Question

In: Economics

Identify these elements of your state and local budget process: a. Does your state have an...

Identify these elements of your state and local budget process:

a. Does your state have an annual or a biennial budget? Does it appear to have a separate budget for acquisition of capital assets (buildings, roads, bridges, etc)? South Carolina or Georgia

b. What units direct the preparation of the executive budget/ (Not all states have an executive budget.)

c. How many appropriation bills are usually passed?

d. How much object-of-expenditure detail appears in these bills?

e. What item-veto power, if any, does the governor have? Can the governor change the amounts in appropriations bills or is the veto limited to total amounts?

f. Is the budget process described on a state website? Does the website have the budget instruction issued to state agencies?

g. Is the state budget easily accessible on the state website?

h. Does the website provide information on the agency requests, in additions to the executive proposal and adopted appropriations? The National Association of State Budget Officers provides much of this information in its publication Budget Process in the States, which may be accessed at its website [http://www.nasbo.org].

Solutions

Expert Solution

Answers to the above questions

A)My state has yearly annual budget and all the elements like buildings, roads, bridges, etc are included in the budget with proper allocation of funds individually.

B) The executive budget process consists of three main phases: development of the president’s budget, interaction with congress, and execution of the budget.

Development of the president's budget

The legal framework established by the Budget and Accounting Act of 1921 requires the president to annually submit a comprehensive budget to Congress that covers the full range of federal activities. Current law requires the president to submit his budget proposal no later than the first Monday in February. The creation of the budget usually begins approximately 10 months before the president submits his budget to congress (about 18 months before the start of the fiscal year). During the early stages of the budget’s formulation, federal agencies prepare their budget requests following their own procedures.

Interaction with congress

The president’s budget does not have any legally binding effect, but rather initiates the congressional budget process and provides a statement of the budgetary goals of the president. After the president submits his budget proposal, Office of Management and Budget and other administration officials testify before the congressional committees. Individual federal agencies also justify and explain their specific budget requests at congressional hearings as budgetary legislation is formulated. Agencies submit extensive written justifications, usually focusing on the proposed increase or decrease in spending, to the responsible appropriations subcommittees of each chamber. The Office of Management and Budget ensures that agency budget justifications, testimony, and other submissions are consistent with the president’s policies by requiring agencies to clear any material through The Office of Management and Budget before providing it to Congress. The president is required to submit a mid-session review by July 15 of each year. This budget update must reflect changes in economic conditions, any legislative actions taken by Congress, and other factors affecting the president’s initial budget submission.

Execution of the budget

Once appropriation acts and any other budgetary legislation, such as revenue or reconciliation measures, become law, they are executed by the appropriate federal agencies. However, funds provided in statutes are not automatically available to agencies for obligation. Appropriated funds first must be apportioned by fiscal quarter or by activity as appropriate. The Office of Management and Budget is responsible for reviewing apportionment requests and making funds available to agencies.

C) Congress is tasked with producing a budget resolution and 12 appropriations billsfor each federal fiscal year, which begins on Oct. 1. Other funding legislation, such as emergency funding in response to a natural disaster, frequently occurs outside of the standard process.

D) There is enough detail to understand the concept of the bill and how funds will be used. For example, Tennessee Higher Education Commission: Legislative Action Analysis, proposed a detail budget of units and recurring and non-recurring entities that accumulate the overall projected budget for the State of Tennessee colleges and universities funding

E) The Tennessee governor; Bill Haslam can veto laws passed by the Tennessee General Assembly. The governor has line-item veto authority for individual expenditure items; like bills passed by the legislature. Moreover, the governor's veto can be overridden by a simple majority of both houses of the legislature. The veto will stand if the governor conducts the veto authority after thelegislature has adjourned. It’s not common for Tennessee governors to use their veto power, maybe due to its simplicity of the General Assembly to override a veto.

F) & G) https://www.usaspending.gov/#/ - here you can find all the attributes of the budget in detail.

H ) Yes


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