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Public budgeting is a field of public administration and a discipline in the academic study of public administration. Budgeting is characterized by its approaches, functions, formation, and type. Authors Robert W. Smith and Thomas D. Lynch describe public budgeting through four perspectives: incrementalism, comprehensive planning, decision ...
The institutional framework of public finance is the government budget or public budget. The budgetary system is a system of popular approval and oversight of the state's financial activities. The history of constitutional politics can be described as the history of the establishment of the modern budgetary system. [8]
Public expenditure is spending made by the government of a country on collective or individual needs and wants of public goods and public services, such as pension, healthcare, security, education subsidies, emergency services, infrastructure, etc. [6] Until the 19th century, public expenditure was limited due to laissez faire philosophies.
In practice, government budgeting or public budgeting is substantially more complicated and often results in inefficient practices. Government can pay for spending by borrowing (for example, with government bonds ), although borrowing is a method of distributing tax burdens through time rather than a replacement for taxes.
A balanced budget requirement is a law that requires a government to balance its budget annually, such that government spending equals government revenue. [26] There are two types of balanced budget requirements: ex-post balanced budget requirements, and ex-ante balanced budget requirements.
Hochul’s budget director has admitted fees and taxes will be needed to feed the MTA’s massive capital spending and that remains the reality despite the Sunday launch of the governor’s new ...
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