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BASELINE BUDGETING FINANCES GOVERNMENT WASTE PDF

To fulfill that requirement, CBO provides the Congress with projections of revenues from each major revenue source, spending for every federal budget account, and the resulting deficits or surpluses, along with forecasts of the nation’s economy for the current fiscal year and for the ensuing 10 years. To help those committees carry out their responsibilities, the Budget Act also established the Congressional Budget Office and required it to produce an annual report on federal spending, revenues, and deficits or surpluses, as well as subsequent revisions to that report as may be necessary. The Congressional Budget Act of 1974, often called the Budget Act, established the House and Senate Committees on the Budget to set broad federal tax and spending policy and identify priorities for allocating budgetary resources. CBO’s Process for Developing and Reviewing Baseline Projections Spending Projections for a Sample Discretionary Account

What Information Does CBO Release Along With Its Baseline Projections?.

Does CBO Assess the Accuracy of Its Baseline Projections?.

How Does CBO Ensure Consistency Between Its Baseline Projections and Its Economic Forecast?.

Compiling a Database of Spending Projections.

How Does CBO Project Spending and Revenues?.

What Is the Basic Approach to Developing the Baseline?.

What Components of the Federal Budget Does the Baseline Include?.

How Does CBO Ensure That Its Baseline Projections Are as Accurate as Possible?.

What Information Does CBO Rely on to Produce Baseline Projections?.

What General Principles Guide the Work?.

When Does CBO Produce Its Baseline, How Long Does It Take, and What Resources Are Required?.

How Is the Baseline Used by CBO and the Congress?.

It concludes with a discussion of the key success factors for making the most effective use of baselines. It first discusses the definition and objectives of baselines and the methodology used for producing them before outlining how they should be prepared. This note aims to clarify and establish a framework that covers baselines’ various purposes and uses. Hence, they can be useful at both a micro and an aggregate level. Other features of baselines are that they are generally produced over a multiyear period, they can be calcu¬lated at any level or form of the budget classification (that is, ministries, economic classification, specific policies, functions or programs), and can be summed up to higher levels (such as the whole budget).

They represent neither future spending allocations nor total expected outturn as they do not incorporate estimates of the cost of new policies and the expected impact of saving measures. In many countries they are a basic tool for starting the preparation of the budget. They serve as reference points against which other data, such as proposed or approved budgets, or expenditure ceilings, can be compared.

BASELINE BUDGETING FINANCES GOVERNMENT WASTE PDF

Use the free Adobe Acrobat Reader to view this PDF fileĮxpenditure baseline projections (hereafter, “base¬lines”) are a key analytical concept in budget preparation that refers to estimates of future expenditure on the assumption that current policies remain unchanged.