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INSTRUCTION: Read the Story of The Budget Cycle below. After which make your own personal budget cycle like the story. The same format of the story presented below which has a classification of budget cycle; the budget preparation, budget legislation/ authorization, budget execution & budget accountability.

Story: The Budget Cycle

I. Budget Preparation

Papa and Mama are leaving for a 1-month trip so they asked you and your little sister to make an estimate of the money you will need while they are gone (Budget Call). You started your estimate by asking first Little Sister of her needs (bottom up' budgeting). Same time last year. Papa and Mama also went for a 1-month trip and they had you made a similar estimate. However, instead of giving them that old estimate, you decided to make a new one in order to better reflect current circumstances (zero-based budgeting).

You defended your estimate with Mama (Budget hearings).

Mama submitted the estimate to Papa for approval

(Presentation to the office of the President).

II. Budget Legislation

Papa consulted Lolo (a retired Lawyer) to review your estimate (House

Deliberations).

After reviewing the estimate, Lolo gave the estimate to Lola (a retired CPA)

for further study (Senate Deliberations).

Lolo and Lola had some disagreements, so they asked Umpong, your dog, to

harmonize the conflicts (Bicameral Deliberations). After harmonizing the conflicts.

Umpong submitted the "Bicam" version of the estimate back to both Lolo and Lola

for ratification.

Lolo and Lola submitted the ratified estimate to Papa for enactment

(President's enactment). Your approved budget for the month is P100 (Appropriation).

III. Budget Execution

Papa left the money to Uncle. Uncle gave you guidelines on how the money will be

release to you, based on your estimates of the timing of disbursements (Release

guidelines and BEDs).

Uncle told you that you can now incur obligation up to a maximum P80

(Allotment).

You then went to Aling Masing's Store to purchase groceries, good for one month, worth P50, on credit (Incurrence of Obligations).

Uncle gave you P25 cash to cover your cash disbursement needs for the 1^st week (Disbursement Authority - Notice of Cash Allocation). You gave Little Sister her share of P5 (Notice of Transfer of Allocation).

Your disbursements in the 1st week were as follows:

oYou: P5 installment payment to Aling Masing and P12 on personal needs

oLittle Sister: P5 on personal needs

Total disbursements in 1^st week P22

IV. Budget Accountability

Your budget accountability reports after the 1st week will show the following information (Budget Accountability Reports):

-Appropriation: P100

-Allotment received: P80

-Unreleased appropriation: (P100 - P80) = P20

-Obligations incurred: (P50 to Aling Masing +P12 on your personal needs + P5 on Little Sister's personal needs) = P67

-Unobligated allotment: (P80 allotment - P67) = P13

-Disbursements: P22

-Unpaid Obligations: (P67 obligations incurred - P22 disbursement) = P45 (payable to Aling Masing)

-Unused NCA (P25 NCA - P22 disbursements) = P3

Uncle periodically updates Papa and Mama regarding your budget execution through call and text (Performance Review).

Papa and Mama will audit you when they return (Audit).

The End