The Gram Panchayat's budget is usually prepared and approved by the elected representatives, including the Sarpanch and the Standing Committee, in consultation with the village community. Transparency and public participation are essential in the budgeting process to ensure that the funds are utilized effectively for the welfare and development of the village. The Gram Panchayat's financial management is subject to audits and oversight by higher authorities to ensure accountability and proper utilization of resources.