Section 4(1) in The Meghalaya Fiscal Responsibility and Budget Management Act, 2006
(1)Government may prescribe such targets as may be deemed necessary for giving effect to the fiscal management objectives to-(a)[ Maintain revenue surplus at least at the same level as determined by the Twelfth Finance Commission for the base year 2003-2004.] [Substituted by Act 2 of 2007 (w.e.f. 1.11.2006).](b)reduce fiscal deficit as a percentage of GSDP in each of the financial year as per yearly reduction to the indicated under the rules, beginning from 2006-07, in a manner that will enable the State to achieve Fiscal Deficit of 3 % of GSDP by 2008-09;(c)ensure that total outstanding liabilities on the consolidated fund are not more than 28 % of the GSDP;(d)restrict issuing of guarantees except on selective basis where the quality and viability of the scheme to be guaranteed is properly analyzed;(e)bring out an annual statement that gives a perspective on the State's economy and related fiscal strategy; and(f)bring a special report along with the budget giving details of the number of employees in the Government, Public sector undertakings and aided institutions related salaries :Provided that the limits specified above may be exceeded on account of unforeseen circumstances such as natural calamities, internal disturbances and shortfall in the transfer of financial resources from the Government of India.
