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Compliance Financial Performance
Karnataka

Report of 2013 - Compliance, Financial and Performance Audit on State Finances of Government of Karnataka

Date on which Report Tabled:
Date of sending the report to Government
Government Type
State
Sector -

Overview

In Karnataka, fiscal reforms and consolidation were brought to the forefront with the State Government formulating the first Medium Term Fiscal Plan (MTFP) for the period 2000-05, based on broad parameters of fiscal correction laid down by the Eleventh Finance Commission (EFC). MTFP became a rolling annual document and the fiscal targets and policies set out in MTFP were dovetailed to the annual budgetary exercise to operationalise the restructuring plan. Karnataka was the first State to enact (September 2002) the Fiscal Responsibility Act (FRA) providing statutory backing to MTFP. The Act aims at ensuring fiscal stability and sustainability, enhancing the scope for improving social and physicalinfrastructure and human development by achieving revenue surplus, reducing fiscal deficit, removing impediments to effective conduct of fiscal policy and prudent debt management through limits on borrowings, debt and deficits and greater transparency in fiscal operations by the use of medium-term fiscal framework.

Based on the audited accounts of the Government of Karnataka for the year ending March 2012, the report provides an analytical review of the annual accounts of the State Government. The financial performance of the State has been assessed based on the FRA, budget documents, Thirteenth Finance Commission Report (XIII FC) and other financial data obtained from various Government departments and organizations. The report is structured in three Chapters

Chapter 1 is based on the audit of Finance Accounts and makes an assessment of Government of Karnataka's fiscal position as at 31 March 2012. It, inter-alia, provides an insight into trends in committed expenditure and borrowing pattern, besides a brief account of Government of India funds transferred directly to the State implementing agencies through off-budget route.
Chapter 2 is based on the audit of Appropriation Accounts and gives description of appropriations and the manner in which the allocated resources were managed by the service delivery departments.
Chapter 3 is an inventory of Karnataka Government's compliance with various  reporting requirements and financial rules.

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