Cyclopedia

Budget Update

The term budget update refers generally to a document published by either the Congressional Budget Office (CBO) or the Office of Management and Budget (OMB) that uses more recent information than the document previously published for a fiscal year. While as a general matter, CBO will continue to use its baseline it prepares in March prior to the fiscal year beginning on October 1st of that year. It does continue to review changes which might occur during the year, and does publish a summer “update” usually in August.

OMB also issues its primary baseline with its budget under the terms of 2 U.S.C. 1105, and then updates it under that section and 31 U.S.C. 1106.

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GAO Glossary of Terms and Definition (September 2005)

Budget Update

A revised estimate of budget authority, receipts, and outlays issued subsequent to the issuance of the President’s budget. The President is required by provisions of the Congressional Budget and Impoundment Control Act of 1974 (see provisions of 31 U.S.C. §§ 1105(d), 1106) to transmit such statements to Congress by July 15 of each year; however, the President may also submit budget updates at other times during the fiscal year. (See also Budget Estimates.)

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