THE SINDH IRRIGATION AND DRAINAGE AUTHORITY
e) sale proceeds of bonds or any other debt instruments issued under the authority of Government;
f) loans obtained by the SIDA with the sanction of Government;
g) foreign assistance and loans obtained from different foreign agencies with the sanction of, and on such terms and conditions as may be approved by Government in consultation with the Federal Government; and
h) all other sums receivable by the SIDA.
3) The SIDA shall make regulations for the administration of the Fund .
20. Business Plan and Financial Monitoring
1) By February of each financial year, the SIDA shall prepare a business plan for the following five financial years, and the first year of the plan shall be the budget of the coming financial year.
2) The business plan shall be an operational plan reflecting policies and setting out actions to be taken.
3) The business plan shall be expressed in an income and expenditure account, a balance sheet, a statement of sources and application of funds (cash flow) and also in explanatory notes to the accounts.
4) The business plan shall be approved by the SIDA before the end of February of each financial year and shall immediately after its approval be sent to the Regulatory Authority.
5) If the Regulatory Authority does not raise any objection within a period of two months of its receipt, the business plan shall be considered to be approved.
6) If the Regulatory Authority raises objections against the business plan, the SIDA shall rectify such objections within two months of such objections.
21. Implementation of the Business Plan
1) For purposes of management and control, the schedules of the first year of the business plan shall be analysed quarterly.
2) During the implementation of the plan, the Managing Director shall present to the SIDA by the fifteenth working day of the first month after every quarter, management accounts for the previous quarter, with a comparison between actual and forecast showing the variance and an explanation of significant variances and these results shall show both the details for the previous quarter and the cumulative results for the year-to-date and expected results for the end of the financial year.
3) The Managing Director shall also send a copy of the quarterly and annual management accounts to the Regulatory Authority which shall reply within one month of the receipt of the accounts and the Managing Director shall comply with the direction of the Regulatory Authority, if any, within fourteen days of their receipt
22. Annual Accounts and Balance Sheet -
1) The SIDA's financial year shall commence from 1 July to 30 June of the following year.
2) In preparing its accounts, the SIDA shall follow International Accounting Standards and other standards as are notified for this purpose in the official Gazette by the Securities and Exchange Commission of Pakistan and shall state the accounting policies adopted.
3) Not later than three months after the end of each financial year, the Chairman and Members shall cause annual accounts to be prepared.
4) These accounts shall consist of an income and expenditure account for the year, a balance sheet as at year end, a statement of sources and applications of funds (a cash flow) for the year, and a report by the members of the SIDA on the state of SIDA's affairs, on the basis of the Business Plan for that year.
