A budget is a calculation plan, usually but not always financial , for a defined period , often one year or a month. A budget may include anticipated sales volumes and revenues , resource quantities including time, costs and expenses , environmental impacts such as greenhouse gas emissions, other impacts, assets , liabilities and cash flows . Companies, governments, families, and other organizations use budgets to express strategic plans of activities in measurable terms.
67-653: The Budget of His Majesty's Government is an annual budget set by HM Treasury for the following financial year, with the revenues to be gathered by HM Revenue and Customs and the expenditures of the public sector , in compliance with government policy. The budget statement is one of two statements made by the Chancellor of the Exchequer in the House of Commons , with the Spring Statement being made
134-531: A "Vote on Account" in early spring that provided continuity of funding into the new fiscal year, up until the point that the new budget was enacted. The spending authorized in the Vote on Account was normally 45% of the amounts already authorized in the current fiscal year, taking into account the Main Estimates and any revised or Supplementary Estimates already approved by Parliament. Legislative action on
201-608: A business , division , or corporation is a financial forecast for the near-term future, usually the next accounting period , aggregating the expected revenues and expenses of the various departments – operations, human resources , IT, etc. It is thus a key element in integrated business planning , with measurable targets correspondingly devolved to departmental managers (and becoming KPIs ); budgets may then also specify non-cash resources, such as staff or time. The budgeting process requires considerable effort , often involving dozens of staff; final sign-off resides with both
268-406: A "literature of ideas". Some science fiction authors construct a postulated history of the future called a " future history " that provides a common background for their fiction. Sometimes authors publish a timeline of events in their history, while other times the reader can reconstruct the order of the stories from information in the books. Some published works constitute "future history" in
335-540: A Union Territory, preparation of the Budget of such State. The first budget of India was submitted on 18 February 1860 by James Wilson . P C Mahalanobis is known as the father of Indian budget. The Philippine budget is considered the most complicated in the world, incorporating multiple approaches in one single budget system: line-item (budget execution), performance (budget accountability), and zero-based budgeting . The Department of Budget and Management (DBM) prepares
402-473: A conclusion reached through a deliberate thought pattern that leads to a positive personal attitudes and by extension is linked to more philanthropic behaviours. Pessimism as stated before is the opposite of optimism. It is the tendency to see, anticipate, or emphasize only bad or undesirable outcomes, results, or problems. The word originates in Latin from Pessimus meaning worst and Malus meaning bad and has
469-503: A critical eye. More generally, one can regard science fiction as a broad genre of fiction that often involves speculations based on current or future science or technology . Science fiction is found in books, art, television, films, games, theater, and other media. Science fiction differs from fantasy in that, within the context of the story, its imaginary elements are largely possible within scientifically established or scientifically postulated laws of nature (though some elements in
536-454: A distinctive thrust towards rationalism and modernism through the use of advanced building materials. The ideals of futurism remain as significant components of modern Western culture ; the emphasis on youth, speed, power and technology finding expression in much of modern commercial cinema and commercial culture. Futurism has produced several reactions, including the 1980s-era literary genre of cyberpunk —which often treated technology with
603-414: A hole into the fabric of space-time" would require the energy of a star. Another theory is that a person could travel in time with cosmic strings . In the philosophy of time , presentism is the belief that only the present exists , and the future and past are unreal . Past and future "entities" are construed as logical constructions or fictions . The opposite of presentism is ' eternalism ', which
670-582: A holistic or systemic view based on insights from a range of different disciplines. Third, futures studies challenges and unpacks the assumptions behind dominant and contending views of the future. The future thus is not empty but fraught with hidden assumptions. Futures studies do not generally include the work of economists who forecast movements of interest rates over the next business cycle, or of managers or investors with short-term time horizons. Most strategic planning, which develops operational plans for preferred futures with time horizons of one to three years,
