What are the 4 phases of budget cycle?

The four phases of the budget cycle are:

1. Preparation: This phase involves the development of budget proposals, where departments prepare their budget requests based on projected needs and priorities.
2. Approval: Once prepared, the budget proposals are submitted for review and approval by the relevant governing body, such as a legislative body or board.
3. Execution: After approval, the budget is implemented, and funds are allocated according to the approved plans, with ongoing monitoring of expenditures.
4. Evaluation: This final phase assesses the budget's performance, analyzing variances between projected and actual spending, and providing insights for future budgeting processes.