Macau Yearbook 2013 - Macao Yearbook

Macao Yearbook 2013most appropriately serves the best interests of the public.In accordance with the annual budget passed by the Legislative Assembly, the Financial ServicesBureau oversees the financial status of each public department, and ensures compliance with thepublic accounting system and regulations, guaranteeing legitimacy of all expenses. These rigorousadministrative measures are designed to maintain balance of the Government’s revenues andexpenses, foster steady economic development and increase the international competitiveness ofMacao.To fulfil the functions of coordinating and monitoring the financial operations of publicdepartments, the Financial Services Bureau compiles the Budget of the Macao Special AdministrativeRegion (“General Budget”) and General Accounts of the Macao Special Administrative Region(“General Accounts”) on an annual basis.Budget of the Macao Special Administrative RegionThe Budget of the Macao Special Administrative Region includes two parts: the comprehensiveGovernment budget, and the budget for specific organisations.The comprehensive Government budget adopts cash-basis accounting, and covers publicdepartments that can be categorised into non-autonomous departments, autonomous administrativedepartments, and autonomous entities. A budget fiscal year is from 1 January to 31 December. Everyyear, the schedule for submitting budget proposals and the special requirements for compiling budgetproposals are stipulated via an Executive Order. Typically, early in the latter half of the year theFinancial Services Bureau sends the format of the General Budget proposal for the following yearto all public departments, according to this schedule. Then all public departments are allowed twoto three months to collect and compile data, and to submit the budget proposals already reviewed bythe supervisory entities to the Financial Services Bureau. After consolidating the budget proposalsof all public departments, a comprehensive budget proposal is submitted to the Chief Executiveand later to the Legislative Assembly for discussion. The budget proposal can only come into effectafter it has been approved by the Legislative Assembly and published in the Macao SAR Gazette.The General Budget lists all Government income and expenditure. Any income that is not includedin the General Budget should not be received. At the same time, expenses of public departmentsmust not exceed the maximum levels stipulated in the General Budget.The budget for specific organisations adopts accrual accounting, mainly as these organisationsare engaged in special businesses such as credit, insurance, financial investment or postal services,as accrual accounting is necessary to truly reflect their financial status. There are six specificorganisations: Macao Post Office, Macao Postal Savings, Pension Fund Authority, MonetaryAuthority, Motor and Marine Guarantee Fund and Macao Foundation.General Accounts of the Macao Special Administrative RegionThe Budget of the Macao Special Administrative Region regulates Government income andexpenditure, while the General Accounts of the Macao Special Administrative Region record theGovernment’s actual financial situation. The General Accounts are in two parts. The first part – on158