Budget Cycle

Definition:

The period of time, usually one year, required to prepare a State financial plan, and enact that portion of it applying to the budget year. Significant events in the cycle include preparation of the Governor's proposed budget (mostly done between July 1st and January 10), submission of the Governor's Budget and Budget Bill to the Legislature (currently done by January 10), review and revision of the Governor's Budget by the Legislature, return of the revised budget to the Governor for approval (which the California Constitution requires be done by June 15), and the signing of the budget by the Governor (normally by June 30).

Related terms:

Post-closing trial balance

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