In this Act, unless the context otherwise requires:- (a) Act means the Meghalaya Fiscal Responsibility and Budget Management Act, 2006
(b) Administrative Approval means authority to create liability and/or incur expenditure;
(c) Budget means the Annual Financial Statement laid before the House of the Meghalaya Legislative Assembly under Article 202 of the Constitution.
(d) Balance from Current Revenue (BCR) or non plan gap is the difference between total revenue receipt (excluding Plan Assistance) and Non-Plan Expenditures;
(e) Current Year means the financial year preceding the ensuing year;
(f) Ensuing year means the financial year for which the budget being presented;
(g) Financial year means the year beginning on the 1st April and ending on the 31st March the following year;
(h) Fiscal indicators are such indicators as may be prescribed for evaluation of the fiscal position of the State Government;
(i) Fiscal targets are the numerical ceilings and proportion to total revenue receipts (TRR) or GSDP for the fiscal indicators; (j) Government means Government of Meghalaya;
(k) Legislature means Legislative Assembly of the State of Meghalaya;
(l) GSPD means Gross State Domestic Product at current market prices;
(m)Previous year means year preceding the current year;
(n) Primary Surplus/Deficit means the non interest fiscal deficit/surplus;
(o) Revenue Surplus/Deficit means the difference between revenue expenditure and total revenue receipts; and
Explanation: Total revenue receipts (TRR) includes States own revenue receipts (both tax and non tax) and current transfers from the Centre (Comprising plan and non plan grants/assistance and State shares of Central taxes).
(p) Total liabilities means the liabilities under the Consolidated Fund of the State and the Public Account of the State and shall also include borrowings by the Public Sector Undertakings and Special Purpose Vehicles and other equivalent instruments including guarantees where principal and/or interest are to be serviced out of the State Budgets.