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The public budget is one of the fundamental tools for the execution of
economic policy by the State. It is the instrument through which it exercises
its role as financier or direct provider of goods and services.
The concept of public entity is the most generic of the state organization in
the language of Administrative Law because it refers to the entire state
administration, encompasses agencies and entities (in a restricted or strict
sense), also includes all decentralized entities and also refers to private
administrations to the extent that they have been constituted with
contributions of public origin.
The operating expenses of the territorial entities must be financed with their
unrestricted current revenues, in such a way that these are sufficient to
meet their current obligations, provide for their social security and pension
liabilities, and finance, at least partially, their autonomous public investment.
The financial surpluses and profits of the State Industrial and Commercial
Companies and Mixed Economy Companies assimilated to these and the
other Mixed Economy Companies or entities in which the Nation or its
entities have participation and of the National Public Establishments are
distributed, which are approved by the National Council of Economic and
Social Policy, CONPES.
The Public Administration comprises the set of public sector bodies formed
to carry out the task of administering and managing State agencies,
institutions and entities.