13 key terms in national government budgeting

"Appropriation" refers to an authorization made by law or other legislative enactment, directing payment out of government funds under specified conditions or for specified purposes.

"Allotment" refers to an authorization issued by the Department of the Budget to an agency, which allows it to incur obligation for specified amounts contained in a legislative appropriation.

"Budget" refers to a financial plan required to be prepared pursuant to Section 16 (1) , Article VIII of the Constitution, reflective of national objectives, strategies and programs.

"Current operating expenditures" refers to appropriations for the purchase of goods and services for current consumption or for benefits expected to terminate within the fiscal year."Capital outlay" or "capital expenditures" refers to an appropriation for the purchase of goods and services, the benefits of which extend beyond the fiscal year and which add to the assets of the Government, including investments in the capital of government-owned or controlled corporations and their subsidiaries.

"Continuing appropriation" refers to an appropriation available to support obligations for a specified purpose or project, even when these obligations are incurred beyond the budget year.

"Expected result" means service, product, or benefit that will accrue to the public, estimated in terms of performance measures or targets.

"Fiscal year" refers to the period beginning with the first day of January and ending with the thirty-first day of December of each calendar year.

The "Government" means the National Government, including the Executive, the Legislative and the Judicial Branches, and the Constitutional Commissions.

"Department and agency" and "department or agency" include all departments, bureaus, offices, boards, commissions, courts, tribunals, councils, authorities, administrations, centers, institutes, state colleges and universities, and all other establishments and instrumentalities of the National Government as defined in the preceding paragraph.

"Obligation" refers to an amount committed to be paid by the Government for any lawful act made by an authorized officer for and in behalf of the Government.

"Program" refers to the functions and activities necessary for the performance of a major purpose for which a government agency is established.

"Project" means a component of a program covering a homogenous group of activities that results in the accomplishment of an identifiable output. (Executive Order No. 292)