WHO WE ARE AND WHAT WE DO
Members of the Czech Fiscal Council (from the left): Richard Hindls, Eva Zamrazilová (Chairwoman of the Council), Jan Pavel
The Czech Fiscal Council is an independent expert body whose primary mission is to evaluate whether the state and other public institutions comply with the rules of budgetary responsibility set out by Act No. 23/2017 Coll. The activity of the Czech Fiscal Council also contributes to the sustainability of the Czech Republic’s public finances and reduces the risk of over-indebtedness of the state.
The opinions and reports issued by the Czech Fiscal Council serve as inputs for the Czech government, the Chamber of Deputies and local and regional authorities so that they can plan and implement fiscal and budgetary policies as accurately and responsibly as possible. In addition, the outputs of the Czech Fiscal Council are also useful for the general public. With their assistance, every citizen can get a better understanding of the state of public finances and the direction they are taking.
According to the Act, the tasks of the Czech Fiscal Council include in particular:
- to evaluate the implementation of numerical fiscal rules, such as the rule of the limit to the amount of the debt, determination of the total expenditure of the sector of public institutions, or extrapolation of the expenditure framework of the state budget and state funds, and to draw up and submit to the Chamber of Deputies reports on the implementation of these rules,
- to determine the amount of the debt and announce it in the same manner as the laws are announced, i.e. within one month from the date of the first publication of the debt of the sector of public institutions for the previous calendar year by the Czech Statistical Office,
- to prepare and submit to the Chamber of Deputies a report on the long-term sustainability of public finances, including an assessment of how the planned government policies with their direct long-term effects are likely to affect the sustainability of public finances. In drawing up this report, the Council shall take into account economic and social development, employment and intergenerational cohesion,
- to monitor the development of operation of the sector of public institutions,
- to formulate an opinion on the calculation of the corrective component’s value; this serves to adjust the deviation of the actual operating result of the sector of public institutions from the expected result.