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Logo Directie Financiën Aruba
Logo Directie Financiën Aruba

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Budget cycle

The budget cycle is a systematic process through which the ministries plan, implement, monitor, and account for their policies. In other words, the budget is the financial translation of the policies of the Government of Aruba. In broad terms, the budget cycle consists of three phases: preparation, execution and accountability.

  • Preparation

    Drafting, submitting, approving, and finalizing the (draft or supplementary) budgets of the ministries for a specific fiscal year. Final approval of the government budgets is granted by the Parliament of Aruba.

  • Execution

    The execution of the budget takes place during the fiscal year to which it applies. The financing activities of the government and budget amendments also take place during the execution phase.

  • Financing

    The financing activities are part of the budget execution and an essential element during the fiscal year, as loan issuances and cash management decisions determine the debt position of the Government of Aruba.

  • Accountability

    Accountability is provided through the submission of the financial statements, the draft national ordinance to establish the balance of the operating account, and the report of the Court of Audit of Aruba (ARA). The budget cycle is concluded once the national ordinance is approved by the Parliament of Aruba.

Preparation, execution and accountability phases

Preparation:

  • What are the government's objectives?
  • How will the government achieve this?
  • How much will it cost?
  • What is the amount of funds available?

Execution:

  • Is everything proceeding as planned?
  • Are expenses staying within budget?
  • How is the (re)financing done?
  • Is there reason to adjust the budget?

Accountability:

  • What are the results?
  • Was the policy executed efficiently?
  • Was the policy implemented effectively?
  • How much did it cost?

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