Prompt: Explain the five types of budget authority

Expert Solution

The budget authority is the conferred law by government organisations which receive and spend state’s money. The major forms of budget authority are appropriations, authority to borrow, contract authority, authority to obligate and expend offsetting receipts and collections.

Appropriations; It is a formal request to the authority for a capital investment. The government department requested for the legislature to expand their services.

Authority to borrow; to obtain or receive the money on loan. The signing of agreement that the money will be repaid. There is the concept of interest rate and maturity period.

Contract authority; it is the legal agreement between two parties with certain obligations. The contraction emerged through one party making an offer to other. The contracts should be solve the problem of asymmetric information and moral hazard.

Authority to obligate and expand offsetting receipts; the authority which give responsibility about repayment of the loans. They have the right to expand the receipts.

Collections; there is a presence of authority in the collection of the loans. Appropriate measures used in the collection.

Rahul Sunny answered 1 year ago

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