What are the phases of the budget process?

The phases of the budget process are accurately identified as preparation, legislative, and execution.

In the preparation phase, budgetary needs are assessed, and the necessary data is gathered to develop a budget proposal. This involves setting priorities, estimating revenues, and forecasting expenditures. The objective during this phase is to compile a budget that aligns with the government entity’s strategic goals and legal requirements.

Once the budget proposal is prepared, it moves to the legislative phase where it is presented to the appropriate governing body, such as a city council or a legislative assembly. This phase includes discussions, potential revisions, and the approval process. Legislators review the budget to ensure that it meets community needs and adheres to policy guidelines.

The final phase, execution, entails the management and monitoring of the approved budget. During this stage, funds are allocated to various departments, and expenditures are tracked to ensure they align with the planned budget. Effective execution is critical to achieving the goals outlined in the budget and to ensure accountability in government spending.

Other options describe related processes but do not encapsulate the full scope of the budget process as traditionally recognized. For instance, planning, monitoring, and evaluation focus more on programmatic activities rather than exclusively on budgetary phases. The same goes for proposal