)

(2)

(a)

(b)

(c)

54

55(1)

52



Loans to be Secured










(2)

(3)

56

57(1)

(2)

(3)

58(1)

(2)

53









(3)

59(1)

(2)

(3)

(4)

(5)

54














60(1)

(2)

(a)

(b)

(c)

(d)

(e)

(f)

(3)

(a)

(b)

(c)

55














(d)

(e)

(f)

(g)

61

62(1)

(2)

63

64(1)

56


A guarantee shall











Reporting


(2)

(3)

(a)

(b)

(c)

(4)

(5)

65(1)

(2)

(a)

(b)

66(1)

57






Internal Audit




(2)

(3)

(4)

(5)

67(1)

(2)

58















68

(a)

(b)

(c)

(i)

(ii)

(iii)

(iv)

(v)

(vi)

(d)

(e)

(f)

59










Comptroller-General



Auditor-General


69(1)

(2)

(3)

(4)

(a)

(b)

(5)

(a)

(b)

(c)

(d)

(6)

60



Comptroller-General


Auditor-General












70

(a)

(b)

(c)

71(1)

(2)

72

(a)

(b)

(c)

(d)

(e)

61











(f)

(g)

(h)

(i)

(j)

(k)

(l)

73

62



PART VI

AUDITOR-GENERAL








74

75(1)

(2)

(a)

(b)

(c)

(d)

63











(e)

(3)

(4)

(5)

76

77(1)

(2)

(3)

64









(4)

(5)

(6)

78(1)

(a)

(b)

65











(c)

(d)

(e)

(f)

(i)

(ii)

(iii)

(g)

(2)

66















79(1)

(2)

(a)

(b)

(c)

80(1)

(a)

(b)

(c)

67











(2)

(3)

81(1)

(2)

82(1)

(2)

83

68

PART VII


Accounts












84

(a)

(b)

(c)

(d)

(e)

85

(a)

(b)

69


Monthly Reports











86(1)

(2)

(3)

(4)

(5)

87(1)

(2)

88(1)

70















(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(i)

(ii)

(2)

(a)

71











(b)

(i)

(ii)

(iii)

(iv)

(v)

(c)

(d)

(3)

(4)

72












(5)

89(1)

(2)

(3)

90

91(1)

(a)

(b)

73



Parliament shall





PART VIII




(c)

(2)

(3)

(a)

(b)

(c)

(4)

92

74






PART IX

ACCOUNTABILITY

General Matters




93(1)

(2)

(3)

(4)

94(1)

(a)

75














(b)

(2)

(a)

(b)

(c)

(3)

(a)

(b)

(c)

(i)

(ii)

(4)

(5)

76










95(1)

(2)

(3)

(4)

96

(a)

77















(b)

(c)

(d)

(e)

(f)

97(1)

(a)

(b)

(c)

(d)

(e)

(2)

(a)

78















(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(j)

(k)

(l)

(3)

98

79













99

100(1)

(2)

101

(a)

(b)

(c)

(d)

80

planning







reporting


disclosures

monitoring









(e)

(f)

(g)

(h)

(i)

(j)

(k)

(l)

(m)

(n)

(o)

(p)

(q)

(r)

102(1)

(2)

103

81















104

105(1)

(a)

(b)

(c)

(i)

(ii)

(iii)

(iv)

(d)

82














(e)

(f)

(g)

(h)

(i)

(j)

(2)

(a)

(b)

(c)

(d)

(e)

(3)

83














106(1)

(2)

(3)

(a)

(b)

(c)

(d)

(e)

(f)

(4)

(5)

(a)

84
















(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(j)

(k)

(l)

(m)

(6)

(a)

(b)

85






financial


fiscal risks and






(c)

(d)

107(1)

(a)

(b)

(c)

(d)

(e)

(2)

(3)

(4)

(5)

86










(6)

(7)

(8)

108

(a)

(b)

(c)

87















109

(a)

(b)

110

111

(a)

(b)

(c)

(d)

(e)

88












(f)

(g)

(h)

(i)

(j)

(k)

112

(a)

(b)

(c)

89












(d)

(e)

(f)

(g)

(h)

113(1)

(2)

(a)

(b)

90








Service Agreements



(3)

(a)

(b)

(4)

114(1)

(2)

115(1)

(2)

91











116(1)

(2)

(3)

(a)

(b)

(c)

(d)

(e)

(f)

92












(g)

(h)

(i)

(4)

