Budget

1. Planning.

Any plan expressed in monetary terms.

2. Taxation.

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. Taxation - 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. Government taxation - all jurisdictions.

Similar formal statements made by the finance ministers of other governments, or by the responsible officers of other organisations.

See also

• Finance Act
• Forecast
• Fiscal year
• Office for Budget Responsibility
• Risk budget
• Variance analysis
• Zero based budgeting