What are outlays in the federal budget?

An outlay occurs when Federal money is actually paid out, not just promised to be paid (“obligated”). Payments made to liquidate an obligation (other than the repayment of debt principal or other disbursements that are “means of financing” transactions).

What is an indefinite appropriation?

Appropriation: A law of Congress that provides an agency with budget authority. An appropriation allows the agency to incur obligations and to make payments from the U.S. Treasury for specified purposes. Appropriations are definite (a specific sum of money) or indefinite (an amount for “such sums as may be necessary”).

What does budget authority mean?

Often called funding, budget authority is the amount of money available to a federal agency for a specific purpose. The authority to commit to spending federal funds is provided to agencies by law.

Can no year funds be Cancelled?

No-year authority can be cancelled if two conditions are met: 1. The head of the agency concerned or the president determines that the purposes for which the appropriation was made have been carried out; 2.

What are receipts and outlays?

Basics: Budget receipts constitute the income side of the budget and are composed almost entirely of taxes or other compulsory payments to the Government. Budget outlays constitute the spending side of the budget and include mandatory and discretionary spending.

What are the three categories of government outlays?

The U.S. Treasury divides all federal spending into three groups: mandatory spending, discretionary spending and interest on debt. Together, mandatory and discretionary spending account for more than ninety percent of all federal spending, and pay for all of the government services and programs on which we rely.

What are different types of appropriation?

The three types of appropriations measures are regular appropriations bills, continuing resolutions, and supplemental appropriations bills.

What is the difference between congressional authorization and appropriation?

First, authorization bills establish, continue, or modify agencies or programs. Second, appropriations measures may provide spending for the agencies and programs previously authorized. Authorization acts establish, continue, or modify agencies or programs.

Which of the following are examples of budget authority?

The basic forms of budget authority include (1) appropriations, (2) borrowing authority, (3) contract authority, and (4) authority to obligate and expend offsetting receipts and collections.

What is obligation authority?

the necessary authority that precedes budget spending by a government agency or department, granted by Congress through appropriations.