The National Budget Must be Passed by March 31 Each Year

Budget To Be Passed By The End Of March Each Year

Jamaica’s National Budget must, by law, be passed by the Houses of Parliament by March 31 each year.

According to Section 48b (1a) of the Financial Administration and Audit Act:-

“The Minister [of Finance] shall take appropriate measures to ensure that, commencing with the Financial Year beginning on April 1, 2015, the Estimates of Revenue and Expenditure are tabled simultaneously, in time for their approval by both Houses of Parliament no later than March 31 of the year to which the Estimates relate.”

This provision underscores the importance of the timely presentation and approval of financial statements, ensuring transparency and accountability in government spending.

By aligning the budgetary process with specific deadlines, it aims to enhance fiscal discipline and effective governance.

Consequent on the FAAA stipulation, whether or not elections are held, the National Budget must be passed by March 31 each year, and it is incumbent on Members of the Houses of Parliament that they adhere and act accordingly.