The Regulatory Authority is to publish its annual budget more than five months late owing to a delay in gaining approvals from the Government.

The regulator’s financial year runs from April to March, but the Ministry of Finance only approved the 2024-25 budget on September 9.

A spokesman for the RA said: “By law, we are required to publish a consultation document six months prior and a preliminary report three months before, with the goal of having an approved budget by April 1.

“Ideally, an approved budget would be in place by the start of the relevant financial year.

“The RA recognises that challenges can arise and we were able to maintain operations through legacy project approvals that are already in place.

“We look forward to collaborating with the Government to address any future challenges and ensure we continue to effectively fulfil our mandates."

The budget, known as the Work Plan, is expected to be published on the RA’s website this week.

The ministry did not provide an explanation for the delay when approached by The Royal Gazette prior to approval.

A spokesman said at the time: “The Ministry of Finance is currently reviewing the Regulatory Authority's 2024-25 Work Plan and will provide feedback to the Ministry of Home Affairs, once the review process is finalised.”