Setting A Budget
The European Union has three main elements to its government: the Council of the European Union, with ministers from each Member State; the European Commission, as the EU's day-to-day executive and administration; and the European Parliament directly elected by citizens. In addition, other institutions and bodies, such as the European Court of Justice are funded from the budget.
The annual budget is adopted by a procedure involving a proposal from the European Commission, which must be adopted (usually after amendment) by the European Parliament and the Council. It must remain within ceilings determined in advance by the Multiannual Financial Framework, laid down for a seven-year period by the Council (requiring the unanimous approval of every Member State) with the assent of the Parliament.
The budget for a year is determined in advance, but final calculations of payments required from each member state are not completed until after the budget year is over and information about revenue and expenditure is available. The UK rebate is one of the last elements of the budget to be calculated (though it is estimated in advance) as it depends upon the balance of all EU revenue to and from the UK.
Read more about this topic: Budget Of The European Union
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