Published on: March 11, 2022

KARNATAKA LOCAL FUND AUTHORITIES FISCAL RESPONSIBILITY ACT, 2003

KARNATAKA LOCAL FUND AUTHORITIES FISCAL RESPONSIBILITY ACT, 2003

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

Amiens 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