737-483: A large consolidated document titled "Central Government Supply Estimates (Budget Year-Following Year): Main Supply Estimates" The government reserves the right to submit "Supplementary Estimates" in the spring and winter of a given fiscal year to update its agencies' spending totals for the current financial year and report any governmental re-organizations. When an agency submits a Supplementary Estimate, it
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#1732775996960804-406: A life after death. Members of some generally non-theistic religions such as Buddhism , tend to believe in an afterlife like reincarnation but without reference to God . Agnostics generally hold the position that like the existence of God, the existence of supernatural phenomena, such as souls or life after death, is unverifiable and therefore unknowable. Many religions, whether they believe in
871-443: A link to misanthropic belief systems. Religions consider the future when they address issues such as karma , life after death , and eschatologies which consider what the end of time and the end of the world will be like. In religion, major prophets are said to have the power to change the future. Common religious figures have claimed to see into the future, such as minor prophets and diviners . The term "afterlife" refers to
938-400: A more literal sense—i.e., stories or whole books written in the style of a history book but describing events in the future. Examples include H.G. Wells ' The Shape of Things to Come (1933)—written in the form of a history book published in the year 2106 and in the manner of a real history book with numerous footnotes and references to the works of (mostly fictitious) prominent historians of
1005-414: A personal budget. There are several methods and tools available for creating, using, and adjusting a personal budget. For example, jobs are an income source, while bills and rent payments are expenses. A third category (other than income and expenses) may be assets (such as property, investments, or other savings or value) representing a potential reserve for funds in case of budget shortfalls. The budget of
1072-455: A sort of stretchy fabric that bends due to forces such as gravity. In classical physics the future is just a half of the timeline, which is the same for all observers. In special relativity the flow of time is relative to the observer's frame of reference . The faster an observer is traveling away from a reference object, the slower that object seems to move through time. Hence, the future is not an objective notion anymore. A more modern notion
1139-475: A specific time in the future, and actions described by the future perfect continuous tense are expected to be continuing as of a specific time in the future. "The trouble with the future is that it's so much less knowable than the past." John Lewis Gaddis , The Landscape of History . The linear view of time (common in Western thought ) draws a stronger distinction between past and future than does
1206-406: A story might still be pure imaginative speculation). Settings may include the future, or alternative time-lines, and stories may depict new or speculative scientific principles (such as time travel or psionics ), or new technology (such as nanotechnology , faster-than-light travel or robots ). Exploring the consequences of such differences is the traditional purpose of science fiction, making it
1273-447: Is absolute future , or the future light cone . While a person can move backward or forwards in the three spatial dimensions, many physicists argue you are only able to move forward in time. One of the outcomes of Special Relativity Theory is that a person can travel into the future (but never come back) by traveling at very high speeds. While this effect is negligible under ordinary conditions, space travel at very high speeds can change
1340-583: Is a part of theology and philosophy concerned with the final events in the Human history , or the ultimate destiny of humanity , commonly referred to as the end of the world. While in mysticism the phrase refers metaphorically to the end of ordinary reality and reunion with the Divine, in many traditional religions it is taught as an actual future event prophesied in sacred texts or folklore . More broadly, eschatology may encompass related concepts such as
1407-427: Is also not considered futures. But plans and strategies with longer time horizons that specifically attempt to anticipate and be robust to possible future events, are part of a major subdiscipline of futures studies called strategic foresight. The futures field also excludes those who make future predictions through professed supernatural means. At the same time, it does seek to understand the model's such groups use and
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#17327759969601474-441: Is an interdisciplinary field, studying yesterday's and today's changes, and aggregating and analyzing both lay and professional strategies, and opinions with respect to tomorrow. It includes analyzing the sources, patterns, and causes of change and stability in the attempt to develop foresight and to map possible futures. Modern practitioners stress the importance of alternative and plural futures, rather than one monolithic future, and
