budget authority

English - English

Definition of budget authority in English English dictionary: Authority provided by law to incur financial obligations that will result in immediate or future outlays of federal government funds Budget authority may be provided in an appropriation act or authorization act and may take the form of authority to obligate offsetting collections or receipts Offsetting collections and receipts are classified as negative budget authority See appropriation act, authorization act, offsetting collections, offsetting receipts, and outlays; Authority provided by law (appropriation or authorizing legislation) to enter into obligations that will result in immediate or future outlays involving Federal Government funds; The legislative authority to enter into an obligation that will result in the immediate or future outlays involving federal funds The basic forms of budget authority are appropriations, contract authority and borrowing authority; Authority provided to the U S Government by law to enter into obligations which result in outlays or government funds; Allows the federal government to incur a financial liability, typically a contract for direct payment, a loan, or a loan guarantee; Authority provided by law to enter into financial obligations that will result in immediate or future outlays involving federal government funds Each fiscal year, ITA Budget Office sends FCS a cable indicating its available budget authority to incur obligations; Authority given federal agencies to obligate government funds The basic forms of budget authority are appropriations, contract authority, and borrowing authority Budget authority may be classified by the period of availability (one-year or multi-year), by the timing of congressional action (current or permanent), or by the manner of determining the amount available (definite or indefinite); Authority provided by law to enter into financial obligations that will result in immediate or future outlays of federal government funds (A Glossary of Terms Used in the Federal Budget Process, GAO, 1993) See Obligations, Outlays, and Costs; Authority provided by law to enter into obligations that normally result in the outlay of funds The main forms of budget authority are appropriations, borrowing authority, and contract authority Budget authority may be classified by the period of availability (one year, multiyear, or no year), by the timing of congressional action (current or permanent), or by the specificity of the amount available; Authority to enter into obligations that will result in immediate or future outlays involving federal funds; is the legal authorization to expend funds Budget authority is most commonly granted in the form of annual appropriations by Congress; Authority to enter into obligations that will result in immediate or future outlays involving federal funds The basic forms of budget authority are appropriations, contract authority and borrowing authority; A federal budgetary term that refers to legal authority given by Congress to federal agencies to make funds available for obligation or expenditure; Authority provided by law and becoming available during the budget year to incur obligations against revenues on a permanent basis and against borrowing authority; Authority provided by law to enter into financial obligations that will result in immediate or future outlays of Federal government funds Budget authority includes the credit subsidy costs for direct loan and loan guarantee programs Basic forms of budget authority include appropriations, borrowing authority, contract authority, and authority to obligate and expend offsetting receipts and collections; The authority to incur a legal obligation to pay a sum of money from the U S Treasury; Empowerment by Congress that allows federal agencies to incur obligations to spend or lend money This empowerment generally is in the form of appropriations from general revenues to the U S Treasury However, for discretionary programs, it is in the form of "contract authority" derived from the Trust Fund Resource Budget authority permits agencies to obligate all or part of the funds that were previously "authorized " Without budget authority, federal agencies cannot commit the government to make expenditures or loans; The authority becoming available during the year to enter into obligations that result in immediate or future outlays of government funds; Budget authority is basically permission provided by law to enter into obligations that will result in outlays of Federal Government funds Budget authority may be classified by the period of availability [one-year, multi-year, no-year (those that remain available for an indefinite period of time)] Related Terms: Appropriations, Outlays; Authority provided by law to spend federal or state money or to acquire financial obligations that will result in spending