Budget is the name given to the speculative assessment or calculation of the cost of a work or service to be provided.
The definition of a budget usually takes into account two main characteristics: the revenue, that is, the amount collected or available, and the expense, which would be the amount to be spent to complete or maintain something.
Budgets are present in many aspects of everyday life, from planning for a home renovation, to the amounts that will be destined for the maintenance of public services of the government, which directly or indirectly affect the lives of citizens.
Example: "The electrician made a budget of two thousand reais to repair the entire electrical system in the house”.
In English, the word “budget” is translated to budget.
Learn more about the meaning of budget.
Public budget
The public budget is the planning done with public resources (public money, collected from taxes, for example), to supply the priority needs of society, such as health, education, culture and so on.
The decision of the public budget is taken by the political power (Ministry of Finance, Ministry of Finance and Ministry of Planning), which represents the people, taking into account the emergency income and expenses of the parents.
In Brazil, the General Budget of the Union dictates all the expenses that the Federal Government, as well as the Legislative, Executive and Judiciary Powers, will have throughout the year.
Participatory budgeting
The concept of Participatory Budgeting is related to participatory democracy.
This means that all citizens would have the right to participate in the decision of the public budget for the region in which they live, opining on the most emergency aspects that should be the target of greater investments.
Business budget
It means planning the expenses, profits and investments that a business will have over a certain period of time in the future.
The business budget can be considered a forecast and precaution that companies make, defining goals and objectives.
The definition of a realistic and detailed budget, in these cases, helps to correct mistakes, overcome financial difficulties and probable crises.