Final answer:
Available budgetary resources for new obligations exceeding one fiscal year are funds set aside by the government for spending that spans multiple fiscal years, considering projected surpluses or deficits.
Step-by-step explanation:
Budgetary resources that are available for new obligations in excess of one fiscal year refer to funds that the federal government has set aside to be obligated for spending that spans more than the current fiscal year.
The federal budget is typically prepared for a fiscal year which begins on October 1 and ends on September 30 the following year. When drafting the budget, the President, consulting with the Office of Management and Budget (OMB), his Council of Economic Advisors, and various agencies, takes into account projected surpluses or deficits.
A surplus can occur if there are more taxes than expenses, whereas a deficit occurs when expenses exceed tax revenue. Multiyear funds may be allocated to long-term projects or contracts that require funding beyond the current fiscal year for completion.