23.Funds of the Council
The funds of the Council shall consist of—
(a) such monies as may be allocated to the Council by the National Assembly;
(b) such monies fees as may be charged by the Council for the issuance of any document of accreditation or registration to any journalist under this Act;
(c) such monies or assets as may accrue to the Council in the course of the exercise of its powers or the performance of its functions under this Act; and
(d) all monies from any other source provided, donated or lent to the Council.
Plain English Summary
The money used to run the Council comes from a few different places. This includes money given to the Council by the National Assembly, as well as the fees collected when journalists pay to register or get their official press cards. It also includes any money or property the Council earns while doing its regular work, along with any other cash provided through gifts, donations, or loans.
24.Financial year
The financial year of the Council shall be the period of twelve months ending on the thirtieth of June in each year.
Plain English Summary
The official twelve-month period used by the Council to manage and plan its money always finishes on the 30th of June every year.
25.Annual estimates
(1) At least three months before the commencement of each financial year, the Council shall cause to be prepared estimates of the revenue and expenditure of the Council for that financial year.
(2) The annual estimates shall make provisions for all estimated expenditure of the Council for the financial year concerned, and in particular shall provide for the—
(a) payment of salaries, allowances and other charges in respect of the staff of the Council;
(b) payment of pensions, gratuities and other charges in respect of staff of the Council;
(c) proper maintenance of the buildings and grounds of the Council;
(d) maintenance, repair and replacement of the equipment and other property of the Council;
(e) payment of allowances of the members of the Council; and
(f) creation of such reserve funds to meet future or contingent liabilities in respect of retirement benefits, insurance, replacement of buildings or equipment, or in respect of such other matters as the Council may consider.
Plain English Summary
At least three months before the new financial year starts, the Council must write a plan showing how much money they expect to make and spend. This budget plan must cover all expenses for that year, including worker salaries, allowances, and pensions. It must also include money to repair buildings, replace broken equipment, pay the board members, and save money in a backup fund for future costs like insurance or retirements.
26.Accounts and audit
(1) The Council shall cause to be kept proper books and other records of accounts of the income, expenditure, assets and liabilities of the Council.
(2) Within a period of three months after the end of each financial year, the Council shall submit to the Auditor-General the accounts of the Council, in respect of that year, together with—(a)a statement of income and expenditure during that financial year; and(b)a statement of the assets and liabilities of the Council as at the last day of that financial year.
(3) The audited accounts of the Council shall be published in at least two daily newspapers of national circulation
Plain English Summary
The Council must keep accurate books and records of all the money they receive, spend, and own. Within three months after the financial year ends, they must send these records to the Auditor-General along with statements showing their yearly income, spending, assets, and debts. Once these accounts are checked and approved by the auditor, they must be printed in at least two national daily newspapers so the public can see them.