(a)

(b)

(c)

(5)

(6)

(a)

93








financial


fiscal risks and




(b)

(c)

(d)

(e)

117(1)

(a)

(b)

(c)

(d)

(e)

(2)

(3)

94












(4)

(5)

(6)

(7)

118

(a)

(b)

(c)

119(1)

95



PART X

MEASURES










(2)

120

121(1)

(a)

(b)

(c)

(d)

(e)

96














(f)

(g)

(h)

(i)

(j)

(k)

(l)

(2)

(a)

(b)

(c)

(d)

(e)

97















(f)

(g)

(h)

(i)

(j)

(k)

(l)

(m)

(n)

(i)

(ii)

(3)

122(1)

98












defaulted on a loan





(a)

(b)

(c)

(d)

(2)

123(1)

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

99







withhold funds






(i)

(2)

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

124(1)

100













(a)

(b)

(c)

(d)

(2)

(a)

(b)

(c)

(d)

(e)

(f)

101






Right of Appeal





125(1)

(2)

126

127(1)

(2)

(a)

(b)

102

Recovery of Loss





PART XI

MISCELLANEOUS

Rules





128(1)

(2)

(3)

(4)

129(1)

(a)

(b)

(c)

103










Sinking Funds and

Special Funds





(d)

(e)

(f)

(g)

(h)

(i)

(i)

(ii)

(j)

(i)

(ii)

(k)

(l)

(m)

(n)

104











Savings

The




Repeal


(o)

(i)

(ii)

(p)

(q)

(r)

(s)

(2)

130

131

(a)

(b)

132

105

Commencement


106

FIRST SCHEDULE

(Sections 2 and 94)










Child Care Board







1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

107





Transport Authority


16

17

18

19

20

21

108

SECOND SCHEDULE

(Sections 2 and 94)










Barbados Port Inc







1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

109






Gymnasium Ltd













16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

31

32

33

110


Southern Meats Inc


Transport Board

34

35

36

37

111

THIRD SCHEDULE

(Section 6)











1

2

(a)

(i)

(ii)

(iii)

(iv)

(v)

(b)

112



inflation


interest rates and




revenues by type






(i)

(ii)

(iii)

(iv)

(v)

(c)

(i)

(ii)

(iii)

(iv)

(v)

(vi)

113











(d)

(i)

(A)

(B)

(C)

(D)

(E)

(F)

(ii)

(e)

114











(i)

(ii)

(f)

(i)

(ii)

(iii)

(g)

3

115

FOURTH SCHEDULE

(Section 7 and 87)

















(a)

(b)

(i)

(ii)

(iii)

(iv)

(v)

(c)

(d)

(i)

(ii)

(iii)

(e)

(f)

116

FIFTH SCHEDULE

(Section 7)







the period covered

audited information





an Audit report




(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(j)

(k)

(l)

(m)

(n)

117

SIXTH SCHEDULE

(Section 8)











(a)

(b)

(i)

(ii)

(c)

(i)

(ii)

(d)

118

SEVENTH SCHEDULE

(Section 21)










1

2

3

(a)

(b)

(c)

(d)

(e)

119











4

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

120

EIGHTH SCHEDULE

(Section 71)


Composition










Meetings and Quorum




1

(a)

(b)

(c)

(d)

(e)

2(1)

(2)

3(1)

(a)

(b)

121




Minutes


Decisions


Signature and seal





(2)

(3)

(4)

4

5

6(1)

(2)

