Importance of the Budget in National Development The Philippines is facing many challenges, the most serious of which are poverty, climate change,

Size: px
Start display at page:

Download "Importance of the Budget in National Development The Philippines is facing many challenges, the most serious of which are poverty, climate change,"

Transcription

1 BY: Professor Emeritus Leonor Magtolis Briones U.P. National College of Public Administration and Governance Lead Convenor, Social Watch Philippines Chair, People s Public Finance Institute Chair, Silliman University September 28, 2013

2 Importance of the Budget in National Development The Philippines is facing many challenges, the most serious of which are poverty, climate change, health and education, and unemployment. The budget is the most powerful instrument of the government in responding to these problems. It can be an instrument for the redistribution of income groups to fund services and create jobs for the poor. The budget can be used to provide education and health services, as well as training and capacity building and fund projects to create employment. The budget can be used to stabilize the economy and control inflation.

3 Importance of the Role of the Congress in the Budget The need to ask questions on the analysis of the government on the performance of the economy, its policies, thrusts and priorities The need to ask questions on what is explicitly stated, and also the more implicit or what is not there The need to engage the executive on longstanding issues on citizens participation, special purpose funds, etc. The need to demand accountability from the government

4 Importance of the Role of the Congress in the Budget The Budget is an instrument of fiscal policy which includes policies on revenues, expenditures and borrowing The Budget as part of fiscal policy has three functions: Allocation function Distribution function Stabilization function To these three functions, I add the Development function

5 Basic Facts about the Budget National Expenditure Program- the total amount of projected expenditures for 2014 PhP trillion the General Appropriations Act which will be approved by Congress -PhP trillion the above amount is composed of the budget of departments and agencies - PhP trillion Special Purpose Funds -PhP 310 billion trillion the Special Purpose Funds includes the PDAF OR pork barrel -PhP 25.2 billion Automatic Appropriations which is composed of -PhP 796 billion Debt Service-interest payments -Ph352.7 billion internal revenue allotment -PhP billion net lending -PhP 24.9 billion retirement life insurance premiums -PhP 28.9 biliion special accounts in the general fund -PhP21.1 billion

6 In addition to the National Expenditure Program, there is the Unprogrammed Fund PhP billion Furthermore, there are the Off Budget funds" which are direct remittances. Examples : PAGCOR remittances to the Office of the President (ph 2.6b) Malampaya Funds (ph 26b) Motor Vehicles Users Charge(ph12 b) (Members of Congress are alloted 10M each from MVUC)

7 of pork and lump sum appropriations... lump sum for Congress billion lump sums under the control of the President Special Purpose Fund billion Direct Remittances billion Unprogrammed Funds billion Intelligence Funds million

8 Under the constitution as currently interpreted, the President can create savings, transfer expenditures from one agency to another. thus he can move items in the PhP trillion expenditure program if he wishes. All presidents have done this. It is, of course, vulnerable to abuse.

9 Campaign Advocacy of Social Watch 1. Abolition of Special Purpose Funds which includes Pork Barrel 2. Transfer these amounts to the different frontline agencies; consider the ABI Proposals 3. Revisit the interpretation of the constitutional provision which allows the President to transfer funds in the General Appropriations Act. The phrase his Office is interpreted as the entire government system. 4. Integrate Off Budget items with the General Appropriations Act 5. Give details of Automatic Appropriations

Facts and Figures on the Middle-Class Squeeze in Idaho

Facts and Figures on the Middle-Class Squeeze in Idaho Facts and Figures on the Middle-Class Squeeze in Idaho For hard-working, middle-class families all over the country, life during the Bush presidency has grown less affordable and less secure. President

More information

Macroeconomics Instructor Miller Fiscal Policy Practice Problems

Macroeconomics Instructor Miller Fiscal Policy Practice Problems Macroeconomics Instructor Miller Fiscal Policy Practice Problems 1. Fiscal policy refers to changes in A) state and local taxes and purchases that are intended to achieve macroeconomic policy objectives.

More information

BASIC CONCEPTS IN BUDGETING

BASIC CONCEPTS IN BUDGETING BASIC CONCEPTS IN BUDGETING 1. What is a fund? The word "fund" in government has taken several meanings or connotations. It is sometimes used to refer an appropriation which is a legislative authorization

More information

Personal Saving Rate Has Declined

Personal Saving Rate Has Declined Personal Saving Rate Has Declined Percentage of disposable personal income 12. 1. 8. 6. 4. 2.. 196 1965 197 1975 198 1985 199 1995 4 Source: Bureau of Economic Analysis, Department of Commerce. 1 Estimated

More information

Macroeconomics Machine-graded Assessment Items Module: Fiscal Policy

Macroeconomics Machine-graded Assessment Items Module: Fiscal Policy Macroeconomics Machine-graded Assessment Items Module: Fiscal Policy Machine-graded assessment question pools are provided for your reference and are organized by learning outcome. It is your responsibility

More information

UK INSURANCE KEY FACTS 2014. UK Insurance KEY FACTS. Follow us on Twitter @BritishInsurers

UK INSURANCE KEY FACTS 2014. UK Insurance KEY FACTS. Follow us on Twitter @BritishInsurers UK INSURANCE KEY FACTS 2014 UK Insurance KEY FACTS 2014 3 @BritishInsurers Follow us on Twitter @BritishInsurers ASSOCIATION OF BRITISH INSURERS About the ABI The Association of British Insurers is the

