Common Budgetary Terms Explained

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This guide briefly explains—in plain language—the differences between some common budgetary terms.

Summary

This guide explains the differences between the following budgetary terms:

• Budget authority, obligations, and outlays;
• Authorization acts and appropriation acts;
• Discretionary and mandatory spending;
• Rescissions and reappropriations;
• Cash accounting, accrual accounting, and fair-value accounting;
• Revenues, offsetting collections, and offsetting receipts;
• Deficit and debt;
• On-budget and off-budget;
• Cost estimates, dynamic analysis, and scorekeeping; and
• Calendar year and federal fiscal year.