Section 75, The Government Budgeting and Accountability Act, 2005

(1) Subject to this section, when Parliament has authorisedany department to operate a revolving fund for the purpose of acquiring and managing stores or for manufacturing, producing, processing or dealing in stores or materials and has fixed the amount that may be charged to the revolving fund at any time– (a) payment may be made out of the Consolidated Fund for such purposes, subject to such terms as Parliament may direct; and (b) the Accountant-General shall keep an account to which shall be charged – (i) the cost of such of the stores or materials on hand in the department at the time the revolving fund is established as the Minister may specify; (ii) the payments made under paragraph (a). (2) There shall be shown as credits in the account kept under paragraph (b) of subsection (1)– (a) all moneys received into the Consolidated Fund in respect of the operations of the revolving fund; and (b) amounts charged to appropriations as the reimbursements of costs charged to the revolving fund of the stores or materials issued or work performed in respect of services for which the appropriations were made. (3) Any payment made out of the Consolidated Fund under subsection (1) together with the balance of the revolving fund shall not be greater than the amount fixed by Parliament as the amount that may be charged to the revolving fund at any time or such lesser amount as Parliament may prescribe. (4) At the end of each financial year, the value of the stores and materials held, and accounts receivable in respect of the operation of a revolving fund shall be determined in such manner as the Minister may prescribe by regulations, and if such value added to the receipts shown in the revolving fund exceed the total of the expenditure shown in such fund and liabilities in respect of the operations of the fund then due and payable, the excess shall be transferred into revenue, but if the value is less, no amount may be credited to the revolving fund to meet the deficiency except with the authority of Parliament. (5) All accounting transactions with respect to a revolving fund under this Part shall be recorded at cost but for the purpose of valuing stores or materials on hand at the time the revolving fund is established and of valuing inventories and issues of stores and materials, cost may be determined in accordance with such recognised accounting practices as the Minister may direct. (6) For the purposes of this section “balance of the revolving fund” means, the aggregate of all payments charged to the revolving fund, less all credits to the revolving fund. Operation of revolving fund. Inspection verification. 50 51 No. 3 Government Budgeting and Accountability Act 2005No. 3 Government Budgeting and Accountability Act 2005 PART X–LIABILITY AND OFFENCES