7

122


Procedure


123

Cover for Report





5














FOURTH SCHEDULE










were deleted






6

FIFTH SCHEDULE




SIXTH SCHEDULE



SEVENTH SCHEDULE





sentence

EIGHTH SCHEDULE









1 Role of Minister







7


be some overlapping








account



















8
































9

















therefor














Monday 14th

January 2019

10









therefor




20181213

OBJECTS AND REASONS



PART I

PRELIMINARY

Short title

Interpretation

Construction

Application

PART II



Fiscal Framework




1

2

3

4

5

6

7

8

9

2

PART III


Role of Minister








Liability for funds

PART IV


Annual Budget

Appropriations

Contingencies



10

11

12

13

14

15

16

17

18

19

20

21

22

23

3




PART V




Commitments

Virements




Special funds

Trust Assets


24

25

26

27

28

29

30

31

32

33

34

35

36

4





Settlements

Write-offs





Securities




37

38

39

40

41

42

43

44

45

46

47

48

49

50

5


Loans to be Secured










Reporting





51

52

53

54

55

56

57

58

59

60

61

62

63

64

65

66

6





PART VI

AUDITOR-GENERAL










67

68

69

70

71

72

73

74

75

76

77

78

79

7

PART VII











PART VIII




80

81

82

83

84

85

86

87

88

89

90

8

PART IX

ACCOUNTABILITY







Board Monitor







91

92

93

94

95

96

97

98

99

100

101

102

103

9














Dividend

Service Agreements

104

105

106

107

108

109

110

111

112

113

114

115

116

117

118

10





PART X

SANCTIONS








Right of Appeal

Recovery of Loss

PART XI

MISCELLANEOUS

Rules

119

120

121

122

123

124

125

126

127

128

129

130

131

132

11


Savings

Repeal

Commencement

133

134

135

136

12

FIRST SCHEDULE


SECOND SCHEDULE


THIRD SCHEDULE


FOURTH SCHEDULE


FIFTH SCHEDULE


SIXTH SCHEDULE


SEVENTH SCHEDULE


EIGHTH SCHEDULE


13

BARBADOS

A Bill entitled



PART I

PRELIMINARY

Short title


Interpretation

In this Act








1

2

16
















(a)

(b)

(a)

(b)

17














18










(a)

(b)

(c)

19














(a)

(b)

(a)

(b)

20



Construction


Application


PART II







3

4

5(1)

(a)

(b)

(c)

21



Fiscal Framework








(2)

(3)

6(1)

(2)

(3)

(4)

(5)

(6)

(7)

22











(8)

(a)

(b)

(c)

7(1)

(2)

8(1)

(2)

23



PART III


Role of Minister

A Minister shall








9

10

(a)

(i)

(ii)

(b)

11(1)

(a)

24












(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(j)

(2)

(3)

25

















12

(a)

(b)

(c)

(d)

(e)

(f)

(g)

13(1)

(a)

(b)

(c)

(d)

(e)

26















(f)

(g)

(h)

(i)

(j)

(k)

(l)

(m)

(n)

(o)

(p)

(2)

(a)

(b)

27













(c)

(3)

14(1)

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

28












(i)

(j)

(k)

(l)

(m)

(n)

(2)

(a)

(b)

(c)

29











(d)

(e)

(f)

(g)

(3)

(a)

(b)

(4)

(5)

30












(6)

(7)

(8)

(a)

(b)

(c)

15(1)

(a)

(b)

31













(2)

(a)

(b)

(c)

(3)

(4)

(5)

16

(a)

(b)

(c)

32







with propriety



Liability for funds


17(1)

(a)

(b)

(i)

(ii)

(2)

(3)

18(1)

33











PART IV


Annual Budget


(a)

(i)

(ii)

(iii)

(b)

(2)

(a)

(b)

(3)

19(1)

34






Appropriations



Contingencies






(2)

(3)

(a)

(b)

(4)

20(1)

(2)

21(1)

(a)

(b)

(2)

(3)

35












The





(4)

22(1)

(2)

(a)

(b)

23(1)

(a)

(b)

(c)

(2)

(a)

(b)

(c)

36











24(1)

(a)

(b)

(c)

(2)

(a)

(b)

(3)

37











(4)

25(1)

(2)

(3)

(4)

(5)

26(1)

38


PART V








Commitments





(2)

27

28(1)

(2)

29(1)

(2)

(a)

(b)

39




Virements









(c)

(3)

(4)

30(1)

(2)

(a)

(b)

(3)

(a)

(b)

(c)

40





Cash Management






(4)

(5)

(6)

(7)

31(1)

(a)

(b)

(c)

41




Consolidated Fund







(d)

(2)

32(1)

(2)

33(1)

(2)

(3)

42

Special funds







Trust Assets






34(1)

(2)

(a)

(b)

(c)

(3)

35(1)

(2)

(3)

(4)

(5)

43





Treasury Account





36(1)

(2)

37(1)

(2)

(3)

(4)

44






Fees and Charges

Fees and Charges


(5)

(6)

(7)

(8)

(9)

38

45

Grants










39(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

46


Remissions












40(1)

(a)

(b)

(c)

(2)

(a)

(b)

(c)

(d)

(e)

(f)

47


Settlements



Write-offs






(3)

41(1)

(2)

42(1)

(a)

(b)

(2)

(3)

48













43(1)

(a)

(b)

(2)

(3)

