NEWS

Bruhat Bengaluru Mahanagara Palike has finally been brought within the ambit of the Karnataka Local Fund Authorities Fiscal Responsibility Act, 2003

THE ACT

• Passed in 2003
• Government issued a notification on the BBMP (Fiscal Responsibility and Budget Management) Rules, 2021
• As per article 283 of Indian constitution & Karnataka Fiscal Responsibility Act, 2002
• Provides for the responsibility of Local Fund Authorities
• Ensure best practice of financial management of local funds
• Enhance the scope for improving social and physical infrastructure and human development
• Achieving sufficient revenue surplus, ensuring prudent management of public fiscal operations of the Local Funds and use of a medium term fiscal frame work, performance enhancement, citizen participation and transparency
• Removing impediments to the effective conduct of fiscal policy
• Enabling prudent financial management through appropriate modern systems and with greater transparency in fiscal operations of the Local Funds with the use of a medium-term fiscal frame work