Part 3 – Financial Affairs Article (15) The financial year of the Authority shall commence on the first day of January and end on the last day of December of each year, except that the first financial year of the Authority shall commence on the date this Federal Law by Decree comes into force and shall end on the last day of December of the following year. Article (16) The Authority shall have an independent budget. In respect of the first financial year of the Authority, the budget shall be set by decision of the Board6. In respect of the succeeding financial years of the Authority, the budget of the Authority shall be prepared by the Director General, and approved and issued by the Board. Article (17) The financial resources of the Authority are derived from the following: 1- any funds assigned to the Authority in the general budget of the State; 2- such License fees as charged by the Board5 pursuant to the provisions of this Federal Law by Decree and its Executive Order and the issued regulations accordingly; 3- such fees as may be charged by the Board5 for any services provided by the Authority or the authorizations or approvals granted by the Authority pursuant to the provisions of this Federal Law by Decree, its Executive Order and the decisions issued by the Board5; 4- any other revenues the Authority collects in pursuance of its activities and functions; and 5- any other financial resources approved by the Board5. Article (18) The Authority shall collect the fees imposed by the Board5 in relation to the Licenses issued by the Board5 and the authorizations, approvals, services of the Authority and any other amounts regarding radio spectrum. 16