EU Budget

The budget covers the spending of all the Union's institutions. It fixes income and expenditure for the year, lists all the activities that are to be funded and sets out the total amounts of money and staff available for each. It also cites the authorising acts for each action. Before they can be implemented, almost all activities also require a Community law – an authorising act or legal base - proposed by the Commission, and agreed by the legislative authority – the European Parliament and the Council of Ministers together, in many cases.

http://ec.europa.eu/budget/budget_detail/index_en.htm