Budget making process for fiscal year 2023/2024 knocks off today.
Budget making process for fiscal year 2023/2024 knocks off today; The national treasury and Economic Planning will today at Kenyatta international convention centre( KICC) launch the budget preparation process for the 2023/2024 Financial Year.
Bigwigs expected to attend include senior officials from the ministry and members of the National Assembly’s Budget and Appropriation Committee.
Budget making process, is an event conducted as per Article 201 of the Constitution and Section 35 (2) of the Public Finance Management Act, 2012 which stipulates public participation in all public finance matters.
The public can follow the proceedings through the link posted on the National Treasury website and their socials.
The formulation and preparation of the Budget involves the development and submission of key documents for approval by the Cabinet and Parliament.
Additionally, the process follows the budget calendar which states timelines for multiple key activities to be done, to finalise the Budget and submit it for approval by April 30th of each Financial Year.
The budget calendar is normally accessed in the Treasury circular according to Section 36 of the Public Finance Management Act, 2012.
This act provides guidelines on the processes and procedures for preparing the subsequent Financial Year and the Medium-Term Budget.
More news to follow…