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Compliance Financial Performance
Jammu and Kashmir State (Upto 30-Oct-2019)

Report of 2010 - Compliance, Financial and Performance Audit on State Finances of Government of Jammu Kashmir

Date on which Report Tabled:
Date of sending the report to Government
Government Type
State
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Sector -

Overview

The  period  of  Twelfth  Finance Commission (TFC), is over and the State of  Jammu  and Kashmir did  well  in introducing  Fiscal  responsibility  and Budget  Management (FRBM) Act in August  2006  during  its  currency  and framed  rules thereunder. The  State Government  took  some  important decisions like  introduction  of new pension  scheme, bringing  more items under the  ambit of VAT and  a  host  of other institutional and  sectoral  reform measures as announced  in  the  annual budgets subsequently. The reforms undertaken  have shown  signs of  improvement in the financial health of the State  as the  State has done  well  in maintaining  revenue surplus and  there has also  been  increase  in  capital expenditure which is encouraging.

The State Government  has done  well  in establishing  an  institutional mechanism on fiscal transparency and accountability by bringing out  Macro  Economic Framework  Statement/  Medium Term Fiscal  Policy  Statement. Although  the recommendations  of Twelfth  commission were  not  achieved  in full yet  the  State was able  to  maintain  revenue surplus. The  budget  outcomes indicators tend  to serve the limited  purpose of measuring the  department-wise performance against  the  targets. They  do not, however, give the  macro  picture  of  the status of financial management including debt  position for the  benefit  of  the  State Legislature and other stake holders.

Based  on  the  audited  accounts of the Government  of Jammu  and  Kashmir for the  year ending March  2010, this report provides an  analytical  review of the Annual Accounts of  the State  Government. This report is structured in three Chapters.

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