What is Balanced Budget?

Legal Definition
A balanced budget (particularly that of a government) refers to a budget in which revenues are equal to expenditures. Thus, neither a budget deficit nor a budget surplus exists (the accounts "balance"). More generally, it refers to a budget that has no budget deficit, but could possibly have a budget surplus. A cyclically balanced budget is a budget that is not necessarily balanced year-to-year, but is balanced over the economic cycle, running a surplus in boom years and running a deficit in lean years, with these offsetting over time.

Balanced budgets and the associated topic of budget deficits are a contentious point within academic economics and within politics. Most economists agree that a balanced budget decreases interest rates, increases savings and investment, shrinks trade deficits and helps the economy grow faster in the longer term.
-- Wikipedia
Legal Definition
A budget where expenditures are the same as revenue. No profit or loss is present. Most are unbalanced however. Expenses often out weigh the revenue.