The Committee on Budgetary Forecasts is tasked with assessing macroeconomic and budgetary forecasts prepared by the Ministry of Finance, particularly in terms of their likelihood of fulfilment. These forecasts are used not only by the state but also by state contributory organisations, state funds, public universities, health insurance companies, and other public institutions when drawing up budgets and medium-term budgetary outlooks. The Ministry of Finance is obliged to disclose the Committee’s assessment and reflect it in its forecasts.
The Committee on Budgetary Forecasts was established based on Act No. 23/2017 Coll., on the rules of budgetary responsibility, and its membership is an honorary role. It must comprise at least seven members, appointed by the government on a proposal of the Czech Fiscal Council. The term of a Budgetary Committee member is three years. The current Committee on Budgetary Forecast consists of eight members and includes leading Czech economists from the private, public, and academic sectors.
In April 2018, the chief economist of UniCredit Bank, Pavel Sobíšek, was appointed Chairman of the Committee. Jakub Seidler, chief economist of the Czech Banking Assocciation, is a Vice-Chairman of the Commitee.