Financial Calendar

Financial Cycle 2018

January

1st: Budget 2018 enters into force (art. 16 NAO) if approved by Parliament

February

15th: Implementation memorandum Q4 2017 from Minister of Finance to CFT (art. 18.1 KL)

March

Closing of fiscal year 2017 (practice of the Ministry of Finance)

April

No required activity

May

1st: Budget estimates 2019 by Ministers toMinister of Finance ( art. 34 NAO)

15th: Implementation memorandum 2017 fromMinister of Finance to Parliament (NAO art 44)


15th
: Implementation memorandum Q1 2018 from Minister of Finance to Parliament (NAO art. 44) and CFT (art. 18.1 KL)

June

No required activity

July

No required activity

August

15th: Implementation memorandum Q2 2018 from Minister of Finance to Parliament (NAO art. 44) and CFT (art. 18.1 KL)

31st: Minister of Finance delivers (draft) Financial Statement 2017 to CFT (art. 18.4 KL)

September

1st: Minister of Finance submits Budget 2019 to Parliament (art. 100 Constitution)

1st: Minister of Finance prepares financial statement 2017 (art. 52 NAO)*
* CoM has to approve FS 2017 and submit it to SOAB and GAC (art. 53.1 NAO). (This date for approval CoM is not specifically stipulated  in NAO, Constitution or Kingdom Law, but it is advisable for an optimal financial cycle) 

KL requires Financial Statement by August 31st

 



2nd Tuesday:

• Minister of Finance submits Budget 2019 to Parliament (art. 38 NAO)

• Governor presents government policy (art. 46 Constitution )

October

* 15th: SOAB sends opinion and report on annual accounts 2017 toMinister of Finance and GAC (art 53.2 NAO) if annual accounts are approved by CoM on 1st of September

November

15th: Implementation memorandum Q3 2018 from Minister of Finance to Parliament (NAO art. 44) and CFT (art. 18.1 KL)

*30th: GAC report on annual accounts 2017 to Parliament,  (art 53.3 NAO) if annual accounts are approved by CoM on 1st of September.

December

* 30th: Minister of Finance delivers audit opinion, audit report and draft ordinance on annual accounts 2017 to Parliament, if annual accounts are approved by CoM on 1st of September
-> Parliament decides on ordinance and decide on discharge of CoM (art 54 NAO)


31st, the latest
: Parliament approves Budget 2019 (art. 16.1 NAO)
-> Budget to CFT (art. 12 KL)

Legend

NAO: National Accountability Ordinance

KL: Kingdom Law on Financial Supervision

CFT: College Financieel Toezicht / Council for Financial Supervision

CoM: Council of Ministers

FS: Financial Statement

GAC: General Audit Chamber

Budget Cycle Mini Series

Click here to view the Budget Cycle explainer videos for an in depth look at the Budget Cycle protocol.