DEFINITION of 'Budget Committee'

A group of people that creates and maintains fiscal responsibility for an entity or organization. In a company, this committee usually consists of the top management and the CFO. Budget committees typically review and approve departmental budgets that are submitted by the various department heads.

BREAKING DOWN 'Budget Committee'

Budget committees play key roles in the success or demise of a company or other corporate entity. Committees that are able to keep their organizational budgets on track ensure smooth operation and financial solvency; those that cannot will soon encounter financial problems.

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RELATED FAQS
  1. How does a nation's national debt affect the budget process?

    See how the national debt has traditionally impacted, or purported to impact, the budgeting process for the U.S. federal ... Read Answer >>
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    Learn about financial budgeting and financial forecasting and the main differences between the two management decision-making ... Read Answer >>
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