Appropriation Act

Appropriation Act (pronunciation: /əˌprōprēˈāSH(ə)n/ /akt/) is a legislative bill that is passed by a legislative body to authorize the expenditure of government funds. The term originates from the Latin word 'appropriare', which means 'to make one's own'.

History

The first known use of an Appropriation Act was in the British Parliament in the 18th century. The practice has since been adopted by many other countries, including the United States, Canada, and Australia.

Function

The primary function of an Appropriation Act is to authorize the expenditure of government funds for specific purposes. This includes funding for government agencies, programs, and initiatives. The Act also sets limits on the amount of money that can be spent and provides guidelines for how the funds should be used.

Related Terms

Budget: A financial plan for a defined period, often one year. It may also include planned sales volumes and revenues, resource quantities, costs and expenses, assets, liabilities, and cash flows.
Fiscal Year: A one-year period that companies and governments use for financial reporting and budgeting. A fiscal year is most commonly used for accounting purposes to prepare financial statements.
Government Spending: The total of all consumption, investment, and transfer of monies undertaken by a government.
Legislation: Laws, considered collectively, as enacted or applied.
Public Finance: The management of a country's revenue, expenditures, and debt load through various government and quasi-government institutions.

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Appropriation Act