Federal Budget

Federal Budget

Steps in the Budget Cycle

Formulation

The executive branch of the government is the one that is taking care of the formulation of the budget. The time period for this process can stretch from couple of weeks or it can take several months for this process to be completed (Kettl, 2000). The success and the failure of the budget formulation depend a lot on the formulation of the budget. The budgets are not supposed to be made every year from the scratch though. Instead the more recent budgets are taken into account when any such decision is to be made. These ...