Budget Formulation
/ˈbʌdʒɪt fɔːrmjʊˈleɪʃən/
Definitions
- (n.) The process by which a government or organization develops and proposes its budget for approval and implementation.
The budget formulation phase involves assessing needs and projecting revenues to create an actionable spending plan.
Forms
- budget formulation
Related terms
See also
Commentary
Budget formulation is a critical legal and administrative function in public finance, often governed by statutory procedures to ensure transparency and accountability.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.