(a)

(b)

(4)

44(1)

49













(2)

45

46(1)

(a)

(b)

(c)

(d)

(2)

(3)

(a)

50


Securities











(b)

47(1)

(2)

48

49(1)

(2)

(a)

(b)

(c)

51







Loans to be Secured






50

51(1)

(2)

(3)

52

53(1)

(2)

52










(3)

54(1)

(2)

(3)

55(1)

(2)

(3)

53














(4)

(5)

56(1)

(2)

(a)

(b)

(c)

(d)

(e)

(f)

(3)

54













(a)

(b)

(c)

(d)

(e)

(f)

(g)

57

58(1)

55






A guarantee shall








(2)

59

60(1)

(2)

(a)

(b)

(c)

(d)

(e)

(3)

(4)

56





Reporting




61(1)

(2)

(3)

62(1)

(2)

(3)

57



Internal Audit










(4)

(5)

63(1)

(2)

64

(a)

(b)

(c)

(i)

58













(ii)

(iii)

(iv)

(v)

(vi)

(d)

(e)

(f)

65(1)

(2)

(3)

59






Director of Finance



Auditor-General




Director of Finance


Auditor-General




(4)

(a)

(b)

(5)

(a)

(b)

(c)

(d)

(6)

66

(a)

(b)

(c)

67(1)

60













(2)

68

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

61








PART VI

AUDITOR-GENERAL



(j)

(k)

(l)

69

70

71(1)

62










(2)

(a)

(b)

(c)

(d)

(e)

(3)

(4)

(5)

63









72

73(1)

(2)

(3)

(4)

(5)

64











(6)

74(1)

(a)

(b)

(c)

(d)

(e)

(f)

(i)

65











(ii)

(iii)

(g)

(2)

75(1)

(2)

(a)

(b)

66














(c)

76(1)

(a)

(b)

(c)

(2)

(3)

77(1)

(2)

67






PART VII


Accounts

Accounting Officers



all revenues



78(1)

(2)

79

80(1)

(2)

(a)

(b)

(c)

68













(3)

81

(a)

(b)

(c)

(d)

(e)

82

(a)

(b)

69


Monthly Reports











83(1)

(2)

(3)

(4)

(5)

84(1)

(2)

85(1)

70















(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(i)

(ii)

(2)

(a)

71











(b)

(i)

(ii)

(iii)

(iv)

(v)

(c)

(d)

(3)

(4)

72












(5)

86(1)

(2)

(3)

87

88(1)

(a)

(b)

73



Parliament shall





PART VIII




(c)

(2)

(3)

(a)

(b)

(c)

(4)

89

74






PART IX

ACCOUNTABILITY

General Matters




90(1)

(2)

(3)

(4)

91(1)

(a)

75














(b)

(2)

(a)

(b)

(c)

(3)

(a)

(b)

(c)

(i)

(ii)

(4)

(5)

76










92(1)

(2)

(3)

(4)

93

(a)

77















(b)

(c)

(d)

(e)

(f)

94(1)

(a)

(b)

(c)

(d)

(e)

(2)

(a)

78















(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(j)

(k)

(l)

(3)

95

79




Board Monitor







96

97(1)

(2)

(3)

(4)

98(1)

80












(2)

99(1)

(2)

100(1)

(2)

101

102

81














planning




(a)

(b)

(c)

(d)

(e)

(f)

103

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

82




reporting


disclosures

monitoring









(i)

(j)

(k)

(l)

(m)

(n)

(o)

(p)

(q)

(r)

104(1)

(2)

105

83















106

107(1)

(a)

(b)

(c)

(i)

(ii)

(iii)

(iv)

(d)

(e)

84













(f)

(g)

(h)

(i)

(j)

(2)

(a)

(b)

(c)

(d)

(e)

(3)

85














108(1)

(2)

(3)

(a)

(b)

(c)

(d)

(e)

(f)

(4)

(5)

(a)

86
















(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(j)

(k)

(l)

(m)

(6)

(a)

(b)

87






financial


fiscal risks and






(c)

(d)

109(1)

(a)

(b)

(c)

(c)

(d)

(2)

(3)

(4)

(5)

88










(6)

(7)

(8)

110

(a)

(b)

(c)

89















111

(a)

(b)

112

113

(a)

(b)

(c)

(d)

(e)

90











(f)

(g)

(h)

(i)

(j)

(k)

114

(a)

(b)

91












(c)

(d)

