Section 3(4) in The Karnataka Local Fund Authorities Fiscal Responsibility Act, 2003
(4)The Medium Term Fiscal Plan shall, inter alia, contain,-(a)the medium term fiscal objectives of the local fund authority;(b)the mission, objectives and goals of the local fund authority;(c)an evaluation of the performance of the fiscal indicators in the previous year vis-a-vis the targets set out earlier, and the likely performance in the current year as per revised estimates;(d)a statement on recent trends and future prospects for growth and development affecting fiscal position of the local fund authority;(e)the strategic priorities of the local fund authority in the fiscal area for the ensuing financial year;(f)the policies of the local fund authority for the ensuing financial year relating to expenditure, borrowings and other liabilities, lending and investments. and all such activities which have potential budgetary implications and the key fiscal measures and targets pertaining to each of these;(g)an evaluation as to how the current policies of the local fund authority are in conformity with the financial management principles set out in section 4 and the fiscal objectives set out in the Medium Term Fiscal Plan;(h)a clear linkage of the physical and financial targets;(i)the key performance areas and corresponding performance indicators in as much quantitative detail as possible.
