Canary Islands Budget and Fiscal Authority Regulations Update

The Canary Islands government has updated its regulations on delegating budget and fiscal authority, aiming for clearer, more efficient financial decision-making.

Key Changes

• The threshold for multi-year spending commitments that the government can approve without external authorization has been increased.
• Previously set at 2 million euros, this limit has been increased to 3 million euros, in line with the 2023 budget law.

Objectives

• Streamline procedures for large projects, reducing administrative delays for residents and public agencies.
• Consolidate related rules, aligning them with broader budget legislation to ensure consistent financial oversight.
• Simplify approval processes for certain expenses to improve fiscal efficiency while maintaining accountability.

Implementation

• The changes took effect immediately after publication.
• Signaling the government’s intent to make public finances more agile.

Impact for Residents and Businesses

• Potentially faster approval of large-scale projects.
• More flexible public spending within a clear legal framework.

Overall Goals

• Reflect ongoing efforts to adapt regional financial rules to modern needs and legal standards.
• Ensure responsible management of public funds amidst evolving economic circumstances.

The update aims to make public finances more agile and efficient while maintaining accountability.