1541-404: Is completed as of a specific time in the future. Finally, verbs in the future perfect continuous tense combine the features of the perfect and continuous tenses, describing the future status of actions that have been happening continually from now or the past through to a particular time in the future. In the sentence, "She will have been walking home," the verb phrase "will have been walking" is in
1608-460: Is considered inevitable due to the existence of time and the laws of physics . Due to the apparent nature of reality and the unavoidability of the future, everything that currently exists and will exist can be categorized as either permanent, meaning that it will exist forever, or temporary, meaning that it will end. In the Occidental view, which uses a linear conception of time, the future
1675-556: Is considered one of the most important and influential texts in 20th-century musical aesthetics. Other examples of futurist music include Arthur Honegger 's " Pacific 231 " (1923), which imitates the sound of a steam locomotive, Prokofiev 's " The Steel Step " (1926), Alexander Mosolov 's " Iron Foundry " (1927), and the experiments of Edgard Varèse . Literary futurism made its debut with F.T. Marinetti 's Manifesto of Futurism (1909). Futurist poetry used unexpected combinations of images and hyper-conciseness (not to be confused with
1742-692: Is customary to also submit an "Estimate Memorandum" to the agency's relevant oversight committee in Parliament describing and justifying the changes. This condenses two functions – reporting supplemental spending requests and agency re-organizations . Differences between the UK and United States: Differences between the UK and the European Union: Budget Preparing a budget allows companies , authorities , private entities or families to establish priorities and evaluate
1809-450: Is in the future continuous tense because the action described is not happening now, but will happen sometime afterwards and is expected to continue happening for some time. Verbs in the future perfect tense indicate actions that will be completed at a particular point in the future. For example, the verb phrase , "will have walked," in the sentence, "She will have walked home," is in the future perfect tense because it refers to an action that
1876-538: Is known to encompass anticipation of the future. Anticipatory behavior can be the result of a psychological outlook toward the future, for examples optimism , pessimism , and hope . Optimism is an outlook on life such that one maintains a view of the world as a positive place. People would say that optimism is seeing the glass "half full" of water as opposed to half empty . It is the philosophical opposite of pessimism. Optimists generally believe that people and events are inherently good, so that most situations work out in
1943-597: Is prepared by the Budget Division Department of Economic Affairs of the Ministry of Finance annually. The Finance Minister is the head of the budget making committee. The present Indian Finance minister is Nirmala Sitharaman . The Budget includes supplementary excess grants and when a proclamation by the President as to failure of Constitutional machinery is in operation in relation to a State or
2010-559: Is similar to forecasting but is used more generally, for instance, to also include baseless claims on the future. Organized efforts to predict the future began with practices like astrology , haruspicy , and augury . These are all considered to be pseudoscience today, evolving from the human desire to know the future in advance. Modern efforts such as futures studies attempt to predict technological and societal trends, while more ancient practices, such as weather forecasting, have benefited from scientific and causal modelling . Despite
2077-557: Is the belief that things in the past and things yet to come exist eternally . Another view (not held by many philosophers) is sometimes called the ' growing block ' theory of time—which postulates that the past and present exist, but the future does not. Presentism is compatible with Galilean relativity , in which time is independent of space, but is probably incompatible with Lorentzian / Albert Einsteinian relativity in conjunction with certain other philosophical theses that many find uncontroversial. Saint Augustine proposed that
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2144-430: Is the portion of the projected timeline that is anticipated to occur. In special relativity , the future is considered absolute future , or the future light cone . In the philosophy of time , presentism is the belief that only the present exists and the future and the past are unreal . Religions consider the future when they address issues such as karma , life after death , and eschatologies that study what
2211-464: The Buddhists (in the tradition of Indian Buddhism ). A leading scholar from the modern era on Buddhist philosophy is Stcherbatsky , who has written extensively on Buddhist presentism: Everything past is unreal, everything future is unreal, everything imagined, absent, mental... is unreal... Ultimately real is only the present moment of physical efficiency [i.e., causation ]. Human behavior
