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- Hey mark, Aren't you the one who asked about the national budget cycle earlier?
- Let's walk, I'll share you my knowledge about The National Budget Cycle.
- Yes Sir
- Okay Sir,
- Welll, budgeting for the national government involves four distinct phase. It is the Budget Preparation, Budget Authorization, Budget Execution and Accountability.
- Ah okay sir
- How is the annual national budget prepared?
- The preparation of the annual budget involves a series of steps that begins with the determination of the overall economic targets, expenditure levels,revenue projection and the financing plan by the Development Budget Coordinating Committee (DBCC)
- The DBCC is an inter-agency body composedof the DBM Secretary as Chairman and the Bangko Sentral Governor, the Secretary of the Department of Finance, the Director General of the National Economic and Development Authority and a representative of the Office of the President as members.
- ahh, okay.
- Sir, when does the national budget implemented?
- Now I Know!
- The budget and management reforms implemented since 2010 have strengthened the manner by which the government prepares, authorizes, implements, and accounts for the use of the National Budget.
- Thank you sir for sharing your knowledge.
- No problem mark, See you tomorrow
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