EU budget timing (pragmatic calendar)

In February, Council and European Parliament adopt guidelines

In March, Council and European Parliament meet to present their priorities to each other and agree on main dates

Usually by the end of May, the Commission draws up the draft budget and submits it to the Council and European Parliament

In July, the Council establishes its position

In September, the Council adopts its position and sends it to the European Parliament

Within 42 days, the European Parliament either approves the Council's position or adopts amendments

In October: if the Council doesn’t agree with the EP's amendments: a Conciliation Committee (CC) is convened and has 21 days to agree on a joint text.
The Commission presents an amending letter to update the budget with the latest forecasts for the following year.

If the Conciliation Committee agrees on a joint text, Council and European Parliament have 14 days to approve it. Then, the yearly budget is adopted.

If Council and European Parliament do not reach an agreement, the Commission has to present a new draft budget.

If the annual budget is still not adopted at the beginning of the new year, the system of provisional twelfths applies: one twelfth of the previous year's budget is allocated to each month.