3 Key Influencers of the Federal Budget Process
If you’ve ever wondered how Congress and Federal agencies interact to get budgets approved or who the key players are that make the critical decisions about taxpayer dollars and the roles they play in the Federal budget process, then read on.
Understanding the budget process and how to work with decision-makers is important for stewards of Federal funding. From the onset, it’s critical to be familiar with the key influencers of budgets and their responsibilities.
There are three major groups that play a role in the Federal budget process:
- Executive Branch
- Includes the President, the Office of Management and Budget (OMB), the Department of Treasury, along with other Cabinet agencies and entities.
- Responsible for setting, executing, and overseeing the budget.
- Legislative Branch
- Includes the Senate, House of Representatives, the Congressional Budget Office (CBO), and the Government Accountability Office (GAO).
- Responsible for collecting taxes, appropriating funds, providing economic forecasts, and analyzing and auditing agencies.
- Special Interest Groups and Other Stakeholders
- Includes members of the public who have direct interests in specific programs or issues.
- Provides input on requirement to the White House, OMB, and Federal agencies through various avenues such as testifying before Congress.
Management Concepts has just launched a highly interactive, three-day course titled, The Legislative Process: Working with Congress, designed to provide participants with a solid framework of the legislative process and its impact on an organization’s budget.
Participants will learn the typical and the not-so-typical scenarios Federal financial managers face on a daily basis and the resources available to address them, such as:
- Understanding the impact of a continuing resolution of agency budget submissions and, more specifically, new programs that will be delayed. (For more information refer to: CBO budget and economic projections).
- Deciding whether to outsource an activity to a Federal contractor or to hire new employees to take it on. (For more information refer to: OMB Circular A-76).
Click here for more information about this course: The Legislative Process: Working with Congress. You can learn more about our other Financial Management course offerings to continue your professional development here.