The budget cycle
The budget cycle, in other words the creation, implementation and closure of the budget for a given year lasts for more than one year by definition.
Indeed the government must first prepare and produce the budget draft, that may then be adopted by the parliament. Implementation of the budget leads to the creation of the definitive budget account by the government. The account also needs to be accepted by the parliament.
The budget cycle runs over a period of three years and consists of three main phases:
1° the preparatory phase, being the development of the budget, beginning in the year preceding the relevant budget year;
2° the implementation phase of the budget, which coincides with the relevant budget year;
3° the closing phase (accountability), in other words, creation of the general accounts and the order with the final adjustment (achievement). This phase takes place during the year following the budget year concerned.