For further information: Parliament’s financial cycle www.parliament.nz or [email protected]

End of Start of financial year financial year

START May June July August September October November December January February March April

1 On or before 31 July, main Appropriation Bill introduced (PFA s 12) at 2.00pm NOTES on a Thursday, and has first reading without amendment or debate (SO 333). Second reading (Budget debate), 15 hours, commences forthwith. Main 1. The Budget may be Appropriation Bill passed within 3 months of delivery of the Budget (SO 340(1))2, 4 delivered before the start of the financial year and must certainly be delivered Fiscal strategy report (PFA s 26I), economic and Finance Minister to present half-year economic by 31 July. fiscal update (PFA s 26O) presented to the House. and fiscal update between 1 November and FEC reviews fiscal strategy report and economic 31 December (PFA s 26S) and fiscal update, and reports to the House within 2. In practice, the 2 months of delivery of the Budget (SO 336)2 Half-year economic and fiscal update stands timetabling of many of the referred to FEC (SO 336) events noted in the cycle is determined by the delivery Annual Estimates and other supporting of the Budget, which has for 2 information presented to the House (PFA s 13) a number of years been in May. So, when events are Select committees examine Estimates and report 11-hour debate indicated as occurring within to the House within 2 months of delivery of the on Estimates in a broad period, they may Budget (SO 338(2))2 Committee of occur earlier in that band. the whole House (Estimates debate) 3. Second reading debate FEC may allocate task of conducting FEC examines House debates (SO 339) Finance Minister on an Imprest Supply examinations of Supplementary and reports on to publish Budget Budget Policy Bill may be combined Estimates to select committees for Budget Policy Policy Statement Statement and with second reading examination (SO 341)2 Statement within Third reading on by 31 March each FEC report on debate on Appropriation 40 working days main Appropriation year (PFA s 26M) that statement (Supplementary Estimates) of presentation (2-hour debate, An Appropriation (Supplementary Bill (SO 340) Bill (2 hours for both bills, (SO 332(2)) SO 332(4)) Estimates) Bill may be introduced, Budget Policy SO 342(2)). Both bills must and has first reading without Statement stands be passed by 30 June

financial year beginning 1 July July beginning 1 year financial This debate amendment or debate (SO 341)2, 3 referred to FEC (SO 332(1)) replaces first 4. Third reading debate on the general debate main Appropriation Bill may FEC allocates task of conducting examinations of Estimates to select after FEC report include fiscal strategy report, Parliamentary Financial Authority for the the for Authority Financial Parliamentary committees (SO 337(2))2 presented Third Imprest economic and fiscal update, (SO332(4)) Supply Bill may and report of FEC on these First Imprest Supply Second Imprest Supply be introduced and documents (3-hour debate, Bill for next financial Bill may be introduced passed for current SO 340(2)) year introduced and passed for current financial year and passed (2-hour financial year (2-hour (2-hour debate, Third reading debate on the debate, SO 331) debate, SO 331) SO 331) main Appropriation Bill may be taken together with debate on second reading of an Imprest Supply Bill (3 hours START Annual financial statements of the Government Appropriation (Confirmation and Validation) 4-hour debate on Government’s financial for both bills, SO 340(3)) (PFA s 31) and report of Controller and Auditor- Bill introduced (SO 346) position as reflected in FEC report on FEC allocates General on audit of these statements presented Government’s financial statements, and annual to select reviews of performance and current operations ABBREVIATIONS committees the FEC conducts review of annual financial of departments and Offices of Parliament Departmental annual reports tabled (PFA s 44) FEC task of conducting statements of the Government and reports to (committee of the whole House stage of and stand referred to select committees Finance and Expenditure annual reviews of the House within 1 week of the first sitting day in Appropriation (Confirmation and Validation) allocated task of annual reviews (SO 344(2)) Committee performance in the next calendar year (SO 345(1)) Bill), to be held no later than 31 March previous financial (SO 347(5)) PFA year and current Public Finance Act 1989 Select committees commence annual reviews operations of SO of performance and current operations of Appropriation (Confirmation and Validation) departments Standing Orders of the (including departments and Offices of Parliament Bill passed (SO 345(2), 345(3)) House of Representatives, departmental 2014 edition agencies and Offices of Select committees complete annual reviews Parliament), and of performance and current operations of and Offices of Parliament of and Offices any appropriations KEY departments and Offices of Parliament and For government departments departments government For they administer. report to the House within 1 week of the first For next financial year (SO 344(1)) sitting day of the next calendar year (SO 345) Current financial year

Review of previous Annual reviews of State enterprises, Crown entities and public organisations: Select committees conduct reviews of the previous year’s financial performance and current operations of State enterprises, Crown entities (including PFA Schedule 4A companies) and public organisations, and report to the House within

Review of the previous financial year financial the previous of Review financial year 6 months of the relevant report being presented. These reviews are allocated by FEC (SO 344, 345(3)). Each financial year has 3 hours allocated for debate in Committee of the whole House on the performance and current operations of State enterprises, Crown entities and public organisations. The debate must take place For before the end of the financial year. others

Statement on long-term fiscal position: When presented, the Government’s statement on the long-term fiscal position stands referred to FEC, which must report on it within 6 months. A 2-hour debate on the statement, in place of the first General Debate, is held once FEC reports on the statement (SO 336). Investment statement of the Government of New Zealand: When presented, the Investment statement of the Government of New Zealand stands referred to FEC, which must report on it within 2 months. A 2-hour debate on the statement, in place of the first General Debate, is held once FEC reports on the statement (SO 336).