More information

A BIPARTISAN PLAN TO REDUCE OUR NATION S DEFICITS EXECUTIVE SUMMARY

A BIPARTISAN PLAN TO REDUCE OUR NATION S DEFICITS EXECUTIVE SUMMARY A BIPARTISAN PLAN TO REDUCE OUR NATION S DEFICITS EXECUTIVE SUMMARY This bipartisan, comprehensive, and balanced plan consistent with the recommendations of the Bowles-Simpson fiscal commission that will:

More information

SIERRA LEONE UPDATES FROM THE INSTANBUL PRIORITY AREAS OF ACTION

SIERRA LEONE UPDATES FROM THE INSTANBUL PRIORITY AREAS OF ACTION SIERRA LEONE UPDATES FROM THE INSTANBUL PRIORITY AREAS OF ACTION 1 OUTLINE OF PRESENTATION Recent Developments Istanbul Priority Areas of Action Poverty Levels Agenda for Prosperity Challenges Conclusion

More information

United States Progress Report on Fossil Fuel Subsidies Part 1: Identification and Analysis of Fossil Fuel Provisions

United States Progress Report on Fossil Fuel Subsidies Part 1: Identification and Analysis of Fossil Fuel Provisions A. Production Fossil Fuel Subsidies United States Progress Report on Fossil Fuel Subsidies Part 1: Identification and Analysis of Fossil Fuel Provisions There are a number of tax preferences, described

More information

The Truth About Gov. Romney s Medicare and Medicaid Reforms

The Truth About Gov. Romney s Medicare and Medicaid Reforms The Truth About Gov. Romney s Medicare and Medicaid Reforms These Changes Would Shift Costs to Seniors, Health Care Providers, Businesses, and States By Topher Spiro July 2012 Introduction Republican presidential

More information

How Proposed Cuts in Vital Services Will Hurt New Jersey

How Proposed Cuts in Vital Services Will Hurt New Jersey How Proposed Cuts in Vital Services Will Hurt New Jersey January 12, 2006 On February 1, 2006, the U.S. House of Representatives is scheduled to take up legislation cutting $40 billion in health care,

More information

Stability Programme of the Netherlands. December 2008 Addendum

Stability Programme of the Netherlands. December 2008 Addendum Stability Programme of the Netherlands December 2008 Addendum 1. Introduction The European Council of 11 and 12 December agreed on a European Economic Recovery Plan. This European Economic Recovery plan

More information

SSB 5181 Priorities. Commission on State Debt Questions. Answers Summarized

SSB 5181 Priorities. Commission on State Debt Questions. Answers Summarized SSB 5181 Priorities SB 5181 Requirements 1 st Priority 2 nd Priority 3 rd Priority Stabilize the capacity to incur new debt in support of sustainable and predictable capital budgets. Kilmer, Parlette,

More information

Latest House Republican Budget Threatens Medicare and Shreds the Safety Net

Latest House Republican Budget Threatens Medicare and Shreds the Safety Net Latest House Republican Budget Threatens Medicare and Shreds the Safety Net Instead of Reducing Health Care Costs, Blueprint Shifts Costs to Seniors, Providers, Businesses, and States Topher Spiro March

More information

Chapter 10 Fiscal Policy Macroeconomics In Context (Goodwin, et al.)

Chapter 10 Fiscal Policy Macroeconomics In Context (Goodwin, et al.) Chapter 10 Fiscal Policy Macroeconomics In Context (Goodwin, et al.) Chapter Overview This chapter introduces you to a formal analysis of fiscal policy, and puts it in context with real-world data and

More information

Assignment Unit06. This is a preview of the draft version of the quiz. Published Preview Edit. Quiz Type. Points. Assignment Group.

Assignment Unit06. This is a preview of the draft version of the quiz. Published Preview Edit. Quiz Type. Points. Assignment Group. You submitted this quiz late, and your answers may not have been recorded. Published Preview Edit Assignment Unit06 This is a preview of the draft version of the quiz Quiz Type Points Assignment Group

More information

Unemployment Compensation (UC) and the Unemployment Trust Fund (UTF): Funding UC Benefits

Unemployment Compensation (UC) and the Unemployment Trust Fund (UTF): Funding UC Benefits Unemployment Compensation (UC) and the Unemployment Trust Fund (UTF): Funding UC Benefits Julie M. Whittaker Specialist in Income Security March 12, 2014 The House Ways and Means Committee is making available

More information

FISCAL BALANCE AND PUBLIC DEBT. Outline: Chapter 12 FISCAL BALANCE AND PUBLIC DEBT. 5. Burden of the Debt

FISCAL BALANCE AND PUBLIC DEBT. Outline: Chapter 12 FISCAL BALANCE AND PUBLIC DEBT. 5. Burden of the Debt 02/10/2015 C h a p t e r 12 FISCAL BALANCE AND PUBLIC DEBT Public Finance, 10 th Edition David N. Hyman Adapted by Chairat Aemkulwat for Public Economics 2952331 Chairat Aemkulwat, Public Economics 2952331

More information

FISCAL POLICY* Chapter. Key Concepts

FISCAL POLICY* Chapter. Key Concepts Chapter 11 FISCAL POLICY* Key Concepts The Federal Budget The federal budget is an annual statement of the government s expenditures and tax revenues. Using the federal budget to achieve macroeconomic

