Cap. 534 чл. 14Business and financial plans.

(1) Each Ministry, Department, Public Sector Authority,

Entity and Agency, and Local Council that are in receipt of a Government subvention shall prepare a three-year rolling Business and Financial Plan as prescribed, from time to time, by the Minister for Finance. Such plans shall be submitted to the Ministry for Finance. Business and Financial Plans shall be based on the most recently announced Medium Term Fiscal Strategy.

(2) The Ministry for Finance may issue guidelines for the and Local Council. Failure to submit a Business and Financial Plan by any Ministry, Department, Public Sector Authority, Entity and Agency and Local Council automatically gives the right to the Ministry for Finance to allocate funds upon its own discretion.

(4) The Ministry for Finance may propose amendments in the Business and Financial Plans where it deems it necessary in order to ensure compliance with Government’s Medium Term Fiscal Strategy as defined by this Act, including compliance with the fiscal rules and spending targets. Where necessary, proposed amendments shall be submitted to the respective Ministry, Department, Public Sector Authority, Entity and Agency, and Local Council that are in receipt of a Government subvention.

(5) The Ministry, Department, Public Sector Authority, Entity and Agency, and Local Council that are in receipt of a Government subvention that receive a revised business and financial plan shall either endorse the proposal of the Ministry for Finance or provide a detailed reply highlighting any disagreements with the proposal. The reply should be sent to the Ministry for Finance on the first week of September. Failure to send a reply in the due time shall be deemed to constitute a prima facie acceptance of the proposed revision by the Ministry for Finance.

Medium Term Fiscal Strategy