Repeal and assignment of new Chapter

(1) The Financial and Audit Act, Revised Edition 2000 is repealed. (2) This Act shall be cited as the Finance and Audit Act, Chapter 15 of the Substantive Laws of Belize, Revised Edition 2011. Finance and Audit (Reform) 37 SCHEDULE 1 FINANCE AND AUDIT (REFORM) ACT Special Funds [Section 9(2)] 1. Currency Fund. 2. Special (post Disaster) Reconstruction Fund Official Charities Fund. 3. Savings Bank. 4. Police Welfare Fund. 5. Prison Officers’ Reward Fund. 6. Any fund established under the Sugar Industry Act. SCHEDULE 2 FINANCE AND AUDIT (REFORM) ACT Rules for the Operation of the Development Fund [Section 10(4) and (5)] 1. In these Rules, Interpretation. “Assembly” means the National Assembly. “Fund” means the Development Fund; 38 Finance and Audit (Reform) 2.-(1) No moneys shall be withdrawn from the Fund for the purpose of meeting any expenditure except upon the authority of a warrant under the hand of the Minister. Management of Development Fund. (2) Subject to the provisions of these Rules, no such warrant shall be issued unless the expenditure has been authorized by the National Assembly in accordance with the provisions of these Rules, Estimates of revenue and expenditure. 3.-(1) The Minister shall cause to be prepared in each financial year estimates of the revenue and expenditure of the Fund for the next following financial year. (2) The proposals for all expenditure contained in the Estimates shall be submitted to the Assembly together with a statement showing the estimated balance of the Fund at the commencement of the current financial year and the anticipated revenue accruing to, and the anticipated expenditure from, the Fund during the current financial year. Procedure where expenditure not yet authorized by National Assembly. 4.-(1) If the expenditure of sums necessary to finance the continued construction or provision of development works for which provision was made from the Fund in the previous financial year is not authorized by the Assembly by the beginning of a financial year, the Minister may by warrant authorize the issue from the Fund of such sums as are necessary to finance the continued construction or provision of such works to be carried out for a period of four months or until the expenditure of sums necessary to finance the continued construction or provision of such works has been authorized by the Assembly, whichever is the shorter period. (2) Notwithstanding the provisions of the preceding paragraph, no sum may be issued under this Rule in excess of an amount equivalent to twenty per centum of the estimated total cost of the project o f such development works as already approved by the Assembly. Finance and Audit (Reform) 39 5.-(1) The Minister may by warrant authorize the expenditure of an additional sum during the current financial year which when added to the expenditure incurred on any project of development works in previous financial years and to the expenditure already authorized for the current financial year does not cause to be exceeded the latest estimated total cost for that project as already approved by the Assembly. Minister may authorise expenditure. (2) No warrant shall be issued under this Rule for expenditure which if incurred at once would result in the balance of the Fund being overspent, taking account of all other expenditure already authorized for the current financial year. Procedure in urgent or special cases. 6.-(1) If the Minister is satisfied that there has arisen an urgent and unforeseen need for expenditure which, (a) is of a special character and is not provided for in the expenditure already authorized by the Assembly; (b) will result in the expenditure already authorized by the Assembly for a project of development works being exceeded, and which can not or cannot without serious injury to the public interest be postponed until adequate provision can be made by the Assembly, the Minister may by warrant authorize the issue from the Fund of such sums as may be necessary. (2) No warrant shall be issued under this Rule for expenditure which if incurred at once would result in the balance of the Fund being overspent, taking account of all other expenditure already authorized for the current financial year. 7. All authorizations by warrant under the provisions of Rule 4, 5 or 6 of these Rules, shall be reported to the House of Representatives at its next meeting; and at the next meeting of 40 Finance and Audit (Reform) the House of Representatives called for consideration of supplementary estimates shall be submitted for the approval of the National Assembly.