State budget of Norway
The State budget of Norway is a budget
A budget is a financial plan and a list of all planned expenses and revenues. It is a plan for saving, borrowing and spending. A budget is an important concept in microeconomics, which uses a budget line to illustrate the trade-offs between two or more goods...
passed by the Norwegian
Norway , officially the Kingdom of Norway, is a Nordic unitary constitutional monarchy whose territory comprises the western portion of the Scandinavian Peninsula, Jan Mayen, and the Arctic archipelago of Svalbard and Bouvet Island. Norway has a total area of and a population of about 4.9 million...
A legislature is a kind of deliberative assembly with the power to pass, amend, and repeal laws. The law created by a legislature is called legislation or statutory law. In addition to enacting laws, legislatures usually have exclusive authority to raise or lower taxes and adopt the budget and...
, Storting, each year. It accumulates all income
Income is the consumption and savings opportunity gained by an entity within a specified time frame, which is generally expressed in monetary terms. However, for households and individuals, "income is the sum of all the wages, salaries, profits, interests payments, rents and other forms of earnings...
and expenses for the Government of Norway. The document defines the taxes to be collected, and what expenses will be accomplished.
The budget follows a fiscal year of January 1 to December 31. The proposition for the budget is made by the Ministry of Finance
Norwegian Ministry of Finance
The Royal Norwegian Ministry of Finance is a Norwegian ministry established in 1814. The ministry is responsible for state finance, including the state budget, taxation and economic policy in Norway. It is led by Sigbjørn Johnsen...
in the first week of October. This proposition is named Storting Proposition no. 1 or Yellow Book and is the governments suggestion for a budget. It is then considered by the Standing Committee of Finance. If there is a majority government
A majority government is when the governing party has an absolute majority of seats in the legislature or parliament in a parliamentary system. This is as opposed to a minority government, where even the largest party wins only a plurality of seats and thus must constantly bargain for support from...
, the budget is normally passed without much change. In case of a minority government
A minority government or a minority cabinet is a cabinet of a parliamentary system formed when a political party or coalition of parties does not have a majority of overall seats in the parliament but is sworn into government to break a Hung Parliament election result. It is also known as a...
, which have been more the rule than the exception since the 1970s, the government party(s) must negotiate with enough opposition parties to pass it in the legislature. The responsibility to audit the accounts is at the Office of the Auditor General of Norway
Office of the Auditor General of Norway
The Office of the Auditor General of Norway is the state auditor of the Government of Norway and directly subordinate of the Parliament of Norway. It is responsible for auditing, monitoring and advising all state economic activities, including financial audits, performance audits and corporate...
- Operating costs: 109,355
- Investments: 40,334
- Transfers: 927 708
- Lending and instalment: 125,286
- Total costs: 1,202,683
- Operating income: 132,970
- from investments: 16,179
- Taxes and transfers: 928,248
- Paybacks: 59,682
- Total income:1,137,079
- Operating costs
- Military: 20,754
- State roads: 7,110
- RailwayJernbaneverketThe Norwegian National Rail Administration is a government agency responsible for owning and maintaining the Norwegian railway network, including the track, stations, classification yards, traffic management and timetables...
- Police and prosecution: 9,017
- Courts: 1,889
- Prisons: 2 291
- Labour and welfare management: 7,616
- Tax administration: 4,833
- Pensions to state employeesNorwegian Public Service Pension FundNorwegian Public Service Pension Fund is a Norwegian Government agency responsible for the extra pensions paid to state employees. There are in excess of one million members, and it has total assets of NOK 270 billion....
- Ministries: 5,520
- State wage negotiations: 9,720
- Commercial activity: -371
- Other costs: 29,194
- Subtotal: 109,355
- Investment costs
- State petroleum activityState's Direct Financial InterestState's Direct Financial Interest is a portfolio of the Norwegian government's directly owned exploration and production licenses for petroleum and natural gas on the Norwegian continental shelf...
- Defence: 9,257
- State roads: 5,408
- BuildingsStatsbyggStatsbygg is a Norwegian government agency that manages central parts of the real estate portfolio of the Government of Norway. This includes 2.3 million square meters in 1,500 buildings, of which 115 are located abroad. The portfolio includes office buildings, heritage sites, campuses, operational...
- Other buildings: 1,500
- Railway: 2,220
- Other investments: 2 055
- Subtotal: 40,334
- State petroleum activity
- Pension FundThe Government Pension Fund of NorwayThe Government Pension Fund of Norway comprises two entirely separate sovereign wealth funds owned by the Government of Norway:* The Government Pension Fund - Global...
- Other state budgets: 33,611
- MunicipalitiesMunicipalities of NorwayNorway is divided into 19 administrative regions, called counties , and 430 municipalities...
- Pensions: 245,239
- Other transfers: 182,838
- Subtotal: 927,708
- Pension Fund
- Operating income
- From SDEI: 122,300
- Other: 10,670
- Subtotal: 132,970
- Dividend: 57,042