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Thursday, 10 May 2012

EP approves EDF expenditures for 2010

The European Commission's expenses for 2010 were approved by the Parliament under the EU's annual budget discharge procedure. The finances of almost all other institutions, agencies, and notably the European Development Fund, also received endorsement.
By granting a discharge to an institution or agency, Parliament declares that it has spent its budget (funded by the European tax-payer) in line with EU rules. This "closes" the budget. At this stage, the Parliament can either grant or postpone discharge. MEPs act on a recommendation of the Council and base their decision on a review of the annual accounts and the Court of Auditors' annual report. They may also recommend action by the Commission on certain matters. The Commission presents its response in a follow-up report and action plan, which it sends to Parliament and the Council.

Source: European Parliament