TCI Constitution

General principles 109. (1) The macro-economic and fiscal policies of the Government shall be formulated and conducted for the sustained long term prosperity of the people of the Islands. (2) Public funds shall be managed according to established principles of value for money, affordability and regularity and the interests of long term financial stability. (3) The Government shall, after public consultation in the Islands, formulate a framework document stating its principles of public financial management which sets— (a) limits on levels of public debt relative to public revenue; (b) limits on debt service costs as a proportion of total public expenditure; and (c) levels of reserves relative to public expenditure. (4) Any framework document formulated under subsection (3) must be agreed by the House of Assembly and a Secretary of State in draft before it is adopted by the Government; and the Government shall publish the document in the Gazette as soon as possible after its adoption. (5) The prior approval of a Secretary of State shall be required before— (a) the adoption by the Government of any proposed decision or policy; or (b) the coming into force of any Ordinance, which, in the judgement of the Governor, would exceed the framework document published under subsection (4) which is for the time being in effect. © Crown Copyright 2014 Copying/unauthorised distribution strictly prohibited. Printed under Authority by The Regional Law Revision Centre Inc. www.lawrevision.ai  LAWS OF TURKS & CAICOS ISLANDS Constitution CAP. 1.01 77 Revision Date: 31 Dec 2014 (6) The Minister of Finance shall report to the House of Assembly at least every six months on— (a) the performance of the Government in implementing the framework document published under subsection (4) which is for the time being in effect; and (b) the state of the public finances and the state of the economy of the Islands. (7) The Government shall aim towards achieving and maintaining a surplus budget, and where any Appropriation Bill would not return a surplus result the Minister of Finance shall, at the same time as the Bill is introduced in the House of Assembly, lay before the House a statement explaining the reasons for not achieving a surplus.