A
government budget is a government document presenting the government's proposed
revenues and
spending for a financial year that is often passed by the
legislature, approved by the
chief executive or president and presented by the
Finance Minister to the nation. The
budget is also known as the Annual Financial Statement of the country. This document estimates the anticipated government revenues and government expenditures for the ensuing (current) financial year. For example, only certain types of revenue may be imposed and collected.
Property tax is frequently the basis for municipal and county revenues, while
sales tax and/or
income tax are the basis for state revenues, and
income tax and
corporate tax are the basis for national revenues.