Definitions.- In this Act, unless the context otherwise requires,-

1. (a) “local fund” means the revenue administered by bodies which by any law or rule having the force of law are under the control of State Government whether in regard to the proceeding generally or to specific matters such as sanctioning of their budget, sanction to the creation or filling up of post or particular appointments or encashment of leave, pension or similar matters;
2. (b) "local fund authority" means any body which administers the local fund;
3. (c) “accounting standard” means such accounting standards in respect of local fund authorities, as may be prescribed;
4. (d) “annual budget” means the budget placed before the concerned local fund authority as per the relevant Acts or the rules made thereunder;
5. (e) “budget variance” means the difference between the budgeted amount and the actuals for the financial year;
6. (f) “Controlling Authority” means any officer appointed as controlling authority by the State Government for the purpose of this Act and different controlling authorities may be appointed in respect of different local fund authorities;
7. (g) “Current Year” means the year preceding the year for which budget and Medium Term Fiscal Plan (MTFP) are being presented;
8. (h) “fiscal indicators” means such measures as may be prescribed, for

evaluation of fiscal position of local fund authority;

1. (i) “Previous Year” means the year preceding the current year.