The Singapore Budget is prepared for every financial year, which begins on 1st April of every year. For example, the 2011 Singapore Budget is for the period 1 April 2011 to 31 March 2012.
The Budget shows:
- Approved expenditures and the usage of government funds of the past financial years; and
- Planned government revenue and expenditures for the following financial year.
The annual budgeting process takes place in the following steps:
The Minister for Finance will present the Government-approved Budget to the Parliament before the new financial year begins. For Budget 2011, that will take place in February 2011. Members of Parliament will then ask questions on the past expenditure of the funds during the Budget Debate and Committee of Supply sessions. They will also debate on the proposed Budget for the following financial year.
Once the Parliament agrees with the proposed Budget, it will give its approval by passing the Supply Bill. The President will then need to give his assent to the Supply Bill to allow the Bill to come into effect.
If the President gives his assent to the Supply Bill, it is then enacted as law known as the Supply Act. The Supply Act controls the Government’s spending in the following financial year.