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Tuesday, 16 November 2004

EU Budget

European Court of Auditors says EU budget accounts are reliable for tenth year running but more progress needed on controls of payments. The European Court of Auditors' Annual Report for the financial year 2003 once again finds that the consolidated annual accounts and their accompanying notes faithfully reflect the revenue and expenditure of the Communities as well as their financial situation at the end of 2003. The Commission takes up the Court’s recommendation for further strengthening the recovery from Member States which fail to properly control funds paid out under the CAP and structural funds. These funds, managed by Member States, account for 80% of the EC budget.