PA 581 Government Budget and Finance Entire Course

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PA 581 Entire Course Government Budget and Finance 
The Administration has endeavored to make it possible for the American people access…

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PA 581 Government Budget and Finance Entire Course

PA 581 Government Budget and Finance Entire Course

A+ Quiz Week 3, 6|Case Analysis Week 4, 7| Discussions Week 1-7| Final Exam

Quiz Week 3 

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(TCO A) Which of the following statements describes the relationship among federal, state, and local governments?

Local governments are closest to the people and have only those powers granted to them by the state

States receive all of their powers from their state constitution

The states have residual powers that are implied for local government

The federal government does not have residual powers that are implied for the states

(TCO A) Logrolling is the process where:

An appropriation is made to fund localized projects secured solely or primarily to bring money to a representative’s district

One legislator trades a vote on one issue in exchange for the vote of another legislator on a separate issue

Campaign contributions are used to secure a legislator’s vote on a particular issue

Media campaigns are initiated by special interest groups to sway public opinion on an issue

(TCO B) Current-dollar government purchases were $1,500 billion in 2010. With 2000 as the base year, assume the price deflator for 2010 is 175 (or, 1.75 if you don’t multiple by 100). In real dollars, the year 2000 government purchases would be which of the following (rounded to the nearest billion)?

$714 billions

$857 billions

$1750 billions

$2188 billions

(TCO B) Current-dollar government purchases were $1,250 billion in 2010. With 2000 as the base year, assume the price deflator for 2010 is 175 (or, 1.75 if you don’t multiple by 100). In real dollars, the year 2000 government purchases would be which of the following (rounded to the nearest billion)? (Points : 4) 

$714 billions

$1250 billions

$1750 billions

$2188 billions

(TCO C) The largest portion of local government expenditures is:

Police and corrections

Parks and recreation

Streets and roads

Elementary and secondary education

(TCO C) Appropriation to the State Library System (fiscal year starts July 1) for fiscal year 201x was $24,000,000.

Q1 – $5,750,000
Q2 – $7,000,000
Q3 – $5,250,000
Q4 – $6,000,000

(TCO C) Appropriation to the State Library System (fiscal year starts July 1) for fiscal year 201x was $21,500,000.Quarterly allotments were as follows:Q1 – $4,250,000
Q2 – $5,500,000
Q3 – $5,750,000
Q4 – $6,000,000On December 31, 201X, budget reports showed expenditures of $8,750,000 and encumbrances of $600,000. Taking encumbrances into consideration, what is the status of Library System spending as of December 31?(Points : 4)

Operations were fully consistent with plan
Over plan by $400,000
Under plan by $400,000
Under plan by $800,000

On December 31, 201X, budget reports showed expenditures of $12,500,000 and encumbrances of $800,000. Taking encumbrances into consideration, what is the status of Library System spending as of December 31?

Operations were fully consistent with plan

Over plan by $550,000

Under plan by $550,000

Under plan by $650,000

(TCO B) List and describe the four basic elements of the president’s budget.

The four basic elements to the president’s budget are the budget message, several summary schedules, detail schedules, and…

(TCO A) Name and describe the major steps in the executive budget preparation process.

Here are the major steps in the executive budget preparation process. The first one is a timetable or…

(TCO B) Here are the annual personal benefits of a proposed Dog Romp Zone (DRZ) as perceived by Ann (A), Bob (B), and Chris (C):

IndividualAnnual Benefit
Ann$500
Bob$250
Chris$200

The overall annual total cost of the DRZ is $900.

