AUTHORITATIVE PRONOUNCEMENT Definition

AUTHORITATIVE PRONOUNCEMENT is a formal declaration of opinion sanctioned by established authority.

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FISCAL POLICY is U.S. Federal policy with respect to spending and taxation as determined by the Congress and the Administration.

CAPITAL BUDGET is the estimated amount planned to be expended for capital items in a given fiscal period. Capital items are fixed assets such as facilities and equipment, the cost of which is normally written off over a number of fiscal periods. The capital budget, however, is limited to the expenditures that will be made within the fiscal year comparable to the related operating budgets.

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