Public Finance Management Act [Chapter 22:19] as amended as at 28 October 2016
have been approved by the House, a supplementary Appropriation Bill shall be introduced into
the House providing for the issue of such sums from the Consolidated Revenue Fund and the
appropriation of those sums, under separate votes for the several heads of expenditure approved,
to the purposes specified therein.
(2) If at the close of accounts for any financial year it is found that money has been
expended—
(a) on any expenditure vote in excess of the amount appropriated for it by an
Appropriation Act; or
(b) for a purpose for which no money has been voted and appropriated; or
(c) on any sub-head of an expenditure vote in excess of the sum assigned thereto in the
estimates of expenditure for the financial year and to which no further sum has been
applied under any provision of this Act;
the amount of the excess expended or not appropriated, as the case may be, shall be included in
a statement of expenditure in excess which shall be laid before the National Assembly.
(3) Where the National Assembly, by means of a motion, allows any excess or any amount
expended but not appropriated to stand charged to the Consolidated Revenue Fund, the sum
required to meet such excess or such amount as shall be allowed, shall be included in a
Financial Adjustments Bill introduced to the National Assembly in accordance with section
103(5) of the Constitution.
20 Investment of money in Consolidated Revenue Fund
(1) Any sums standing to the credit of the Consolidated Revenue Fund may, subject to
compliance with authorised procedures, be—
(a kept in cash or in such accounts with a financial institution as the Accountant-General
may from time to time determine;
(b) invested with a financial institution at call or subject to notice not exceeding twelve
months, or in an investment authorised by law for the investment of trust funds and
approved by the Minister.
(2) For the avoidance of doubt it is declared that, the investment of the sums referred to in
subsection (1) shall not constitute a withdrawal from the Consolidated Revenue Fund.
21 Money raised or received to exclude trust funds
(1) In this section “trustee” means an employee of the State appointed as a trustee of any
money or property by operation of the law or under the terms of a will or trust settlement.
(2) For the avoidance of doubt it is declared that any reference to money raised or received
by the State does not include money held in trust by or under the control of any court, officer of
a court, a trustee, the Attorney-General or any receiver of revenue or any sums of money held in
trust by any other officer for purposes other than the purposes of the State.
22 Establishment of banking accounts
(1) The Treasury shall establish accounts to be known as the Consolidated Revenue Fund
account and one or more sub-accounts of the Consolidated Revenue Fund, for the deposit of
money forming part of the Consolidated Revenue Fund, and may, within the Consolidated
Revenue Fund account and sub-accounts of the Consolidated Revenue Fund, establish separate
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