Budget

Annual statement of receipts and expenditures of governments. Orig., bag containing papers and documents relating to the financial exhibit laid before House of Commons by Chancellor of the Exchequer. France has adopted the term. While the fiscal year varies greatly in different countries, beginning with the calendar year in France, April 1 in Great Britain, and July 1 in the U. S.. there is a uniform usage by these and other governments to present the budget to the legislative body at the beginning of each annual se ion. When presenting it, the finance minister often explains it; in other cases these explanations are made before a committee appointed to receive it. In the U.S. a statement of the annual receipts and expenditures has been laid before Congre by the Sec. of the Treasury since 1790. A Committee of Ways and Means to consider and report on the statement for supplies in administering the Government was constituted by the first Congre 1789, consisting of one member from each State. In 1795 this was made a standing or permanent committee of the House. Its membership was reduced to seven 1802, increased to eight 1863, to eleven 1873, and to thirteen 1879.