Finance Act
Preparation and adoption
- Every year, the Government of Greenland presents a proposal for a Budget Law, which determines public expenditure and revenue for the coming year.
- The Finance Act is considered in the Parliament, where amendments may be made before it is adopted.
Contents
- The Finance Act covers appropriations for the self-government's administration, health, education, infrastructure, etc.
- Block grants to the municipalities are determined in the Finance Act, which has significant importance for their budget planning.
Timeline
- The proposal is typically presented in the spring and adopted before the end of the year.
- Changes may be made during the year through supplementary appropriations.
The municipality's budgeting and the options catalog in Municipality Qeqertalik
Budgeting process
- The municipality's budget is prepared annually and must balance income (taxes, block grants, etc.) and expenses.
- Budget seminars are held where financial priorities are discussed.
- A budget proposal is submitted for consultation and adopted by the Municipal Council before the end of the year.
The options catalog
- The municipalities prepare a catalogue of options with proposals for savings and new sources of revenue.
- The catalog contains priorities that can be used to adjust the budget if the economy requires it.
- The Municipal Council decides which proposals to be implemented.
Municipality Qeqertalik
- The budget in Municipality Qeqertalik is determined through an open process involving both politicians and the administration.
- The emphasis is on adapting the service level and strategic investments.
- The options catalog is actively used to ensure financial sustainability.