Does the DRZ represent a potential Pareto improvement? Incorporating numbers into your answer, say why or why not. (4 points)

Suppose each individual will be assessed an equal share of the annual total cost. Will the project be approved in a majority-rule voting process? Incorporating numbers into your answer, explain why or why not. (8 points)

Devise a cost-allocation scheme for A, B, and C that would ensure passage of the proposal in a majority-rule voting process. Explain why your scheme would work. (8 points)

Individual Benefit Cost Share Differential 1 500 300 200 2 250 300 -50 3 200 300 -100 Total 950 900 50 This project is economically feasible…

(TCO B) Define and describe the following budget terms:

  • Budget Cycle
  • Executive Preparation
  • Legislative Consideration
  • Execution
  • Audit and Evaluation (20 points)

The following budget terms are as described; The Budget Cycle is the recurring of events in a budgeting process and the…

(TCO C) A state game and fish agency wants to invest in a new fish hatchery. It is estimated that the cost of operating the system will be $2,000,000 per year after a one-time installation cost of $5,000,000 is incurred. The construction period will be one year. Once the plant is constructed and in operation, community benefits are estimated at $4,000,000 per year. The system would be financed by a property tax increment placed on the business and residential sectors. (6 points)

Without considering interest rates and discounting, how long will it take for the community to “break even” on this venture? SHOW ALL WORK. (4 points)

What might be defensible logic behind using revenues from fishing licensing and fines from violators of fishing regulations, for the financing mechanism as compared to, say, a sales tax? (4 points)

Write a brief one-paragraph budget justification to support this project. [NOTE: I refer to the statement on Page 175 of the text, to wit. “Well-developed budget justifications are the key to successful agency budget requests.”] (4 points)

The first year expense = one time installation cost of 5,000,000 + the…

PA 581 Government Budget and Finance Entire Course

Case Analysis: U.S. Budget Week 4 Keller

Prepare an analysis of funding levels for the U.S. Government and its Department of Education, identify trends as you look at the 2009 actual, and 2010 and 2011 amounts for outlays and receipts, and relationship to the Gross Domestic Product (GDP), and present a clear and concise conclusion that recaps the highlights of the documents with final remarks.

Preview:

To stabilize the financial system, the government undertook a comprehensive, forceful and sustained commitment by cleaning up legacy assets and jumpstarting the provision of new credit. This was expected to help build the people’s confidence in financial institutions and markets. It has also succeeded to the extent that small institutions have received the…

Case Analysis U.S. Budget Week 4 – 20 Pages 

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The Administration has endeavored to make it possible for the American people access credit so that their businesses, especially the small businesses can get the much needed funds to purchase equipment for their companies.  The ordinary Americans are realizing the American dream of owning a home, buying a car, going to college and starting on investing in businesses. The authority left by the President’s Bush regime enabled extending assistance to some of the very banks and financial institutions that partly led to the turmoil.  The current administration…

To stabilize the financial system, the government undertook comprehensive, forceful and sustained commitment by cleaning up legacy assets and jumpstarting the provision of new credit. This was expected to help build the people’s confidence in financial institutions and markets.  It has also succeeded to the extent that small institutions have…

The other aspect of restoring responsibility on the part of the government is transparency, which can be accomplished by opening the government to the Americans, as well as by allowing participation and collaboration to become the central focus.  The Administration proposes to publish more information online to increase accountability, promote informed participation, create economic opportunity, and…

PA 581 Government Budget and Finance Entire Course

Quiz Week 6 

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(TCO D) A residence in Brevard County has an assessed value of $150,000. Its owner qualifies for an old age exemption of $10,000 and a homestead exemption of $20,000. The property tax rate is $5 per $100 AV. What will be the property tax bill on this property?

$7,500

$7,000

$6,500

$6,000

(TCO E) The Federal government taxes consumption mainly through:

General retail sales taxes.

Value added taxes (VAT).

Selective excise taxes.

Payroll taxes.

(TCO E) With reference to tax systems, the principle ofcollectability asserts that:

A tax must be collected at a reasonable cost to society.

A tax must be collected by the government agency which imposed the tax.

A tax must be collected within 90 days of its imposition.

A tax must be paid by cash, check, money order, or electronic transfer.

(TCO E) Which of the following pieces of evidence would by itself allow a judgment about the regressivity or progressivity of a tax? (4 points)

High-income families have higher tax bills than do low-income families.

The richest 5 percent of the population pay 30 percent of the total tax collected.

Per-capita tax payments by rich families are higher than per-capita tax payments by poor families.

Low-income families pay out a higher proportion of their income in the form of tax than do high-income families.

