Amendment status not verified — confirm the current text below against the official source.
(1) There shall he prepared in each financial year a Medium Term Fiscal Plan along with the annual budget in respect of every Local Self- Government and shall be rubmitted for approval of the concerned authority o f the Local Self-Government. (2) The Medium Term Fiscal Plan shah set forth a five-year rolling target for the fiscal indicators with specification of underlying assumptions. (3) In particular and without jy ejudtce to the provisions contained in sub section (2), the Medium Term. Fiscal Plan shall include an assessment of sustainability relating to, - (a) the balance between revenue receipts and revenue expenditures; and (b) .the use of capital receipts including borrowings for generating productive assets, (4) The Medium Tenn Fiscal Plan shall, inter alia, contain, - (a) the medium term fiscal objectives of the Local Self-Government; (b) the mission, objectives and goals of the Local Self-Government; (c) an evaluation of the performance of the fiscal indicators in the previous year vis-a-vis the targets sec 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 Self- Government; (e) the strategic priorities o f the Local Self-Government in the fiscal area for the ensuing financial, year; (f) the policies o f the Local Self-Government 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 o f these; (g) an evaluation as to ~cw the cuneiit policies o f die Local Self- Government are in conformity vith the financial management principles set cut in sec tion 4 and the fiscal objectives set out in the Medium Term Fiscal Plan; (h) a clear linkage cf the physical and financial targets; (i) the key performance areas and corresponding performance indicators in as much quantitative detail as possible. (5) The Medium Term Fiscal Plan shall be the source document for the preparation of the annual budget and shall address the prime needs of the citizens as relevant to the specific Local Self-Government such as water supply, construction of road, education, public health, solid waste management and the like. (6) The Medium Term Fiscal Plan shall have a functional focus and provide for backend modalities such as fund based accounting system (FBAS), computerization and a realistic and transparent budgeting process. (7) The Medium Term Fiscal Plan shall be in the form as prescribed in Schedule-I.