Which term refers to the disbursement of budget authority from a central management agency?

The term that refers to the disbursement of budget authority from a central management agency is indeed apportionment. Apportionment involves the process through which budgetary amounts are distributed among various agencies or departments within a government. This allows a central management agency to control and oversee how much money each entity can use for their respective operations within a given fiscal period.

Understanding this process is essential because it ensures that funds are managed effectively and that spending aligns with the government's financial plan and priorities. Apportionment is crucial for maintaining fiscal discipline and providing transparency in the utilization of public funds.

In contrast, the other terms listed refer to different concepts within the budgetary process. Allotment typically refers to the allocation of funds to specific agencies or programs following the apportionment process. Budgeting involves the overall planning process that outlines how an entity's funds will be allocated across various functions. Allocation, while closely related, is more general and can refer to the distribution of resources within a broader scope. Thus, the specificity of apportionment in relation to a central management agency sets it apart as the correct answer.