Supply Act

Supply Act
An Act to provide for the issue from the Consolidated Fund and the Development Fund of the sums necessary to meet the estimated expenditure for the financial year.
Enacted by Parliament of Singapore

The Supply Act is a statute of the Parliament of Singapore that provides for the issue from the Consolidated Fund and the Development Fund of the sums necessary to meet the estimated expenditure for the financial year. As an example, the 2014 law is designed specifically to make sure that the total moneys authorised between 1st April 2014 to 31st March 2015 to be issued from the Consolidated Fund for the financial period is less than S$64,374,642,700, while the total moneys authorised to be issued from the Development Fund for the financial period is less than S$24,780,828,700.

Overview

The Supply Act is usually debated as the Annual Budget of the Government of Singapore each financial year. Every year, the Ministry of Finance prepares the Singapore Budget and the Minister for Finance presents the Budget to the Parliament before the new financial year begins. The Budget reflects the approved expenditure and the usage of government funds of the past financial year as well as the planned government revenue and expenditures for the following financial year.

Following the delivery of the Budget Statement in Parliament, Members of Parliament also known as the Committee of Supply[1] will debate on the statement and the proposed Budget for the following financial year. Upon approval, the Parliament will give its approval by passing the Supply Bill. Assent by the President of Singapore will then be sought to allow the Bill to come into effect. Once the President gives its assent to the Supply Bill, it is then enacted as law known as the Supply Act. The Supply Act controls the Government’s spending in the following financial year.

The year 2016 shall also mark the first year that the Budget Debate is championed by Heng Swee Keat the new incumbent Finance Minister.

Recent Supply Acts

See also

References

  1. ↑ "Parliamentary Glossary - C". Parliament of Singapore. GOVERNMENT OF SINGAPORE. Retrieved 14 March 2016.
  2. ↑ "Supply Act 2012". Retrieved 14 March 2016.
  3. ↑ "Supply Act 2013". Retrieved 14 March 2016.
  4. ↑ "Supply Act 2014". Retrieved 14 March 2016.
  5. ↑ "Supply Act 2015". Retrieved 14 March 2016.
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