An Economic Criterion for State and City Budget Making

THE concept of the public budget as applied in state and city management has undergone significant changes during the past quarter of a century. This is especially true of the idea of the economic foundation of the state and city budgetary process. Moreover, the managerial, including economic, functions of all governmental budgets are becoming clearer with the stepped-up analyses of practice in the light of governmental and economic lore. What budgeting actually is, viewed in terms of present-day thinking, may be briefly stated. It is in its mature state a unified series of steps taken to implement a government's policy objectives. It involves the development of a documented work program (by projects, properly classified, invariably in the case of construction, often in other cases), the careful linkage of that program with a formal, comprehensive financial plan, and the carrying out of the entire scheme through an administrative arrangement which includes, at least

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