Budget 101 Developing and executing the state of North Carolina’s budget drives much of the work we do at OSBM. Budget Development OSBM evaluates agencies' budget requests and prepares the Governor's budget recommendations to present to the North Carolina General Assembly. By law, the state budget must be balanced based on revenue projections for the fiscal year. The budget development process must consider the needs, priorities and available resources. Budget Execution Once the budget is ratified by the General Assembly, OSBM must certify the budget for each state agency. OSBM then works closely with the agencies to manage their spending and allotment planning over the course of the fiscal year. Our office monitors and considers any requests to make budget adjustments within the framework of relevant laws, rules, and policies. Revenue Forecasting To help with the planning of the new budget and to monitor changing financial conditions that may affect the current budget, OSBM regularly conducts economic analysis, including revenue forecasting. This is an important tool to assess changes to policy or programs and to guide the state’s budget and financial management. North Carolina uses a consensus approach to develop a state revenue forecast at least twice during each fiscal year. OSBM works with the North Carolina Legislature’s Fiscal Research Division to develop a consensus forecast. This forecast is usually the basis of the anticipated revenues in the governor’s recommended budget. Pursuing excellence through budgeting OSBM is committed to emphasizing measurable results and encouraging efficient and effective management of state resources. We provide a suite of services to assist state agencies and produce a variety of reports to help fulfill this mission. More Resources: The National Association of State Budget Officers (NASBO) has a series of informative videos to help understand the state budget process.
Budget 101 Developing and executing the state of North Carolina’s budget drives much of the work we do at OSBM. Budget Development OSBM evaluates agencies' budget requests and prepares the Governor's budget recommendations to present to the North Carolina General Assembly. By law, the state budget must be balanced based on revenue projections for the fiscal year. The budget development process must consider the needs, priorities and available resources. Budget Execution Once the budget is ratified by the General Assembly, OSBM must certify the budget for each state agency. OSBM then works closely with the agencies to manage their spending and allotment planning over the course of the fiscal year. Our office monitors and considers any requests to make budget adjustments within the framework of relevant laws, rules, and policies. Revenue Forecasting To help with the planning of the new budget and to monitor changing financial conditions that may affect the current budget, OSBM regularly conducts economic analysis, including revenue forecasting. This is an important tool to assess changes to policy or programs and to guide the state’s budget and financial management. North Carolina uses a consensus approach to develop a state revenue forecast at least twice during each fiscal year. OSBM works with the North Carolina Legislature’s Fiscal Research Division to develop a consensus forecast. This forecast is usually the basis of the anticipated revenues in the governor’s recommended budget. Pursuing excellence through budgeting OSBM is committed to emphasizing measurable results and encouraging efficient and effective management of state resources. We provide a suite of services to assist state agencies and produce a variety of reports to help fulfill this mission. More Resources: The National Association of State Budget Officers (NASBO) has a series of informative videos to help understand the state budget process.
