Review of Revenue Estimates in Federal, State and Local Budgets [Name] [Course Title] [University] [Instructor Name] [Date] Review of Revenue Estimates in Federal, State and Local Budgets A budget is designed to determine the allocation of the resources held by an entity to its departments, agencies and other subsidiaries in order to achieve its ultimate mission. The budget includes comprehensive detail about the use of resources to be made in the fiscal year, the manner in which the resources would be used and allocated, the expected return or the source of funding and many other facts. The budget also reflects the policies and decisions of the entity, for example, if an entity plans to develop a specific part of its business, it would increase the allocation of resources to that particular part of its business. Similarly, the budgets designed by the governmental authorities also reflect their policies for the fiscal year for which the budget has been determined. Budgets are formed at all levels of the structure of the government. The budgets to be considered in this paper would be federal budget, state budget, local budget and budget for an agency of the government. Each budget is like a planned allocation of resources and the level of expenditure to be done in the fiscal year for which the budget is proposed. Budgets are significantly important in order to maintain a balance between dif...