What is the Budget?. A budget is a financial plan submitted to the appropriate body for approvalOnce approved, budgets carry the status of lawWhen voted upon, an appropriation act gives the legal authority to spend and generally sets the maximum limit for spending. Importance of Budget Reporting. The primary means of financial control by the government is the budgetThe financial report should answer the question -- Did the government use its funds as promised?Budget amounts are incorporated 23
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