Spanish State Budget: Definition, Process, and Composition
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Definition of the State Budget
The State Budget is the quantified, complete, and systematic expression of the obligations (expenses) that can be recognized, and the duties (income) that are projected for settlement during the relevant period (fiscal year).
Preparation and Approval Process
The budgets are prepared annually by the Ministry of Economy and Finance (specifically, the General Secretariat of Budgets and Expenditures, operating through three directorates):
- Directorate General of Budget
- Directorate General for Personnel Costs and Public Pensions
- General Directorate of Community Funds
The draft budget is approved by the Council of Ministers before being submitted to the legislative branch. The approval process involves several stages:
- The Government