Three royal decrees on the State's budget for the fiscal year 1428/1429 H. as well as the Cabinet's decision approving the budget were issued here today. Regarding the revenues, expenditures and surplus of the state's budget starting from 21/12/1428H and ending on 2/1/1430H., the Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz Al Saud issued the first royal decree as follows: First: The state's revenues for the fiscal year 1428 / 1429H are estimated at SR450,000,000,000 (Four Hundred and Fifty Thousand Million Saudi Riyals), and its expenditures for the fiscal year 1428 / 1429 H. at SR410,000,000,000 (Four Hundred Ten Thousand Million Saudi Riyals). Second: Revenues are levied in accordance with the financial regulations and wholly deposited in the current account of the Ministry of Finance at the Saudi Arabian Monetary Agency (SAMA). Third: The Minister of Finance is authorized to withdraw from this account to replenish the expenditures for the projects currently financed from the surpluses of the fiscal years (1424-1425/ 1425-1426/ 1426-1427). Fourth: Expenditures are disbursed according to the budget and relevant instructions. Fifth: The surplus of this budget is to be transferred to the State's Reserve Account. No withdrawals are allowed from it unless according to a royal decree in cases of utmost necessity dealing with the state's vital interests with special reference to Article Sixth of this decree. Sixth: The Minister of Finance is authorized to borrow and transfer from the state's reserve account if deemed necessary to finance repaying public debt or cover the budget's deficit, if any. Seventh :( A) The transfers from a budget's accredited chapter or branch could take place according to a decision by the Minister of Finance based on a joint report between him and the relevant minister or head of an independent- budget authority. (B) The transfers between appropriations in the budget's chapters could take place by a decision of the Minister of Finance. (C) Transfers among the articles of each of Chapter I and Chapter II and between the Operation and Maintenance Programs in Chapter III could take place by a decision of the relevant minister or the head of the independent-budget authority provided that any single transfer to any article or program should not exceed half of the original appropriation accredited for the recipient article or program except salaries' articles and programs. However, if the transfer of more than half the appropriation deemed necessary, it could take place according to a decision by the Minister of Finance. -- More
