Nairobi City County Budget Review and Outlook Paper 2024

Abstract

Section 118 of the Public Finance Management Act requires the County Treasury to prepare the County Budget Review and Outlook Paper (CBROP) for every financial year, specifying the details of the actual fiscal performance in the previous year, update the economic and fiscal forecasts and provide information on how the county adhered with the financial objectives and the fiscal responsibility principles. This CBROP 2024 provides an in-depth analysis of budget performance for the financial year 2023/2024, assessing the performance towards achieving the revenue targets and a close look at how different sectors utilised their allocation; evaluates the recent economic development and outlook and the resultant effect to the County’s forecasts; portrays the resource allocation framework and medium-term fiscal projections. All this in an effort to synchronise the lessons learnt from implementation of the previous budget, inform the changes in the current budget, and guide fiscal policy decisions in the medium term. In the FY 2023/2024, the county achieved 82.1% (Kshs. 33.3B) of the Kshs. 40.59 B targeted revenues. Own Source Revenue target of Kshs. 19.89B was not realised with the county only attaining 64.1%(Kshs 12.8billion) of the target. The five biggest revenue streams in the financial year were Land rates, Parking fees, Single business permit, Billboards and advertisement, and Building permits. These top 5 revenue sources constituted 76% of the total county collection.