Section 47, The Government Budgeting and Accountability Act, 2005

(1) The authorisation for expenditure conveyed by anapproved budget shall lapse on the 31st December. (2) Revenues received after 31st December on account of the financial year concluded shall not be disbursed, but instead they shall be recorded as revenues of the budget for the following financial year; and any unpaid expenditure should be paid from the following year’s appropriations.