What type of budget is most likely to not have annual appropriated budgets?

Permanent funds are designed to benefit specific activities or programs over the long term without the need for regular budgetary appropriations like those seen in annual budgets. This classification of funds typically involves acquiring and maintaining a principal amount, while only the earnings or investment returns can be utilized for designated purposes. Since permanent funds are intended to exist indefinitely, their use is not subjected to annual budgeting processes which are more characteristic of temporary funds or programs, such as special revenue and debt service funds, that require regular appropriations to manage annual expenditures and programming.

In contrast, options like special revenue funds, circulating funds, and debt service funds are typically linked to specific, immediate financial needs requiring regular appropriations and annual budgeting to address annual revenues and expenses. This distinction is critical for understanding the different types of governmental and nonprofit budgeting processes.