Paragraph 109 General principles
United Kingdom
The macro-economic and fiscal policies of the Government shall be formulated and conducted for the sustained long term prosperity of the people of the Islands.
Public funds shall be managed according to established principles of value for money, affordability and regularity and the interests of long term financial stability.
The Government shall, after public consultation in the Islands, formulate a framework document stating its principles of public financial management which sets—
limits on levels of public debt relative to public revenue;
limits on debt service costs as a proportion of total public expenditure; and
levels of reserves relative to public expenditure.
Any framework document formulated under subsection (3) must be agreed by the F1Parliament and a Secretary of State in draft before it is adopted by the Government; and the Government shall publish the document in the Gazette as soon as possible after its adoption.
The prior approval of a Secretary of State shall be required before—
the adoption by the Government of any proposed decision or policy; or
the coming into force of F2any law enacted by the Legislature,
which, in the judgement of the Governor, would exceed the framework document published under subsection (4) which is for the time being in effect.
The Minister of Finance shall report to the Parliament at least every six months on—
the performance of the Government in implementing the framework document published under subsection (4) which is for the time being in effect; and
the state of the public finances and the state of the economy of the Islands.
The Government shall aim towards achieving and maintaining a surplus budget, and where any Appropriation Bill would not return a surplus result the Minister of Finance shall, at the same time as the Bill is introduced in the Parliament, lay before the Parliament a statement explaining the reasons for not achieving a surplus.
Annotations
Textual amendments
- F1
Word in Sch. 2 substituted (coming into force in accordance with art. 1(3) of the amending S.I.) by The Turks and Caicos Islands Constitution (Amendment) Order 2024 (S.I. 2024/1128), art. 8(1) (with arts. 4, 8(2))
- F2
Words in Sch. 2 s. 109(5)(b) substituted (coming into force in accordance with art. 1(3) of the amending S.I.) by The Turks and Caicos Islands Constitution (Amendment) Order 2024 (S.I. 2024/1128), art. 7(5) (with art. 4)