Consolidated Fund Act 2007

The Bill provides Parliamentary authority for funds requested by the Government. It is part of what is called the &lsquo;supply procedure&rsquo;. This is how Parliament grants the Government&rsquo;s requests for resources. <br><br>A Consolidated Fund Bill is passed every year. The Bill is one of three pieces of legislation in each financial year which provide authorisation from Parliament for the resources sought by the Government. In addition to the Bill, there are two Consolidation Fund (Appropriation) Bills. Proceedings on the Bill are formal, there is no debate. <br><br>Key areas:<br><br><ul><li>The Bill authorises provision sought in the Winter Supplementary Estimates and New Estimates for 2007-08 and in the Vote on Account for 2008-09</li><li>The Bill authorises the release of money from the Consolidated Fund which is the Government&rsquo;s bank account.</li></ul>