(e)

(f)

(g)

(h)

115(1)

(2)

(a)

(b)

92








Dividend


(3)

(a)

(b)

(4)

116(1)

(2)

117(1)

93



Service Agreements






(2)

(3)

118(1)

(2)

119(1)

(2)

94













(3)

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(4)

(a)

95











(b)

(c)

(5)

(6)

(a)

(b)

(c)

(d)

(e)

96




financial


fiscal risks and






120(1)

(a)

(b)

(c)

(c)

(d)

(2)

(3)

(4)

(5)

97












(6)

(7)

121

(a)

(b)

(c)

122(1)

(2)

(3)

98


PART X

SANCTIONS












(4)

123

124(1)

(a)

(b)

(c)

(d)

(e)

(f)

(g)

99













(h)

(i)

(j)

(k)

(l)

(2)

(a)

(b)

(c)

(d)

(e)

(f)

100















(g)

(h)

(i)

(j)

(k)

(l)

(m)

(n)

(o)

(i)

(ii)

(3)

125(1)

101












defaulted on a loan





(a)

(b)

(c)

(d)

(2)

126(1)

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

102







withhold funds





(i)

(2)

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

103














127

(a)

(b)

(c)

(d)

(i)

(ii)

(iii)

(iv)

(v)

104






Right of Appeal





128(1)

(2)

129

130(1)

(2)

(a)

(b)

105

Recovery of Loss





PART XI

MISCELLANEOUS

Rules





131(1)

(2)

(3)

(4)

132(1)

(a)

(b)

(c)

106










Sinking Funds and

Special Funds





(d)

(e)

(f)

(g)

(h)

(i)

(i)

(ii)

(j)

(i)

(ii)

(k)

(l)

(m)

(n)

107











Savings

The




Repeal


(o)

(i)

(ii)

(p)

(q)

(r)

(s)

(2)

133

134

(a)

(b)

135

108

Commencement


109

FIRST SCHEDULE

(Sections 2 and 91)










Child Care Board







1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

110





Transport Authority


16

17

18

19

20

21

111

SECOND SCHEDULE

(Sections 2 and 91)










Barbados Port Inc







1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

112






Gymnasium Ltd













16

17

18

19

20

21

22

23

23

25

26

27

28

29

30

31

32

33

113


Southern Meats Inc


Transport Board

34

35

36

37

114

THIRD SCHEDULE

(Section 6)










1

2

(a)

(i)

(ii)

(iii)

(iv)

(v)

115




inflation



interest rates and






revenues by type


(vi)

(b)

(i)

(ii)

(iii)

(iv)

(v)

(vi)

(c)

(d)

(e)

(i)

(ii)

116












(iii)

(iv)

(v)

(vi)

(vii)

(viii)

(f)

(g)

(i)

(A)

(B)

117













(C)

(D)

(E)

(F)

(ii)

(A)

(B)

(C)

(D)

(iii)

(iv)

(h)

118













(i)

(ii)

(iii)

(iv)

(i)

(j)

(i)

(ii)

(iii)

(k)

119


3

120

FOURTH SCHEDULE

(Section 7 and 84)













(a)

(b)

(i)

(ii)

(iii)

(iv)

(v)

(c)

(d)

(e)

121








(f)

(g)

(i)

(ii)

(iii)

(h)

(i)

122

FIFTH SCHEDULE

(Section 7)







the period covered

audited information





an Audit report




(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(j)

(k)

(l)

(m)

(n)

123

SIXTH SCHEDULE

(Section 8)











(a)

(b)

(i)

(ii)

(c)

(i)

(ii)

(d)

124

SEVENTH SCHEDULE

(Section 19)












1

2

3

(a)

(b)

(c)

(d)

(e)

(f)

(g)

125












4

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(j)

126





(k)

(l)

(m)

127

EIGHTH SCHEDULE

(Section 67)


Composition












Meetings and Quorum



1

(a)

(b)

(c)

(d)

(e)

2(1)

(2)

3

4(1)

(a)

128





Minutes


Decisions


Signature and seal



(b)

(2)

(3)

(4)

5

6

7(1)

(2)

