...significant budgeting challenges for municipalities across the U.S. ● Nearly 48% of cities plan to reduce workforce this year ● Los Angeles predicts over 200 City jobs will be eliminated due to budgetary challenges ● San Bernardino closing all but one library and reducing 100 jobs including Police and Fire positions ● The State of Louisiana is not meeting its obligation to fund District Attorney, Indigent Defender, or mental health We must continue to take action to be smart about how we get smaller 3 2013 Budget Proposal The Landrieu Administration addressed an inherited $97M spending gap Budget Comparison $550M 2009 Expenditure $528M 500 110 450 $431M $97M Gap 400 418 431 Gap Recurring Revenue 2010 350 300 2009 Note: One-time revenue sources not included in chart 4 2013 Budget Proposal First step to eliminating gap was to reverse the spending trend Annual Expenses $550M $528.0M $496.0M 500 $483.0M $479.9M $477.8M* $50.2M Difference 450 400 350 *= Proposed $477.8M expenditure does not include $13.4M appropriation to fund balance. Including fund balance contribution, the City is proposing a budget of $491.4M in 2013. 300 Delta to previous year 5 2009 +$28M 2010 -$32M 2011 -$13M 2013 Proposed 2012 Projected -$3M -$2M 2013 Budget Proposal Second step was to reduce the reliance on onetime monies to balance the budget Annual Revenue $500M $474.4M $466.0M $484.1M 5 $483.6M ...
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...CHAPTER 3: GOVERNMENTAL OPERATING STATEMENT ACCOUNTS; BUDGETARY ACCOUNTING OUTLINE |Number |Topic |Type/Task |Status | | | | |(re: 15/e) | |Questions: | | | | |3-1 |Distinguishing characteristics of fund-based and government-wide |Identify and describe |New | | |financial statements | | | |3-2 |Distinguishing direct and indirect expenses |Define and describe |New | |3-3 |Statement of activities format |Describe |3-2 revised | |3-4 |Program and general revenue |Distinguish |Same | |3-5 |Extraordinary compared with special items |Define and compare |3-5 expanded | |3-6 ...
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...The effectiveness of the US Congress overseeing the US Tax Code The Internal Revenue Code IRC), formally the Internal Revenue Code of 1986, is the domestic portion of Federal statutory tax law in the United States. IRC was published in various volumes of the United States Statutes at Large, and separately as Title 26 of the United States Code (USC). The primary role of the federal tax code is to raise sufficient revenue to pay for government services, benefits, programs, and investments. I am in favor of a tax reform. I believe it is important to have a simplified, transparent tax code that eliminates hidden tax exemptions, credits and deductions that benefit only a few. By improving our tax code, we will be able to incentivize employers to start hiring while also reducing taxes for all. The US Congress needs to do a better job on the current tax code. First, the tax code needs to be more simplified for any American can read and understand it. After I review the current tax code I was more confused. Our current tax code should reflect our current economy. US Congress should not should our code based on who is in office but rather what is best for our economy. Since 1986, Congress has made 15,000 changes to the tax code. So simplifying the tax code, theoretically, would cut back on compliance costs and put more money into the pockets of ordinary taxpayers. Two Major Tax changes America’s tax code is broken and must be reformed. In the quarter century since...
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...distribution of national health spending by type of financing source. Identify the distribution of health insurance coverage among the U.S. population. Discuss the impact of the Patient Protection and Affordable Care Act and the difficulties that might be encountered by those mandated to participate. Discuss the origin of employment-based health insurance. Explain the difference between fully insured and self-insured health plans. In the most recent survey identified, the distribution of national health spending for calendar year 2002 it was noted that the public sector accounted for 56.1 percent of health spending within the civilian noninstitutionalized population. Public spending on health care among the civilian, noninstitutionalized population averaged $2,612 per person (2002 dollars). Tax subsidies averaged $745 per person. Public spending averaged more than half of total health spending. Age, sex, and race/ethnicity. Public spending was strongly related to age. Children age eighteen or under received $1,225 of public spending apiece, on average, which was less than one-fifth of average public spending for seniors ($6,921). This is not surprising, given that total expenditures rise with age. What is more interesting is that public spending as a share of total spending was ten percentage points higher for seniors than for children, despite much-publicized expansions in children's eligibility for public coverage. Indeed, the public share for children was only 5.4...
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...According to Steven Teles, the case of the tax code has so many reasons as to why it is so messy. This is due to some reasons like; the way it is easier to add things to it than subtracting, resources transfer through the tax code seem to be a big government than direct spending regardless of similar effects, conservative immune system of the big government in the tax code is lower than to the big government through expenditure, and finally, people attempting to attain special deals get easier doing it through the tax code than directing spending since there is minimal visibility, and the hurdle of the distributive policy they get is less- creating a spending program with distributive effect of the mortgage interest...
