Financial Timetable
An overview of the annual financial timetable in respect of a particular year of account (referred to below as ‘year N’) is set out below:
Year N-1 (i.e. the year preceding Year N):
(a) June: The Minister for Finance prepares a Budgetary Strategy Memorandum (BSM) for the Government, setting out the Department of Finance’s assessment of the budgetary and economic outlook into the medium term. In this context, the Department of Finance reviews the current year (i.e. year N-1) and prepares projections of revenues and of expenditure involved in maintaining the existing levels of public services for each of the three subsequent years (i.e. years N to N+2).
(b) Mid-October: The Department of Finance publishes a Pre-Budget Outlook (PBO), giving an updated medium-term economic and fiscal outlook for years N to N+2. The PBO includes detailed pre-Budget Estimates for year N.
(c) Late October: The Department of Finance holds detailed discussions with Departments on their proposed expenditure allocations for the following three years, with particular regard to year N. In this context, the Minister for Finance may hold bilateral discussions with Ministerial colleagues.
(d) November: In the light of these discussions, the Minister for Finance formulates proposals for adjustments to the pre-Budget Estimate allocations for years N to N+2. The Minister brings these proposals to Government for approval.
(e) Late November/early December: The White Paper on Receipts and Expenditure is published on the weekend before Budget Day.
(f) Early December: The Minister for Finance presents his annual Budget Statement to the Dáil, usually on the first Wednesday in December, setting out the Government’s taxation policy, expenditure decisions and budgetary targets for year N.
All of the expenditure adjustments to the pre-Budget Estimates are published in a Budget Estimates Volume.
(g) Late December: The annual Appropriation Act is passed giving statutory effect to the Estimates, including any Supplementary Estimates, voted by the Dáil for the current year.
Year N:
(h) February: The annual Finance Bill is published, to give legislative effect to the tax changes proposed in the Budget Statement and to other detailed taxation measures deemed necessary. The Bill is referred by the Dáil to the Select Committee on Finance and the Public Service for detailed consideration.
The Revised Estimates Volume for year N is also published in February, showing the full detail of the Budget Estimates The individual Estimates are referred by the Dáil to their relevant Select Committees for consideration, together with the Annual Output Statements after which the Dáil votes on the individual spending Estimates.
(i) March – June: The Department of Finance begins the process of formulating expenditure policy, in the context of overall economic and fiscal policy, for the 3-year period N+1 to N+3, leading up to the Budgetary Strategy Memorandum (BSM).
