Public Finance Management Act [Chapter 22:19] as amended as at 28 October 2016 (a) a projection of revenue, expenditure and borrowings for that financial year in the prescribed format; and (b) an annual corporate plan in the prescribed format covering the affairs of that designated corporate body, including its subsidiaries, for the following three financial years, and such plan shall include targets, outputs and outcomes. 47 Annual budgets of specified public entities (1) The accounting authority for a public entity shall submit to the appropriate Minister, not less than three months before the start of the financial year of the Ministry (or other period agreed to between the Minister and the public entity), a budget of estimated revenue and expenditure for that financial year and an annual plan relating to that public entity, prepared in line with the government’s economic development plan for approval by the appropriate Minister.20 (2) The budget shall be submitted to the appropriate Minister through the accounting officer, who may make recommendations to the Minister with regard to the approval or amendment of the budget: Provided that the supervising Ministry shall check before approval whether the annual corporate plans and budgets of public entities are consistent with the projections and plans referred to in section 46 and otherwise comply with financial policies set by Government.21 (3) A public entity which is required to submit a budget in terms of subsection (1), may not budget for a deficit, and may not accumulate surpluses, unless it obtains the prior written approval of the Treasury. (4) The accounting authority for such public entity shall be responsible for ensuring that the expenditure of the public entity is in accordance with the approved budget. 48 Information to be submitted by accounting authorities (1) In this section “significant” means— (a) in relation to a shareholding in a company, shares equivalent to ten per centum or more of the total shares of the company; or (b) in relation to a partnership, trust, unincorporated joint venture or similar arrangement, an ownership interest equivalent to ten per centum or more in any such arrangement; or (c) in relation to any of the matters specified in subsection (3)(d), (e) or (f), of a magnitude or nature specified by the Treasury in an instruction prescribed under section 78. (2) The accounting authority for a public entity shall submit to the Treasury or the AuditorGeneral such information, returns, documents, explanations and motivations as may be prescribed or as the Treasury or the Auditor-General may require. (3) The accounting authority for a public entity shall, before it engages in any of the following transactions, promptly notify and seek the approval of the Treasury and appropriate Minister in writing, namely— 20 Subsection (1) as substituted by Act 6/2016 with effect from 28th October 2016. 21 Proviso to subsection (2) added by Act 6/2016 with effect from 28th October 2016. - 31 -