More information

March 19, 2014 The President s Budget in Pictures By Jasmine Tucker Chart assistance by Daniel Gautreau

March 19, 2014 The President s Budget in Pictures By Jasmine Tucker Chart assistance by Daniel Gautreau nationalpriorities.org research@nationalpriorities.org (413) 584 9556 March 19, 2014 The President s Budget in Pictures By Jasmine Tucker Chart assistance by Daniel Gautreau President Obama recently released

More information

KEY FACTS 2015. UK Insurance & Long Term Savings. Key Facts 2015. Follow us on Twitter @BritishInsurers

KEY FACTS 2015. UK Insurance & Long Term Savings. Key Facts 2015. Follow us on Twitter @BritishInsurers KEY FACTS 2015 UK Insurance & Long Term Savings Key Facts 2015 @BritishInsurers Follow us on Twitter @BritishInsurers ASSOCIATION OF BRITISH INSURERS The UK insurance and long term savings industry is

More information

SUSTAINING PROSPERITY FOR FUTURE GENERATIONS NLEC POSITION ON 2013 PROVINCIAL BUDGET PRIORITIES

SUSTAINING PROSPERITY FOR FUTURE GENERATIONS NLEC POSITION ON 2013 PROVINCIAL BUDGET PRIORITIES SUSTAINING PROSPERITY FOR FUTURE GENERATIONS Approved by the NLEC Board of Directors Jan 16 th, 2013 1 SUSTAINING OUR PROSPERITY FOR FUTURE GENERATIONS INTRODUCTION The Newfoundland and Labrador Employers

More information

FISCAL POLICY* Chapter. Key Concepts

FISCAL POLICY* Chapter. Key Concepts Chapter 15 FISCAL POLICY* Key Concepts The Federal Budget The federal budget is an annual statement of the government s expenditures and tax revenues. Using the federal budget to achieve macroeconomic

More information

OHIO SCHOOL FACILITIES COMMISSION FINANCIAL HARDSHIP LOAN PROGRAM GUIDELINES December 2003

OHIO SCHOOL FACILITIES COMMISSION FINANCIAL HARDSHIP LOAN PROGRAM GUIDELINES December 2003 OHIO SCHOOL FACILITIES COMMISSION FINANCIAL HARDSHIP LOAN PROGRAM GUIDELINES December 2003 Program Overview House Bill 94 of the 124 th General Assembly amended Section 3318.042 of the Ohio Revised Code

More information

Policy Focus. The Need for Social Security Reform. Republicans and Democrats increasingly acknowledge that reforming. what you need to know

Policy Focus. The Need for Social Security Reform. Republicans and Democrats increasingly acknowledge that reforming. what you need to know Policy Focus The Need for Social Security Reform Recipes for Rational Government from the Independent Women s Forum Carrie Lukas, Managing Director, Independent Women s Forum August 2011 Volume 1, Number

More information

First Uganda Pension Reform Policy Credit (PRPC) Sector - Compulsory pension and unemployment insurance (50%) - Banking (10%)

First Uganda Pension Reform Policy Credit (PRPC) Sector - Compulsory pension and unemployment insurance (50%) - Banking (10%) PROGRAM INFORMATION DOCUMENT (PID) CONCEPT STAGE Report No.: AB7516 Operation Name First Uganda Pension Reform Policy Credit (PRPC) Region Africa Country Uganda Sector - Compulsory pension and unemployment

More information

Health Reform: The Cost of Failure and the Implications of Success

Health Reform: The Cost of Failure and the Implications of Success Health Reform: The Cost of Failure and the Implications of Success Bowen Garrett John Holahan June 17, 2010 National Association for Business Economics www.healthpolicycenter.org The Affordable Care Act

More information

MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.

MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. Suvey of Macroeconomics, MBA 641 Fall 2006, Final Exam Name MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) Modern macroeconomics emerged from

More information

Taxes Payable 2016 Property Tax Levy & 2015-16 Budget. December 15, 2015 Regular School Board Meeting

Taxes Payable 2016 Property Tax Levy & 2015-16 Budget. December 15, 2015 Regular School Board Meeting Taxes Payable 2016 Property Tax Levy & 2015-16 Budget December 15, 2015 Regular School Board Meeting Truth in Taxation Law Property tax levies are highly regulated by the state State sets formulas which

More information

chapter: Solution Fiscal Policy

chapter: Solution Fiscal Policy Fiscal Policy chapter: 28 13 ECONOMICS MACROECONOMICS 1. The accompanying diagram shows the current macroeconomic situation for the economy of Albernia. You have been hired as an economic consultant to

More information

How Much Life Insurance Do You Need?

