![]() These laws establish the processes by which Congress enacts and the President signs into law spending and revenue measures and have come to be known, collectively, as the Federal budget process. In 1974, Congress enacted the Congressional Budget and Impoundment Control Act, which provides for the annual adoption of a budget resolution and established the House and Senate Budget Committees and the Congressional Budget Office (CBO). The Budget and Accounting Act of 1921, as amended, requires the President to submit an annual budget proposal to Congress, established the Office of Management and Budget (OMB), and the Government Accountability Office (GAO) (formerly, the General Accounting Office). The Federal budget process provides the means for the executive and legislative branch to make informed decisions between competing national needs and policies, to determine priorities, to allocate resources to those priorities, and to ensure the laws are executed according to those priorities. The President’s budget is submitted to Congress early each calendar year in accordance with the Budget and Accounting Act of 1921, as amended, and represents proposals for congressional consideration. Each year, the budget includes a record of actual receipts and spending for the fiscal year that was just completed, an estimate of current-year receipts and spending, and estimates of receipts and spending for the upcoming fiscal year and the 9 succeeding fiscal years.įor the Federal Government, the term “budget” often refers to the President’s budget submission, officially, the Budget of the United States Government. The Federal budget sets forth priorities and levels of spending, ways of financing the spending and a plan for managing the funds. Congress must approve the District's budget as part of one of the 12 annual federal appropriations bills.The budget is a detailed statement of anticipated revenues and expenditures during an accounting period. Once agreement is reached between the Mayor and the Council, the budget is adopted and transmitted to the President of the United States for submission to Congress for approval. If the Mayor vetoes the budget, the Council may override the veto. The Mayor may sign or veto the Council's budget. The Council holds public hearings and accepts the Mayor's budget or adopts its own version. The Mayor develops and submits the proposed budget and financial plan for the next fiscal year to the Council of the District of Columbia in March. General obligation bonds (or income tax revenue bonds) and federal grants primarily finance capital projects. Through the capital budget's six-year Capital Improvements Plan, the District constructs or repairs facilities such as school buildings, bridges, roads, and swimming pools. ![]() The capital budget provides information on the District's infrastructure, fixed assets and other capital needs. Revenues to support the services provided by the operating budget come from a variety of sources, such as taxes, fees and charges, and federal revenues. This budget supports eight categories of governmental services including public education, human support services, and public safety. The operating budget funds the District's daily operations. Both the operating and capital budgets provide stakeholders with information on the operations of the District's over 100 agencies. Additionally, the budget document provides a five-year financial plan, which shows the long-term impact of current spending and is a critical tool in ensuring the fiscal health of the District. The District's operating and capital budgets identify the programs that are to be funded in the fiscal year and the revenue that will support these programs.
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