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A budget obligation refers to a commitment or requirement for a government or organization to allocate funds for a specific purpose or project, typically outlined in a budget plan. This can involve future expenditures that are legally binding, ensuring that the designated funds will be used for the intended activities. Budget obligations help maintain financial discipline and accountability by ensuring that resources are allocated according to priorities and regulations.
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What is the difference between liability and obligation?
Liability - is something covered by law. Obligation - is something you're 'expected' to do.
Budget and impoundment act of 1974?
The Congressional Budget and Impoundment Control Act is a U.S. federal law passed by the United States Congress specifying that the President may propose to Congress that funds be rescinded. If both the Senate and the House of Representatives have not approved a proposal within 45 days of session, any funds being withheld must be made available for obligation. It also reformed the U.S. budget process to create a unified process that joined the various congressional committees that were responsible for some aspect of the budget before. It has been amended many times, but the original Act that was made in 1974 remains the basis of today's procedures.
What was the Production Budget for The Core?
The Production Budget for The Core was $85,000,000.
What was the Production Budget for The Hangover?
The Production Budget for Tropic Thunder was $90,000,000.
What was the Production Budget for Gnomeo and Juliet?
The Production Budget for Beowulf was $150,000,000.
What is another name for Budget items mandated by law or by a previous obligation?
expenditures
How is the Capital budget primarily funded?
The Capital budget is primarily funded through the claiming of general obligation bonds. The most common of these is taxes, which are paid by the citizens.
What can be used for predicting program obligation performance and funding requirements and identifying potential budget execution problems.?
Spending Plan
When government takes in 100 million in taxes but has an obligation of 120 million in government services to provide is an example of?
Budget deficit
A(n) can be used for predicting program obligation performance and funding requirements and identifying potential budget execution problems?
Spending Plan
If you have not been obligating your funds according to your obligation plan you may become a prime candidate for losing your funds to other programs through?
If you have not been obligating your funds according to your obligation plan, you could risk having those funds reallocated to other programs during budget reviews or funding cycles. This is often done to ensure that resources are utilized effectively and to support programs that demonstrate a clear need for funding. It's crucial to adhere to your obligation plan to maintain access to allocated funds and avoid potential loss. Regular monitoring and timely obligation of funds can help safeguard your budget.
What government official is required by law to deliver a budget to the us congress?
The President of the United States is required by law to deliver a budget proposal to Congress. This obligation is outlined in the Congressional Budget and Impoundment Control Act of 1974, which mandates that the President submit an annual budget request by the first Monday in February. The budget proposal outlines the administration's priorities and funding requests for the upcoming fiscal year.
What is traditional budget?
Traditional budgeting is the amount of money that you allot for a period of time that is for a specific financial obligation. These would be for insurance, rent or entertainment.
Which step in the budget-making process is the best way to offset an unexpected financial obligation?
The best step in the budget-making process to offset an unexpected financial obligation is to review and adjust the existing budget allocations. This can involve identifying discretionary spending areas where cuts can be made or reallocating funds from less critical categories. Additionally, creating a contingency or emergency fund in advance can provide a financial buffer for such unforeseen expenses. Prioritizing essential expenses while minimizing non-essential spending is crucial during this adjustment.
What are the kinds of obligation?
1.PuRe oBliGAtIon 2.cOnDItIonAl oBligAtiOn 3.oBliGatIon wItH a pErIod4.aLtErnAtiVe obLIgAtiOn 5.facultatIve oBliGatIon 6.jOiNt oBliGatIon7.sOlIdAry oBliGAtiOn 8.dIvIsiBle obLigAtion 9.inDiViSiBle oBLigAtion10.oBlIGatIOn wIth a pEnaL cODe
How is obligation extinguished?
Obligation is extinguished by fulfilling the obligation as promised or as required.
What is the example of conditional obligation?
A conditional obligation is obligation with a condition. ex... I will support your studies in college if Mr. A dies.
