Assignment on Public Finance and Budgeting

Added on - Oct 2019

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PUBLIC FINANCE AND BUDGETING1Budgeting in state and federal governmentThe federal budget of a country is determined annually, and there is forecasting for the amount ofmoney that will be spent on a variety of expenses in the upcoming year.In Florida, lawmakers and public officials are elected in part to manage the state finances whichmainly includes generation of revenues, i.e., the money coming into states from the various sourcesand approving the expenditures, i.e., the money spent on the governmental functions and servicing thestate debt.Budgets play an important role in operations of the state and federal and also helps in capitalbudgeting. In the state, the budget is always presented to its legislature as their first priority, aftergetting the approval from the legislature it is then presented to the Governor who is the main memberof law.In the federal budgets, the congress passes the budget that will be signed by the president, in short, itis being analyzed that the budgets must pass through the two legislative bodies before they pass intolaw. The government makes the decisions of the budget on the basis of the revenues and the taxespaid on revenues. They also help the government in servicing of their expenditures. (Davis,2016)Budgeting tools used by the state and the federal governmentThe budgeting tool being used by both the governments is Revenue and the expenditure statement forat least five years, as this will help the government in the development of the trends that can occur inthe near future. They use the expenditure projections which use to allow the legislators to debate moreon these issues.Secondly, the state needs bills that affect the taxes and the expenditure both within the same period inwhich the plan of budget is being covered, this is needed timely with the fiscal notes that will betimely accessible. Both the governments use the current statements as a base for the planning for thefuture so that the people can get the quality services. (Gonzalez,2013)
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