Budget is a financial instrument which is used to collect the funds through the public income mechanism (taxes, contributions and other means of public income), and their planned expenditure. The design of the budget is based on the politics and regulations enacted by the National Assembly and the Government.
National Assembly of the Republic of Srpska adopts the budget for every year.
Budget of the Republic of Srpska is designed and adopted according to the budget calendar:
• January: Instruction No 1 for budget beneficiaries
• April: Information on the mid-term macroeconomic and fiscal forecast
• May: Priority budget beneficiaries
• June: Framework budget
• July 1: Instruction No 2 for budget beneficiaries
• September 1: requirements of the budget beneficiaries
• September: debate between the budget beneficiaries, Ministry of finance and the Government
• October 1: Instruction No 3 for budget beneficiaries
• October 15: Ministry of Finance delivers a Draft Budget to the Government
• November 5: Government adopts the Draft Budget
• November 15: National Assembly adopts the Draft Budget
• December 1: Government adopts the Budget Proposal
• December 15: National Assembly enacts the RS Budget for the following fiscal year.
Simultaneously with the adoption of the Decision on the Budget adoption, the National Assembly enacts the Law on the Budget implementation for the following year, which prescribes the manner of the implementation of the Budget.