WHO WE ARE AND WHAT WE DO
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 and to draw up and submit reports on their implementation to the Chamber of Deputies. Examples of such rules include the debt limit, the determination of the total expenditure of the public institutions’ sector, or the derivation of the state budget and state funds’ expenditure framework.
- To determine the amount of the debt and announce it the way laws are announced, i.e., within one month of the first publication of the public institutions’ sector’s debt 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 direct long-term effects of planned government policies will likely affect public finances’ sustainability. In drawing up this report, the Council shall consider economic and social development, employment, and intergenerational cohesion.
- To monitor the development of economic management of the public institutions’ sector.
- To formulate an opinion on the calculation of the corrective component, which serves to adjust the deviation of the actual economic result of public institutions’ sector from the expected result.
The meetings of the Czech Fiscal Council run according to the Rules of Procedure of the Czech Fiscal Council (PDF, 221 kB, in Czech only). The document covers the rules of conferring and decision-making of the Council, also specifying how its meetings are prepared and convened.