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The Budget |
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The BudgetThe annual announcement which the Chancellor of the Exchequer makes once a year to outline his government's taxation and spending plans for the forthcoming financial year.Pre-Budget announcements are made in November, with the real Budget in March of each year. Budgets are given Parliamentary authority by the Finance Act which is passed each year.Similar MatchesBalanced budgetBalanced budgetA budget in which the income equals expenditure. See: budget. Budget authorityBudget authorityBroad responsibility by Congress that government agencies have the power to spend federal funds. Congress can specify criteria for the spending of these funds. For example, it may stipulate that a given agency must spend within a specific year, number of years, or any time in the future. The basic forms of budget authority are; appropriations, authority to borrow, contract authority, and authority to obligate and expend offsetting receipts and collections. The period of time during which Congress makes funds available may be specified as one-year, multiple years or no year. The available amount may be classified as either definite or indefinite; a specific amount or an unspecified amount can be made available. Authority may also be classified as current or permanent. Permanent authority requires no current action by Congress. BudgetBudgetA detailed schedule of financial activity, such as an advertising budget, a sales budget, or a capital budget. Intrabudgetary transactionsIntrabudgetary transactionsEffected when payment and receipt both occur within the budget, or when payment is made from off-budget federal entities whose budget authority and outlays are excluded from the budget totals. Budget surplusBudget surplusRefers in general to an excess of income over expenditure, but usually refers specifically to the government budget, where it is the excess of tax revenue over expenditure (including transfer payments). Further SuggestionsBudget constraintBudget deficit Primary budget surplus budget deficit Off budget Federal entities Budget deficit Balanced budget Budget surplus Flexible budget budget account |
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