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Definitions under Section 2 of the Public Management and Finance Law of the Cayman Islands

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The following section defines various terms used in the Public Management and Finance Law of the Cayman Islands. These definitions are essential for clarity and consistency in the application and interpretation of the law.

General Definitions

Function

A function includes a duty, power, or role.

Generally accepted accounting practice

Refers to International Public Sector Accounting Standards (IPSAS) issued by the International Federation of Accountants (IFAC), or International Accounting Standards (IAS) issued by the International Accounting Standards Committee (IASC), or other generally accepted accounting practices within the UK for reporting by national, regional, and local governments.

Government Entities

Government Company

A company in which the core government has a controlling interest, including all subsidiary entities of that company.

Statutory Authority

[Not defined in this excerpt]

Inputs and Outputs

Input

Any labor, capital, or other resource used to produce outputs.

Output

Goods or services produced by an entity or other person.

Output Group

A grouping of outputs with a similar nature.

Government Administration

Ministry

The whole division of government administration for which a Minister is accountable to the Legislative Assembly, including departmental sections or units but excluding statutory authorities, government companies, the Office of the Ombudsman, and the Audit Office.

Portfolio

The whole division of government administration for which an official member is accountable to the Legislative Assembly, including departmental sections or units but excluding statutory authorities, government companies, the Office of the Ombudsman, and the Audit Office.

Financial Terms

Loan

Any loan of money or other provision of credit, excluding the sale of goods or services on credit for a period of ninety days or less.

Net Worth

Total assets less total liabilities.

Pension Fund

A fund continued or established under a pensions Law or by an Order under a pensions Law.

Other Definitions

Judicial Administration

The Government department providing administrative support for the Judiciary.

Legislative Review Phase

A phase of the budget process under Section 21.

Minister

A member of the Legislative Assembly appointed to the Cabinet in accordance with Section 44 of the Constitution.

Ombudsman

The Ombudsman appointed under Section 120(2) of the Cayman Islands Constitution Order, 2009 (UKSI 2009/1379).

Non-Governmental Output Supplier

A person or entity supplying outputs to the Cabinet that is not a ministry, portfolio, statutory authority, government company, the Office of the Ombudsman, or the Audit Office.

Official Member

A member of the Cabinet who is not a Minister.

Ownership Performance

Performance expected of an entity by its owner if they were ordinary persons.