The most important part of the budget cycle is ‘budget formulation

Examine the following statement and respond by indicating you either Agree or Disagree with the statement- and support your position with a combination of a) your own personal and/or professional experiences and b) at least three (3) scholarly references, two of which are NOT your textbook- to include providing the links for your References if they are a web-only source.

“The most important part of the budget cycle is ‘budget formulation.”