Chairperson and hon members, through the Adjustments Appropriation Bill, the executive seeks Parliament's approval and adoption of its spending plans for the new financial year. Amounts allocated for the new MTEF period are then appropriated from the national revenue fund in terms of the Appropriation Act, once it has been approved by the President.
The main Budget also provides for a contingency reserve for expenditure related to unexpected circumstances. The adjustment Budget allocates any unused funds, mainly from the contingency reserve, which comprises approved funds for particular types of spending. The adjustments Budget includes amounts allocated in the main Appropriation Act, as well as the amount of the adjustments.
While the estimates of the national expenditure describe in detail the planned spending of all national government departments over the MTEF period, the adjusted estimates of national expenditure describe in detail the revised spending plans for the first year of the MTEF period, that is the current financial year.
The adjustment Budget makes provision for rollovers, unforeseeable and unavoidable expenditure, virements, function shifts, unallocated amounts announced in the main Budget, significant unforeseeable economic and financial events, emergencies, self-financing expenditure and declared savings, gifts, donations and sponsorships.
The Adjustments Appropriation Bill for 2009-10 deals exclusively with necessary amendments in the current financial year. The Select Committee on Appropriations has considered, analysed and further engaged the Minister of Finance on the 2009-10 Adjustments Appropriation Bill.
The committee further conducted joint public hearings with the Standing Committee on Finance, the Standing Committee on Appropriations and the Select Committee on Finance, where a panel of economists, organised labour and business made their inputs.
Having considered the 2009-10 Adjustments Appropriation Bill and inputs by all stakeholders, the committee hereby recommends the adoption of the 2009 Adjustments Appropriation Bill as presented by the Minister, without amendments. I thank you. [Applause.]
Debate concluded.
Bill agreed to in accordance with section 75 of the Constitution.