Over the past seven weeks in class, we have learned about budgeting for the local government. Robert L. Bland’s book reviewed the revenue sources, how the local budget is prepared, and the process that it takes in approving the budget. In the following paper, I will apply what I have learned in class to the 2014-2015 budget for the town of Garner, North Carolina. The following issues that will be addressed are public finance administration, the budget cycle, the role of budgeting, how the budget is prepared and approved, the town leaders that are involved, the taxes, the fees, other revenue sources, budget implementation process, and capital improvements. The process of adopting a budget helps direct the public finance administration in making …show more content…
Taxes are the amount of money that the government requires people to pay when they purchase something or when they own items that can be taxed. Sales tax and property tax both help with the budget by the money that they both bring into this town. The sales tax revenue has increased over the years and this is remaining to be a steady income that the town can rely on (Town Of Garner, p.47). As Garner, North Carolina is the town in Wake County, it has a legal agreement that they are able to collect property taxes every year from the resident that live in Garner (Town Of Garner, p.29). The 2014-2015 budget will have an one cent property tax increase that has not taken place in past budgets. This increase will contribute to being able to provide additional emergency services; such as, funding the Garner Volunteer Fire Rescue, Inc. (Town Of Garner, p.36). There are different fees listed in the town of Garner’s budget. These fees are reexamined and changed periodically to cover the total amount of the services used by the town (Town Of Garner, p.29). The budget for 2014-2015 will include a new fee dealing with Garner businesses. There will be an added $50 fee for fire inspections to see if businesses are up to code (Town Of Garner, p.36). Revenue is known for how much money will contribute to the budget. The revenues are listed in two structures of funds in this budget. They are general fund and capital projects fund. Local property taxes and fee for services help make up the general fund that the budget of Garner, North Carolina indicates. As the capital projects fund is used for intergovernmental revenues and the other revenue, this will last for more than a fiscal year (Town Of Garner, p.57). Projects are not completed quickly, because towns do not want to waste funds on additional projects to
Student assessment data is used to develop the campus improvement plan; comprehensive needs assessment, and the Title 1 budget, according to Dr. Ford. The budget is developed with the philosophy that the end of the fiscal year must use all campus funds. Dr. Ford stated, the campus budget is for instructional programs of the entire campus not just the content areas tested. Supplementary funds are used to purchases tested areas resources. For example, Summit offers after school tutorials for state tested areas.
Assignment 4.1: California Government in Crisis There are many obstacles of California politics, which contribute to our inability to live the California Dream. For example, California debts continues to escalate, due to our taxation system hasn’t changed over the past years. Hence, during 2012 there was a budget gap of 16 billion dollars, which was more than the total revenues receive for general funds. Since, our taxation system depends highly on the income taxes paid by capital gain, the stock market must increase, so it can create a surplus. If that doesn’t happen, the government must find another way to finance their budget.
Sales tax is income elastic; because of this fact, consumers have a higher tax incidence and carry the burden. From this, it has been evidenced that the tax burden is vertically unequitable and can be seen as unfair to the less fortunate. Sales tax is paid by retailers, which is dependent upon their sales revenue. However, since the demand of consumers is inelastic and can vary based on market and economic conditions, this burden is felt more by lower income individuals and families. However, it is important to note that the tax burden is independent of who physically pays the tax.
More than 80 percent of budgeted expenditures are allocated to education, social services, public safety and judicial, fringe benefits, pensions, and general government. Spending in these areas totals almost $70 billion. From total of $84.67 billion amount, the New York police department found 5.6 billion in the FY18. The Fiscal 2017 Budget for NYPD as of the Fiscal 2018 Preliminary Plan shows an increase of approximately $277.6 million or five percent since adoption.
