Oditor, Vol. IV, No. 02/2018
BUDGET PROCEDURE IN THE REPUBLIC OF SERBIA – WRITING, APPROVAL AND ADOPTION OF THE BALANCE SHEET
Vladan Vladisavljević, Helena Pešić
Date received: 14.05.2018.
Date accepted: 09.06.2018.
JEL: H61, H72.
Budget is a basic instrument of financing public expenditure in contemporary countries. In budget theory there are multiple definitions of a budget, due to it being a complex financial institution through which a country achieves its multiple economic, financial, political and social goals. Classic understanding of a budget is based on a claim that it’s an act through which public revenue and expenditure is predicted and approved in advance for a defined period in time. Public expenditure needs are predicted in a budget, as a rule individually and according to purpose. Public revenue, i.e. funds are predicted by their sources, and the amount required is determined.
Key words: Budget procedure, public expenditure, balance sheet.