CGFO - Financial Planning and
Budgeting
Priority Based Budgeting - ✔️✔️Alignment of entity's budget on a program-by-program
basis to match priorities of governing body
Final Appropriated Budget - ✔️✔️All amendments through year
Original Budget - ✔️✔️As approved by legislative beginning of year
Budget Authority - ✔️✔️Authority to enter in to financial obligations (spend, borrow,
contract) in advance of appropriation
Budget Process - ✔️✔️Activities that encompass the development, implementation,
and evaluation of a plan of provision of services and capital assets
Allotment - ✔️✔️Administrative distribution by time period
Act of 1974 - ✔️✔️Basis for deferral budget: act that established process-
congressional budget and impoundment control
Program Budget - ✔️✔️Budget focusing on the types of services provided with
subsidiary focus on objects of expenditures
Operating Budget - ✔️✔️Budget for ongoing activities that are repeated year after year
(recurring)
Line Item Budget - ✔️✔️Budget prepared on the basis of object of expenditure
categories
Recission - ✔️✔️Cancellation of budget authority (must be approved by both houses)
Zero Based Budgeting - ✔️✔️Combines program and budgeting by objective - includes
examination of different budget levels and probable influence on meeting objectives
including "what if's" questions bases budget distribution
Executive Budget - ✔️✔️Compilation of information, proposals, and estimates prepared
and submitted by the chief executive to the legislative body (GASB)
Budget - ✔️✔️Financial plan; service goals with associated costs and means for
financing
, Incremental - ✔️✔️Focuses on changes to individual objects of expenditure over
current budget level (line item budget)
Program / Activity Budgeting - ✔️✔️Focuses on groups of activities primarily and
secondarily on objects of expenditures; programs budget typically focuses on services
provided through dollars and not just dollars spent
Line Item - ✔️✔️Focuses on objects of expenditure (should be combined with program
budget)
Recurring Cost - ✔️✔️Funding for ongoing operations
Start Up Budget / One-Time - ✔️✔️Funding required on a one-time basis; should be
separated from recurring costs
Supplemental Appropriation - ✔️✔️Funds approved above annual appropriations act
(surplus)
Mission of Budget Process - ✔️✔️Helps decision makers make informed choices for
the provision of services and capital assets and to promote stakeholder participation in
the decision process
Annualization - ✔️✔️In governmental budgeting the funding required in year two to fully
fund an item partially funded in year one
Funding Reallocation Initiatives - ✔️✔️Involves reallocation of results by reducing base
budgets of some programs to create opportunity funding for higher priority areas
Appropriation - ✔️✔️Legislative body's legal limit set on spending; approved in the form
of a law, act, or ordinance
National Emergencies Act 1976 - ✔️✔️Limits and provides procedural requirements on
president's actions related to budget actions to address emergencies; provides
congressional oversight; congress may override declaration
Capital Plan - ✔️✔️Long range (5+ years) projection of capital needs and financing
Capital Budget - ✔️✔️Plan of capital outlays for upcoming fiscal year (equipment,
buildings, land, vehicles, etc.) along with sources of funding
Allocation - ✔️✔️Portion of appropriation set aside for specific function or expenditure
categories
Budgeting
Priority Based Budgeting - ✔️✔️Alignment of entity's budget on a program-by-program
basis to match priorities of governing body
Final Appropriated Budget - ✔️✔️All amendments through year
Original Budget - ✔️✔️As approved by legislative beginning of year
Budget Authority - ✔️✔️Authority to enter in to financial obligations (spend, borrow,
contract) in advance of appropriation
Budget Process - ✔️✔️Activities that encompass the development, implementation,
and evaluation of a plan of provision of services and capital assets
Allotment - ✔️✔️Administrative distribution by time period
Act of 1974 - ✔️✔️Basis for deferral budget: act that established process-
congressional budget and impoundment control
Program Budget - ✔️✔️Budget focusing on the types of services provided with
subsidiary focus on objects of expenditures
Operating Budget - ✔️✔️Budget for ongoing activities that are repeated year after year
(recurring)
Line Item Budget - ✔️✔️Budget prepared on the basis of object of expenditure
categories
Recission - ✔️✔️Cancellation of budget authority (must be approved by both houses)
Zero Based Budgeting - ✔️✔️Combines program and budgeting by objective - includes
examination of different budget levels and probable influence on meeting objectives
including "what if's" questions bases budget distribution
Executive Budget - ✔️✔️Compilation of information, proposals, and estimates prepared
and submitted by the chief executive to the legislative body (GASB)
Budget - ✔️✔️Financial plan; service goals with associated costs and means for
financing
, Incremental - ✔️✔️Focuses on changes to individual objects of expenditure over
current budget level (line item budget)
Program / Activity Budgeting - ✔️✔️Focuses on groups of activities primarily and
secondarily on objects of expenditures; programs budget typically focuses on services
provided through dollars and not just dollars spent
Line Item - ✔️✔️Focuses on objects of expenditure (should be combined with program
budget)
Recurring Cost - ✔️✔️Funding for ongoing operations
Start Up Budget / One-Time - ✔️✔️Funding required on a one-time basis; should be
separated from recurring costs
Supplemental Appropriation - ✔️✔️Funds approved above annual appropriations act
(surplus)
Mission of Budget Process - ✔️✔️Helps decision makers make informed choices for
the provision of services and capital assets and to promote stakeholder participation in
the decision process
Annualization - ✔️✔️In governmental budgeting the funding required in year two to fully
fund an item partially funded in year one
Funding Reallocation Initiatives - ✔️✔️Involves reallocation of results by reducing base
budgets of some programs to create opportunity funding for higher priority areas
Appropriation - ✔️✔️Legislative body's legal limit set on spending; approved in the form
of a law, act, or ordinance
National Emergencies Act 1976 - ✔️✔️Limits and provides procedural requirements on
president's actions related to budget actions to address emergencies; provides
congressional oversight; congress may override declaration
Capital Plan - ✔️✔️Long range (5+ years) projection of capital needs and financing
Capital Budget - ✔️✔️Plan of capital outlays for upcoming fiscal year (equipment,
buildings, land, vehicles, etc.) along with sources of funding
Allocation - ✔️✔️Portion of appropriation set aside for specific function or expenditure
categories
