Regulations on the Preparation, Verification, and Decision of the Local Five-Year Financial Plan

19:11, 11/07/2024

On March 23, 2017, the Prime Minister of the Government of Vietnam issued Decree 31/2017/ND-CP on the Regulation for the preparation, appraisal, decision of the 5-year local financial plan, 5-year medium-term local public investment plan, 3-year local financial - state budget plan, the local budget estimate and allocation, and the annual approval of local budget finalization.

According to the Decree, the preparation of local budget allocation reports must meet the following requirements:

- Consistent with the budget estimates approved by the People's Council in terms of both total amount and detailed allocation by each field, assigned revenue and expenditure tasks;

- Correct policies, standards, and expenditure norms;

- Allocate sufficient capital to recover the amounts previously advanced according to the due date within the year, counterpart funds for projects using official development assistance (ODA) capital...

- For the allocation of development investment capital, it must meet the requirements as prescribed by the law on public investment, construction and other related regulations.

In addition, the allocation of targeted additional funds from a higher-level budget to a lower-level budget must ensure the correct targets, subjects, and compliance with commitments or regulations on the local budget for that target.

Decree 20/2017/ND-CP came into effect on May 10, 2017, and repealed Decree 73/2003/ND-CP.

Source: Financial Journal

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