Bomet County Budget Review and Outlook Paper 2015

Abstract

This is the second Budget Review and Outlook Paper (BROP) prepared in accordance with the Public Finance Management (PFM) Act, 2012 under the Jubilee Administration. It presents the fiscal outcome for 2013/14 and how this affects the financial objectives set out in the PFM Act, 2012. The updated macro-economic and fiscal forecasts therein also provides the basis to revise the 2014/15 budget in the context of Supplementary Estimates, as well as set out the broad fiscal parameters for the 2015/16 budget and the medium term. The macroeconomic environment in Kenya has remained stable. The revised estimates that were released in September 2014 demonstrate that the economic growth has remained resilient since 2010 growing to 5.7 percent in 2013 compared with the earlier estimate of 4.7 percent growth, underpinned by macroeconomic stability, strong fiscal performance and expanded activities in all the key sectors of the economy. The fiscal performance in FY 2013/14 was largely as programed, despite shortfalls in revenues particularly in Appropriation in Aid (AiA) and external grants and low absorption of both recurrent and development expenditures.