Budget. 2075.76 - Budget in Nepal Finapeech Contents What is Budget How Budget is prepared What are the legal bases of the Budget Who are involved

Budget. 2075.76 - Budget in Nepal Finapeech Contents...

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Budget in Nepal Finapeech
What is Budget? How Budget is prepared? What are the legal bases of the Budget? Who are involved in Budget preparation? What is Budget Discussion? How Budget is Classified? Chargeable (not require parliamentary vote) Appropriated (Requires parliamentary approval) Budget Expenditure Classification- 10 different categories Contents
Contents contd. Budget Coding Budget Schedule Budget Cycle Budget Implementation Project / programme & Approval Monitoring of Project / programmes Accounting/Reporting Auditing/ feedback Challenges
Definition of Budget? Budget is an annual Plan. Budget Is an estimation of annual income and expenditure. Budget is also termed as a political document. Cooperative at each village grainery at each home Let's build our own village Bisheshor with Poor Budget in a modern state is a forecast and an estimate of all public receipt and expenditures and for certain expenses and receipts an authorization to incur them and collect them – Gaston Jeze
Budget Components Revenue: Tax & Non tax Grants Expenditure: Repayment of loan, Current expenditure Capital expenditure Financing: Loan Share Deficit/Surplus: Internal Borrowing External Borrowing
Who are involved in Budget Preparation ? President Parliament Cabinet Finance Minister/ Finance Ministry / Central Bank National Planning commission Constitutional bodies Line ministries/ Departments/ Board/ Committees Local bodies Civil Society Organizations (FNCCI, CNI, etc)
Budget in Constitution Constitutional Provision: No tax to be levied or loan to be raised except in accordance with law (Part 9, Article 89,ICoN,2063) Finance Minister shall present before the Parliament, annual estimates (Part 9, Article 93,ICoN, 2063)
Documents and references required to back up the Budget The Constitution of Nepal, 2015 Financial Acts, 2055 and Regulations, 2064 Fiscal Transfer Act Loan and guarantee Act, 2059 Public Procurement Act, 2063 Budget Preparation Guidelines, 2068 Periodic Plan document Medium Term Expenditure Framework Millennium Development Goals (MDGs) Sectoral Plans and Policies.

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