Budget Policy Statement
As per the PFMA Section 25 (1 to 4) and the attendant regulation, the department plays a key role in preparation and submission of the Budget Policy Statement to Parliament by the 15th February in each year. The BPS sets out the broad strategic priorities and policy goals that will guide the national government and county governments in preparing their budgets both for the following financial year and over the medium term. The BPS includes (a) an assessment of the current state of the economy and the financial outlook over the medium term, including macro-economic forecasts; (b) the financial outlook with respect to Government revenues, expenditures and borrowing for the next financial year and over the medium term;(c) the proposed expenditure limits for the national government, including those of Parliament and the Judiciary and indicative transfers to county governments; (d) the fiscal responsibility principles and financial objectives over the medium term including limits on total annual debt; (e) fiscal risk statement.
Get more information on specific Budget Policy Statements below.