S.L. 595.46 Art. 10Financing, financial control and accountability of the Agency. Cap. 601.

(1) The Agency shall be regulated by the provisions of the Public Finance Management Act, as provided for in article 31 of the

Act.

(2) For the performance of its functions, the Agency shall receive from the Government, from the Consolidated Fund, those amounts that may from time to time be authorized for allocation to properly perform its functions or for specific works that shall be continued or that shall be otherwise executed by the Agency.

(3) Subject to the provision in sub-article (2), the Agency shall also apply its income, including that from the commercialisation of its operation, for the proper performance of its functions.

(4) Subject to any decision which the Minister may from time to time make after consultation with the Minister responsible for finance, any excess of income over expenditure shall be applied by the Agency to the formation of reserve funds which shall be used for the objectives of the Agency:

Provided that the Minister and the Minister responsible for finance may, in writing, order the Agency:

(a) to transfer to the Government that excess on income; or

(b) to apply such excess revenue in such manner or for such purpose as may be specified.

(5) Any funds of the Agency which are not immediately required to meet the expenditure, may be invested in such manner as may from time to time be approved by the Minister.

(6) The Agency, in the performance of its functions, may impose fees, rates and other charges as may be published or agreed upon with third parties.

(7) The Executive Head and the Administrative Director shall be responsible for administrating the Agency within the financial parameters of the Agency.

(8) (a) The Agency shall prepare an annual report where it shall render an account of its operation, activities, and financial situation in respect of each financial year.

(b) In its annual report, the Agency shall provide:

(i) an overview of the Agency’s operation during that financial year, including reference to the implementation of the incorporated functions and the Agency’s corporate governance; and

(ii) a financial statement and the report of the auditor or auditors, appointed by half of the members of the Board plus one (1), containing a statement:

(aa) on the financial position;

(bb) on the financial performance;

(cc) on the changes in net assets or equity; (ESTABLISHMENT AS AN AGENCY)

(dd) on the cash flow;

(ee) of the comparison between the estimates prepared for the financial year under examination and the actual expenditure of the financial year under examination, and between the actual expenditure of the financial year under examination and the actual expenditure of the previous year;

(ff) containing the opinion of the auditor or auditors on the procurement management, financial position and performance of the Agency;

(gg) containing notes, including a summary of significant accounting policies and other explanatory notes:

Provided that the contract of service with the appointed auditor or auditors shall be concluded within one (1) month from the end of the financial year and the auditor or auditors shall be bound to conclude their work and provide the Agency with the report within five (5) months from the date of conclusion of the contract of service.

(c) The Agency shall, within five (5) working days of receipt of the audit report from the auditor or auditors, transmit and present the annual report to the Minister and the Permanent Secretary.

(d) The Minister shall, within five (5) working days after the receipt of the annual report of the Agency, lay the annual report on the Table of the House, or if at any time during that period the House is not in session, within one (1) week from the beginning of the next following session.