2278-594: The Messiah or Messianic Age , the end time , and the end of days . In grammar , actions are classified according to one of the following twelve verb tenses: past ( past , past continuous , past perfect , or past perfect continuous ), present ( present , present continuous , present perfect , or present perfect continuous ), or future (future, future continuous , future perfect , or future perfect continuous ). The future tense refers to actions that have not yet happened, but which are due, expected, or may occur in
2345-474: The financial director and operations director . The responsibility usually sits within the company's financial management area in general, sometimes, specifically in " FP&A ". Professionals employed in this role are often designated " Budget Analyst ", a specialized financial analyst function. Organisations may produce functional budgets, relating to activities, and / or cash budgets, focused on receipts and payments. Incremental budgeting starts with
2412-461: The share price could suffer where these figures have been communicated to analysts . Criticism is sometimes directed at the nature of budgeting, and its impact on the organization. Additional to the cost in time and resources, two phenomena are identified as problematic: First, it is suggested that managers will often "game the system" in specifying targets that are easily attainable, and / or in asking for more resources than required, such that
2479-542: The soul to transfer to another body ( reincarnation ). The major views on the afterlife derive from religion , esotericism and metaphysics . There are those who are skeptical of the existence of the afterlife, or believe that it is absolutely impossible, such as the materialist -reductionists, who believe that the topic is supernatural , therefore does not really exist or is unknowable. In metaphysical models, theists generally, believe some sort of afterlife awaits people when they die. Atheists generally do not believe in
2546-796: The National Expenditure Program and forwards it to the Committee on Appropriations of the House of Representatives to come up with a General Appropriations Bill (GAB). The GAB will go through budget deliberations and voting; the same process occurs when the GAB is transmitted to the Philippine Senate . After both houses of Congress approves the GAB, the President signs the bill into a General Appropriations Act (GAA); also,
2613-452: The President may opt to veto the GAB and have it returned to the legislative branch or leave the bill unsigned for 30 days and lapse into law. There are two types of budget bill veto: the line-item veto and the veto of the whole budget. A personal budget or home budget is a finance plan that allocates future personal income towards expenses , savings and debt repayment. Past spending and personal debt are considered when creating
2680-482: The UK budget for financial year 2021 runs from 1 April 2021 to 31 March 2022 and is often referred to as 2021–22. Historically, the budget was usually released in March, less than one month before the beginning of the new fiscal year. Parliament was not expected to take action on a budget for the fiscal year until the summer, several months after the start of the fiscal year. For that reason, Parliament typically passed
2747-401: The achievement of their objectives. To achieve these goals it may be necessary to incur a deficit (expenses exceed income) or, on the contrary, it may be possible to save, in which case the budget will present a surplus (income exceed expenses). In the field of commerce, a budget is also a financial document or report that details the cost that a service will have if performed. Whoever makes
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2814-632: The actual length of the poem). Futurist theater works have scenes a few sentences long, use nonsensical humor, and try to discredit the deep-rooted dramatic traditions with parody. Longer literature forms, such as novels, had no place in the Futurist aesthetic, which had an obsession with speed and compression. Futurism expanded to encompass other artistic domains and ultimately included painting, sculpture, ceramics, graphic design , industrial design, interior design, theatre design, textiles, drama, literature, music and architecture. In architecture, it featured
2881-481: The assumption that it is possible to identify the underlying factors that might influence the variable that is being forecast. If the causes are understood, projections of the influencing variables can be made and used in the forecast. Judgmental forecasting methods incorporate intuitive judgments, opinions, and probability estimates, as in the case of the Delphi method , scenario building , and simulations . Prediction
2948-450: The budget from the previous period, while under zero-based budgeting activities/costs are included only if justified. Under all approaches expected sales or revenue, is typically the starting point; this will be based on the business' planning for the period in question. Directly related elements and costs are typically linked to these ( activity based costing may be employed). Support and management functions may be revisited, and
3015-535: The budget must adhere to it and cannot change it if the client accepts the service. A budget expresses intended expenditures along with proposals for how to meet them with resources. A budget may express a surplus , providing resources for use at a future time, or a deficit in which expenditures exceed income or other resources. The budget of a government is a summary or plan of the anticipated resources (often but not always from taxes) and expenditures of that government. There are three types of government budgets:
