From the Congressional Glossary – Including Legislative and Budget Terms Federal Fund Accounts photo credit: 401K Budgetary accounts composed of moneys collected and spent by the federal government other than those designated as trust funds. Federal fund accounts include general, special, public enterprise, and intragovernmental fund accounts. (See also Standard General Ledger Chart of Accounts.) … Read more
From the Congressional Glossary – Including Legislative and Budget Terms Working Capital Fund photo credit: General Wesc A type of intragovernmental revolving fund that operates as a self-supporting entity that conducts a regular cycle of businesslike activities. These funds function entirely from the fees charged for the services they provide consistent with their statutory authority. … Read more
From the Congressional Glossary – Including Legislative and Budget Terms Revolving Fund photo credit: Orbisnonsuficit A fund established by Congress to finance a cycle of businesslike operations through amounts received by the fund. A revolving fund charges for the sale of products or services and uses the proceeds to finance its spending, usually on a … Read more
From the Congressional Glossary – Including Legislative and Budget Terms Earmarking / Earmarks / Miscellaneous Tariff Bills photo credit: Beau B Earmarking: Either of the following: (1) Dedicating collections by law for a specific purpose or program. Earmarked collections include trust fund receipts, special fund receipts, intragovernmental receipts, and offsetting collections credited to appropriation accounts. … Read more
From the Congressional Glossary – Including Legislative and Budget Terms Trust Fund / Trust Fund Accounts photo credit: Fristle Funds collected and used by the Federal Government for carrying out specific purposes and programs according to terms of a trust agreement or statute, such as the Social Security trust funds. Accounts designated as “trust funds” … Read more
From the Congressional Glossary – Including Legislative and Budget Terms President’s Budget photo credit: Navin75 The document sent to Congress by the President in January or February of each year, as required by law (31 U.S.C. § 1105), requesting new budget authority for federal programs and estimating federal revenues and outlays for the upcoming fiscal … Read more
From the Congressional Glossary – Including Legislative and Budget Terms Budget Process Established by the Congressional Budget and Impoundment Act of 1974, the budget process refers to the steps necessary for adoption of a concurrent resolution on the budget, thereby creating the framework for consideration of appropriations bills and authorizing legislation. The Joint Select Committee … Read more
From the Congressional Glossary – Including Legislative and Budget Terms Sequester / Sequestration photo credit: pheezy The cancellation of budgetary resources pursuant to the Budget Enforcement Act of 1990. If canceled, sequestration funds will not be available for obligation or expenditure. Sequestration may occur in response to the enactment of appropriations that cause a breach … Read more
From the Congressional Glossary – Including Legislative and Budget Terms Reconciliation photo credit: Ben Sutherland Reconciliation: Process by which Congress changes existing laws to conform revenue and spending levels to the limits set in a budget resolution. Limited to twenty hours of debate in the Senate. Reconciliation Instruction: A provision within a Budget Resolution directing … Read more
From the Congressional Glossary – Including Legislative and Budget Terms Budget Resolution photo credit: haydnseek Legislation in the form of a concurrent resolution setting forth the congressional budget, but not requiring the president’s signature. The budget resolution establishes various budget totals, divides spending totals into functional categories (e.g., transportation), and may include reconciliation instructions to … Read more