an annual financial statement is meant by the budget of a country.
what is meant by the budget of a country?
an annual financial statement
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there are many steps when it comes to the development of the budget within the executive branch which takes nearly a year to complete. the first step is the office of management and budget informing the president of the economic situation of the country.  the next step takes place in the spring and is known as the “spring guidance” in which the office of management and budget provide executive agencies with instructions on policy guidance for the agencies to use when coming up with their budget requests along with thru due dates for agencies to submit their request. the omb then works with the executive agencies to discuss issues for the upcoming budget. in july, the omb issues circular a-11 to all agencies, which outlines clear instructions on submitting the budget proposals which the executive agencies then submit by september. the fiscal year begins october 1 and the omb staff meet with senior agency representatives to discuss their proposals to find out if it fits in line with the president’s priorities and policies and identify constraints within the budget proposal until late november. the omb director then meets with president and eop advisors to discuss the budget proposals set forth by the agencies and recommends a federal budget proposal. the agencies are notified about decisions regarding their budget requests in which they can appeal to omb and the president in december if they not satisfied with the decision. after working together to resolve issues, agencies and omb prepare a budget justification document to present to relevant congressional committees, especially the appropriations committee. finally, by the first monday in february, the president must review and submit the final budget to congress to approve.
office of management and budget