Public Finance Act 1989

Statement of responsibility

Heading: inserted, on 25 January 2005, by section 7 of the Public Finance Amendment Act 2004 (2004 No 113).

26W Requirements for statement of responsibility

(1)

The statement of responsibility required by section 26O or section 26S or section 26T must be signed by—

(a)

the Minister; and

(b)

any other Minister designated for all or any of the purposes of subsection (2)(a) to (c); and

(c)

the Secretary.

(2)

The statement of responsibility must comprise—

(a)

a statement by the Minister, and any other Minister designated for the purpose of this paragraph, that the following matters have been communicated to the Secretary:

(i)

all policy decisions with material economic or fiscal implications that the Government has made before the day on which the contents of an economic and fiscal update or of the relevant aspect of the update were finalised; and

(ii)

all other circumstances with material economic or fiscal implications of which the Minister and that other Minister (if any) were aware before that day; and

(b)

a statement by the Secretary that the Treasury has supplied to the Minister, and to any other Minister designated for the purpose of this paragraph, an economic and fiscal update—

(i)

that incorporates the fiscal and economic implications of the decisions and circumstances referred to in paragraph (a); but

(ii)

that does not incorporate any decisions, circumstances, or statements that the Minister and any other Minister designated for the purpose of section 26V have determined under that section should not be incorporated in that update; and

(c)

a statement of the responsibility of the Minister, and of any other Minister designated for all or any of the purposes of this paragraph and paragraphs (a) and (b),—

(i)

for the integrity of the disclosures contained in the update; and

(ii)

for the consistency with the requirements of this Part of the information contained in the update; and

(iii)

for the omission from the update under section 26V of any decision, circumstance, or statement.

(3)

The statement referred to in subsection (2)(b) must be accompanied by a statement that the economic and fiscal update has been prepared by the Treasury—

(a)

using its best professional judgements; and

(b)

on the basis of economic and fiscal information available to it before the day on which the contents of the update or the relevant aspect of the update were finalised.

Section 26W: inserted, on 25 January 2005, by section 7 of the Public Finance Amendment Act 2004 (2004 No 113).