The Budget Act defines the annual financial and management plan of the Hungarian Republic regarding the central government, the social security funds and the extra-budgetary funds.
The Budget Act and Closing Accounts Act are prepared by the government and adopted by the Parliament.
The Budget Act put down in the law states a calculation about the expected revenues according to legal titles and the planned expenditures as well as the surplus or deficit and the mode of financing.
The Closing Accounts Act is a report about the execution of the Budget Act.
The Treasury participates in the implementation of the state budget; it is responsible for the financing, cash management, administration, information gathering, asset and debt management, management of receivables, loans and guarantees extended by the Hungarian State.
For more information on the budgetary acts, please visit the website of the Ministry of Finance.