SCHEDULES
SCHEDULE 1Office for Budget Responsibility
Annual report
15
(1)
The Office must prepare a report of the performance of its functions in each financial year.
(2)
The report must include, in particular, an assessment by the Non-executive Committee of the extent to which the Office's duty under section 4 has been performed in accordance with section 5(1) and (2).
(3)
The report relating to a financial year must be prepared as soon as possible after the end of the financial year.
(4)
The report must be sent to the Treasury.
(5)
The Treasury must lay the report before Parliament.
(6)
The Office must publish the report.
(7)
“Financial year” means—
(a)
the period which begins with the day on which this Schedule comes into force and ends with the following 31 March;
(b)
each successive period of 12 months.