3082-403: The continuation of existence of the soul , spirit or mind of a human (or animal) after physical death , typically in a spiritual or ghostlike afterworld. Deceased persons are usually believed to go to a specific region or plane of existence in this afterworld, often depending on the rightness of their actions during life. Some believe the afterlife includes some form of preparation for
3149-444: The creation of possible and preferable futures. Predeterminism is the belief that the past, present, and future have been already decided . The concept of the future has been explored extensively in cultural production, including art movements and genres devoted entirely to its elucidation, such as the 20th-century movement futurism . In physics, time is the fourth dimension. Physicists argue that spacetime can be understood as
3216-704: The destructive gesture of freedom-bringers, beautiful ideas worth dying for, and scorn for woman." Though it owed much of its character and some of its ideas to radical political movements , it had little involvement in politics until the autumn of 1913. Futurism in Classical Music arose during this same time period. Closely identified with the central Italian Futurist movement were brother composers Luigi Russolo (1885–1947) and Antonio Russolo (1877–1942), who used instruments known as intonarumori —essentially sound boxes used to create music out of noise. Luigi Russolo's futurist manifesto, " The Art of Noises ",
3283-784: The development of cognitive instruments for the comprehension of future, the stochastic and chaotic nature of many natural and social processes has made precise forecasting of the future elusive. Futurism as an art movement originated in Italy at the beginning of the 20th century. It developed largely in Italy and in Russia , although it also had adherents in other countries—in England and Portugal for example. The Futurists explored every medium of art, including painting , sculpture , poetry , theatre , music , architecture , and even gastronomy . Futurists had passionate loathing of ideas from
3350-429: The discipline thus seeks a systematic and pattern-based understanding of past and present, and to determine the likelihood of future events and trends. A key part of this process is understanding the potential future impact of decisions made by individuals, organizations, and governments. Leaders use the results of such work to assist in decision-making. Take hold of the future or the future will take hold of you. Futures
3417-438: The end for the best. Hope is a belief in a positive outcome related to events and circumstances in one's life. Hope implies a certain amount of despair, wanting, wishing, suffering or perseverance—i.e., believing that a better or positive outcome is possible even when there is some evidence to the contrary. "Hopefulness" is somewhat different from optimism in that hope is an emotional state, whereas some theories point to optimism as
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#17327759969603484-411: The end of time and the end of the world will be. Religious figures such as prophets and diviners have claimed to see into the future. Future studies, or futurology , is the science, art, and practice of postulating possible futures. Modern practitioners stress the importance of alternative and plural futures, rather than one monolithic future, and the limitations of prediction and probability , versus
3551-451: The flow of time considerably. As depicted in many science fiction stories and movies (e.g. Déjà Vu ), a person traveling for even a short time at near light speed will return to an Earth that is many years in the future. Some physicists claim that by using a wormhole to connect two regions of spacetime a person could theoretically travel in time. Physicist Michio Kaku points out that to power this hypothetical time machine and "punch
3618-622: The following year. Budgets are usually set once every year and are announced in the House of Commons by the Chancellor of the Exchequer . Since autumn 2017 the United Kingdom budget typically takes place in the Autumn in order to allow major tax changes to occur annually, well before the start of the fiscal year. The most recent budget was presented by Rachel Reeves on 30 October 2024. The UK fiscal year ends on 5 April each year. The financial year ends on 31 March of each year. Thus,
3685-432: The future perfect continuous tense because it refers to an action that the speaker anticipates will be finished in the future. Another way to think of the various future tenses is that actions described by the future tense will be completed at an unspecified time in the future, actions described by the future continuous tense will keep happening in the future, actions described by the future perfect tense will be completed at
3752-425: The future. For example, in the sentence, "She will walk home," the verb "will walk" is in the future tense because it refers to an action that is going to, or may, happen at a point in time beyond the present. Verbs in the future continuous tense indicate actions that will happen beyond the present and will continue for a period of time. In the sentence, "She will be walking home," the verb phrase "will be walking"
