Michael McGrath (Cork South Central, Fianna Fail)
Link to this: Individually | In context | Oireachtas source

143. To ask the Minister for Finance the process, and estimated timeline for each of the stages, involved in the preparation of budget 2015; and if he will make a statement on the matter. [32494/14]

Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context | Oireachtas source

The budgetary process for 2015, like any other year, is a "whole-year" process and in that regard preparations have already commenced for Budget 2015. 

The Deputy should be aware of the arrangements introduced under the new EU semester, whereby the Stability Programme Update, containing revised macroeconomic and budgetary projections, was prepared and submitted to the European Commission last April. This document was also laid before the Dáil and published on the Department of Finance website.

Following this, papers are prepared on the options for tax policy, to be discussed in early September as part of the Tax Strategy Group process. These will feed into the tax measures considered as part of Budget 2015. The Department of Public Expenditure and Reform will also be publishing a Comprehensive Review of Expenditure and a Capital Review, both of which will identify our expenditure priorities for the coming years. These will be published at Budget time.

I, as the Minister for Finance, and Brendan Howlin, as the Minister for Public Expenditure and Reform, along with our respective Departments, will work very closely in the compilation of Budget 2015, as the expenditure estimates are obviously a key factor in devising budgetary policy and calculating the overall budgetary arithmetic.

As per last year, the macroeconomic forecasts which underpin the Budget will be subject to endorsement by the Irish Fiscal Advisory Council (IFAC) in advance of publication. The endorsement process will begin soon after the publication of Q2 National Accounts data by the CSO in September. The timelines for this process are laid out in a Memorandum of Understanding between the Fiscal Advisory Council and the Department of Finance, which are available on both websites. My Department will subsequently forecast the fiscal and budgetary data, based on these macroeconomic forecasts and taking into account any decisions made as part of Budget 2015. In this context, the end-September Exchequer returns will be taken into account.

Subsequently, Budget 2015 will be published on Tuesday October 14^th, in conjunction with the publication of the Expenditure Report by my colleague, the Minister for Public Expenditure and Reform, Mr Brendan Howlin TD.

The Finance Bill will be published shortly afterwards, to be enacted by 31^stDecember. The publication of the Revised Estimates Volume is a matter for Minister Howlin, but will be published before the end of the year.