How Much Life Insurance Do You Need? RON GRAHAM AND ASSOCIATES LTD. 10585 111 Street NW, Edmonton, Alberta, T5M 0L7 Telephone (780) 429-6775 Facsimile (780) 424-0004 Email rgraham@rgafinancial.com How Much Life Insurance Do You Need? In Canada,

More information

Early Retirement Account

Early Retirement Account Early Retirement Account As the representative voice of 1.2 million mature Americans and senior citizens, AMAC is deeply concerned with the solvency of Federal legacy programs such as Medicare and Social

More information

Understanding Central Banking in Light of the Credit Turmoil

Understanding Central Banking in Light of the Credit Turmoil Understanding Central Banking in Light of the Credit Turmoil Marvin Goodfriend Tepper School Carnegie Mellon University Implementing Monetary Policy Post-Crisis: What Have We Learned? What Do We Need to

More information

Role of Natural Gas in a Sustainable Energy Future

Role of Natural Gas in a Sustainable Energy Future Role of Natural Gas in a Sustainable Energy Future Alexander Medvedev, Deputy Chairman of Gazprom Management Committee, Director General of Gazprom Export 2 nd Ministerial Gas Forum Doha, 30 November 2010

More information

Budget Paper B SUPPLEMENTARY FINANCIAL INFORMATION

Budget Paper B SUPPLEMENTARY FINANCIAL INFORMATION Budget Paper B SUPPLEMENTARY FINANCIAL INFORMATION Available in alternate formats, upon request. Biv Supplementary / Financial Information BUDGET 2016 CONTENTS SPECIAL ACCOUNTS... 1 CAPITAL INVESTMENT...

More information

DEBT STATISTICS JANUARY 2014 SUMMARY

DEBT STATISTICS JANUARY 2014 SUMMARY DEBT STATISTICS JANUARY 2014 SUMMARY UK PERSONAL DEBT Outstanding personal debt stood at 1.432 trillion at the end of November 2013. This is up from 1.420 trillion at the end of November 2012. Outstanding

More information

The Solutions Initiative II

The Solutions Initiative II The Heritage Foundation Saving the American Dream: The Heritage Plan to Fix the Debt, Cut Spending, and Restore Prosperity Alison Acosta Fraser, William W. Beach, and Stuart M. Butler, Ph.D. INTRODUCTION

More information

cepr briefing paper Defaulting on The Social Security Trust Fund Bonds: Winner and Losers CENTER FOR ECONOMIC AND POLICY RESEARCH SUMMARY Dean Baker 1

cepr briefing paper Defaulting on The Social Security Trust Fund Bonds: Winner and Losers CENTER FOR ECONOMIC AND POLICY RESEARCH SUMMARY Dean Baker 1 cepr CENTER FOR ECONOMIC AND POLICY RESEARCH briefing paper Defaulting on The Social Security Trust Fund Bonds: Winner and Losers Dean Baker 1 July 23, 2001 SUMMARY The United States government has never

More information

MGE#12 The Balance of Payments

MGE#12 The Balance of Payments MGE#12 The Balance of Payments The Current Account, the Capital Account and the Balance of Payments Introduction to the Foreign Exchange Market Savings, Investment and the Current Account 1 From last session

More information

Chapter 1. Why Study Money, Banking, and Financial Markets?

Chapter 1. Why Study Money, Banking, and Financial Markets? Chapter 1 Why Study Money, Banking, and Financial Markets? Why Study Money, Banking, and Financial Markets To examine how financial markets such as bond, stock and foreign exchange markets work To examine

More information

Details and Analysis of Dr. Ben Carson s Tax Plan

Details and Analysis of Dr. Ben Carson s Tax Plan FISCAL FACT Jan. 2016 No. 493 Details and Analysis of Dr. Ben Carson s Tax Plan By Kyle Pomerleau Director of Federal Projects Key Findings Dr. Ben Carson s tax plan would replace the federal income tax

More information

BUDGET PRESENTATION. The Finance Department is proud to publish and disseminate budget information to the Board of Trustees and to our community.

BUDGET PRESENTATION. The Finance Department is proud to publish and disseminate budget information to the Board of Trustees and to our community. New Deal Independent School District 401 South Auburn Avenue Post Office Box 280 New Deal, Texas 79350-0280 Steven L. Jerden, CPA, CGMA Chief Financial Officer August 11, 2015 The Honorable Board of Trustees

More information

COMMUNICATION THE BOARD OF TRUSTEES, FEDERAL OLD-AGE AND SURVIVORS INSURANCE AND FEDERAL DISABILITY INSURANCE TRUST FUNDS

COMMUNICATION THE BOARD OF TRUSTEES, FEDERAL OLD-AGE AND SURVIVORS INSURANCE AND FEDERAL DISABILITY INSURANCE TRUST FUNDS 114th Congress, 1st Session House Document 114-51 THE 2015 ANNUAL REPORT OF THE BOARD OF TRUSTEES OF THE FEDERAL OLD-AGE AND SURVIVORS INSURANCE AND FEDERAL DISABILITY INSURANCE TRUST FUNDS COMMUNICATION

More information

CURRENT ACCOUNT: THE REGIONAL DEVELOPMENTS AND TRENDS

CURRENT ACCOUNT: THE REGIONAL DEVELOPMENTS AND TRENDS CURRENT ACCOUNT: THE REGIONAL DEVELOPMENTS AND TRENDS Prepared by Armenuhi Burnazyan and Arevik Aleksanyan In our project we tried to analyze Current Account (CA) balance trends for Armenia, Georgia and

More information

Tax System Challenges in the 21 st Century

Tax System Challenges in the 21 st Century Tax System Challenges in the 21 st Century American taxpayers paid about $1.9 trillion in combined federal taxes, including income, payroll, and excise taxes, in fiscal year 2004. These taxes, along with

