Nakuru City County Fiscal Strategy Paper 2024

Abstract

The County Fiscal Policy Strategy Paper (CFSP) is prepared as part of the County budget process pursuant to Section 117 of the Public Finance Management Act (PFMA) 2012. The CFSP 2024 is the second to be prepared under the current County administration. This policy document aims to provide guidance on the County fiscal policy framework underpinning the County Medium Term Expenditure Framework (MTEF 2024/2025 – 2026/2027) period. The CFSP 2024 has set sector budget ceilings for the next MTEF in consideration of the adopted County Integrated Development Plan (CIDP 2023-2027), and current macro/fiscal environment at the national and sub national level. This CFSP further demonstrates the County Government’s compliance with PFMA fiscal responsibilities in arriving at the conclusion. The current fiscal policy has been influenced by external factors that includes slow recovery in the global supply, high cost of fuel and national inflationary pressure. The global economy is projected to expand marginally by 2.9 percent (World Bank & IMF projections) while national economy is estimated to grow by 5.5 percent higher than sub-Saharan economy growth projection of 4.0 percent.