The Medium Term Expenditure Framework (MTEF) provides Government with a tool to manage the tension between competing policy priorities and budget realities. This helps to reprioritise expenditure and make informed policy choices that are affordable in the medium term. But spending alone cannot deliver services.
What is the MTEF period?
The MTEF is a transparent planning and budget formulation process within which government establishes contracts for allocating public resources to their strategic priorities while ensuring overall fiscal discipline.
What is meant by MTEF?
The Medium Term Expenditure Framework (MTEF) sets out three-year spending plans of the national and provincial governments. It aims to ensure that budgets reflect Government’s social and economic priorities and give substance to Government’s reconstruction and development commitments.
What are the components of MTEF?
According to the World Bank’s Public Expenditure Management Handbook (1998), “The MTEF consists of a top-down resource envelope, a bottom-up estimation of the current and medium-term costs of existing policy and, ultimately, the matching of these costs with available resources... in the context of the annual budget …
What is medium term revenue and expenditure framework?
The Medium Term Revenue and Expenditure Framework (MTREF) allows for a three-year planning and spending framework. The MTREF planning horizon allows Municipality to improve planning and to project the impact of policy choices on future budgets. … This budget is usually referred to as the “draft budget”.
How does the national budget work in South Africa?
A Budget is the government’s financial plan made every year. … The Budget allocates money between the three spheres of government (national, provincial, local) based on revenue collected. The Budget Process. The national and provincial budget process is a continuous cycle that runs from April to March every year.
What do u mean by budget?
A budget is an estimation of revenue and expenses over a specified future period of time and is usually compiled and re-evaluated on a periodic basis. Budgets can be made for a person, a group of people, a business, a government, or just about anything else that makes and spends money.
What is meant by government revenue?
government revenue is the sum of: “sales” consisting of: market output. output for own final use.
What does a budget include?
A budget is a financial plan for a defined period, often one year. It may also include planned sales volumes and revenues, resource quantities, costs and expenses, assets, liabilities and cash flows. … It may include a budget surplus, providing money for use at a future time, or a deficit in which expenses exceed income.
What is budget call circular?
The Budget Call Circular contains budget preparation forms, instructions and procedure for preparation and submission of detailed budget estimates.
What is MTEF in Rwanda?
The national Medium-Term Expenditure Framework (MTEF) covering three years is produced by MINECOFIN, providing the budget ceilings for each line ministry and district to produce its own MTEF. … At the inception of the medium-term plan, an overarching national matrix for M&E was created.