From the Congressional Glossary – Including Legislative and Budget Terms Obligation photo credit: smudie A legally binding agreement that will result in outlays, immediately or in the future. A promise to pay. The obligation, the promise to pay, is the initial action in the Federal spending process. Appropriations laws establish whether funds are available to … Read more
From the Congressional Glossary – Including Legislative and Budget Terms Outlay photo credit: smudie Outlays are payments made (generally through the issuance of checks or disbursement of cash) to liquidate obligations. The issuance of checks, disbursement of cash, or electronic transfer of funds made to liquidate a federal obligation. Outlays also occur when interest on … Read more
From the Congressional Glossary – Including Legislative and Budget Terms Off-Budget / Off-Budget Entities / On-Budget Entities David Certner: Social Security as an off-budget program Off-budget: Those budgetary accounts (either federal or trust funds) designated by law as excluded from budget totals. As of 2005, the revenues and outlays of the two Social … Read more
From the Congressional Glossary – Including Legislative and Budget Terms Nonbudgetary A term used to refer to transactions of the government that do not belong within the budget. Nonbudgetary transactions (such as deposit funds, direct loan and loan guarantee financing accounts, and seigniorage) do not belong in the budget because they do not represent net … Read more