More information

UPDATE ON FISCAL ARRANGEMENTS

UPDATE ON FISCAL ARRANGEMENTS Budget Paper D UPDATE ON FISCAL ARRANGEMENTS Available in alternate formats upon request. Update on Fiscal Arrangements CONTENTS INTRODUCTION... 1 CURRENT TRANSFER ARRANGEMENTS... 1 Major Transfers to

More information

COMMUNICATION THE BOARD OF TRUSTEES, FEDERAL OLD-AGE AND SURVIVORS INSURANCE AND FEDERAL DISABILITY INSURANCE TRUST FUNDS

COMMUNICATION THE BOARD OF TRUSTEES, FEDERAL OLD-AGE AND SURVIVORS INSURANCE AND FEDERAL DISABILITY INSURANCE TRUST FUNDS THE 2016 ANNUAL REPORT OF THE BOARD OF TRUSTEES OF THE FEDERAL OLD-AGE AND SURVIVORS INSURANCE AND FEDERAL DISABILITY INSURANCE TRUST FUNDS COMMUNICATION FROM THE BOARD OF TRUSTEES, FEDERAL OLD-AGE AND

More information

Financial Crisis Policy Responses in the US National Accounts

Financial Crisis Policy Responses in the US National Accounts Financial Crisis Policy Responses in the US National Accounts www.bea.gov Dennis Fixler OECD Meeting on Short Term Statistics Paris, France 10 September 2009 Background Financial Crisis Policy Responses

More information

the original accounting office for small business 2016/2017 Company, Trust or Partnership Tax Return Checklist

the original accounting office for small business 2016/2017 Company, Trust or Partnership Tax Return Checklist 2016/2017 Company, Trust or Partnership Tax Return Checklist Page 1 Name of taxpayer: : Address: Preferred Contact No: Income Accounting information, including trial balance, profit & loss and balance

More information

ARKANSAS DEPARTMENT OF HIGHER EDUCATION ADHE 17-1 SUMMARY OF INCOME FOR ALL FUND GROUPS (SEE INSTRUCTIONS)

ARKANSAS DEPARTMENT OF HIGHER EDUCATION ADHE 17-1 SUMMARY OF INCOME FOR ALL FUND GROUPS (SEE INSTRUCTIONS) ADHE 17-1 SUMMARY OF INCOME FOR ALL FUND GROUPS FICE CODE COMPLETED BY: Eric Robinson INCOME (and other additions) UNRESTRICTED RESTRICTED PLANT FUNDS Educational Auxiliary Educational Current Current

More information

Details and Analysis of Senator Bernie Sanders s Tax Plan

Details and Analysis of Senator Bernie Sanders s Tax Plan FISCAL FACT Jan. 2016 No. 498 Details and Analysis of Senator Bernie Sanders s Tax Plan By Alan Cole and Scott Greenberg Economist Analyst Key Findings: Senator Sanders (I-VT) would enact a number of policies

More information

BRIEFING. Repeal of Incentive for Insurers to Create Jobs in Florida Raises Concerns. History of Tax Preferences for Florida Insurance Companies

BRIEFING. Repeal of Incentive for Insurers to Create Jobs in Florida Raises Concerns. History of Tax Preferences for Florida Insurance Companies BRIEFING Repeal of Incentive for Insurers to Create Jobs in Florida Raises Concerns April 2013 For at least the last 60 years, Florida s tax policy regarding insurance companies has provided a clear preference

More information

Econ 202 Section 4 Final Exam

Econ 202 Section 4 Final Exam Douglas, Fall 2009 December 15, 2009 A: Special Code 00004 PLEDGE: I have neither given nor received unauthorized help on this exam. SIGNED: PRINT NAME: Econ 202 Section 4 Final Exam 1. Oceania buys $40

More information

Consequences of 401(k) s 3. Pension Reform

Consequences of 401(k) s 3. Pension Reform Policies to Strengthen the Employment Based Pension System for All 1. Pension Erosion 2. Unintended Consequences of 401(k) s 3. Pension Reform 1 The Pension Problem Accumulatio Investments n Payout a Ghilarducci

More information

ARKANSAS DEPARTMENT OF HIGHER EDUCATION ADHE 17-1 SUMMARY OF INCOME FOR ALL FUND GROUPS (SEE INSTRUCTIONS)

ARKANSAS DEPARTMENT OF HIGHER EDUCATION ADHE 17-1 SUMMARY OF INCOME FOR ALL FUND GROUPS (SEE INSTRUCTIONS) ADHE 17-1 SUMMARY OF INCOME FOR ALL FUND GROUPS FICE CODE 1108CJ COMPLETED BY: Chris Frala Report all amounts to the nearest Dollar. INCOME (and other additions) UNRESTRICTED RESTRICTED PLANT FUNDS Educational

More information

Adopted Budget: The budget formally adopted by the Board of Commissioners for the upcoming fiscal year.

