What is the government budgeting process?

What is the government budgeting process?

The government budgeting process involves planning, preparing, and approving a budget to allocate resources effectively.

Can you explain the steps involved in this process?

Sure! The main steps include proposal, review, approval, execution, and auditing of the budget.

Who is involved in creating the budget?

Key players include government officials, budget analysts, and sometimes public input is considered.

How often is the budget reviewed or updated?

Budgets are typically reviewed annually, but adjustments can be made throughout the year as needed.

What happens if the government exceeds its budget?

If a government exceeds its budget, it may face deficits, which can lead to borrowing or cuts in other areas.