by Linda Straker
- Fiscal Resilience Act came into effect on 1 January 2024
- Requested change is adding 2 experienced economists to Committee
- FROC is chaired by Laurel Bain
The Fiscal Resilience Oversight Committee (FROC) is recommending that Government makes several changes to the Fiscal Resilience Act which came into effect on 1 January 2024.
Among the changes is increasing the number of people serving on the Committee from 5 to 7, and the additional 2 should be experienced economists.
“The work of the FROC is mainly concentrated on fiscal and economic issues and this should be adequately reflected in the expertise of members of the FROC and any supporting structures. Consequently, in the short term, the appointment to the FROC should be modified to include at least 2 economists with proven experience and expertise in the relevant areas,” said the 2023 annual report.
The 2023 report said that when compared to the Fiscal Responsibility Act which was repealed and replaced by The Fiscal Resilience Act, provision is made for enhanced monitoring and reporting on compliance with the act by the Fiscal Resilience Oversight Committee. “This can be achieved by merging the requirements for the qualification in business management and accounting, which are generally similar, in a single member and allowing for an additional appointment of an economist to the FROC. As the functions of the FROC are enhanced, it will become necessary to structure the FROC so it could effectively carry out its mandate.”
The Committee is chaired by Laurel Bain, a former employee of the Eastern Caribbean Central Bank (ECCB) who served in various positions, including that of Deputy Director in the Research Department, Senior Director of the Statistics Department and Senior Director in the Governor’s Office.
The Committee is also recommending that Government publish the report on proposed tax expenditures and the accompanying details on tax relief and exemptions as stipulated in the Public Finance Management Act and present to Parliament reports on Special Fund established by an Act of Parliament in accordance with the Public Finance Management Act.
Another recommendation in the Committee’s 2023 report, is preparing the audited public sector accounts for submission to Parliament as stipulated in the Constitution, the Audit Act and the Public Finance Management Act.
The committee also want Government to publish an end-of-year fiscal report to allow for the timely assessment of the actual outturn of government operations during the fiscal year and examination of the financial legislation and the schedules (the Public Finance Management Act, the Debt Management Act and the Audit Act) for practicability.
