THE PROCESS OF BUDGETING AND ISSUES OF INDEBTEDNESS IN THE CZECH REPUBLIC

Hana Marková, Martin Kopecký, Radovan Suchánek

Abstract


The proposal of state budget is based on the medium-term outlook and expenditure framework,which are adopted in the year preceding the year for which the budget is drawn up. Draft documents are presentedby the Ministry of Finance to the government for approval. Consideration of the legislation is entrustedto the Chamber of Deputies. During the approval procedure, the State Budget Act undergoes three readingsand after its approval it represents basis for state’s management in a given year. The public expenses are representednot only by the budgetary expenses, but also by the expenses of state funds, expenses of regional administrativeunits, or expenses of other public entities. Management of public funds is connected to problemsof indebtedness that are being solved in different ways and should be solved through a special legislationgoverning budgetary responsibility in the future.

Keywords


budgetary process, budgetary outlook, expenditure framework, public entities, regional administrative units, indebtedness

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