According to Law no. 273 of June 29, 2006 on local public finances, the elaboration of local budgets projects pertains to credit officers. They must however take into account the main macroeconomic and social forecasts for both the budget year for which the budget project is elaborated and for the next 3 years, those being developed by the empowered bodies and fiscal and budgetary policies that are both national and local. There should be also taken into consideration provisions of concluded internal or external loan agreements, memoranda of funding or other international agreements that are signed and/or ratified.