Certified Government Financial Manager (CGFM) Practice Exam 2025 – Your All-in-One Guide to Exam Success!

Question: 1 / 875

How far in advance does the budget formulation process begin according to Circular A-11?

6 months before the fiscal year

12 months before the fiscal year

18 months before the fiscal year

The budget formulation process, as outlined in Circular A-11, correctly begins 18 months before the fiscal year for which the budget is being prepared. This timing is crucial for federal agencies to adequately prepare and submit accurate budget requests. Starting the process at this interval allows agencies to conduct thorough analyses, gather data, engage with stakeholders, and align their proposals with overall strategic objectives and funding availability.

This extended timeframe also facilitates comprehensive planning and provides the opportunity for agencies to address any challenges they may face, such as changes in federal priorities or economic conditions. Overall, the requirement for an 18-month lead time helps ensure that budgets are crafted thoughtfully and align with both agency goals and federal financial guidelines.

Get further explanation with Examzify DeepDiveBeta

24 months before the fiscal year

Next Question

Report this question

Download Certified Government Financial Manager (CGFM) Practice Exam PDF Study Guide
Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy