Federal Budget Process and Its Stages

Operating vs. capital budget

A budget is a quantitative plan or statement that gives the details of projected expenditures during a certain period (Rabin, 2003). A typical budget contains details such as costs, expenses, revenues, sales volumes, and cash flows. An operating budget is a detailed statement of estimated revenues and expenses during a specific accounting period based on projected revenues from sales (Rabin, 2003). It is a short-term financial plan and therefore excludes long-term costs. On the other hand, a capital budget is a financial plan that is created to raise money for large expenses such as infrastructure, machinery, and land acquisition over long periods (Rabin, 2003).

We will write a
custom essay
specifically for you

for only $16.05 $11/page
308 certified writers online
Learn More

Federal budget process

The federal budget process comprises four stages: Executive preparation, Legislative consideration, budget execution, and audit and evaluation (Keith & Schick, 2001). Executive preparation involves the creation of a budget by the President’s Office of Management and Budget based on the President’s agenda (Keith & Schick, 2001). After this, the budget is presented to Congress where it is reviewed. Congress also passes budget resolutions.

Budget execution involves the delivery of funds to governmental agencies that either follows the instructions of Congress on how to spend the money or create their spending plans. The final stage is the audit and evaluation. It is done by governmental agencies and the Government Accountability Office (GAO) (Keith & Schick, 2001). Congress is also involved in the process. The main aim of audit and evaluation is to determine whether government money was spent in a way that was by the directions of Congress (Keith & Schick, 2001).

References

Keith, R., & Schick, A. (2001). Introduction to the Federal Budget Process. Washington, DC: Congressional Research Service.

Rabin, J. (2003). Encyclopedia of Public Administration and Public Policy. New York, NY: CRC Press.

Print Сite this

Cite this paper

Select style

Reference

StudyCorgi. (2021, March 31). Federal Budget Process and Its Stages. Retrieved from https://studycorgi.com/federal-budget-process-and-its-stages/

Work Cited

"Federal Budget Process and Its Stages." StudyCorgi, 31 Mar. 2021, studycorgi.com/federal-budget-process-and-its-stages/.

1. StudyCorgi. "Federal Budget Process and Its Stages." March 31, 2021. https://studycorgi.com/federal-budget-process-and-its-stages/.


Bibliography


StudyCorgi. "Federal Budget Process and Its Stages." March 31, 2021. https://studycorgi.com/federal-budget-process-and-its-stages/.

References

StudyCorgi. 2021. "Federal Budget Process and Its Stages." March 31, 2021. https://studycorgi.com/federal-budget-process-and-its-stages/.

References

StudyCorgi. (2021) 'Federal Budget Process and Its Stages'. 31 March.

Copy to clipboard

This paper was written and submitted to our database by a student to assist your with your own studies. You are free to use it to write your own assignment, however you must reference it properly.

If you are the original creator of this paper and no longer wish to have it published on StudyCorgi, request the removal.

Psst... Stuck with your
assignment? 😱
Susan
Online
Psst... Stuck with your assignment? 😱
Do you need an essay to be done?
Yes
What type of assignment 📝 do you need?
Yes
How many pages (words) do you need? Let's see if we can help you!
Yes