What steps are included in budget development?

The correct choice outlines a comprehensive approach to budget development that encompasses the entire budgeting process, ensuring that all necessary phases are addressed.

Beginning with planning, the budget team identifies goals and priorities, develops strategies, and allocates resources effectively. This step is crucial as it lays the foundation for the budget and aligns financial planning with the organization's objectives.

Preparing follows, where detailed financial estimates are created that reflect the anticipated revenues and expenditures. This phase often involves collaborating with various departments to gather necessary data and inputs.

Implementing indicates the actual execution of the budget, where allocated resources are put to use for operations and projects as planned. Monitoring during this phase ensures that spending aligns with the budget and helps to identify any discrepancies.

Evaluating involves reviewing the budget's effectiveness against the set goals and objectives, which highlights any areas of success or need for improvement. Finally, revising allows for adjustments based on evaluation findings, ensuring that the budget remains relevant and effective throughout the fiscal period.

This comprehensive cycle ensures not only the development of a sound budget but also its ongoing relevance and effectiveness in achieving organizational goals.