A government budget is a legal document that is often passed by the legislature, and approved by the chief executive-or president. Budget (from French bougette, purse generally refers to a list of all planned expenses and revenues A legislature is a type of representative Deliberative assembly with the power to create amend and change Laws The law created by a legislature is called Legislation A chief executive officer ( CEO) or chief executive is typically the highest-ranking corporate officer ( executive) or administrator For health care, only certain types of revenue may be imposed and eaten. Property tax is frequently the basis for municipal and county revenues, while sales tax and/or income tax are the basis for state revenues, and income tax and corporate tax are the basis for national revenues. Property tax, or millage tax, is an Ad valorem tax that an owner pays on the value of the property being taxed A township (or Municipality) is a settlement which has the status and powers of a unit of local government A county is a Land area of Regional Government within a larger State. A sales tax is a Consumption tax charged at the Point of purchase for certain goods and services Corporate tax refers to a Tax levied by various jurisdictions on the Profits made by companies or associations.
The two basic elements of any budget are the revenues and expenses. In business revenue or revenues is Income that a company receives from its normal business activities usually from the sale of goods and services In common usage an expense or expenditure is an outflow of Money to another person or group to pay for an item or service or for a category of costs In the case of the government, revenues are derived primarily from taxes. Government expenses include spending on current goods and services, which economists call government consumption; government investment expenditures such as infrastructure investment or research expenditure; and transfer payments like unemployment or retirement benefits. National Income and Product Accounts (NIPA use Double-entry accounting to report the monetary value and sources of output produced in a country and the distribution of incomes National Income and Product Accounts (NIPA use Double-entry accounting to report the monetary value and sources of output produced in a country and the distribution of incomes In Political science and Economics, a transfer payment is a payment of money from a government to an individual for which no good or service is required in return
Budgets have an economic, political and technical basis. Unlike a pure economic budget, they are not entirely designed to allocate scarce resources for the best economic use. They also have a political basis wherein different interests push and pull in an attempt to obtain benefits and avoid burdens. The technical element is the forecast of the likely levels of revenues and expenses.
See also
References
- Performance Budgeting: Linking Funding and Results, Marc Robinson (ed.), IMF, 2007
- From Line-item to Program Budgeting, John Kim, Seoul, 2007
- List of countries by budget; its reference is the CIA's World factbook, in alphabetic order. Public finance is a field of economics concerned with paying for collective or governmental activities and with the administration and design of those activities
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