Financial procedures

(1) The revenue of the Authority shall be classified under the following heads of receipt– (a) dues and charges received by virtue of this Act; (b) amounts borrowed by the Authority; and (c) miscellaneous receipts, including interest on and service of investments, and such revenue shall within seven days of receipt thereof be paid into a bank account approved by the Minister responsible for Finance. (2) The revenue of the Authority shall be applied to meet the following heads of expenditure– (a) reimbursement to the Government of all sums certified by the Minister responsible for Finance as having been borrowed by the Government for airport purposes and the repayment of which is outstanding at the commencement of this Act; the arrangements for reimbursing such sums shall be such as 14 may be determined by the responsible for Finance; (b) repayment of overdraft, if any, on current (c) interest on loans; (d) sinking fund on loan redemption; (e) payment to the of any consideration for the transfer of property as provided by section 21; (f) reimbursement to the Government of all sums expended by it in respect of the pensions and gratuities of public officers seconded under section 34; (g) repairs and maintenance of buildings and equipment and other current expenses; (h) any other expenditure approved by the Minister responsible for Finance. (3) After meeting the expenditure as set out in sub-section (2), twenty per cent of the surplus, if any, shall be paid into the reserve fund established under section 28, and the remainder shall be paid by the Authority to the Accountant General for the Consolidated Revenue Fund. (4) The Authority shall cause estimates of expenditure and revenue to be prepared and adopted each year in respect of the financial year following and such estimates, when adopted, shall be published in the Gazette.