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Accounting and Public Finance

The cycle and the instruments of financial and budgetary planning are set out in Article 7, paragraph 2 of Act 196/2009 as amended. The starting point is the drafting of the Economic and Finance Document (DEF, regulated by Act 39/2011), that describes the economic and financial situation of the Country and the objectives that the Government intends to achieve. The DEF is presented to the Chambers by 10 April so as to allow time for the approval of the sections on the Stability Programme (PS) and the National Reform Plan (PNR), which are to be forwarded to the Council of the European Union by 30 April.

By 20 September the Government presents to Parliament the Update to the DEF which contains adjustments, if any, to the objectives set out in the DEF and the recommendations made by the Council of the European Union on the Stability Programme. Taking into account the contents of the Update, by 15 October, the Government submits the Draft Budget Act and the Draft Stability Act thus opening the parliamentary session on the Budget.

Starting from 2013, in pursuance of EU Regulation 473/2013, Member States are under the obligation of forwarding to the European Commission and to the Eurogroup, the Draft Budgetary Plan (DPB)  for the following year by 15 October. The DPB includes the policy guidelines contained in the Notes Updating the DEF and illustrates the measures introduced into the Budget Plan.

Approval by Parliament of the draft budget and stability law by 31 December concludes the programming cycle and authorizes the activities for the financial management of the State.

During the year needs may arise that require adjustments or supplements to the allocations made in the State Budget. These needs are met by adopting variation decrees during the fiscal year; furthermore, by the month of June each year, the Minister of the Economy and Finance submits a bill that adjusts the budget taking into account the residual assets and liabilities as reported in the end of year statement.