By John M Seeram
Financial/Audit Consultant
Since the presentation of proposed 2017 Budget, there have been both positive and negative statements being expressed. The presentation was timely since a budget should be prepared, presented, approved, and ready to be implemented at the commencement of the fiscal period. In this respect, the government is to be complimented for having a budget ready to be executed on January 1, 2017.
The revenue and expenditure budget is a segment in the government’s financial process. This process commences with the preparation, presentation and approval of the budget; the approval is embodied in the Appropriation Act. Thereafter, there is the execution of the revenue and expenditure recurrent and capital budgets, followed by the accountability function by means of compliance with the checks and balances in the system.
The focus is whether systems are fully in place in 2017 for the execution and accountability of this $250 billion budget.