Actual amounts in the accompanying budgetary comparison statements are presented on a budgetary basis, which includes outstanding encumbrances as a budgetary expenditure. Encumbrance accounting is used to account for governmental funds. In the fiscal year ended September 30, 2012, actual revenues collected of $604.2 million (including operating transfers in) exceeded the budgeted amounts of $595 million primarily because of better business privilege tax collections and federal income tax collections. The budget for Executive Branch operations had a $34.3 million increase in appropriations between the original and final amended budget, which was primarily attributable to an increase in appropriations authorized by Public Law 31-76 funded by proceeds from the issuance of business privilege tax…
Perhaps no other function of government is more important than the budget process and the resulting budget document. According to the Government Finance Officers Association [GFOA], (1998) “A good budget process is far more than the preparation of a legal document that appropriates funds for a series of line items. Good budgeting is a broadly defined process that has political, managerial, planning, communication and financial dimensions”. The budget document needs to be more than an accounting statement that reconciles revenues and expenditures. A good budget document serves to ensure that government is efficiently using the scarce resources it possesses and in turn delivering the goods and services needed by the public. The budget document must also be “strategic in nature, encompassing a multi-year financial and operating plan that allocates resources on the basis of identified goals” (GFAO 1998). In short, a good budget document and budget process translate an organizations policies, plans and political commitments into an actionable plan whose performance can be tracked against stated objectives to measure overall operational efficiency and organizational success.…
Fiscal policy is the use of presidential and governmental spending and taxation to change or even repair what is or might be wrong in the economy. The basic idea behind many of the fiscal policy ideas were introduced by British economist John Maynard Keynes during the Great Depression (Heakal, n.d.). When the government decides on the goods and services it will be purchasing, the payments it distributes, or even the taxes it collects, it is participating in fiscal policy. The economic influence of any change in the government budget can and in theory will benefit people such as a tax cut for families with children, can help raise their disposable income (Weil, n.d.).…
Not necessarily. If the appropriation budget is prepared mechanically (with very little thought as to what services should be rendered and how the services should be delivered) adhering to the budget may be poor financial management. On the other hand, if the budget relates input of resources to output of services, that have…
1)Discuss the theory of "checks and balances" as outlined by the framers of the Constitution in your assigned text. Analyze the concept of power in politics and why the Federalists were correct in diffusing the power of government in order to keep one branch or entity from becoming too powerful. How does this concept help us as a viable democracy?…
Mikesell, J. L. (2010). Fiscal administration: Analysis and applications for the public sector (8th ed.: 2010 custom edition). Mason, OH: Cengage Learning.…
While it appears that the economy is beginning to recover on the national level, most economists agree that local jurisdictions are still in decline and will continue to be so, at least in the short term. Due to the decline of tax revenues because of Foreclosures County and municipal budgets tend lagging behind the general economy, which is one of the main source of funding…
David Hicks an Australian formerly detained in Guantanamo Bay as a terrorist recently said he was pleased the authorities seemed to have concluded that his conviction at Guantanamo was ‘unfair’ and ‘obtained through duress’. He said ‘I feel like this acknowledges Guantanamo Bay and everything is illegal.’ Critically evaluate…
The government bodies that influence national fiscal policies include the Housing Finance Board, Housing and Urban Development (HUD), and the Federal Housing Administration (FHA). The Housing Finance Board is responsible for setting mortgage rates for home and property, and regulates banks that supply money to local lenders, ensuring that they are lending money to suitable persons at appropriate rates. Housing and Urban Development is responsible for working with the community to encourage more people to become homeowners. They also work to provide low-income families the opportunity to obtain homes. The Federal Housing Administration is responsible for insuring bank loans for home buying, or the building of a new home. The FHA aims to provide better housing standards and conditions.…
In times of tight budgets, states need to make tough decisions in funding. One classic debate centers around whether to build prisons or schools. The good news for citizens is that prison counts have been at its lowest in thirty years. This matter on the surface should not concern the population since it is good news, but the money that is put into correctional facilities is immense, and it is taking over educational budgets and robbing children throughout America . There are billions of dollars that are used to operate a detention facility. That includes construction, health care, maintenance, parole/probation, and educational programs to increase the chances of finding a trade. Prisoners live a worry…
References: United States Government. (2005, 18, August). 25 U.S.C. 1 § 13. In Expenditure of appropriations by Bureau. United States Code. Retrieved December 16, 2005, from Cornell Law School Legal Information Institute: http://www.law.cornell.edu/uscode/html/uscode25/usc_sec_25_00000013----000-.html…
Four government agencies establish national fiscal policies. Congress established the Department of the Treasury to manage government income. The main duties of the Department of the Treasury consist of managing finances, collecting taxes, paying bills, producing currency, managing accounts and public debt, supervising banks, implementing federal finance and tax laws, and investigating and prosecuting tax evaders. The Office…
Over the years, Congress has assumed significant investigatory power. This is called congressional oversight, and it is the reason why bureaucracy cannot be the strongest branch of government. As stated previously, when Congress creates a program or establishes a new governmental policy, its implementation is assigned to an Executive branch department or agency. This is the bureaucracy (Wilson, 354). Congressional committees can keep a watchful eye on the application of policies which are under their prerogative. If a program is mishandled or goes in a direction that was not intended by Congress, a committee could call on the heads of the program’s agency or department and have them answer for their actions in a hearing. This creates a persistent threat of Congress cutting an agency’s budget or even eliminating a program altogether. This is what keeps bureaucrats inline and under Congress’s control. Although many areas of congressional oversight are designed to control the bureaucracy, they also act as a safeguard to insure that certain agencies remain free from presidential influence (Wilson,…
When I think about the American government seven words come to my head and those words are “life, liberty, and the pursuit of happiness.” Those words define what are government has been created for. It was created by the people for the people and today I think America is falling away from those beliefs that are founding fathers wrote so long ago. So how does America get back on track? Well for one I think the American Government has forgotten that this country has been blessed by The Lord our God and in doing so I think America is suffering for it. That’s just one subject that I think is wrong with the American Government but I’m going to talk a lot more than just that. I’m going to talk about the good and bad of The Constitution, Federal and State governments, the political party system, Civil Rights, Taxes and government spending, Government control of the economy, Socialism versus Capitalism, and the Checks and Balance System.…
2. The sheer extent of the intervention of government in society, the economy, and world affairs makes the study of public policy essential for a conscientious citizen. Similarly, the amount of spending by government at all levels makes this an important subject. As taxpayers, we have a stake in effective public policy and the overall scope of the government in our lives. We consume a vast and varied bundle of public services. A detailed, current discussion of the dimensions, growth, and composition of government spending will be provided in chapter five, which deals with the budget as part of the policy cycle.…