Forecast, Execution and Result
Get to know in detail the three main stages that make up the budget cycle that all State Budgets go through.
The three stages of the budget cycle
Each State Budget goes through three major stages: forecast, execution and result. This set of stages, which is repeated every year, is known as the "budget cycle". This cycle begins in the year preceding the year to which the Budget refers. That is, in that year the Budget will be prepared that will be executed in the following year.
Discussion and preparation of a strategy of objectives, political priorities and forecasts for the distribution of resources together with all Ministries and public entities.
Meet SB 2024
From the 1st of January to the 31st of December of each year, the approved State Budget is executed by all public entities of the Central Administration and by Social Security.
Follow SB 2024
The Government compiles the final accounts of the execution and prepares the General State Account, which is the most important document for the Government's accountability to citizens and democratic institutions.
SB Balance Sheet 2022The State Budget in reality
February
Budget preparation begins
The first step is to draw up the Multiannual Public Expenditure Framework (MTEF), aimed at laying down the budgetary ceilings for the policies to be implemented in the medium term. This framework is presented, discussed and approved in Parliament, along with two other documents: the Stability Programme and the Major Planning Options.
March
Drafting the Stability Programme
The Ministry of Finance draws up the Stability Programme, a document containing the Multiannual Public Expenditure Framework and setting out the public policy strategy and priorities for the medium term.
April
Presenting the Stability Programme
By April 15, the Ministry of Finance must present the Stability Programme to Parliament and then, by April 30, to the European Commission.
June
Preparatory work begins
Rules are set out for preparing the draft budgets to be submitted by each Central Administration entity and by Social Security, containing the annual estimates of revenue and expenditure.
September
Analysing and deciding
Bearing in mind the estimated public finances and the forecast for the year set out in the State Budget, changes are made to the previous proposals.
October
Submitting the State Budget Bill
By October 10, the State Budget Bill will be submitted to Parliament, consisting of the Law Articulate (including the Budgetary Maps, also known as "Law Maps"), Budgetary Developments and the Report.
November
Approving the State Budget Proposal
The Bill is discussed and approved by the Assembly of the Republic within 45 days.
December
Promulgation of the State Budget Law.
The Bill is promulgated by the President of the Republic and becomes the State Budget Law.
January
The Execution stage begins
The Government is liable for expenditure and revenue collection under the terms laid down by law over the course of a year. Every month, the Budget General Directorate publishes the Budget Execution Summary, with the actual figures for each month, and other legal publications on execution.
January
The Result stage begins
Preparation of the General State Account, the Government's main accountability document.
May
Submitting the General State Account
May 31 is the deadline for submitting the General State Account to the Assembly of the Republic.
September
Analysis by the Court of Auditors
Until September 30, the Court of Auditors will analyse the General State Account and issue its verdict — called in Portugal "Parecer" —, validating the accounts — the so-called "certification".
December
Limit for approval of the General State Account
By December 31, the Assembly of the Republic will have to discuss and approve the General State Account.
Want to know the process in more detail?
Find here all the information about the process of drawing up the State Budget, the entities involved and the most relevant moments of the different phases.
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