Public Finance Act 2016
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Act 35
This Act of Council makes the Ministry of Finance’s management of government income and expenditure fully accountable to the Ruling Council.
Section 1
- a) Amending any previous legislation which may have stated or implied that the Minister of Finance has complete control over His Majesty’s Imperial Treasury, in particular the Government Ministries Act 2013, it is hereby declared that all measures to raise income and to appropriate expenditure to and from His Majesty’s Imperial Treasury must be approved within an annual Budget, by an Emergency Appropriation, or by an Act of Council or Imperial Decree.
- b) A Budget is an Act of Council which appropriates expenditure from His Majesty’s Imperial Treasury for a given fiscal year. A Budget may be passed no more than one year before the fiscal year it applies to begins. A Budget must be tabled by the Ministry of Finance. A Budget may also amend the monthly rate of the Contributions Scheme and the rate at which company profits are taxed; the Minister of Finance will no longer have the authority to set these rates.
- c) An Emergency Appropriation is a decision approved by the Cabinet and the Office of the Emperor/Empress to appropriate spending from His Majesty’s Imperial Treasury for a period no greater than one month. The Ruling Council may cancel any Emergency Appropriation by means of a standard motion.
- d) If one month of the current fiscal year has passed and no Budget has been passed for that fiscal year and no Emergency Appropriation is in effect, a government shutdown shall begin. During this period, the Imperial Government will temporarily shut down its non-essential functions so as to maximise the period of time it can continue to operate without appropriated funding.
- e) If six months of the current fiscal year has passed and no Budget has been passed for that fiscal year and no Emergency Appropriation is in effect, the Office of the Emperor will be required to call early Local and National Elections for a date as soon as possible.
Written by HIM Emperor Adam I
Passed by Council
7 in favour
5 not present
Signed,
Adamus Primus Imperator
29th October 2016 18:11
XXIX.X.MMXVI
CCCIII.IV.ADAMVS I