Budgeting is the process of planning, adopting, executing, monitoring, and
auditing the fiscal program for the government for one or more future years.
The local budget process is the core of the system of fiscal administration,
because that is where the broad financial policies and programs of the
government are developed and the size of government is established, with the
other functions contributory to its operation.12 There are certain fundamental
principles for the design of a modern local budget system