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 categoriesContents
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 forcertain expenses and receipts an authorization to incur them and collect them”– Gaston Jeze
Who are involved in Budget Preparation ?PresidentParliamentCabinetFinance Minister/ Finance Ministry / Central BankNational Planning commissionConstitutional bodiesLine ministries/ Departments/ Board/ CommitteesLocal bodiesCivil Society Organizations (FNCCI, CNI, etc)
Budget in ConstitutionConstitutional 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 BudgetThe Constitution of Nepal, 2015Financial Acts, 2055 and Regulations, 2064Fiscal Transfer ActLoan and guarantee Act, 2059Public Procurement Act, 2063Budget Preparation Guidelines, 2068Periodic Plan documentMedium Term Expenditure Framework Millennium Development Goals (MDGs)Sectoral Plans and Policies.