1.By 30 September of each year, the Director shall submit to the Board an annual draft budget for SATCEN covering administrative expenditure, operational expenditure and expected income, including earmarked revenue, for the following financial year as well as long-term indicative estimates on expenditure and income in view of the draft long-term work programme.
2.By 30 November of each year, the Board shall approve the annual budget of SATCEN by unanimity of the representatives of Member States.
3.In the case of unavoidable, exceptional or unforeseen circumstances, the Director may propose a draft amending budget to the Board. The Board, with due regard to any urgency, shall approve the amending budget by unanimity of the representatives of Member States.
4.Control of the commitment and payment of all expenditure and the recording and collection of all income shall be carried out by an independent financial controller appointed by the Board.
5.By 31 March of each year, the Director shall submit to the Council and to the Board the detailed accounts of all income and expenditure from the previous financial year and the report on SATCEN's activities.
6.The Board shall give discharge to the Director in respect of the implementation of the budget of SATCEN.