Law 11 2020 of 30 December 2020

Having defined the general framework of budgetary balance, in particular by establishing a spending ceiling for the State -which prevents it from spending more and encourages it to spend better-, it was necessary to go down to the microeconomic sphere in order to apply the guiding principles of the Stability Law to the different components of the budget. In this sense, the first final provision of the aforementioned law imposes on the Government the obligation to submit to the Cortes Generales a draft General Budgetary Law.

The new General Budgetary Law, which arises from these basic principles, aims to achieve a greater rationalization of the budgetary process, continuing the path initiated by the laws on budgetary stability, which it develops.

The correction of the dispersion of budgetary legislation that has occurred after the enactment of the revised text of the General Budgetary Law of 1988. On the one hand, the 1997 Law on the Organization and Functioning of the General State Administration led to the appearance of new forms of institutional organization which were not in line with the forms of organization and control contained in the General Budgetary Law.

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1. Budgetary credits are each of the individualized allocations of expenses, which appear in the Budget of the University of Cadiz, made available to the spending units, for the coverage of the needs for which they have been approved.

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Pursuant to Article 31 of the Organic Law 2/2012, of 27 April, on Budgetary Stability and Financial Sustainability, a Contingency Fund is established to meet, where appropriate, non-discretionary and non-discretionary needs not foreseen in the initially approved budget, which may arise throughout the fiscal year.

2. The amount of said Contingency Fund shall be the amount determined in each budget year, and shall be allocated in a specific expenditure unit (organic classification) for this purpose in Chapter 5 of the Budgetary Expenditure Statement.

4. The application of the Contingency Fund shall be approved, at the proposal of the Rector, by resolution of the Governing Council, prior to the authorization of any credit modification proceedings that may correspond. The Governing Council shall inform the Social Council of any drawdowns from the Contingency Fund.

Law 9/2017

Order EHA/657/2007, of March 15, on documentation and processing of budget modification files and authorizations to acquire expenditure commitments charged to future fiscal years.

These changes extend both to the definition of the credit modifications themselves and to the competence for their authorization, inasmuch as the Law attributes ex novo competences to the presidents or directors of Autonomous Bodies and extends the competences of the heads of the Ministerial Departments. In addition, the manner of financing credit modifications is established, identifying those that may be charged to the Budget Execution Contingency Fund, created in accordance with the provisions of Law 18/2001, of December 12, 2001, General Law on Budgetary Stability, as amended by Law 15/2006, of May 26, 2006, and incorporated into the General Budgetary Law itself.

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The approval of Law 47/2003, of November 26, 2003, General Budgetary Law, has also brought to light the need to replace the former Ministerial Order of February 22, 1982, on the documentation and processing of credit modification files, which will be repealed by this new Order.

General State Budget Law 2021

The resources contemplated in the Budget administered by the government come from two sources: revenues, which include taxes paid by the population, and financial sources, which are funds obtained through loans, placement of bonds, securities, decrease in financial assets and sale of shares, among others.

Bonds are another type of debt commitment contracted by the government to obtain resources. By placing bonds, the government obtains resources through the issuance of a security in favor of the buyer of the bond, who is a kind of borrower.

By Rachel Robison

Rachel Robison is a blogger who collects information on court filings and notices.