A resolution on the “Revolving Fund Act”, which was submitted to the Anayasa Mahkemesi (Constitutional Court), without signature, by President Mustafa Akinci, was announced today 13th November.
In a decision announced by the Constitutional Court, it was determined that implementation of such an act would be in direct contradiction to the principles of equality upheld by the Turkish Cypriot Constitution.
The decision, which was announced at 12pm today, came after just 40 minutes of deliberation.
A revolving fund is a fund or account that remains available to finance the Governments continuing operations without any fiscal year limitation. It remains available to finance a Government’s continuing operations, without any fiscal year limitation, because the Government replenishes the fund by repaying money used from the account. Revolving funds have been used to support both government and non-profit operations. In the case of revolving funds for a government project, whose budget goes through annual parliamentary or other legislative appropriations that relate to a fiscal year, the unutilized balance may lapse after the close of the financial year. However it is restored the next year provided the agency concerned includes the amount in next year’s appropriation.