PART XI.-FINANCIAL PROVISIONS
1. All revenues and moneys, howsoever raised or received by the Republic, shall, subject to the provisions of this Constitution and of the law, be paid into and form one fund to be known as the Consolidated Fund of the Republic.
2. All revenues and moneys, howsoever raised or received by a Communal Chamber, shall, subject to any communal law, be paid into and form one fund, to be known as the Consolidated Fund of that Communal Chamber.
3. Unless the context otherwise requires any reference in this Constitution
to the Consolidated Fund shall be construed as a reference to the Consolidated
Fund of the Republic provided in paragraph l of this Article.
1. There shall be charged on the Consolidated Fund, in addition to any
grant, remuneration or other moneys charged by any other provision of this Constitution or law-
(a) all pensions and gratuities for which the Republic is liable;
(b) the emoluments of the President and the VicePresident of the Republic and the salaries of the judges of the Supreme Constitutional Court and of the High Court, of the AttorneyGeneral and of the Deputy AttorneyGeneral of the Republic, of the AuditorGeneral and of the Deputy AuditorGeneral, of the Governor and the Deputy Governor of the Issuing Bank of the Republic and of the members of the Public Service Commission;
(c) all debt charges for which the Republic is liable; and
(d) any moneys required to satisfy any judgment, decision or award against the Republic by any court.
2. For the purposes of this Article debt charges include interest, sinking
fund charges, the repayment of amortisation of debt and all expenditure
in connexion with the raising of loans on the security of the Consolidated
Fund and the service and redemption of debt created thereby.
1. The Minister of Finance shall, upon receipt of the estimates of each Ministry and of each Independent Office of the Republic, cause to be prepared in respect of every financial year a comprehensive Budget of the Republic for that year which, when approved by the Council of Ministers, shall be laid before the House of Representatives.
2. The estimates of expenditure in the Budget shall show separately-
(a) the total sums required to meet expenditure charged on the Consolidated Fund; and
(b) the sums respectively required to meet other expenditure.
3. The said Budget shall also show, so far as is practicable, the assets and liabilities of the Republic at the end of the last completed financial year, the manner in which those assets are invested or held and particulars in respect of outstanding liabilities.
4. The expenditure to be met from the Consolidated Fund but not charged thereon shall be submitted to the House of Representatives for adoption and if adopted shall be included in the Budget in respect of that financial year.
5. If in respect of any financial year it is found that the amount adopted by the House of Representatives for any purpose is insufficient or that a need has arisen for expenditure for a purpose for which no amount has been adopted a supplementary budget showing the sums required shall be laid before the House of Representatives for adoption and if adopted by the House of Representatives shall be included in the Budget in respect of that financial year.
6. The House of Representatives may approve or refuse its approval to
any expenditure contained in a supplementary Budget but may not vote an
increased amount or an alteration in its destination.
1. No expenditure shall be met from the Consolidated Fund or other Public Funds except upon the authority of a warrant under the hand of the Minister of Finance:
Provided that the Minister of Finance shall not refuse to sign any such warrant for an expenditure provided for in the Budget.
2. Subject to the provisions of paragraph 3 of this Article, no such warrant shall be issued unless such expenditure has been adopted in the Budget for the financial year to which the warrant relates in the Budget.
3. If the Budget has not been adopted by the House of Representatives by the first day of the financial year to which it relates, the House of Representatives may, subject to the provisions of this Constitution, by a resolution, authorise the meeting of any expenditure required, for a period not exceeding one month at any one time but in any event not exceeding two months in the aggregate, from the Consolidated Fund or other Public Funds as they may consider essential for the continuance of the public services shown in the Budget until the expiration of such period:
Provided that the expenditure so authorised for any service shall not exceed the proportion with respect to such period of the amount voted for that service in the Budget for the preceding financial year.
Find Cyprus! Custom Google Search for Cyprus|