Adopted Budget: The budget formally adopted by the Board of Commissioners for the upcoming fiscal year. 289 Accrual Basis of Accounting: The primary basis of recording assets, liabilities, revenues, and expenses for a government s business-like activities. Under the accrual basis, revenues are recognized

More information

Micro insurance: Reaching the Masses at Grass Root Level- The CARD MBA Experience

Micro insurance: Reaching the Masses at Grass Root Level- The CARD MBA Experience Micro insurance: Reaching the Masses at Grass Root Level- The CARD MBA Experience Dr. Jaime Aristotle B. Alip Chairman and Managing Director CARD- Mutually Reinforcing Institutions 17 th ICDC Congress

More information

STABILITY PROGRAMME 2014-2017

STABILITY PROGRAMME 2014-2017 STABILITY PROGRAMME 2014-2017 COUNCIL OF MINISTERS APRIL 30 2014 Stability Programme 2014-2017 The Council of Ministers has approved today the referral to Brussels of: The Stability Programme 2014-2017,

More information

Department of Legislative Services Maryland General Assembly 2014 Session FISCAL AND POLICY NOTE. Income Tax Credit - Student Loan Payments

Department of Legislative Services Maryland General Assembly 2014 Session FISCAL AND POLICY NOTE. Income Tax Credit - Student Loan Payments Department of Legislative Services Maryland General Assembly 2014 Session SB 632 FISCAL AND POLICY NOTE Senate Bill 632 Budget and Taxation (Senator Madaleno, et al.) Income Tax Credit - Student Loan Payments

More information

Open Government in the Philippines

Open Government in the Philippines Open Government in the Philippines Enhance Transparency and Citizen Engagement for Better Results Open Government: If You Build It, They Will Come! Hanif Rahemtulla (hrahemtulla@worldbank.org) Philippines,

More information

BUDGET AND FINANCIAL PLAN SUMMARY FILE

BUDGET AND FINANCIAL PLAN SUMMARY FILE BUDGET AND FINANCIAL PLAN SUMMARY FILE BUDGETED REVENUES, EXPENDITURES, AND CHANGES IN CURRENT NET ASSETS Last Year (Actual) 2013 Current Year (Estimated) 2014 Adopted 2015 Proposed 2016 Proposed 2017

More information

Economic Snapshot for February 2013

Economic Snapshot for February 2013 Economic Snapshot for February 2013 Christian E. Weller on the State of the Economy Christian E. Weller, associate professor, Department of Public Policy and Public Affairs, University of Massachusetts

More information

Some proven financial advice strategies

Some proven financial advice strategies Some proven financial advice strategies There are numerous key financial advice strategies that may put you on the road to achieving your financial goals Debt Management Debt consolidation can lower repayments

More information

June 4, 2014. Honorable Elizabeth Warren United States Senate Washington, DC 20510. Dear Senator:

June 4, 2014. Honorable Elizabeth Warren United States Senate Washington, DC 20510. Dear Senator: CONGRESSIONAL BUDGET OFFICE U.S. Congress Washington, DC 20515 Douglas W. Elmendorf, Director June 4, 2014 Honorable Elizabeth Warren United States Senate Washington, DC 20510 Dear Senator: As you requested,

More information

Common Operating Procedures for Donor Advised Funds

Common Operating Procedures for Donor Advised Funds Common Operating Procedures for Donor Advised Funds February 2002 I. Introduction. The charitable community has recently seen tremendous growth in the area of Section 501(c)(3) public charities operating

More information

Pre-Test Chapter 11 ed17

Pre-Test Chapter 11 ed17 Pre-Test Chapter 11 ed17 Multiple Choice Questions 1. Built-in stability means that: A. an annually balanced budget will offset the procyclical tendencies created by state and local finance and thereby

More information

SPEECH Address to the SMSF Association Melbourne 20 February 2015

SPEECH Address to the SMSF Association Melbourne 20 February 2015 The Hon Josh Frydenberg MP Federal Member for Kooyong Assistant Treasurer SPEECH Address to the SMSF Association Melbourne 20 February 2015 E&OE. Thank you Andrea for that kind introduction, and to Peter

More information

Government mortgage rescue scheme What will it mean for me and my family?

Government mortgage rescue scheme What will it mean for me and my family? Government mortgage rescue scheme What will it mean for me and my family? What is mortgage rescue? Mortgage rescue is help that the Government is offering if: you are struggling to keep up with your mortgage

More information

l. Introduction Debt Service savings are expected to generate an additional $128 million in 2005. Favorable interest rates are driving $84 million of this improvement, most of which stems from our variable

More information

Integrated Financial Plan FY2012

Integrated Financial Plan FY2012 Integrated Financial FY Delivering The new reality The fiscal year Integrated Financial (IFP) has an Operating with a projected Operating Loss of $3.0 billion, versus a loss of $2.2 billion in, despite

More information

How Can You Reduce Your Taxes?

How Can You Reduce Your Taxes? RON GRAHAM AND ASSOCIATES LTD. 10585 111 Street NW, Edmonton, Alberta, T5M 0L7 Telephone (780) 429-6775 Facsimile (780) 424-0004 Email rgraham@rgafinancial.com How Can You Reduce Your Taxes? Tax Brackets.

