News Room

The date has now been set for this year’s National Budget and it appears that this may be one of the most anticipated budgets in our history. This week we focus on yet another term, which is quite commonly heard during the presentation and debate discourse. Today’s term is Consolidated Fund.

The Consolidated Fund is the term used to describe the main account or general operating account of the government in many of the countries in the Commonwealth of Nations. It was so named as it consolidates the existing accounts of government, and allows for appropriate parliamentary oversight and monitoring of all spending. The Appropriation Bill when passed allocates the monies from the consolidated fund outlined in the national budget.

What does this mean for you?

The Consolidated Fund was established as part of a government finance reform process to enact measures geared at promoting greater financial accountability and transparency in government spending. As citizens of Saint Lucia, it is our responsibility to pay close attention to how government funds are spent for the good of the nation. The establishment of a Consolidated Fund allows us to hold our local government answerable for how taxpayers’ money is spent.