Find 04093 budget departments. Budget departments provide information on budgeting, financial information, debt, expenses, financial plans, projects, grant funding, state and federal aid.
Most states, counties, and local governments budget for one year at a time. Nineteen states and a small number of localities adopt biennial budgets. In these cases, a two-year budget will be approved during one legislative session and relatively minor adjustments may be made the following year.What is the difference between the federal Office of Management and Budget (OMB) and the Congressional Budget Office (CBO)?
The OMB is an executive branch department that prepares the President's budget proposal to Congress. The CBO is a non-partisan agency that serves Congress by providing its own objective analysis of the President's budget proposal. The CBO also estimates the budgetary impact of other legislation that comes before Congress.What is the difference between the budget and a financial audit?
The budget is a forward-looking plan that specifies what a government intends to do during a fiscal year, how much it will cost, and how it will be funded. A financial audit reports on financial activity that has already taken place and assesses whether that activity is in compliance with all rules and procedures.