Who approves the anticipation of revenues in the municipal budget?

The correct choice emphasizes the role of the governing body in the municipal budget process. In most municipalities, the governing body—such as a city council or town board—holds the authority to approve the anticipation of revenues when crafting the budget. This function is vital as it allows the municipality to plan for incoming funds based on expected revenue sources such as taxes, grants, or fees.

The governing body ensures that anticipated revenues align with the municipality's financial goals and legal frameworks, maintaining transparency and accountability in how public funds will be used. By approving these anticipated revenues, the governing body is also signaling its approval of the financial strategies laid out in the budget and is responsible for the overall financial health of the municipality.

In contrast, while state officials or the Chief Finance Officer play important roles in the financial management and operation of a municipality, they do not typically have the authority to approve budget components like revenue anticipation. The governor and state legislature have jurisdiction over state budgets and may influence municipal funding through legislation, but they do not directly approve individual municipal budgets.