Budget Control Law and Legal Definition

Budget is a plan expressed in quantitative, usually monetary term, covering a specific period, usually one year. It is a systematic plan for the utilization of work force and material resources. In a business organization, a budget represents an estimate of future costs and revenues. Budget Control is actions carried out according to a budget plan. With a budget as a standard, an organization ensures that its plans and objectives are implemented. Their actual performance is measured against budgeted performance.