Finance and Administration

  • PDF

FINANCE AND ACCOUNTS

PART IV of the Act provides guidance for the management of finance and accounts of the Council

Financial Year:

Section 29 defines the financial year of the Council as the period of twelve months beginning on the first day of July in each year and ending on the 30th day of June in the next calendar year

Budgeting:

According to section 28, budget estimates of income and expenditure shall be prepared for each financial year.

Funding:

Section 24(1) states the sources of AEC funding as:-

(a) money appropriated by Parliament for the purposes of the Council;

(b) grants or donations from the Government or other sources made with the approval of the Minister and the Minister responsible for finance; and

(c) fees charged for services and activities rendered by the Council under the Act

Accounts:

According to section 30, proper books of accounts and records of the transactions of the Council shall be kept. Preparation of a statement of accounts shall be done not later than three months after the end of the financial year and shall include:-

(a) a balance sheet, a profit and loss account and a source and application of funds statement; and

(b) any other information in respect of the financial affairs of the Council as the Minister responsible for finance may, in writing, require

Audit of accounts:

Section 31 requires the Auditor General or an auditor appointed by the Auditor General to audit the accounts of Council each financial year

You are here: