Transcription of Chapter 4. THE BUDGET PREPARATION PROCESS A. …
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Chapter 4. THE BUDGET PREPARATION PROCESS A. …
Chapter BUDGET PREPARATION OF BUDGET PREPARATIOND uring BUDGET PREPARATION , trade-offs and prioritization among programs must bemade to ensure that the BUDGET fits government policies and priorities. Next, the mostcost-effective variants must be selected. Finally, means of increasing operationalefficiency in government must be sought. None of these can be accomplished unlessfinancial constraints are built into the PROCESS from the very start. Accordingly, thebudget formulation PROCESS has four major dimensions:1 Setting up the fiscal targets and the level of expenditures compatible withthese targets. This is the objective of preparing the macro-economicframework.
B. THE IMPORTANCE OF A MEDIUM-TERM PERSPECTIVE FOR BUDGETING The need to address all three objectives of public expenditure management–fiscal discipline, strategic resource allocation, and operational efficiency—is emphasized in chapter 1. This calls for a link between policy and budgeting and for a perspective beyond the immediate future.
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