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Govt budgets and fin

Economics Govt budgets

TermDefinition
The government’s current budget Outlines the Govt.'s planned revenue and expenditure on items used up during the year on day-to-day items.
The government’s capital budget Outlines the government’s planned expenditure on items not used up during the year, but which increase the productive capacity of the country
Current Revenue/Income examples Direct taxes(paye, corporate, wealth tax),Indirect tax (Vat), Profits of state companies, Interest on loans to semi-state companies and local authorities
Current Spending Expenditure Nurses, Guards, Teachers salaries and social welfare payments.
Current Deficit Budget Current government expenditure exceeds current government revenue/ Current (Day-to-day revenue and expenditure).
Current Budget Surplus Current government revenue exceeds current government expenditure / Current (Day-to-day revenue and expenditure).
Balanced Budget Is one in which current government revenue equals current government expenditure.
A Neutral Budget Is one that is neither inflationary nor deflationary.
Revenue buoyancy Refers to a situation where the revenue/income collected is greater than the amount predicted it would be collected in the year.
Capital revenue/ income examples EU grants, loans(bond market)and budget surplus.
Capital spending examples Infrastructure- Roads, Hospitals ,Schools, Broadband and payment to reduce the national debt.
The National Debt This the total amount of money owed by the Govt. to Irish and foreign financial institutions and individuals which is outstanding.
NTMA (National Treasury Management Agency)Functions. Manages the National debt, Borrows on behalf of Govt, Manages certain claims against the State, Established the State Pension Reserve Fund.
Exchequer Borrowing Requirement (EBR) The amount borrowed by the government to fund a current budget deficit and any borrowing for capital purposes -current budget deficit plus borrowing for capital purposes.
Public Sector Borrowing Requirement (PSBR) The exchequer borrowing requirement plus borrowing for semi-state/state sponsored bodies and local authorities.
Deadweight Debt: Refers to money borrowed by the govt. spent on projects that yield no revenue
Rolled Over Debt This is the substitution of an old debt for a new one.
General Government Debt This includes the National Debt and the combined deficit (or surplus) of Central and Local government.
General Government Balance Total income minus expenditure of all arms of government, both local and national.
Tax Wedge The difference between the cost of an employee to their employer (wages + tax + prsi) and the take-home pay of the employee.
The Debt/GDP Measures the size of the national debt in relation to the GDP or wealth of a country.
The Exchequer Is another name for the Dept. of Finance
Fiscal Policy Actions taken by Govt. that influence the timing, size and structure of current revenue and expenditure.
Expansionary fiscal policy Is a form of fiscal policy that involves decreasing taxes, increasing government expenditures or both in order to fight recessionary pressures.
Contractionary fiscal policy Is a form of fiscal policy that involves increasing taxes, decreasing government expenditures or both in order to fight inflationary pressures.
Created by: Calasanctius Eco
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