Budget

1. Any plan expressed in monetary terms.
2. The level of taxation minus government spending. A budget surplus is where taxation exceeds government spending. A budget deficit is where government spending exceeds taxation.
3. UK. A formal statement - normally made annually - by the UK Chancellor of the Exchequer setting out the government's taxation proposals for the next fiscal year.
4. Similar formal statements made by the finance ministers of other governments, or by the responsible officers of other organisations.

See also

• Finance Act
• Fiscal year
• Risk budget
• Zero based budgeting