Section 4(1) in Uttarakhand Fiscal Responsibility and Budget Management Act, 2005
(1)The State Government shall be guided by the following fiscal management principles:-(a)To maintain Government debt at prudent levels;(b)To manage guarantees and other contingent liabilities prudently, with particular reference to the quality and level of such liabilities;(c)To ensure that policy decisions of the Government have due regard to their financial implication on future generation;(d)To ensure that borrowings are used on development activities, which are evaluated to become self-sustained, and creation or augmentation of capital assets, and are not applied to finance current expenditure.(e)To ensure a reasonable degree of stability and predictability in the level of tax burden;(f)To maintain the integrity of the tax system by minimising special incentives, concessions and exemptions;(g)To pursue tax polices with due regard to economic efficiency and compliance costs;(h)To pursue non-tax revenue policies with due regard to cost recovery and equity;(i)To pursue expenditure policies that would provide impetus to economic growth, poverty reduction and improvement in human welfare;(j)To build up a revenue surplus for use in capital formation and productive expenditure;(k)To ensure that physical assets of the Government are property maintained;(l)To disclose sufficient information to allow the public to scrutinize the conduct of fiscal policy and the state of public finance;(m)To ensure that Government uses resources in ways that give best value for money and also ensure that public assets are put to best possible use;(n)To minimize fiscal risks associated with running of public sector undertakings and utilities providing public goods and services;(o)To manage expenditure consistent with the level of revenue generated;(p)To formulate budget in realistic and objective manner with due regard to the general economic outlook and revenue prospects and minimize deviations during the course of the year;(q)To ensure discharge of current liabilities in a timely manner.
