Fill in the Blanks Presupuesto PublicoOnline version Presupuesto by Angie Morales 1 nature public economic accounting plan instrument the budget authorization power form Power elements Executive legislative Public Law The is the financial document of the State or other power of the public administration , which balances public revenues and public expenditure in the fiscal year . The budget is a fundamental legal institution of , which sanctions the competence of the to control the financial activity of the State , as a manifestation of the representative character of the popular sovereignty that the parliament supposes . The public budget is the through which the Legislative Power establishes the maximum levels of expenditures that the Executive Branch can make , as well as authorizes the indebtedness and the financial applications in which it may incur , in a determined annual period . The is responsible for its formulation and execution , while the Legislative Power approves it , converting it into law before the beginning of each year . Fundamental of the public budget Legal : The budget is a fundamental legal institution of Public Law , which sanctions the competence of the legislative power to control the financial activity of the State , as a manifestation of the representative character of the popular sovereignty that the parliament supposes . Political character Periodic elaboration document , this character is derived from its political nature and control instrument , which must be renewed periodically . The budget adopts an . From this point of view the budget appears formally balanced , which does not imply that from the economic point of view is balanced . The budget supposes an of expenses and a forecast of income It represents the concretion of of the Public Treasury .
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