2. ABOUT THE BUDGET CYCLE
- Cabinet approves the budget.
- The Minister for Finance presents the Budget to Parliament.
- Committee of Supply debates on the Budget.
Members of Parliament query the Government on the expenditure of funds in the previous Financial Year (FY), as well as the proposed budget for the next FY.
- Parliament passes the Supply Bill;
President’s assent sought for enactment of Supply Bill.
The President’s role is to safeguard the Past Reserves of the nation, and may withhold his assent to the Bill if, in his opinion, the estimated expenditure is likely to draw on Past Reserves.
- President’s assent given.
Supply Bill enacted as law known as the Supply Act.
The Supply Act controls the Government’s spending in the following FY.