Public Management and Finance Law (2020 Revision) Definitions
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The Public Management and Finance Law (2020 Revision) provides essential definitions for various terms used in public finance and management. These definitions are crucial for understanding concepts related to budgeting, accounting, and performance measurement in the Cayman Islands.
Function
A function includes a duty, power, and role.
Generally Accepted Accounting Practice
- Definition: Refers to International Public Sector Accounting Standards (IPSAS), International Accounting Standards (IAS), or generally accepted accounting practices within the UK accounting profession for reporting by national governments, regional governments, local governments, and related entities.
- Importance: These standards provide a framework for public sector accounting and financial reporting.
Government Company
A government company is a company in which the core government has a controlling interest, including all subsidiary entities of that company.
Input
An input is any labor, capital, or other resource used to produce outputs.
Job Description
- Definition: A job description made under the Public Service Management Law (2018 Revision) or another instrument made under that law or those regulations.
- Importance: Job descriptions provide a clear understanding of an employee’s roles and responsibilities.
Judicial Administration
The judicial administration is the government department providing administrative support for the Judiciary, including its staff and physical resources.
Legislative Review Phase
The legislative review phase is the phase of the budget process under section 21.
Loan
A loan is any loan of money or other provision of credit, excluding sales of goods or services on credit for a period of ninety days or less.
Minister
A Minister is a member of the Legislative Assembly appointed to the Cabinet in accordance with section 44 of the Constitution.
Minister of Finance
The Minister of Finance is the Minister responsible for finance under section 54 of the Constitution.
Ministry
- Definition: The whole division of government administration for which a Minister is accountable to the Legislative Assembly, excluding statutory authorities, government companies, the Office of the Ombudsman, or the Audit Office.
- Importance: Ministries play a crucial role in implementing government policies and programs.
Nature and Scope of Activities
The nature and scope of activities refers to the broad categories of outputs produced and markets to which they are provided.
Net Worth
Net worth is calculated as total assets less total liabilities.
Non-Governmental Output Supplier
A non-governmental output supplier is 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
An official member is a member of the Cabinet who is not a Minister.
Ombudsman
The Ombudsman is the Ombudsman appointed under section 120(2) of the Cayman Islands Constitution Order, 2009 [UKSI 2009/1379].
Outcomes
An outcome refers to impacts on or consequences for the community resulting from the outputs or activities of the entire public sector, core government, entity, or other person.
Outputs
An output is a good or service produced by an entity or other person.
Output Group
An output group is a grouping of outputs having a similar nature.
Ownership Performance
Ownership performance refers to the performance that an ordinary person who is the owner of an entity would expect of that entity.
Pension Fund
A pension fund is a fund continued or established under a pensions Law or by an Order under a pensions Law.
Pensions Law
Laws governing pensions, including the Judges and Magistrates Emoluments and Allowances Law (2018 Revision), Parliamentary Pensions Law (2016 Revision), and Public Service Pensions Law (2020 Revision).
Person
An entity or individual.
Portfolio
- Definition: The whole division of government administration for which an official member is accountable to the Legislative Assembly, excluding statutory authorities, government companies, the Office of the Ombudsman, or the Audit Office.
- Importance: Portfolios play a crucial role in implementing government policies and programs.
Statutory Authority
A statutory authority is excluded from the definition of ministry or portfolio.