Section 6 in The Orissa Fiscal Responsibility and Budget Management Act, 2005
6. Measures for fiscal transparency.
(1)The Sate Government shall take suitable measure to ensure greater transparency in its fiscal operations in public interest and minimize secrecy as far as practicable in the preparation of the Annual Budget:Provided that the State Government shall have the power to reserve any such information which would adversely affect the interest of the State Exchequer.(2)The State Government shall at the time of presentation of the Annual Budget disclose in a statement the significant changes in the accounting standards, policies and practices affecting or likely to affect the computation of prescribed fiscal indicators.(3)The consolidated position in respect of all Demands shall be brought out in the Budget at a glance.(4)The estimated yearly pension liability shall be worked out on realistic basis for the next ten years.(5)New policies being introduced in the Annual Budget shall be clearly described.(6)Budget information shall be presented in a way that facilitates policy analysis and promotes accountability.(7)Details regarding arrear of Revenues (both tax and non-tax revenues) shall be given in a separate statement to be appended with the Receipt Budget.(8)Prioritising the allocation of funds shall be done in a manner that would ensure completion of on-going projects as per the time schedule. The State Government shall furnish a list of such projects based on zero base investment review and targeted date of completion and reason of deviation, if any, in the previous years.(9)The statement indicating the institution wise State Government guarantees given, default by these organizations in discharging debt servicing liabilities and contingent liability created in the State Government account, on account of default of these organizations shall be placed before the State Legislature. The statement will also indicate the working of the Escrow Account opened by the Public Sector Undertakings, Co-operatives and Urban Local Bodies.(10)Special statements alongwith the budget giving in detail the number of employees in government, public sector and aided institutions and related salaries shall be brought out.(11)The Budget document shall contain a statement showing tax concession and exemptions given in a financial year.(12)The State Government shall publish full information on the level of its debt and financial assets. The information on debt shall disclose maturity profile and interest rate.(13)A report on execution of the budget and achievement against fiscal targets/indicator shall be presented before the State Legislature.(14)[ Annual statement along with the Budget shall be brought out giving prospects of the State's economy and related fiscal strategy.] [Inserted vide Orissa Gazette No. 669/20.5.2006, Notification No. 6866/20.5.2006.]
