Recognizing that a continuous follow-through on the work programs and accomplishments of executive agencies is an integral part of the execution of the Budget, the Bureau of the Budget, during the past year, has taken initial steps to develop satisfactory methods of reporting work programs, particularly with reference to the vital national defense program, so that the President may be kept currently informed as to the work proposed, work initiated, and work completed in all Federal agencies.
In order to improve the financial operations of the Federal Government, the President issued an Executive Order on Aug. 13, 1940, designed to provide better financial reporting of all Federal operations. On the basis of this Executive Order, the Director of the Bureau of the Budget and the Secretary of the Treasury issued a detailed Regulation on June 28, 1941. The Regulation formulated various definitions to clarify technical terminology. It also established required procedures for all agencies in using newly prescribed forms to request apportionments or the revision of apportionments, and in rendering monthly summary reports on the status of appropriations. The new system is now in full operation.
The Budget of the United States is thus the expression of the program of work which the Administration proposes to carry out in a given fiscal year and the central instrument for financial control over the progress of that program. The Bureau of the Budget, in its capacity of staff assistance to the President in formulating and executing the Budget, is engaged in a never-ending process of carrying out the program for the current year and developing plans for work programs and expenditures for the next year. See also PUBLIC FINANCE; TAXATION.
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