Public budgeting is characterized by a series of five logical steps: First, all of a community's goals are ranked according to priority. Second, all possible alternatives are identified. Third, the costs of each alternative are compared with anticipated benefits. Fourth, judgments are made as to which alternative comes closest to satisfying the relevant needs or desires. Fifth, the alternative with the highest payoff and/or least cost is chosen.

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Public budgeting typically involves steps like setting priorities, estimating revenues, and allocating resources, but the described process is more aligned with a rational decision-making model rather than the specific steps of public budgeting.

Public Budgeting Is Characterized by a Series of Five Logical