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A budget is a calculation plan, usually but not always financial, for a defined period, often one year or a month. A budget may include anticipated sales volumes and revenues, resource quantities including time, costs and expenses, environmental impacts such as greenhouse gas emissions, other impacts, assets, liabilities and cash flows. Companies, governments, families, and other organizations use budgets to express strategic plans of activities in measurable terms.[1]

A budget expresses intended expenditures along with proposals for how to meet them with resources. A budget may express a surplus, providing resources for use at a future time, or a deficit in which expenditures exceed income or other resources.

Comme Sisyphe – Honoré Daumier (Brooklyn Museum)
Comme Sisyphe – Honoré Daumier (Brooklyn Museum)

Government

Further information: Government budget

The budget of a government is a summary or plan of the anticipated resources (often but not always from taxes) and expenditures of that government. There are three types of government budget: the operating or current budget, the capital or investment budget, and the cash or cash flow budget.[2]

United Kingdom, Canada, Australia and New Zealand

Main article: Parliamentary budget

United States

Main article: United States federal budget

The federal budget is prepared by the Office of Management and Budget, and submitted to Congress for consideration. Invariably, Congress makes many and substantial changes. Nearly all American states are required to have balanced budgets, but the federal government is allowed to run deficits. [3]

India

Main article: Union budget of India

The budget is prepared by the Budget Division Department of Economic Affairs of the Ministry of Finance annually. The Finance Minister is the head of the budget making committee. The present Indian Finance minister is Nirmala Sitharaman. The Budget includes supplementary excess grants and when a proclamation by the President as to failure of Constitutional machinery is in operation in relation to a State or a Union Territory, preparation of the Budget of such State.[citation needed]

The first budget of India was submitted on 18 February 1860 by James Wilson. P C Mahalanobis is known as the father of Indian budget.

Philippines

The Philippine budget is considered the most complicated in the world, incorporating multiple approaches in one single budget system: line-item (budget execution), performance (budget accountability), and zero-based budgeting. The Department of Budget and Management (DBM) prepares the National Expenditure Program and forwards it to the Committee on Appropriations of the House of Representatives to come up with a General Appropriations Bill (GAB). The GAB will go through budget deliberations and voting; the same process occurs when the GAB is transmitted to the Philippine Senate.

After both houses of Congress approves the GAB, the President signs the bill into a General Appropriations Act (GAA); also, the President may opt to veto the GAB and have it returned to the legislative branch or leave the bill unsigned for 30 days and lapse into law. There are two types of budget bill veto: the line-item veto and the veto of the whole budget. [4]

Personal

Further information: Personal budget

A personal budget or home budget is a finance plan that allocates future personal income towards expenses, savings and debt repayment. Past spending and personal debt are considered when creating a personal budget. There are several methods and tools available for creating, using, and adjusting a personal budget. For example, jobs are an income source, while bills and rent payments are expenses. A third category (other than income and expenses) may be assets (such as property, investments, or other savings or value) representing a potential reserve for funds in case of budget shortfalls.

Types

References

  1. ^ "CIMA Official Terminology" (PDF). Archived from the original (PDF) on 2013-08-10.
  2. ^ Cliche, P. (2012). “Budget,” in L. Côté and J.-F. Savard (eds.), Encyclopedic Dictionary of Public Administration, [online], http://www.dictionnaire.enap.ca/Dictionnaire/en/home.aspx Archived 2012-11-05 at the Wayback Machine
  3. ^ "Constitutional Balanced Budget Amendment Poses Serious Risks". Center on Budget and Policy Priorities. Retrieved 2022-07-13.
  4. ^ "§015l. (CB) Line Item Veto". Budget Counsel. 2016-11-15. Retrieved 2022-07-13.
  5. ^ Мarynchak, Yevhеn (2019). THE FINANCIAL NEXUS BETWEEN AN INDIVIDUAL AND A STATE. PUBLIC FINANCE: LEGAL ASPECTS: Collective monograph. Riga: Baltija Publishing. p. 130. ISBN 9789934571824. Archived from the original on 2022-01-03. Retrieved 2022-01-09.