Nakuru City County Budget Review and Outlook Paper 2023

Abstract

The County Budget Review and Outlook Paper (CBROP) is prepared pursuant to the Public Finance Management Act 2012, and the PFM (County Governments) Regulations 2015. CBROP is a statutory document that presents actual fiscal performance of the Financial Year under review compared with budget appropriations for that year. Further CBROP assesses the recent economic developments and implications to the forecast espoused in the most recent County Fiscal Strategy Paper (CFSP). The County Budget Review and Outlook Paper (CBROP 2023) was prepared against the backdrop of constraint in transition to the current County Administration, fluctuation in macroeconomic variables resulting from exogenous shocks to the national and local economy. The Global and regional economy continued to experience volatility arising from slow recovery in supply chain, food inflation in the world market and high cost of crude oil. The national economy expanded by 4.2 percent in 2022 and is projected to experience higher growth of 5.2 percent in 2023, mainly on account of stronger private sector performance, recovery in Agriculture sector and ongoing fiscal consolidation in the public sector. In the period under review County economy demonstrated resilience supported by better performance in agriculture sector and full transition to the current County Administration.