<Tr> <Td> <Ul> <Li> </Li> <Li> </Li> <Li> </Li> </Ul> </Td> </Tr> <Ul> <Li> </Li> <Li> </Li> <Li> </Li> </Ul> <P> A government budget is an annual financial statement presenting the government's proposed revenues and spending for a financial year that is often passed by the legislature, approved by the chief executive or president and presented by the Finance Minister to the nation . The budget is also known as the Annual Financial Statement of the country . This document estimates the anticipated government revenues and government expenditures for the ensuing (current) financial year . For example, only certain types of revenue may be imposed and collected . Property tax is frequently the basis for municipal and county revenues, while sales tax and / or income tax are the basis for state revenues, and income tax and corporate tax are the basis for national revenues . </P> <P> The practice of presenting budgets and fiscal policy to parliament was initiated by Sir Robert Walpole in his position as Chancellor of the Exchequer, in an attempt to restore the confidence of the public after the chaos unleashed by the collapse of the South Sea Bubble in 1720 . </P>

What is meant by the budget of a country