3819-503: The interpretations they give to these models. Forecasting is the process of estimating outcomes in uncontrolled situations. Forecasting is applied in many areas, such as weather forecasting , earthquake prediction , transport planning , and labour market planning. Due to the element of the unknown, risk and uncertainty are central to forecasting. Statistically based forecasting employs time series with cross-sectional or longitudinal data. Econometric forecasting methods use
3886-424: The limitations of prediction and probability, versus the creation of possible and preferable futures. Three factors usually distinguish futures studies from the research conducted by other disciplines (although all disciplines overlap, to differing degrees). First, futures studies often examines not only possible but also probable, preferable, and "wild card" futures. Second, futures studies typically attempts to gain
3953-456: The monitoring is ongoing, with financial and operational adjustments ( or interventions ) made as warranted; see Financial risk management § Corporate finance for further discussion. Here, if the actual figures delivered come close to those budgeted, this suggests that managers understand their business and have been successful in delivering. On the other hand, if the figures diverge this sends an "out of control" signal; additionally,
4020-400: The more common cyclic time of cultures such as India, where past and future can coalesce much more readily. Futures studies or futurology is the science, art, and practice of postulating possible, probable, and preferable futures and the worldviews and myths that underlie them. Futures studies seek to understand what is likely to continue, what is likely to change, and what is novel. Part of
4087-467: The operating or current budget, the capital or investment budget, and the cash or cash flow budget. The federal budget is prepared by the Office of Management and Budget , and submitted to Congress for consideration. Invariably, Congress makes many and substantial changes. Nearly all American states are required to have balanced budgets , but the federal government is allowed to run deficits. The budget
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#17327759969604154-503: The past, especially political and artistic traditions. They also espoused a love of speed , technology , and violence . Futurists dubbed the love of the past passéisme . The car, the plane, and the industrial town were all legendary for the Futurists because they represented the technological triumph of people over nature . The Futurist Manifesto of 1909 declared: "We will glorify war—the world's only hygiene—militarism, patriotism,
4221-485: The present is a knife edge between the past and the future and could not contain any extended period of time. Contrary to Saint Augustine, some philosophers propose that conscious experience is extended in time. For instance, William James said that time is "...the short duration of which we are immediately and incessantly sensible." Augustine proposed that God is outside of time and present for all times, in eternity . Other early philosophers who were presentists include
4288-698: The proposed budget generally aligned with the executive's original budget request; failure to carry the budget would regarded as tantamount to a vote of no confidence . Since November 2017 the budget was moved to the Autumn, with a view to passing the Finance Act before the commencement of the Financial Year. Votes on Account should no longer be necessary. Governmental departments submit their funding requests — called " Main Supply Estimates " – to HM Treasury . The government then releases this data in
4355-435: The required resources will be budgeted as a compromise. A second observation is that managers' thinking may emphasize short term, operational thinking at the expense of a long term and strategic perspective , particularly when bonus payments are linked to budget. See Strategic planning § Strategic planning vs. financial planning . Future The future is the time after the past and present . Its arrival
4422-480: The resultant "fixed" costs , such as rent and payroll, will be adjusted, at a minimum, for inflation. Capital expenditure , both new investments and maintenance, may be budgeted separately; debt servicing and repayments likewise. The master budget aggregates these all. See Financial forecast , Cash flow forecast , Financial modeling § Accounting . Whereas the budget is typically compiled on an annual basis - although, e.g. in mining , this may be quarterly -
4489-444: The soul's existence in another world like Christianity, Islam and many pagan belief systems, or in reincarnation like many forms of Hinduism and Buddhism, believe that one's status in the afterlife is a reward or punishment for their conduct during life, with the exception of Calvinistic variants of Protestant Christianity, which believe one's status in the afterlife is a gift from God and cannot be earned during life. Eschatology
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