The Financial Services Bureau launched a public consultation on the amended Budget Framework Law which aimed to collect views on a more effective mechanism on managing government revenue and expenditure. The 45-day consultation began from today to 20 August. The amendment to the law which has been used for more than 31 years would include a mid-term review mechanism, suggesting departments to submit a report with details of spending to the Legislative Assembly before the end of July every year; and a limit on contingency reserve at less than three per cent of the proposed budget. A stricter regulation on multi-year budget would be suggested especially on public construction projects, requiring not only details of expenditure but also schedule of progress. The basic principles, such as transparency, sustainability, and efficiency, were also revised in this proposal. Residents may download the consultation booklet on the website of the Bureau (http://www.dsf.gov.mo/orcamento), or pick up the text from its services centres. A community session will be held on 14 July at 6.30 pm in the World Trade Center Macau.
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