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...Public Fiscal Administration fiscal administration generally refers to the process/es involved in the revenue generation, allocation, and expenditures of the government. Public finance belongs to the branch of economics but that was during the earlier times. With the emergence of the field of public administration, much interest has been directed towards fiscal administration. Again, this subfield of public administration covers a wide range of issues and topics affecting government operations like taxation, public expenditures and borrowing, resource allocation, revenue administration, auditing and intergovernmental relations. As Briones (1996) puts it, “public fiscal administration embraces the formulation, implementation, and evaluation of policies and decisions on taxation and revenue administration; resource allocation, budgeting, and public expenditure; public borrowing and debt management; and accounting and auditing.” Through the years, many researches were devoted on these topics and issues; the government has also introduced reforms like reforms in tax administration, value added tax (VAT), expanded value added tax (E-VAT), procurement reforms, the medium-term expenditure framework (MTEF), accounting reforms, re-engineering the bureaucracy program (REBP), transforming local finance, and many others. Fiscal policy refers to the "measures employed by governments to stabilize the economy, specifically by manipulating the levels and allocations of taxes and government...
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...The Following are several recommendations to our President regarding our government spending as well as a few tax based economic factors. First we will take a look at our government spending. The initial recommendation is related to lowering our interest rates, lowering interest rates will do several things, one it will increase the money supply, in turn aggregate demand increases growing the bank accounts of many Americans. Most of all the positive affects it will play for those Americans that run small businesses will have no trouble adding expenses to their yearly budgets, further adding otherwise unemployed Americans to the expanding labor force, all this leading to an escalation in the US output ultimately increasing the GDP. As were all-aware we have a looming Fiscal cliff, it seems were all doomed according to the media, are we? Can new and old tax codes make or break a society? “The fiscal cliff is political shorthand for the combination of spending cuts and tax increases scheduled to hit Jan. 1, 2013. It's the result of the expiration of the President Bush-era tax cuts combined with $1.2 trillion in automatic reductions in federal spending made last summer as part of the deal to raise the debt ceiling” ("Money Morning", 2012). To think these tax breaks and spending cuts alone will propel us out of this recession is wrong. Although, investing in the labor markets, creating infrastructures, growing our law enforcement and financing the correct areas of the education...
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...The diagram shows the outline of Government spending within 2014, whereby the highest percentage of government spending was towards health, and pensions. However, comparing the 2013, and 2014 graph, it is evident that there is a 2% increase in health care spending, and a 1% decrease in welfare. The federal deficit for 2014 was $483.35 billion, which shows a drastic decrease in the federal deficit between the two years. The federal deficit therefore shows that the importation of goods were higher in 2013, than 2014. Within the federal budget of 2014, it is evident that Washington spent almost $3.5 trillion in 2014 whilst receiving around $3 trillion in revenues, which therefore shows that the deficit was around half a trillion (Boccia, R....
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...succeed in the global marketplace while its people enjoy a high and rising standard of living. Companies compete on the basis of production costs for a certain amount of output. The only way to lower those costs while sustaining and raising workers’ standard of living is to increase productivity, or output per worker. Raising productivity requires improving human capital, increasing physical capital (equipment or software, for example), or using these forms of capital more efficiently. Let’s look at how the spending side of fiscal policy relates to these three drivers. Many public goods provided by the government contribute directly to one or more of them. Spending to improve public education, for instance, can increase human capital. Spending on infrastructure can increase physical capital. Publicly funded R&D, effective regulation, and incentives for private-sector innovation can lead to a more efficient use of human and physical capital. In contrast, some spending, like that for health care and other...
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...Introduction Leading and decisive role in the formation and development of the economic structure of any modern society is government regulation, carried out under the authority of the chosen policy. One of the most important mechanisms that allow the state to carry out economic and social regulation is financial mechanism- the financial system of the society, the main element of which is the state budget. Through the financial system the state forms centralized funds and influences the formation of decentralized funds, providing the opportunity to carry out functions of state authorities. The state budget, as the main means of mobilization and expenditure of resources of the state gives to political power a real opportunity to influence the economy, to encourage the development of priority sectors of the economy, provide social support to vulnerable population groups. Budget – an important prerequisite and a mean of reproduction process. By means of the budget conditions for implementation of social programs, ensuring safety of environment, stimulation of scientific and technical progress, maintenance of defense capacity, and performance of other state functions are created. Relevance of this course work is that the central place in the financial system of any country is the state budget – the largest pool of money that the government uses to finance its activities. At the expense of the state budget the army, police, non-productive sphere, apparat of state administration...
