European Budget Act 2012

Angleter · 5 Jan 2019, 17:42

EUROPEAN BUDGET ACT

Proposed by United Kingdom :: Passed (11-0), April 7th, 2012 :: As amended (4-3) by United Duchies, 23 January 2022 :: As amended (7-0) by Spain, 15 April 2022

PREAMBLE

This act establishes a budget to be used by the European Union in order to finance its projects and initiatives.

SECTION I. THE PURPOSE OF A BUDGET

The definition of our use of budget is the total sum of money set aside or needed for a purpose.
The purpose of an EU budget is to hold the government accountable for its government programs and economic affairs as a supranational entity.
This budget should not be used solely as a political demonstration, but be used as an accurate measurement of EU revenue and EU expenses.

SECTION II. FINANCING THE BUDGET

Each nation is expected to contribute a membership fee of one-tenth of a percent of their Gross Domestic Product towards funding the European Union's Budget
How the membership fee is acquired will be left up to the nations to decide, whether it is through taxation or donation.

SECTION III. COLLECTION OF THE FUNDS

The collection of the finances allocated to the European Union budget would be delegated to the office of Economics Commissioner.
Nations will be kept on register for their contributions to the funding of the European Union, and those who are caught evading this will be expected to answer to the European Council. In the case a nation fails to pay its membership fee, they would stand trial by the European Council who would determine a punishment if any.

SECTION IV. BALANCING THE BUDGET

Balancing the budget for this purpose shall be defined as finding a way to make the total revenue of the European Union greater than or equal to the total expenses and debt of the European Union.
a. Debt of the European Union includes any and all expenditures by the European Union that results in borrowed funds either from nations within the European Union or separate entities.
b. Total revenue of the European Union includes revenue generated from taxes, Eurozone bond sales, donations, and revenue generated from government programs.
The responsibility of balancing the budget is given to the economics commissioner.
A budget shall be produced at the beginning of every fiscal year.
a. Each budget proposal must be declared a proposal or draft at the time of production.
A budget must be approved by council vote before it can be implemented.
a. A supermajority will be required to approve of a budget.