Executive Council met yesterday with one item on the open agenda. This was to consider two proposed amendments to the Public Finance Ordinance, 2010 and to advise whether the Public Finance Amendment Bill 2018 should be published and presented as Government Business at the Legislative Council Meeting to be held on 26 October 2018.
Both amendments relate to advances made by the St Helena Government to individuals and organisations under the provisions of the Constitution which refers to “Borrowing or Lending by the Government of St Helena”.
The proposed amendments to the Public Finance Ordinance make provision for the total amounts that could be advanced to be increased from £1,000,000 to £2,000,000.
The second amendment allows these advances to be exempted from being approved by Legislative Council.
Council advised the Governor that they were content to recommend that the Bill is presented as Government Business at the next scheduled Legislative Council meeting on 26 October subject to agreement that the details of any advances made, are set out and laid in a Sessional Paper in accordance with the Constitution and that this should be done twice yearly.
Council also advised the Governor that the SHG Financial Regulations should be updated to include a cap of £500,000 on the maximum amount that could be advanced to any one organisation.
12 October 2018