budgetary-oversight

Vocabulary Word

Definition

'Budgetary oversight' means keeping an eye on how a budget is being spent, to make sure it's spent wisely. It's like when you watch your bank account closely so you don't overspend.

Examples in Different Contexts

In government finance, 'budgetary oversight' refers to the monitoring and evaluation of government spending by legislative bodies. A government auditor might say, 'Our committee performs budgetary oversight to ensure taxpayer funds are used efficiently and for their intended purposes.'

Practice Scenarios

Business

Scenario:

Our financial performance for this quarter showed some concerning variations. We must reassess our spending habits.

Response:

Yes, better budgetary oversight can definitely help in improving our financial wellbeing.

Academics

Scenario:

We've secured the grant for our research. Now, we need a strategic plan on how to allocate these resources efficiently.

Response:

Agreed, we should establish budgetary oversight to manage our grant efficiently.