CONSOLIDATION OF PUBLIC ACCOUNTS COMPLETED

According to the Public Expenditure and Financial Accountability Specialist, Mr. Rogers Muragije, the ongoing PFM reforms which are being facilitated by HIDA have so far achieved good progress.

A key intervention in this regard, is the consolidation of GOR 2006 GOR public accounts which was being undertaken by the Ministry of Finance and Economic Planning (MINECOFIN).

To kick start the exercise, a stakeholder workshop was held on 9th January 2007 with an aim of creating awareness and preparing the relevant staff in public institutions to provide the necessary information about their accounts.

These Consolidated Public Accounts spanned various reporting entities namely: the central government ministries; semi-autonomous agencies; commissions; embassies, local authorities; and the autonomous state owned corporations who are recipients of subsidies from central government. Each reporting entity was supported to prepare individual sets of annual financial statements and MINECOFIN consolidated the accounts. The Final Report on the Consolidated Public Accounts is expected in August 2007. On completion and approval, the consolidated accounts will be forwarded Auditor General for auditing.

In a related development, in May 2007 the Ministry was facilitated to sensitize all Chief Budget Managers (SGs, Heads of Public Institutions and Directors of Finance) on the newly approved Organic law on state finances and property, Financial regulations, Manuals of accounting procedures, Public Procurement and Integrated Financial Management Information System (IFMIS).

The implementation of the new Organic law on state finances and property and associated financial regulations, will bring about important changes in the way the public finance management system works, and will require the development of significant new capacity.