Government Budget and Budgetary System

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1 Government Budget and Budgetary System PhD. Anto Bajo Faculty of Economics and Business, University of Zagreb Content: Budget more then one Classification fiscal reporting Accounting and financial reporting Budgetary techniques Treasury and single treasury account (STA) Main characteristics of the public sector institution? 1. Provide public goods and services. 2. Non profit institution potential profit obligated to transfer into government budget. 3. Financed by taxes, contribution and other state (or LGU) revenues, grants and subsidies. 1

2 PUBLIC SECTOR GENERAL GOVERNMENT UNITS PUBLIC CORPORATIONS CENTRAL GOVERNMENT UNITS PUBLIC FINANCIAL INSTITUTIONS NONFINANCIAL PUBLIC ENTERPRISES STATE, PROVINCIAL OR REGIONAL GOVERNMENT UNITS LOCAL GOVERNMENTS SOCIAL SECURITY FUNDS MONETARY AUTHORITIES (CENTRAL BANK) PUBLIC FINANCIAL CORPORATIONS (BANKS,INSURANCE C. OTHER FINANCIAL INSTITUTIONS) 4 Main budget function Shows government objectives in one fiscal year or medium term, Main Instrument of fiscal policy (allocation, redistribution and stabilization) Control function of revenue collected and government spending. Multiple purposes of budgeting legislative control of the executive macroeconomic stability allocations to strategic priorities managerial efficiency well-performing PUBLIC EXPENDITURE MANANGEMENT (PEM) system 2

3 Budget more than one General government budget State budget EBF Local government State budget State Budget is an act, passed by PARLIAMENT, by which the revenues and receipts are estimated and state expenses and expenditures for one year established in accordance with law. Plan of budgetary revenue and expenditure for one (or more) fiscal year. Budgetary users Budget users are the government bodies and bodies of the local and regional self-government units, institutions, budgetary funds and local self-government, whose staff expenses and/or material expenses are provided for in the budget; Register of state budget users and users of the local and regional self-government units' budget is a list of budget users and extra budgetary users; 3

4 Budgetary users in Croatia (since 2004) All public institution (financed from central and LGU budget) in which share of expenditure financed from government budget exceed 50% of their total revenue Budgetary users of state budget and local government units: Set up by the state or local government, Source of revenue state or LGU budget by more than 50%, Recorded in register of the budgetary users Extra-Budgetary Funds Extra-budgetary Funds are institutions which are usually financed through earmarked revenues (Road Fund, Agricultural Fund etc.). Concept of earmarked financing means connecting special type of revenue with clearly defined public service (For example fees collected from motorway use are aimed at road maintenance etc). This concept can provide bigger incentive for collection of taxes and fees since the payers will know the ultimate use of the money. Disadvantage of EBF avoid regular budget procedures; greater possibility for misuse; decreased flexibility in resource allocation; decreased flexibility of fiscal instruments; less consolidated public finances; higher administration costs etc. 4

5 Consolidation The Consolidated Central Government Budget results from the consolidation of financial transactions between the State Budget and extrabudgetary users, as well as between the extrabudgetary users themselves. Consolidated budget of the local and regional selfgovernment includes the consolidated budget of the local self-government and financial plans of extra budgetary users; Consolidated general government consolidate budget of central (with extrabudgetary funds) and local government units Levels of Macro Planning Annual Plans (Budgets) Macro-Level Planning Five-Year Plans Perspective Plans (15-20 years) While five-year plans provide a solid medium-term framework, many countries have annual plans to implement the five-year plan in annual phases. The government budget is typically planed for one year. Budget Classifications (1) Economic classification is a presentation of revenues and receipts by natural types and expenditures and expenses according to the economic purpose they serve, and they are classified in classes, groups, subgroups, divisions and basic accounts. Functional classification is a presentation of budget and extra-budgetary users activities and projects classified according to the purpose they serve; Organizational classification is a presentation of connected and harmonised (hierarchically and according to relation of rights and responsibilities) structures of budget and budget users which by appropriate material resources achieve set goals, and which is established through first level budget users, second level budget users and budget users (third level); Program classification is a presentation of programs and their component parts activities and projects, defined in accordance with the acts of planning as well as goals and tasks of the budget and budget and extra-budgetary users of the budget; Source of funds classification 5