129



Procedure


6

7

130

20190114

OBJECTS AND REASONS



PART I

PRELIMINARY

Short title

Interpretation

Construction

Application

PART II



Fiscal Framework




1

2

3

4

5

6

7

8

9

2

PART III


Role of Minister








Accounting Officers


Liability for funds

PART IV


Annual Budget

Appropriations

Contingencies

10

11

12

13

14

15

16

17

18

19

20

21

22

23

3






PART V




Commitments

Virements




Special funds

Trust Assets

24

25

26

27

28

29

30

31

32

33

34

35

36

37

4








Write-offs






38

39

40

41

42

43

44

45

46

47

48

49

50

5

Securities





Loans to be Secured










Reporting

51

52

53

54

55

56

57

58

59

60

61

62

63

64

65

66

6









PART VI

AUDITOR-GENERAL








67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

7



PART VII










PART VIII




82

83

84

85

86

87

88

89

90

91

92

93

8

PART IX

ACCOUNTABILITY













94

95

96

97

98

99

100

101

102

103

104

105

9










Service Agreements





PART X

MEASURES


106

107

108

109

110

111

112

113

114

115

116

117

118

119

120

10







Right of Appeal

Recovery of Loss

PART XI

MISCELLANEOUS

Rules


Savings

Repeal

Commencement

121

122

123

124

125

126

127

128

129

130

131

132

133

11

FIRST SCHEDULE


SECOND SCHEDULE


THIRD SCHEDULE


FOURTH SCHEDULE


FIFTH SCHEDULE


SIXTH SCHEDULE


SEVENTH SCHEDULE


EIGHTH SCHEDULE


12

BARBADOS

A Bill entitled



PART I

PRELIMINARY

Short title


Interpretation

In this Act








1

2

14
















(a)

(b)

(a)

(b)

15















16










(a)

(b)

(c)

17














(a)

(b)

(a)

(b)

18



Construction


Application


PART II








3

4

5(1)

(a)

(b)

(c)

(2)

19


Fiscal Framework










(3)

6(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(a)

20










(b)

(c)

7(1)

(2)

8(1)

(2)

21



PART III


Role of Minister

A Minister shall






9

10(1)

(a)

(i)

(ii)

(b)

(2)

22













11(1)

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(j)

23















(2)

(3)

(4)

12(1)

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

24













(j)

(k)

(l)

(m)

(n)

(o)

(p)

(2)

(a)

(b)

(c)

(3)

25












13(1)

(a)

(b)

(c)

(d)

(e)

(2)

(a)

(b)

(c)

26










(d)

(e)

(f)

(3)

(a)

(b)

(4)

(5)

(6)

27













(7)

(8)

(a)

(b)

(c)

14

(a)

(b)

(c)

(d)

(e)

28












(f)

(g)

15(1)

(a)

(b)

(c)

(d)

(e)

(f)

(g)

29













(h)

(i)

(j)

(k)

(2)

(a)

(b)

(c)

(d)

16(1)

(a)

30












(b)

(2)

(a)

(b)

(c)

(3)

(4)

(5)

17

(a)

31




Accounting Officers



all revenues







(b)

(c)

18(1)

(2)

(a)

(b)

(c)

(3)

19(1)

(a)

32



with propriety



Liability for funds









(b)

(i)

(ii)

(2)

(3)

20(1)

(a)

(i)

(ii)

(iii)

(b)

(2)

(a)

33



PART IV


Annual Budget







Appropriations


(b)

(3)

21(1)

(2)

(3)

(a)

(b)

(4)

22(1)

34


Contingencies












(2)

23(1)

(a)

(b)

(2)

(3)

(4)

24(1)

(2)

(a)

(b)

35






The










25(1)

(a)

(b)

(c)

(2)

(a)

(b)

(c)

26(1)

(a)

(b)

(c)

36









(2)

(a)

(b)

(3)

(4)

27(1)

37








PART V





(2)

(3)

(4)

(5)

28(1)

(2)

29

38




Commitments








30(1)

(2)

31(1)

(2)

(a)

(b)

(c)

(3)

(4)

39

Virements











32(1)

(2)

(a)

(b)

(3)

(a)

(b)

(c)

(4)

(5)

40



Cash Management








(6)

(7)

33(1)

(a)

(b)

(c)

(d)

(2)

41


Consolidated Fund







Special funds





34(1)

(2)

35(1)

(2)

(3)

36(1)

(2)

(a)

(b)

42



Trust Assets








(c)

(3)

37(1)

(2)

(3)

(4)

(5)

38(1)

43



Treasury Account







(2)

39(1)

(2)

(3)

(4)

(5)

(6)

44





Fees and Charges

Fees and Charges


Grants




(7)

(8)

(9)