Analyzing Indiana’s planned to actual maintenance and preservation, readers can see that the gap between budgeted and spent has varied from 2012-2016. Periods where spending exceeded the budget, like 2012 and 2015, were followed by periods of greater underspending. This variability could explain the increased condition ratings and non-NHS road exception
The overall budget combines elements such as revenue, operating expenses, assets, and income streams to allow companies to set goals and evaluate their general effectiveness. A departmental budget helps to predict the income and expense of a particular department to achieve its financial goals. A departmental budget allows the company to analyze the costs and expenses associated with a particular department and whether the company's income is sufficient to meet these costs. Moreover, it allows management
Some taxable sales made in a city that is located in a county. A county sales tax is a subject to the state rate and the city rate . Taxable sales made within a county is imposed as a county sales tax, but outside any city limits of any city that imposes a city sales tax, it is disciplined to the state and county rate. The penalty for filing out a late sales tax return or making a payment after the due date is $25, or 10 percent of that tax. When filling out monthly returns and engaging in business at one location.
People may not like taxes but they are used to invest in new Technology, education and public welfare of the people like Medicare, Medicaid, social security, and general protection. They can borrow money but that always affect taxpayers but the money will always be repaid to the lenders but the only way is by raising taxes (Concurrent Powers). Concurrent powers are able to enforce laws, "...law
According to the Constitution, Congress is the only one who has “a power of purse”, but after World War I, the federal government recognizes that it is better to let the president involve in the budget process. Therefore, the Congress passes the Budget and Accounting Act of 1921 to entrust important priority setting and responsibilities to the presidents who are so inclined the opportunity to dominate budgetary politics. The act also creates the Office of Management and Budget (OMB) to review funding requests from government departments and assist the president in devising the budget. The OMB office, which contains hundreds of finance experts who only work for the president, assists the president to deal with Congress on budget issues. Even though the president has to submit the finance request to Congress to revise and make a decision, the president has more advantages than the Congress because of his huge information sources, finance experts in his office, and his persuasive skills.
It provides us with answers on whether we are spending too much money on mandatory programs, social security programs, Medicare, and/or discretionary programs. Clemmitt also discussed a resolution called the “participatory budgeting”. Residents who vote for different spending projects in their
In the late 1800s, the U.S Treasury Department used sales tax and tariffs to fund its federal budget. A tax or tariffs are funds that are paid to the government that are added when something is bought that is considered valuable. Because of the Civil war, there was a financial burden on the country. In 1861, Congress reacted by implementing taxes on individuals. The first income tax started off by taxing individuals 3% making more than $800, while people who made more than that gave up a larger percentage.
The first section of the budget proposal covers the program budget, which calculates the revenue and concessions of the Park, while the second section projects the expenses of the Park. The memo does not address each program budget, however, the discussion of the golf revenues and expenses illustrate the common pattern displayed in the programs of pool, tours, concerts, and the general and assistant administration (see Appendix A for a detailed illustration of the program
For example do they need to improve interdiction for quick success or easy conviction. Once they figure out what needs to be improved they must have a set of goals for each one. Making one set plan and tracking spending is the key to budgeting. Tracking spending will help see what the Spin and should there be a cut back. fixing expenses along with goals will help increase the success rate.
Throughout examining past budgets, it was noticed that states usually tend to shift their expenditures towards the future in order to meet their current period budgets, and this usually occurs with states that have strict balanced budget requirements. The positive aspect towards balancing this city’s budget was to make sure that the budget is spent equally and efficiently on areas that need more focus within the city, since the city does not want any tax increases it should be able to spend money on maintaining basic city services for the neighborhoods as well addressing issues such as pension benefits, employment, employee health benefits and so on. As for the negative aspect to balancing the City of Calma’s budget is that it may not be easy to deal with a budget if the city is going through an economic crisis, there might be a recurring form of deficit spending which causes a negative effect on the value of the dollar. Also, percentages of the budget are usually used in order to finance activities that produce a particularly negative effect on the economic activities. For example, many agencies have relatively small budgets but they enforce great costs on the economy’s private
Solution : Introduction: A budget is an estimation of particular commodity, quantity etc. It can be prepared for any number of days but generally it is prepared wither for a year or quarter... A budget may or may not become the actual outcome.