Audit Reports
Jammu and Kashmir State (Upto 30-Oct-2019)
Report of 2010 - Compliance, Financial and Performance Audit on State Finances of Government of Jammu Kashmir
Overview
The period of Twelfth Finance Commission (TFC), is over and the State of Jammu and Kashmir did well in introducing Fiscal responsibility and Budget Management (FRBM) Act in August 2006 during its currency and framed rules thereunder. The State Government took some important decisions like introduction of new pension scheme, bringing more items under the ambit of VAT and a host of other institutional and sectoral reform measures as announced in the annual budgets subsequently. The reforms undertaken have shown signs of improvement in the financial health of the State as the State has done well in maintaining revenue surplus and there has also been increase in capital expenditure which is encouraging.
The State Government has done well in establishing an institutional mechanism on fiscal transparency and accountability by bringing out Macro Economic Framework Statement/ Medium Term Fiscal Policy Statement. Although the recommendations of Twelfth commission were not achieved in full yet the State was able to maintain revenue surplus. The budget outcomes indicators tend to serve the limited purpose of measuring the department-wise performance against the targets. They do not, however, give the macro picture of the status of financial management including debt position for the benefit of the State Legislature and other stake holders.
Based on the audited accounts of the Government of Jammu and Kashmir for the year ending March 2010, this report provides an analytical review of the Annual Accounts of the State Government. This report is structured in three Chapters.