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Gov. Revenue and Exp

Business - key terms on Government Revenue and Expenditure

TermDefinition
Balanced budget When planned income is EQUAL to planned expenditure.
Budget deficit When planned income is LESS than planned expenditure.
Budget surplus When planned income is GREATER than planned expenditure.
Capital expenditure Spending on ‘once-off’ projects or on infrastructure that will have long-term benefits for the country.
Capital revenue Money received on an irregular or once-off basis.
Current expenditure Money spent by the government on a regular or ongoing basis. Eg. Public services, operating costs and wages for public sector workers.
Current revenue Money received by the government on a regular or day-to-day basis. The vast majority of this income comes from taxation.
Department of Finance Authorises all taxes and government borrowing.
Department of Public Expenditure and Reform Assesses each department’s request for money and sanctions all government spending.
Infrastructure Basic facilities, structures and services needed for a country to function. It includes water, power lines, transport, communications systems, schools and hospitals.
National budget The government’s financial plan for the year ahead.
Created by: Anemona Lazeta
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