Annual budget exceeded by &2 for &1

What causes this issue?

The annual budget is exceeded by &V2& for the FM account assignment &V1&
. Depending on the type of document, this FM account assignment is
either a budget address, posting address, or RIB object/RIB source
address representing an RIB rule with call procedure.
Budget control on outgoing amounts (<DS:DE.BUAVC_CEILTYPE>ceiling type
</> <ZK>Expenditures</>) raised this message for the following
combination of availability control ledger, fiscal year (and if
applicable, <DS:DE.FM_CEFFYEAR_BCS>year of cash effectivity</>) and
control object:
<ZH>&V3&</><ZH>&V4&</>
DEFINE &N& = '002'
INCLUDE FMAVC_ANNUAL_MESSAGE_EXT

System Response

The system issues an error message and will not allow you to continue with this transaction until the error is resolved.

How to fix this error?

Procedure for System Administrators

Error message extract from SAP system. Copyright SAP SE.