The Bill (Reg. No.2709) presents a new version of the effective Budget Code of Ukraine. Inter alia, the Bill defines the principles of Ukrainian budget system, structure and grounds of the budget process, inter-budget relations and liability for violation of budget legislation.
According to the Committee members, "the Bill was drafted with due account taken of the application of the Budget Code of Ukraine within the period of its effect, and certain motions introduced by People´s Deputies of Ukraine".
The Bill specifies the Budget Code as regards fulfillment of the State and local budgets, in case the Law on the State Budget of Ukraine is adopted too late.
The Committee members believe that the Bill offers a legislative basis for further development of budget planning, enhancement of financial foundation of the local self-government, employment of new methods for debt management, improvement of the system of supervision over the budget process and observance of budget legislation".