More information

Social Security Frequently Asked Questions

Social Security Frequently Asked Questions Social Security Frequently Asked Questions I m too young to care about Social Security, aren t I? We must protect Social Security for our parents and grandparents Many young people have grandparents or

More information

Government Budget and Fiscal Policy CHAPTER

Government Budget and Fiscal Policy CHAPTER Government Budget and Fiscal Policy 11 CHAPTER The National Budget The national budget is the annual statement of the government s expenditures and tax revenues. Fiscal policy is the use of the federal

More information

Guide to Transparency in Public Finances. Looking Beyond the Core Budget. Future Liabilities WWW.OPENBUDGETINDEX.ORG

Guide to Transparency in Public Finances. Looking Beyond the Core Budget. Future Liabilities WWW.OPENBUDGETINDEX.ORG Guide to Transparency in Public Finances Looking Beyond the Core Budget 5. Future Liabilities WWW.OPENBUDGETINDEX.ORG Introduction For more than a decade, civil society organizations around the world,

More information

For the reasons set out below, I believe that COLI arrangements produce inappropriate tax benefits. Specifically:

For the reasons set out below, I believe that COLI arrangements produce inappropriate tax benefits. Specifically: Statement of Andrew D. Pike * Associate Dean for Academic Affairs and Professor of Law American University, Washington College of Law before the Senate Finance Committee October 24, 2003 Mr. Chairman and

More information

Moving Towards the 2008 SNA: Key Issues

Moving Towards the 2008 SNA: Key Issues Moving Towards the 2008 SNA: Key Issues Seminar on National Accounts in Latin America and the Caribbean Santiago Chile, 4-6 August 2014 United Nations Statistics Division Outline of presentation Introduction

More information

Beyond Tax Relief - a new savings incentive framework

Beyond Tax Relief - a new savings incentive framework Beyond Tax Relief - a new savings incentive framework Dr. Ros Altmann Currently the UK has relatively high per capita retirement savings - higher than most of Europe. The development of a *strong pension

More information

DEBT MANAGEMENT POLICY

DEBT MANAGEMENT POLICY POLICY MANUAL Page 1 DEBT MANAGEMENT POLICY Effective Date: May 22, 2001 Revision Date: Approved By: City Council Approved On: May 22, 2001 Resolution #: 2001-C-234 PURPOSE 1. The City Of Airdrie recognizes

More information

APPENDIX B BUDGETARY TREATMENT OF LEASE-PURCHASES AND LEASES OF CAPITAL ASSETS

APPENDIX B BUDGETARY TREATMENT OF LEASE-PURCHASES AND LEASES OF CAPITAL ASSETS APPENDIX B BUDGETARY TREATMENT OF LEASE-PURCHASES AND LEASES OF CAPITAL ASSETS This Appendix provides instructions on the budgetary treatment of lease-purchases and leases of capital assets consistent

More information

VOTE Accident. Insurance. B.5 Vol.I 1

VOTE Accident. Insurance. B.5 Vol.I 1 VOTE Accident Insurance B.5 Vol.I 1 Accident Insurance Overview Appropriations sought for Vote Accident Insurance in 2000/01 total $490.701 million. This is intended to be spent as follows: $3.438 million

More information

1. Fill in the blanks for the following sentence: A rise in taxes on households will shift AD to the, this will push.

1. Fill in the blanks for the following sentence: A rise in taxes on households will shift AD to the, this will push. Homework 16 1. Fill in the blanks for the following sentence: A rise in taxes on households will shift AD to the, this will push. A. right; down B. left; down C. left; up D. right; up 2. During a recession,

More information

Fiscal Years 2015-2020 Outlook Preliminary Six-Year Financial Plan (January 2014) Laura Farmer, Director Financial Planning Division February 5, 2014

Fiscal Years 2015-2020 Outlook Preliminary Six-Year Financial Plan (January 2014) Laura Farmer, Director Financial Planning Division February 5, 2014 Fiscal Years 2015-2020 Outlook Preliminary Six-Year Financial Plan (January 2014) Laura Farmer, Director Financial Planning Division February 5, 2014 State and Federal Revenue Updates FY 2014 FY 2019 The

More information

STATEMENT BY STEPHEN S. GARDNER, VICE CHAIRMAN BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM BEFORE THE

STATEMENT BY STEPHEN S. GARDNER, VICE CHAIRMAN BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM BEFORE THE FOR RELEASE ON DELIVERY STATEMENT BY STEPHEN S. GARDNER, VICE CHAIRMAN BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM BEFORE THE SUBCOMMITTEE ON TAXATION AND DEBT MANAGEMENT OF THE COMMITTEE ON FINANCE

More information

Table Of Contents. iii

Table Of Contents. iii GASB Statement 45 Table Of Contents Overview...1 Compliance with GASB 45...2 GASB 45 Compared to Pension Requirements...2 Retiree Health Benefits: Potential Ramifications of GASB 45...3 Addressing Retiree

More information

GEORGIA PUBLIC POLICY FOUNDATION AGENDA 2005: A GUIDE TO THE ISSUES. Taxes

GEORGIA PUBLIC POLICY FOUNDATION AGENDA 2005: A GUIDE TO THE ISSUES. Taxes Taxes Agenda Reduce Georgia s overall tax burden Minimize Georgia s reliance on the income tax Encourage, where possible, low tax rates and a wide tax base by limiting exemptions Eliminate the discriminatory

More information

2015-16 Budget Overview Draft #3. Schodack Central School District 4/9/2015

2015-16 Budget Overview Draft #3. Schodack Central School District 4/9/2015 Budget Overview Draft #3 Schodack Central School District 4/9/2015 Key Revenue Changes State Budget Passed on time 1/3 of GEA restores Taking less, but still taking Minimal Foundation Aid increase Tax

More information

1. A is a tax system which has higher tax rates on people with lower incomes.

1. A is a tax system which has higher tax rates on people with lower incomes. Homework 15 1. A is a tax system which has higher tax rates on people with lower incomes. A. regressive tax B. progressive tax C. flat tax D. a value added tax 2. The is calculated by taking the total

More information

Capital Budgeting OVERVIEW

Capital Budgeting OVERVIEW WSG12 7/7/03 4:25 PM Page 191 12 Capital Budgeting OVERVIEW This chapter concentrates on the long-term, strategic considerations and focuses primarily on the firm s investment opportunities. The discussions

More information

John Keel, CPA State Auditor. A Report on State Employee Benefits as a Percentage of Total Compensation. April 2014 Report No.

