Speech by the Prime Minister and Minister for Finance Lee Hsien Loong for the Second Reading of the Supply Bill (2005) at the Parliament, 11 Mar 2005
17 Mar 2005Mr Speaker, Sir, I beg to move, "That the Bill be now read a second time".
In accordance with Article 148(1) of the Constitution, Heads of Expenditure to be met from the Consolidated Fund and Development Fund, other than statutory expenditure, have to be included in a Bill to be known as the Supply Bill. The purpose of the Supply Bill before Members is therefore to give legislative approval for the appropriations from the Consolidated Fund and Development Fund to meet expenditure in the Financial Year, 1st April 2005 to 31st March 2006. The Heads of Expenditure and the sums that may be incurred in respect of each head are shown in the Schedule to the Bill. These have been approved by the House in the Main and Development Estimates of Expenditure for the Financial Year, 1st April 2005 to 31st March 2006 and appear on pages 14 and 15 of the Command Paper No 2 of 2005.
The Supply Bill, when approved, will empower me to issue warrants authorising expenditure up to the amount for each head as shown in the Bill to be paid out from the Consolidated Fund and Development Fund.
Sir, I beg to move.