Question

(TCO A, B) Please list the four stages in the federal budget cycle. Then, list and explain the major steps in the federal executive branch budget preparation process.

Answer 1

(TCO A, B) Please list the four stages in the federal budget cycle

Answer:-

(1) readiness and accommodation,

(2) endorsement,

(3) execution, and

(4) audit and evaluation.

Then, list and explain the major steps in the federal executive branch budget preparation process.

The Federal spending process is started in the Executive Branch with spending plan. At that point, no later than the main Monday in February, by law, the President presents his financial plan to Congress. Congress surveys the President's arrangement and after that receives a spending goals, putting forward its very own rules for spending and incomes that it intends to pursue when passing assignments laws, impose laws and approvals. t is the appropriations laws and the laws establishing entitlement programs that provide the legal authority for the Federal Government and its agencies to obligate and spend funds. Each appropriations law creates legally binding spending ceilings for the Federal programs it covers .also, every law setting up a qualification program, for example, Medicare, sets up and orders the explanations behind and degree of Government spending.

The Federal budget process can be broken down into four phases: budget formulation, the congressional budget process, budget execution and control, and audit and evaluation.For any one monetary year (starting October 1 and closure the next September 30), these stages happen throughout 2-1/2 years (in some cases more, contingent upon to what extent reserves are accessible for commitment at the Federal dimension). Federal agencies must deal concurrently with 3 fiscal years at any one time – implementing the budget for the current fiscal year .looking for assets from Congress for the following financial year, and getting ready for the monetary year after that.

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