Government budget, forecast by a government of its expenditures and revenues for a specific period of time. In national finance, the period covered by a budget is usually a year, known as a financial or fiscal year, which may or may not correspond with the calendar year.
The word budget is derived from the Old French bougette (“little bag”). When the British chancellor of the Exchequer makes his annual financial statement, he is said to “open” his budget, or receptacle of documents and accounts.
The Constitution of Bangladesh, however, does not use the term budget’. Instead, it uses an equivalent term ‘Annual Financial Statement, which is to show the estimated receipts and expenditures of the government for a particular financial year. In Bangladesh the fiscal years begins from 1 July and ends on 30 June of a Calendar year.
Government budget in the country has two parts: Revenue and Development. The former is concerned with current revenues and expenditures, concerning maintenance of normal priority and essential services, while the latter is prepared for development activities, the first budget of Bangladesh was presented by Tajuddin Ahmad on 30 June 1972.
The total size of the national budget is Tk 786 crores – Tk 285 crores representing revenue budget and Tk 501 crores development budget. The total size of the national budget for Fiscal Year 2022-23 is Tk 6,78,064. The number of budgets presented in Bangladesh is 51 (without interim budget).
The observed development achievements of Bangladesh have a lot to do with the growing maturity of our budgetary exercises, improved understanding of our media and strengthened sensibilities of our citizens.