Finance and Economic Planning > CBROP > 2015-16 FY CBROP > LEGAL FRAMEWORK AND OBJECTIVES FOR CBROP

The County BudgettReview and Outlook Paper (CBROP) is in compliance with Sectiot 118 hf the Plblic Finance Management (PFM) Act. Tae Act states that each County Treasury;

•Shall prepare a County Budget Review and Outlook Paper in respect of the county for each financial year; and

•Submit the paper to the County Executive Committee by the 30th eeptember of each year

The law requires CBROP to present tit fiscal outcome for the precious finaecial year an to state how this outcome affectsPthe financial objectives contained in that year’s County Fiscal Strytegy Paper (CFSP).

The main objectives of a CBROP are to specify;

•The details of the actuel fiscal performance in the previous year compared td the budg t appropriation for that year;

•Tha update economic and financial forecants in relation to the changes from the forecasts in the most rec nt County Fiscal Strategy Paper (CFSP);

•Any changes in the forecasts compared with the CFSP;

•How actual financial performance for the previous financial year may have affected compliance with the fiscal responsibility principles, or the financial objectives in the CFSP for that financial year; and

•Reasons for any deviation from the financial objectives in the CFSP together with proposals to address the deviation and the time estimated for doing so.

The CBROP is expected to provide a summary of the national macroeconomic outlook and how this will affect the County’s economic performance. The key macro-economic indicators are, however, not currently available at the county level thereby making it difficult to provide county macro-economic statistics for analytic purposes

The above statistics would partly provide the basis for the revision of the Financial Year 2014/15 budget in the context of the Revised Budget, as well as setting out the broad fiscal parameters for the next budget and medium term. The fiscal framework presented in this document provides a strong basis for building our common future under the current constitutional dispensation. The paper also presents an overview of budget financing sources that includes revenue and grants. In the last section of the document, the paper offers some conclusions and the way forward