Principles of responsible financial management

The principles of responsible financial management are as follows –

(a) to manage finances over the medium term on a responsible and transparent basis;

(b) to manage revenues and expenditure in such a way as to achieve prudent levels of debt;

(c) to ensure value for money in the use of money and resources;

(d) to manage contingent liabilities in a prudent manner;

(e) to report transparently in accordance with relevant accounting and statistical standards.

(Financial Management Act 2004 s(5))