funding for regional and social development is an important source for key investment projects. In some EU countries that have otherwise limited means, European funding finances up to 80% of public investment. However, EU regional spending does not just help poorer regions. It invests in every EU country, supporting the economy of the EU as a whole. 6% of the EU budget goes for the administration of all the European Institutions, including staff salaries, pensions, buildings, information technology, training programmes, translation, and the running of the European School system for the provision of education for the children of EU staff. EU budget lifecycle The EU budget is adopted through the budgetary procedure by the European Parliament and the Council of the European Union. The EU budget must remain within the limits set out in the Multiannual Financial Framework (MFF) and the Own Resource Celling. The MFF is the EU's long-term budget. It is established at least for five years (usually seven years). Adoption The European Commission submits the draft budget no later than 1 September each year. The Council of the European Union adopts its position no later than 1 October. If the European Parliament may accept the Council’s position or fails to take a decision within 42 days, then the budget is adopted. If the Parliament adopts its position then the Conciliation Committee is convened. The Conciliation Committee has 21 days to adopt a joint text if the committee fails to adopt a joint text or the joint text is not adopted within 14 days by the Council and the Parliament the budgetary procedure needs to start again. Implementation The European Commission, in cooperation with Member States, is responsible for the implementation of the EU budget in accordance with the Financial Regulation. The EU budget is implemented in accordance with the principles of unity and of budgetary accuracy, annuality, equilibrium, unit of account, universality, specification, sound financial management and performance and transparency. The EU programmes are managed in three ways: direct management (the programmes are executed by the Commission directly or by its executive agencies), indirect management (third parties, such as international organisation, oversee the execution), or shared management (the Member States authorities oversee the execution). Audit and discharge The Commission reports on how it has implemented the budget in various ways, most importantly by publishing the Integrated Financial Reporting Package, which consists of the annual accounts, the Annual