40

41(1)

(2)

45











(3)

(4)

(5)

(6)

(7)

(8)

42(1)

(a)

46













(b)

(c)

(2)

(a)

(b)

(c)

(d)

(e)

(f)

(3)

43(1)

47




Write-offs










(2)

44

45(1)

(a)

(b)

(2)

(3)

46(1)

(a)

(b)

48









(2)

(3)

(a)

(b)

(4)

47(1)

(2)

49










(3)

(4)

(5)

48(1)

(2)

49

50











Securities



50(1)

(a)

(b)

(c)

(d)

(2)

(3)

(a)

(b)

51(1)

(2)

51














52

53(1)

(2)

(a)

(b)

(c)

54

55(1)

52



Loans to be Secured










(2)

(3)

56

57(1)

(2)

(3)

58(1)

(2)

53









(3)

59(1)

(2)

(3)

(4)

(5)

54














60(1)

(2)

(a)

(b)

(c)

(d)

(e)

(f)

(3)

(a)

(b)

(c)

55














(d)

(e)

(f)

(g)

61

62(1)

(2)

63

64(1)

56


A guarantee shall











Reporting


(2)

(3)

(a)

(b)

(c)

(4)

(5)

65(1)

(2)

(a)

(b)

66(1)

57






Internal Audit




(2)

(3)

(4)

(5)

67(1)

(2)

58















68

(a)

(b)

(c)

(i)

(ii)

(iii)

(iv)

(v)

(vi)

(d)

(e)

(f)

59










Comptroller-General



Auditor-General


69(1)

(2)

(3)

(4)

(a)

(b)

(5)

(a)

(b)

(c)

(d)

(6)

60



Comptroller-General


Auditor-General












70

(a)

(b)

(c)

71(1)

(2)

72

(a)

(b)

(c)

(d)

(e)

61











(f)

(g)

(h)

(i)

(j)

(k)

(l)

73

62



PART VI

AUDITOR-GENERAL








74

75(1)

(2)

(a)

(b)

(c)

(d)

63











(e)

(3)

(4)

(5)

76

77(1)

(2)

(3)

64









(4)

(5)

(6)

78(1)

(a)

(b)

65











(c)

(d)

(e)

(f)

(i)

(ii)

(iii)

(g)

(2)

66















79(1)

(2)

(a)

(b)

(c)

80(1)

(a)

(b)

(c)

67











(2)

(3)

81(1)

(2)

82(1)

(2)

83

68

PART VII


Accounts












84

(a)

(b)

(c)

(d)

(e)

85

(a)

(b)

69


Monthly Reports











86(1)

(2)

(3)

(4)

(5)

87(1)

(2)

88(1)

70















(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(i)

(ii)

(2)

(a)

71











(b)

(i)

(ii)

(iii)

(iv)

(v)

(c)

(d)

(3)

(4)

72












(5)

89(1)

(2)

(3)

90

91(1)

(a)

(b)

73



Parliament shall





PART VIII




(c)

(2)

(3)

(a)

(b)

(c)

(4)

92

74






PART IX

ACCOUNTABILITY

General Matters




93(1)

(2)

(3)

(4)

94(1)

(a)

75














(b)

(2)

(a)

(b)

(c)

(3)

(a)

(b)

(c)

(i)

(ii)

(4)

(5)

76










95(1)

(2)

(3)

(4)

96

(a)

77















(b)

(c)

(d)

(e)

(f)

97(1)

(a)

(b)

(c)

(d)

(e)

(2)

(a)

78















(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(j)

(k)

(l)

(3)

98

79













99

100(1)

(2)

101

(a)

(b)

(c)

(d)

80

planning







reporting


disclosures

monitoring









(e)

(f)

(g)

(h)

(i)

(j)

(k)

(l)

(m)

(n)

(o)

(p)

(q)

(r)

102(1)

(2)

103

81















104

105(1)

(a)

(b)

(c)

(i)

(ii)

(iii)

(iv)

(d)

82














(e)

(f)

(g)

(h)

(i)

(j)

(2)

(a)

(b)

(c)

(d)

(e)

(3)

83














106(1)

(2)

(3)

(a)

(b)

(c)

(d)

(e)

(f)

(4)

(5)

(a)

84
















(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(j)

(k)

(l)

(m)

(6)

(a)

(b)

85






financial


fiscal risks and






(c)

(d)

107(1)

(a)

(b)

(c)

(d)

(e)

(2)

