Review of Revenue Estimates

Student Name

Course

Review of Revenue Estimates in Federal , State and Local Budgets

University

Date

Review of Revenue Estimates in Federal , State and Local Budgets

Introduction

Although a yearly undertaking , budgeting is a difficult process for government organizations . It undergoes several layers of preparation individual planning , committee meetings , evaluation , changes re-alignment , and approval prior to assuming the roles as the United States ' President 's proposal to the US Congress . Its preparation follows the framework set by the Budget and Accounting Act of 1921 , the Congressional Budget and

Impoundment Control Act of 1974 , and other federal fiscal policy and laws . The 1974 legislation provided more control to the created Congressional Budget Office away from the office of the president (GPO , 2010

The US 's various departments and agencies have their budget committees set spending limits for the office of the President , the House and the Senate as well as all other governmental agencies and their organizations . Once approved , bills for allocation of funds for various projects and programs are appropriated by the Congress (GPO , 2010 Another process of deliberation , objection and approval will ensue

SAP Global (2010 ) suggested that the US federal budget preparation undergoes a cycle : Various departments estimate an annual income based on previous years ' incomes expenditures and will base expected expenditures on said data . On the legislative level , there will be evaluation and consideration of the budget by the assigned committee where recommendations , adoption and appropriation will be enacted (SAP Global , 2010

This paper will discuss the 2009...