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Karnataka Local Fund Authorities Fiscal Responsibility Act, 2003 Section 2

Title: Definitions

State: Karnataka

Year: 2003

.....matters; (b) "local fund authority" means any body which administers the local fund; (c) "accounting standard" means such accounting standards in respect of local fund authorities, as may be prescribed; (d) "annual budget" means the budget placed before the concerned local fund authority as per the relevant Acts or the rules made thereunder; (e) "budget variance" means the difference between the budgeted amount and the actuals for the financial year; (f) "Controlling Authority" means any officer appointed as controlling authority by the State Government for the purpose of this Act and different controlling authorities may be appointed in respect of different local fund authorities; (g) "Current Year" means the year preceding the year for which budget and Medium Term Fiscal Plan (MTFP) are being presented; (h) "fiscal indicators" means such measures as may be prescribed, for evaluation of fiscal position of local fund authority; (i) "Previous Year" means the year preceding the current year.

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