Responsibilities of the National Treasury in the administration of the Equalisation Fund
Responsibilities of the National Treasury in the administration of the Equalisation Fund
The National Treasury shall administer the Equalisation Fund in accordance with Article 204 of the Constitution.
The National Treasury shall keep the Equalisation Fund in a separate account maintained at the Central Bank of Kenya and shall:
Transfer into that Equalisation Fund all revenues payable into the Fund under Article 204(1) of the Constitution; and
Transfer from that Equalisation Fund, without undue delay, all money for purposes specified in Article 204(2) of the Constitution.
The National Treasury shall ensure that the Equalisation Fund Account is not overdrawn at any time.
Where a withdrawal from the Equalisation Fund is authorised under an Act of Parliament that approves the appropriation of money, the National Treasury shall make a requisition for the withdrawal and submit it to the Controller of Budget for approval.
The approval by the Controller of Budget of a withdrawal from the Equalisation Fund, together with written instructions from the National Treasury requesting for the withdrawal, shall be sufficient authority for the Central Bank of Kenya to pay amounts from the Equalisation Fund Account in accordance with the approval and instructions given.
Any unutilised balances in the Equalisation Fund shall not lapse at the end of the financial year, but shall be retained for use for the purposes for which the Equalisation Fund was established.