Budget Act, 2001

Provides the short title "Budget Act, 2001" and states the Act comes into effect on 1 July 2001.

Every Bill introduced in Parliament must be accompanied by indicative financial implications on revenue and expenditure for not less than two years after coming into effect.

Parliament must analyse programmes and policy issues that affect the National Budget and Economy and, where necessary, recommend alternative approaches to Government.

Supplementary expenditure that exceeds amounts appropriated by Parliament is capped at 3% of the approved budget unless Parliament gives prior approval; when such funds are spent, supplementary estimates must be laid before Parliament within four months.

The President must present to Parliament specified information about the State's loans, debts, grants and guarantees, either when presenting the Budget or any time before the 15th day of June each financial year.

It states that it has no unpaid domestic arrears from a debt in a previous financial year.

Persons or authorities with power under Article 152(2) must make quarterly reports to Parliament on or before 30 September, 31 December, 31 March and 30 June each financial year, and those reports must include specified information about tax exemptions.

The Minister responsible for finance must, within fourteen days of authorization of advances from the Contingencies Fund, report to Parliament the purpose, urgency and amount of the expenditure.

A Minister responsible for any vote on Appropriation in Aid must make a quarterly report to Parliament on how the Funds from that Vote are expended.

If a Department, Institution, Organisation or Commission fails to meet any requirement under this Act, Parliament may require the relevant Minister to appear and explain; if an officer intentionally or negligently caused the failure, that officer shall be held personally liable.

Establishes a Parliament Budget Committee as a Standing Committee of Parliament and requires the Budget Committee to focus on preliminary estimates and macroeconomic plans and programs, consider the National Budget and compile amendments for referral, and perform other budget functions assigned by Parliament or law.

Defines "Budget" as "the process by which Government sets levels to efficiently collect revenue and allocate the spending of resources among all sectors to meet national objectives."

Creates a Parliamentary Budget Office within the Parliamentary Service composed of full-time and part-time budget and economic experts.

The Budgetoffice Section must provide budget-related information to all Committees in relation to their jurisdiction.

The Speaker may extend any period provided under this Act for a reasonable period.

The President must prepare and submit annual government revenue and expenditure estimates to Parliament each Financial Year, no later than the 15th of June; the President may also submit three‑year fiscal/monetary programmes and three‑year estimates.

The President must, by 1 April each financial year, prepare and lay before Parliament a three‑year macro‑economic plan and must submit and lay before Parliament an indicative preliminary revenue and expenditure framework for the next financial year in preparation for the final submission under section 3.

Heads of Government Departments and similar bodies must submit preliminary revenue and expenditure estimates for the following financial year to the President by 15 February each year; the President must lay those estimates before Parliament under sections 3 and 4, but estimates by bodies established under the Constitution must be laid without amendments.

Each Minister must prepare and submit to Parliament a Policy Statement on the preliminary estimates by the 30th day of June each year; the form is prescribed by the Minister responsible for finance and the statement must include specific data on value for money and achievement of targets on money received and spent.

Sets procedures and deadlines for how the Speaker, Sessional Committees and the Budget Committee must handle and report on preliminary indicative allocations and allows Committees to call witnesses.

The Budget Committee must present to Parliament the recommendations submitted to the Speaker under section 7(3).

Sessional Committees must present to Parliament the reports on budget estimates within their jurisdictions by the 31st day of August in each financial year.