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Karnataka

Report of 2014 - Financial and Performance Audit on State Finances of Government of Karnataka

Date on which Report Tabled:
Tue 25 Feb, 2014
Date of sending the report to Government:
Government Type:
State
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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 physical infrastructure  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 ended March 31, 2013, 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 I is based on the audit of Finance Accounts and makes an assessment of Government of Karnataka's fiscal position as at March 31, 2013. It 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. It also contains a study on the open market borrowings covering the period 2008-13.                 
Chapter II 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 III is an inventory of Karnataka Government's compliance with various reporting requirements and financial rules.

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Last updated: 04 May 2024
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