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...Document Summary: This document outlines the main appraisal methods and techniques which should be used as part of the Public Spending Code. It provides a brief introduction to each technique and contains reference material at the end of the document. This information is intended to provide a general overview of these techniques, helping to orient new Public Spending Code users and point the way to further more detailed material, both in the Public Spending Code and more generally. 1. Overview of appraisal The basic purpose of systematic appraisal is to achieve better spending decisions for capital and current expenditure on schemes, projects and programmes. This document provides an overview of the main analytical methods and techniques which should be used in the appraisal process. These techniques can also be used in the evaluation process. More detailed information on individual techniques can found in financial and economic textbooks, examples of which are listed at the end of this document and in other guidance material on the VFM portal. An understanding of discounting and Net Present Value (NPV) calculations is fundamental to proper appraisal of projects and programmes. A good understanding of Cost Benefit Analysis (CBA), Internal Rate of Return (IRR), Multi Criteria Analysis (MCA) and Cost Effectiveness Analysis (CEA) is also essential for economic appraisal purposes. 2. Analytical methods The recommended analytical methods for appraisal are generally...
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...Subject code: BBEK1103 Subject: Principles of Microeconomics Contents Preface .......................................................................................................................................................... 2 Introduction ................................................................................................................................................... 3 Effects of Tax systemt .................................................................................................................................. 4 Evaluation of Tax Reforms……………………………………………………………………………………………………………………..10 Conclusion…………………………………………………………………………………………………………………………………………....11 References…………………………………………………………………………………………………………………………………………….14 Easa Faheem S11422649 Bachelors Degree in Human Resource Management 1 Subject code: BBEK1103 Subject: Principles of Microeconomics Preface This is a work done as part of the module „Principles of Microeconomics‟, which is part of the course Bachelor of Human Resource Management. Consisting of an analysis of a Tax reforms for Maldives, this assignment evaluates the purpose of the tax system, types of tax systems, effects of the tax reform systems to the economy and other factors which affect it. The objective of this work is to develop students‟ ability to analyse the critically tax reform systems of certain country, as well as the various external factors that have an impact on the economy...
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...#1…Public health IN THE United States, primary care remains a medical model. This is in contrast to much of the world, where the 1978 Declaration of Alma-At a which recognized that attaining health for all also requires interaction from social and economic sectors - is considered standard. Today, there is much buzz about patient-centered medical homes, a concept that promises to transform the practice of American medicine. There is much to praise about this most recent iteration of the medical home. But the missing ingrethent in all these definitions and models remains public health. A population focus that addresses the social determinants of health is an essential component of primary health care. In the United States, such a comprehensive approach has been labeled community-oriented primary care. This model is built firmly on the Alma-Ata principles and incorporates a public health approach to health services. Community-oriented primary care organizes the delivery of health services, around a population, not simply a collection of individuals. It identifies a population - most frequently a geographically defined community - and uses epidemiology and interventions to improve community and individual health and well-being. In this model, both individual patients and the community are the foci of the delivery of health services. Primary health care stands at the intersection of personal and population health services. It requires integrating medical models of primary care...
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...a long time, but now schools are taking it to far by forcing families to spend hard earned money on clothes their kids only wear to school. Keeping kids from being themselves at school. Schools should not have dress codes because it limits students’ self-expression they’re expensive. Wearing a uniform limits self-expression and personal style. Students need to learn to be themselves and standout from the rest of the crowd. For example, “Children are always taught to break free and standout. But with uniforms, the schools are actually lobbying the opposite” (Listland 1). If uniforms are teaching kids the opposite of what they were taught while growing up then clearly...
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...economic growth from 2 percent to 1.6 percent this year and 1.7 percent in 2012 to 1.1 percent. The reason for this decrease in its economic growth projections is due to events on the political plain. Over the summer, the United States congress increased its debt ceiling without effectively implementing strong policies to decrease its deficit. President Obama has proposed $3 trillion in tax increases and spending cuts over the next ten years. This proposal is going to be considered by a congressional panel which has been charged with finding at least $1.5 trillion in deficit reduction. Any proposal that has been presented to raise revenue has also been met with stiff resistance from the Republican Party. This has also impeded progress in finding a way to reduce the United States budget deficit. The European Union and those 17 countries that utilize the euro as their currency have such a bad growth forecast because of worries that Europe will not be able to contain its debt crisis. Many of these countries such as Greece have unfortunately been unable to get a handle on its public debt. Financial trouble and slow growth have...
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