(3)

(4)

(5)

86










(6)

(7)

(8)

108

(a)

(b)

(c)

87















109

(a)

(b)

110

111

(a)

(b)

(c)

(d)

(e)

88












(f)

(g)

(h)

(i)

(j)

(k)

112

(a)

(b)

(c)

89












(d)

(e)

(f)

(g)

(h)

113(1)

(2)

(a)

(b)

90








Service Agreements



(3)

(a)

(b)

(4)

114(1)

(2)

115(1)

(2)

91











116(1)

(2)

(3)

(a)

(b)

(c)

(d)

(e)

(f)

92












(g)

(h)

(i)

(4)

(a)

(b)

(c)

(5)

(6)

(a)

93








financial


fiscal risks and




(b)

(c)

(d)

(e)

117(1)

(a)

(b)

(c)

(d)

(e)

(2)

(3)

94












(4)

(5)

(6)

(7)

118

(a)

(b)

(c)

119(1)

95



PART X

MEASURES










(2)

120

121(1)

(a)

(b)

(c)

(d)

(e)

96














(f)

(g)

(h)

(i)

(j)

(k)

(l)

(2)

(a)

(b)

(c)

(d)

(e)

97















(f)

(g)

(h)

(i)

(j)

(k)

(l)

(m)

(n)

(i)

(ii)

(3)

122(1)

98












defaulted on a loan





(a)

(b)

(c)

(d)

(2)

123(1)

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

99







withhold funds






(i)

(2)

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

124(1)

100













(a)

(b)

(c)

(d)

(2)

(a)

(b)

(c)

(d)

(e)

(f)

101






Right of Appeal





125(1)

(2)

126

127(1)

(2)

(a)

(b)

102

Recovery of Loss





PART XI

MISCELLANEOUS

Rules





128(1)

(2)

(3)

(4)

129(1)

(a)

(b)

(c)

103










Sinking Funds and

Special Funds





(d)

(e)

(f)

(g)

(h)

(i)

(i)

(ii)

(j)

(i)

(ii)

(k)

(l)

(m)

(n)

104











Savings

The




Repeal


(o)

(i)

(ii)

(p)

(q)

(r)

(s)

(2)

130

131

(a)

(b)

132

105

Commencement


106

FIRST SCHEDULE

(Sections 2 and 94)










Child Care Board







1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

107





Transport Authority


16

17

18

19

20

21

108

SECOND SCHEDULE

(Sections 2 and 94)










Barbados Port Inc







1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

109






Gymnasium Ltd













16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

31

32

33

110


Southern Meats Inc


Transport Board

34

35

36

37

111

THIRD SCHEDULE

(Section 6)











1

2

(a)

(i)

(ii)

(iii)

(iv)

(v)

(b)

112



inflation


interest rates and




revenues by type






(i)

(ii)

(iii)

(iv)

(v)

(c)

(i)

(ii)

(iii)

(iv)

(v)

(vi)

113











(d)

(i)

(A)

(B)

(C)

(D)

(E)

(F)

(ii)

(e)

114











(i)

(ii)

(f)

(i)

(ii)

(iii)

(g)

3

115

FOURTH SCHEDULE

(Section 7 and 87)

















(a)

(b)

(i)

(ii)

(iii)

(iv)

(v)

(c)

(d)

(i)

(ii)

(iii)

(e)

(f)

116

FIFTH SCHEDULE

(Section 7)







the period covered

audited information





an Audit report




(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(j)

(k)

(l)

(m)

(n)

117

SIXTH SCHEDULE

(Section 8)











(a)

(b)

(i)

(ii)

(c)

(i)

(ii)

(d)

118

SEVENTH SCHEDULE

(Section 21)










1

2

3

(a)

(b)

(c)

(d)

(e)

119











4

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

120

EIGHTH SCHEDULE

(Section 71)


Composition










Meetings and Quorum




1

(a)

(b)

(c)

(d)

(e)

2(1)

(2)

3(1)

(a)

(b)

121




Minutes


Decisions


Signature and seal





(2)

(3)

(4)

4

5

6(1)

(2)

7

122


Procedure


123

Cover for Report





PUBLIC FINANCE MANAGEMENT BILL, 2018...Clause 14(4) and (5) The fine of “$5 000” was deleted and...

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Transcript of PUBLIC FINANCE MANAGEMENT BILL, 2018...Clause 14(4) and (5) The fine of “$5 000” was deleted and...