noun
budget compilation; budget formulation
Refers to the process of drafting and assembling a budget, especially by a government body such as the Cabinet.
内閣は来年度の予算編成に着手した。
The Cabinet has started compiling the budget for the next fiscal year.
予算 means 'budget' itself, while 予算編成 refers specifically to the process of creating or compiling the budget.
Compound of 予算 (budget) and 編成 (compilation, formation).