147.—(1) The Minister responsible for finance shall, before the end of each financial year, cause to be prepared annual estimates of revenue and expenditure of Singapore during the succeeding financial year which, when approved by the Cabinet, shall be presented to Parliament.
(2) The estimates of expenditure shall show separately —
(a)
the total sums required to meet expenditure charged on the Consolidated Fund;
(b)
the sums respectively required to meet the heads of other expenditure for the public services proposed to be met from the Consolidated Fund, except the following sums:
(i)
sums representing the proceeds of any loan raised by the Government for specific purposes and appropriated for those purposes by the law authorising the raising of the loan;
(ii)
sums representing any money or interest on money received by the Government subject to a trust and to be applied in accordance with the terms of the trust; and
(iii)
sums representing any money held by the Government which has been received or appropriated for the purpose of any trust fund established by or in accordance with any written law; and
(c)
the sums respectively required to meet the heads of expenditure proposed to be met from the Development Fund.
(3) The estimates of revenue to be shown in the estimates shall not include any sums received by way of zakat, fitrah and baitulmal or similar Muslim revenue.
(4) The Minister responsible for finance shall also present to Parliament together with the estimates of revenue and expenditure —
(a)
a statement whether the annual estimates of revenue and expenditure is likely to draw on the reserves which were not accumulated by the Government during its current term of office; and
(b)
an audited statement showing as far as practicable the assets and liabilities of Singapore at the end of the last completed financial year.
(5) The Minister responsible for finance shall, as soon as practicable after the end of every financial year, prepare in respect of that year —
(a)
in relation to accounts maintained in respect of the Consolidated Fund, a full and particular account showing the amounts actually received and spent in that year, and a full and particular statement showing receipts and expenditure of any loan moneys;
(b)
a statement of receipts and expenditure of moneys accounted in the Development Fund Account;
(c)
a statement of receipts and expenditure of moneys accounted in any Government fund created by any law;
(d)
so far as is practicable, a statement of the assets and liabilities of Singapore at the end of the financial year;
(e)
so far as is practicable, a statement of outstanding guarantees and other financial liabilities of Singapore at the end of the financial year; and
(f)
such other statements as the Minister may think fit,
and, after the accounts and statements referred to in this clause have been audited, present to the President those audited accounts and statements together with another statement stating whether the audited accounts and statements referred to in this clause show any drawing on or likelihood of drawing on the reserves of the Government which were not accumulated by the Government during its current term of office.