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What is a vote-on-account?

February 10, 2009

Here's something I should have asked earlier. What is the Budget?

The Budget is a statement of the financial position of an administration for a definite period of time based on the estimates of expenditures during the period and proposals for financing them. A full budget thus spells out both the manner in which the money is to be spent and how it is to be raised.

Are a vote-on-account and an interim Budget the same?

No. While a vote-on-account deals only with the expenditure side of the government's budget, an interim Budget is a complete set of accounts, including both expenditure and receipts. But why a vote-on-account and not an interim Budget sometimes?

Image: The Budget is presented in Parliament on the last day of February every year. | Photograph: Rediff Archives

Also read: How good HR practices can save a company

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