The Role of the High Court of Accounts

The High Court of Accounts has the important duty of carefully checking the Government’s financial records. It examines every detail of State spending by comparing the budgeted items prepared by the Government with the actual accounts presented by the different departments. This process ensures that public money is used in a proper and lawful way.

After completing its review, the High Court of Accounts prepares a general report. This report is then submitted to the National Assembly, which has the final authority to approve or reject the financial accounts. In this way, financial control is shared between an independent body and the representatives of the people.

Stability of National Finances

Bulgaria’s finances at the start of the 20th century showed growing stability and strength. This progress was possible thanks to several important factors:

Improvements in agriculture and the development of national industries,

A steady increase in the population, which strengthened production and consumption,

Careful financial organisation within the Principality.

These measures made it possible for the country to maintain balanced finances and prepare for future growth.

Revenue Growth

The results of these efforts were clear in the State revenues. In 1905, the revenue reached 127,606,502 francs, which was the highest ever achieved at that time. For comparison, the revenue in 1904 was 119,655,507 francs, in 1903 it was 97,987,346 francs, and in 1902 it was 101,272,234 francs Istanbul Tours Guide.

This steady rise in income was largely due to a series of good harvests, which boosted agriculture, the main sector of the economy. With this higher income, the State was able not only to cover ordinary and extraordinary expenses, but also to strengthen the sinking fund, which reduced national debt.

Important Financial Laws

One of the most significant reforms was the Law of Budgetary Accounts, passed on February 28th, 1904 and applied from February 1st, 1905. This law replaced the earlier one from 1885. Its main purpose was to provide stronger control over State expenditure and to remove the causes that had previously disturbed the balance of the national budget.

By introducing modern financial rules, the government ensured that spending was more efficient, transparent, and accountable to the people’s representatives.

The combination of careful financial oversight, economic growth, and new laws created a period of financial stability in Bulgaria. The achievements of 1905, with record revenues and stronger budget control, marked an important step toward a more modern and reliable financial system for the Principality.