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In the context of the management and control of public finances in your country: Explain the meaning of the term "budget cycle".

In the context of the management and control of public finances in your country:
Explain the meaning of the term "budget cycle".

Answers

Kavungya
The budget cycle is the period which begins with the initiation of the preparation of the central
government budget for any new financial year. The cycle starts with the budgetary estimates
preparation stage, through the authorization of estimates into budgets for spending, the processes of
spending such amounts authorized and the final accountability of such spending to Parliament as
confirmed by the audit of the financial reports revealing the spending.
For an efficient budget cycle and budget preparation, there is the concept of Public Expenditure
Survey (PES) that adds more value to the annual budgeting process.
PES in government financial administration is a process that involves the examination of spending
activities of public sector organizations and how such expenditures have been felt through projects
and developments in the economy.
A good system of PES enables governments to note their progress and to take decisions on annual
public finances, and new public expenditure plans for new year(s).
Kavungya answered the question on May 6, 2022 at 06:03

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