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Punjab
Audit Report (State Finance), Punjab for the Year 2008-09
Date on which Report Tabled:
Fri 11 Mar, 2011
Date of sending the report to Government:
Government Type:
State
Sector
Finance
Overview
In May 2003, Government of Punjab enacted the Punjab Fiscal Responsibility and Budget Management Act, 2003 to ensure long-term financial stability by achieving revenue surplus, containing fiscal deficit and prudential debt management. Subsequently, in January 2006, the Government of Punjab enacted the Punjab FRBM (Amendment) Act, 2005 and fixed the timeframe for achieving the fiscal targets set in May 2003. The Government enacted the Punjab Fiscal Responsibility and Budget Management Rule, in December 2006.
The Comptroller and Auditor General's civil Audit Reports have been commenting upon the Government's finances for five years since the Fiscal Responsibility and Budget Management legislation and five reports have already been published. Since these comments formed part of the civil Audit Report, it was felt that the audit findings on State finances remained camouflaged in the large body of audit findings on compliance and performance audits. The obvious fallout of this well intentioned but all inclusive reporting was that the financial management portion of these findings did not receive proper attention. In recognition of the need to bring the State finances to center stage once again, a stand-alone report on the State Government finances is considered an appropriate audit response. Accordingly, from the report year 2009 onwards, C&AG has decided to bring out a separate volume titled "Report on State Finances".
The report based on the audited accounts of the Government of Punjab for the year ended March 2009, this report provides an analytical review of the Annual Accounts of the State Government. The report is structured in three Chapters. Chapter 1 is based on the audit of Finance Accounts and makes an assessment of the Punjab Government's fiscal position as on 31 March 2009. It provides an insight into the trends in receipts and expenditure, committed expenditure, borrowing pattern, fiscal imbalances etc. besides a brief account of central funds transferred directly to the State implementing agencies through off-budget route. Chapter 2 is based on the audit of Appropriation Accounts and it gives the grant wise description of appropriations and the manner in which the allocated resources were managed by the service delivery departments. Chapter 3 is an inventory of the Punjab Government's compliance with various reporting requirements and financial rules. The report also has an appendage of additional data collected from several sources in support of the findings.