6 Budgets Classifications (2) WHO? WHAT? HOW? ORGANIZATIONAL/ INSTITUTIONAL CLASSIFICATION FUNCTIONAL/ OPERATIONAL/PROGRAM CLASSIFICATION ECONOMIC CLASSIFICATION Country dependent Comprehensively covers all institutions and agencies of Central Government and Local Government GFS provides an internationally accepted framework for functional classification, fully in line with the UN COFOG classification Programs are developed according to the priorities and objectives set for each Government institution. Program activities and projects execute specific tasks within overall operational implementation Programs should be developed within the functional classification to facilitate broad level analysis Inputs required to carry out the tasks determined for each program activity or project Users: Budget, Accounting, Treasury, Auditing, Decision makers, Fiscal reporting and statistics Economic classification Programme classification A program is a group of independent, but closely-related, activities designed to achieve a common goal and objectives. Essentially, the structure of program budgeting consists of programs/projects and activities. In order to measure results, however, program budgeting requires the identification of: goals and objectives; and program indicators (program measures). 6

7 Source of funds classification The classification of the expenditure by financing source presents public expenditure according to the type/origin of the resources used for the financing. In other words, it defines expenditure according to the nature of revenues focused on the fulfilling of public needs. The importance of this classification lies on the relationship between resources and expenditure. Source of funds classification Identify different financing mechanisms used to support programs Examples: General funds Special revenue funds Extra-budgetary funds User fees or earmarked taxes Loans or donations Fines or penalties Uses: Analyzing sources of financing or revenues Budgetary process (1) Set of rules and procedures that ensures: budget preparation based on the government priorities, approval in the parliament and execution of the budget according defined plan at the beginning of the fiscal year. 7

8 Budgetary process (2) Main players: Budgetary users (line ministries and agencies) Ministry of finance Government Parliament State Audit Budgetary process (3) june 2016 Budget preparation Approval in the parliament Budget execution Statement on budget execution and audit report Government MoF Ministries and budgatary users Government Parliament (Sabor) Parliamenatry commetee MoF Ministaries Budgatary users MoF and Government Parliament State Audit Budget Cycle Budget preparation / planning Public expenditure review Budget execution Expenditure control 8

9 Budgetary Timetable Preparation of macro-economic framework Ceilings by sector prepared by MOF Cabinet approves strategy and ceilings Budget circular is released Line ministries submit budget request Budget request revised by MOF/Negotiations Draft budget prepared by MOF Draft budget reviewed by Government J F M A M J J A S O Budget submitted to parliament (legislature) Legislature scrutinize and approves budget The temporary financing (1) If the representative body failed to pass the budget before the beginning of the budget year, the financing of the tasks, functions and programs of the government (budget users) shall continue on the basis of the decision on the temporary financing in the amount necessary for their performing and execution. The temporary financing shall be carried out proportionally to the revenue collected in the same period pursuant to the budget for the previous year and up to ¼ of the total revenue realized excluding the receipts The temporary financing (2) The temporary financing shall not be carried out longer than for the first three months of the budget year. During the period the same programs shall be financed and users may not increase the number of their staff in relation to the condition as of December 31 of the previous year. During the temporary financing, the budget users may not assume new financial obligations. After the expiry of the temporary financing, the revenue, receipts and expenses and expenditures realized and made in that period shall be included in the current year budget. 9

10 Government Accounting System Cash based Accrual principles Modified accrual Other accounting system employed in the public sector Profit (public enterprises) Nonprofit (kindergartens, museums, theaters, libraries etc: Banking accounting (accounting for financial institutions) Financial statements Statement of revenue and expenditure Balance sheet Statement on cash flow Other (Statement on own revenue and expenditure) Budgetary techniques (line items) (1) Budget planed and executed by individual expenditure items of the budgetary users. Emphasize on current and capital plan of expenditure by institution and comparison of planed and realized budgetary expenditure at the end of the fiscal year. 10

11 Budgetary techniques (line items) (2) Advantage Simplification Easy control of expenditure with previous years because line items by individual users. Disadvantage Not adjusted according raising government functions Don t provide information on effectiveness of the individual expenditures and programs of invdividual ministries Program budgeting basic (1) Program is a set of independent, closely related activities and projects oriented towards the achievement of a common goal; Program classification is a presentation of programs and their component parts; Project is a component of a program, planned on an ad hoc basis, in which expenses and expenditures are planned for the achievement of objectives established by a program. Program budgeting basic (2) Define program structure and individual activities (for each budget users); Define main program objectives; Expenditure by programs and individual activities; Multiyear budget; Define specific objective for current and next years, and Define performance indicators. 11

12 How to measure performance Budget management State Treasury is an administrative organization within the Ministry of Finance in which the tasks related to budget planning and consolidation, state budget execution, state accounting, and public debt management and government financial and non-financial asset management are performed. Three main function: Budget preparation Budget execution Cash and liquidity management, and Public debt management Government treasury 12

13 Treasury single account Treasury single account is usually defined as an account or set of accounts through which all public revenues are collected and all public expenditures are processed. There are three key elements in this definition: accounts, all public revenues and all public expenditures. Although treasury single account looks like one account actually it is a set of thousands of accounts serving for collection of revenues and expenditure execution. Its content may be different form country to country depending on the special economic environment and concepts implemented. 13

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