Budget and budgetary system - Vostricov Denis

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Public Budget represents the basis of every country’s financial system, expressing the specific type of financial relations - budgetary relations that are implied in the processes of formation, distribution and use of budgetary funds necessary for the national (central) and local state bodies. Public Budget represent the economic relations that manifest themselves in the process of formation and utilization of the main centralized cash fund of the state and of the administrative-territorial units’ funds, with the purpose of financing the activities focused on improving the quality of life, the economic development of the country, scientific research, improving and widening the infrastructure, creating state reserves, national defense, and public and law order . Public Budget represents the main document, viewed as a law, which establishes the nature and the size of income that is mobilized by the state on one side, and on another side the type and the amount of budget allocations that the state will forward to fund various activities during the year. There are three categories of financial (budget) laws: a. The annual law of finance or the law of initial budget which stipulates and authorizes the set of state resources and expenses for each financial year and it is known as the State Budget Law b. The adopted laws of the state budget (adopted for the current year) focus on the rectification (correction) of the provisions of the initial budget law (the number of the provisions is not fixed and can vary from year to year); c. Law of finance regulation (Law of execution of the Budget). After expiration of the budget year ( usually after one year), through which is established the real execution of budget and approved differences between recorded results and forecasts of annual law of finance, fulfilled by adjusting laws. This law can be considered in a narrow acceptance. ...