Define and briefly explain the following terms:

a) Contingency Appropriation

b) Covert Appropriation,

c) Carryover of Appropriations

d) Supplementary Budget and Appropriations

ANSWER

a) Contingency Appropriation -

contingency appropriation to cover the risk that the proceeds from the realization of Finsider's assets are less than forecast in the plan,

a contingency appropriation of maximum Lit 288 000 million to cover the risk that the proceeds from the realization of Finsider's assets do not reach Lit 1 500 000 million forecasted by the restructuring plan submitted by the Italian Government to the Commission on 16 June 1988;

b) Covert Appropriation -

A black budget or covert appropriation is a government budget that is allocated for classified or other secret operations of a nation. The black budget is an account expenses and spending related to military research and covert operations. The black budget is mostly classified because of security reasons. The black budget can be complicated to calculate, but in the United States it has been estimated to be over US$50 billion a year.

c) Carryover appropriation

Carry-over is the right to use an unspent appropriation beyond the time period for which it was originally granted. This means that a spending agency can use some or all of what has not been spent of the previous years' appropriations in addition to the current year's budget allocation.

d)Supplemental budget and appropriations

Supplemental budget and appropriations generally are made to cover emergencies, such as disaster relief, or other needs deemed too urgent to be postponed until the enactment of next year's regular appropriations act.