Financial Management of Parliament Act, 2009 (Act No. 10 of 2009)

Chapter 8 : Reporting and Auditing

Part 1 : In-year reporting

51. Monthly financial statements
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(1)Within fifteen days after the end of each month, the Accounting Officer must submit a financial statement to the Executive Authority and the National Treasury, in a format determined by the Executive Authority, reflecting the state of Parliament’s finances for that month and for the financial year to date and specifying—
(a)actual revenue by revenue source;
(b)actual expenditure by main division;
(c)actual capital expenditure by main division; and
(d)when necessary, an explanation of—
(i)any material variances from Parliament’s projected revenue by source, and from Parliament’s expenditure projections by main division; and
(ii)any remedial or corrective steps taken or to be taken to ensure that projected revenue and expenditure remain within Parliament’s approved budget.

 

(2)The statement must include a projection of revenue and expenditure for the remainder of the financial year, and any revisions from initial projections.

 

(3)The amounts reflected in the statement must in each case be compared with the corresponding amounts set out in the projected cash-flows and in Parliament’s budget.