Exchequer and Audit Act (Chapter 69:01) and Heritage and Stabilisation Fund Act 2007

Trinidad and Tobago's public financial management framework rests on the Exchequer and Audit Act (Chapter 69:01), which is the principal PFM statute implementing the constitutional public finance provisions (ss.112-117). All revenues flow into the Consolidated Fund (Constitution s.112); no withdrawal is lawful without an appropriation passed by Parliament (s.112). The Auditor General has a constitutionally entrenched mandate (s.116) to audit and report on all public accounts, including state enterprises, and enjoys security of tenure (s.136). The Heritage and Stabilisation Fund Act 2007 establishes a sovereign wealth fund with mandatory quarterly investment reports and annual audited financial statements, creating a supplementary fiscal transparency layer unique to TT among Westminster-cont countries. The Public Procurement and Disposal of Public Property Act 2015 established the independent Office of Procurement Regulation (OPR). Trinidad and Tobago has NO Fiscal Responsibility Act and no statutory requirement for a Pre-Budget Statement or for in-year budget reports. The IBP Open Budget Survey 2023 rated TT at 38/100 on transparency, reflecting strong audit and budget proposal documents but absence of Pre-Budget Statements, In-Year Reports, and Mid-Year Reviews.

Transparency Requirements