ADVOKS GLOBAL · KENYA
Retirement Benefits Act
20. Annual estimates
Edition: 2025-06-20 · In force
20. Annual estimates
(1)Before the commencement of each financial year, the Board shall cause to be prepared estimates of revenue and expenditure of the Authority for that year.(2)The annual estimates shall make provision for all the estimated expenditure of the Authority for the financial year and in particular, the estimates shall provide for—(a)the payment of the salaries, allowances and other charges in respect of the staff of the Authority;(b)the payment of pensions, gratuities and other charges in respect of the retirement benefits which are payable out of the funds of the Authority;(c)the proper maintenance of the buildings and grounds of the Authority;(d)the maintenance, repair and replacement of the equipment and other property of the Authority;(e)the creation of such reserve funds to meet future or contingent liabilities in respect of retirement benefits, insurance or replacement of buildings or equipment, or in respect of such other matter as the Board may deem appropriate.(3)The annual estimates shall be prepared at least three months before commencement of the financial year to which they relate and shall be submitted to the Board for approval and after such approval, the Authority shall not increase the annual estimates without the consent of the Cabinet Secretary.(4)No expenditure shall be incurred for the purposes of the Board except in accordance with the annual estimates approved under this section or in pursuance of an authorisation of the Authority given with the prior approval of the Cabinet Secretary.