The Annual Budget indicates what will be done with the finances of the country over the course of a year. The purpose of the Budget is to decide how much money the Government plans to expend on security, roads, water, housing and other services it provides.
The Budget Debate provides the Government with the opportunity to take stock of its performance over the previous fiscal year, to measure its progress in relation to the targets previously set and to assess the effectiveness of its management of the country’s finances.
It is opened by the Minister of Finance who outlines how the various programmes and policies of the Government will be financed and how the money will be raised. The Minister then presents Government’s expenditure and revenue estimates for parliamentary approval at the start of each financial year (April to March of the following year). They are organized by public service into what is termed Heads of Estimates, and reflect government’s development policies and priorities. The Budget is prepared under the direction of the Financial Secretary.
The Budget Debate usually begins after months of intensive planning by financial experts. Such planning needs careful attention, since it decides the welfare of the nation for the next 12 months and might even have important effects for the following years. The Government is always faced with the problem of getting the maximum benefits out of its limited resources. During the Budget Debate, Ministers report on the work done in government departments under their portfolios, and outline plans for the coming financial year.
The Minister of Finance, who presents the Budget and opens the debate, also has the privilege of speaking last, as he closes the Budget Debate. After the Minister of Finance has presented the Budget and made his opening address, the House of Representatives create the Standing Finance Committee to study the Budget and make recommendations. When the Debate closes, the House passes an Appropriation Act, which gives the Government the authority to operate the Budget. After the House of Representatives has passed the Appropriation Act, the Act goes to the Senate for approval
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