John Keel, CPA State Auditor. A Report on State Employee Benefits as a Percentage of Total Compensation. April 2014 Report No. John Keel, CPA State Auditor A Report on State Employee Benefits as a Percentage of Total Compensation Report No. 14-704 A Report on State Employee Benefits as a Percentage of Total Compensation Overall

More information

CHAPTER 10. Acquisition and Disposition of Property, Plant, and Equipment 1, 2, 3, 5, 6, 11, 12, 21 11, 15, 16 8, 9, 10, 11, 12

CHAPTER 10. Acquisition and Disposition of Property, Plant, and Equipment 1, 2, 3, 5, 6, 11, 12, 21 11, 15, 16 8, 9, 10, 11, 12 CHAPTER 10 Acquisition and Disposition of Property, Plant, and Equipment ASSIGNMENT CLASSIFICATION TABLE (BY TOPIC) Topics Questions Brief Exercises Exercises Problems Concepts for Analysis 1. Valuation

More information

The calculation of prudent reserve targets shall include consideration of the following factors:

The calculation of prudent reserve targets shall include consideration of the following factors: Governing Body Policies Article GB04-A RESERVE FUNDS POLICY. Sections: GB04-A-1 OBJECTIVES. GB04-A-2 SCOPE. GB04-A-3 DEFINITIONS. GB04-A-4 PROVISIONS. GB04-A-5 PROCEDURES. GB04-A-6 RESPONSIBILITY FOR ENFORCEMENT.

More information

THE UNIVERSITY OF TEXAS AT DALLAS OPERATING BUDGET FISCAL YEAR ENDING AUGUST 31, 2015. Adopted by the U. T. System Board of Regents August 21, 2014

THE UNIVERSITY OF TEXAS AT DALLAS OPERATING BUDGET FISCAL YEAR ENDING AUGUST 31, 2015. Adopted by the U. T. System Board of Regents August 21, 2014 OPERATING BUDGET FISCAL YEAR ENDING AUGUST 31, 2015 Adopted by the U. T. System Board of Regents August 21, 2014 OPERATING BUDGET FISCAL YEAR ENDING AUGUST 31, 2015 Adopted by the U. T. System Board of

More information

OKLAHOMA POLICY INSTITUTE S ONLINE BUDGET GUIDE

OKLAHOMA POLICY INSTITUTE S ONLINE BUDGET GUIDE October 2009 OKLAHOMA POLICY INSTITUTE S ONLINE BUDGET GUIDE www.okpolicy.org/online-budget-guide THE TALKING POINTS VERSION State and local governments provide an essential foundation for Oklahoma's society

More information

VOTE Accident Insurance

VOTE Accident Insurance VOTE Accident Insurance B.5 Vol.I 1 Accident Insurance Overview Appropriations sought for Vote Accident Insurance in 2001/02 total $735.218 million. This is intended to be spent as follows: $3.438 million

More information

Calculator Descriptions and Assumptions: Updated 18/10/2013. Basic Loan Repayments

Calculator Descriptions and Assumptions: Updated 18/10/2013. Basic Loan Repayments Calculator Descriptions and Updated 18/10/2013 Basic Loan Repayments This calculator compares 4 different loan scenarios using the minimum required inputs. The end statement compares the least expensive

More information

Government mortgage rescue scheme What will it mean for me and my family?

Government mortgage rescue scheme What will it mean for me and my family? Government mortgage rescue scheme What will it mean for me and my family? What is mortgage rescue? Mortgage rescue is help that the Government is offering if: you are struggling to keep up with your mortgage

More information

China, The U.S. and Financial Crises. Jorge Salazar-Carrillo and Xu Li*

China, The U.S. and Financial Crises. Jorge Salazar-Carrillo and Xu Li* 1 China, The U.S. and Financial Crises By Jorge Salazar-Carrillo and Xu Li* 1.) Since 1990, and up to 2009, China s Gross National Income has grown by 14 times in current U.S. dollars, following the Atlas

More information

Certificate for Introduction to Securities & Investment (Cert.ISI) Unit 1

Certificate for Introduction to Securities & Investment (Cert.ISI) Unit 1 14cis Certificate for Introduction to Securities & Investment (Cert.ISI) Unit 1 Lesson 14: Pension funds Insurance companies Who buys government bonds? Government bonds are bought in large quantities by

More information

Proposal for Establishment of Reconstruction Fund and Reconstruction Solidarity Tax to Finance Rehabilitation after Great Earthquake of Unprecedented

Proposal for Establishment of Reconstruction Fund and Reconstruction Solidarity Tax to Finance Rehabilitation after Great Earthquake of Unprecedented Proposal for Establishment of Fund and Solidarity Tax to Finance Rehabilitation after Great Earthquake of Unprecedented Scale Daiwa Institute of Research 18 March 2011 1. Preliminary Work to Support Earthquake

More information