The difference between the amount of appropriations for the budget year and the anticipated revenues is known as what?

The distinction between the appropriations, which are the authorized spending limits within the budget, and the anticipated revenues identifies the amount that needs to be raised through taxation. When appropriations exceed revenues, the gap represents the shortfall that the municipality must cover by raising taxes. This amount represents the financial burden that will be placed on taxpayers to fund the budgeted expenditures, underscoring the reliance of local governments on tax revenues to finance their operations and services.

Other options describe different budgetary concepts. A budget surplus occurs when revenues exceed appropriations, suggesting a financial excess rather than a need for taxation. A projected revenue deficit refers to an anticipated shortfall in expected revenues without specifically linking it to the need for raising taxes. The term expenditure limit generally pertains to caps on spending rather than the relationship between revenues and appropriations. Therefore, identifying the amount to be raised for taxation as the correct answer accurately reflects the financial dynamics at play in budgeting.