Textbook Notes (367,907)
Canada (161,488)
POLS 2250 (94)
Chapter 19

Chapter 19

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Political Science
POLS 2250
Nanita Mohan

Integral to the management of financial resources in government is the preparation of the budget Establishes priorities and sets out major plans for provisions of services to citizenry of country Budgets must address three factors, first is the setting of macroeconomic policy or at least that which is influenced by fiscal insturments, level of aggregate revenue, expenditure, surplus, deficit Influencing behaviour in a more micro level. Tax provisions are frequently used not just to raise revenue but also refrain from doing certain things. Third objective is simply raising resources needed to fund expenditures. Two types of budgets – revenue budget – meant to provie overviews of the ecnomy and announcing changes in expenditures but primary intent is to give a picture of the revenue structure, announce change in taxes and other forms of revenue Fiscal year ends in April 1 Revenue budget is presented as a part of the minsiter’s budget speech. There is no set format for this speech. A review of economic conditions and problems based on information from a paper tabled a few days earlier (or at the same time as the budget) A statement of government revenues and expenditures Minister’s budget speech is comprised of 4 elements A review of economic conditions and problems based on information from a paper tabled a few days earlier A statement of government revenues and expenditures over the past year and a comparison with the previous budget’s estimation An estimation of government expenditures and revenues for the upcoming year and the surplus or deficit Notice of any ways and means motions – that is, motions to introduce bills to amend various tax acts Last 2 items are the most important After debate there is a vote of confidence Then minister of finance over the next few months will introduce a series of mot
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