(TCO G) Line-Item budgets:

Link specific outcome measures to requests for funds.

Do not focus on measurable activities.

Classify the budget by goals and objectives such as “protection of persons” or “improved transportation.”

Classify the budget in terms of objects of expenditure.

(TCO G) Program Budgets:

Link specific outcome measures to requests for funds.

Do not focus on measurable activities.

Classify the budget by goals and objectives such as “protection of persons” or “improved transportation.”

Classify the budget in terms of objects of expenditure.

(TCO H) Capital programs are an important part of governmental budgeting and finance.

(A) Briefly distinguish between an operating budget and a capital budget. (15 points)

(B) Develop a convincing case as to why it is appropriate for governments to prepare two separate budgets: an operating budget and a capital budget. Cite at least two reasons. (15 points)  

A budget details a financial plan for government. The government breaks down the plans into two types; an operating plan and…

(TCO H) Capital projects play a very important part in government at all levels. 

(A) Distinguish between capital outlay and capital budgets. Is capital outlay normally a part of the operating budget or operating budget? (15 points)

(B) Provide five examples of capital outlay expenditures. Provide five examples of capital projects. (15 points)  (Points : 30)

(TCO E) The City of Champions has a referendum that will go before voters to build the best football stadium in the world. The ballot calls for the voters to approve or disapprove a 6% sales tax increase to construct the new stadium. The stadium is estimated to cost $800,000,000. However, the sales tax increase will generate more than $1.1 billion dollars. The disposition of the excess funds is unclear.

(A) What standards of equitability apply in this case? (10 points)

(B) Describe each standard and explain why it applies and whether the standard has been violated. (20 points) 

The standards of equitability is horizontal, vertical, adequacy, collectability, transparency, and economic effects. In the… 

(TCO E) Keller works within the City and County of Denver and lives in the suburbs. His employer deducts $6.00 per month from his salary for deposit in the Denver budgetary revenue accounts. He has no choice in the matter; the only way he could legally avoid it would be to either move into Denver or take a job outside the Denver confines. The tax being referred to is called a “head tax” or a “flat tax” since it is a constant dollar amount assessed on every living, breathing employee in Denver who does not have residence there.

(A) Using your own numbers, show clearly why such a tax is regressive. (15 points)

(B) Using one of the equity standards, develop an argument making a case that Denver could use to justify the imposition of such an annoying tax. (15 points)  (Points : 30)

(TCO E) Al has an income of $40,000; Betty’s income is $200,000. With no sales tax in place, Al spends $7,000 on grocery food and Betty spends $12,000.

(A) If the state government now taxes all grocery food at 10%, and these two folks do not reduce their food purchases whatsoever, then is this sales tax proportionalprogressive, orregressive? SHOW AND LABEL ALL WORK, and interpret the numerical results. (15 points)

(B) If the above policy is changed such that now Al receives a tax credit of $200 at the end of the year, will your conclusion change? Again, SHOW AND LABEL ALL WORK, and interpret the numerical results. (15 points) 

(TCO E) Al has an income of $70,000 while Betty’s income is $30,000. With no sales tax in place, Al spends $7,000 on grocery food and Betty spends $4,000. 

(A) If the state government now taxes all grocery food at 10%, and these two folks do not reduce their food purchases whatsoever, then is this sales tax proportional, progressive, or regressive? SHOW AND LABEL ALL WORK, and interpret the numerical results. (15 points)

(B) If the above policy is changed such that now and Betty receives a tax credit of $100 at the end of the year, will your conclusion change? Again, SHOW AND LABEL ALL WORK, and interpret the numerical results. (15 points)  (Points : 30)

PA 581 Government Budget and Finance Entire Course

Case Analysis Week 7 Illinois Local Government Budget

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Prepare an analysis of the most recent budget request of the state or local government of your choice, and present a clear and concise conclusion that recaps the highlights of the documents with final remarks.

Preview:

In this paper, I will analyze the state of Illinois’ budget for the Fiscal Year of 2012, as well as for the Fiscal Years of 2010 and 2011.  I will review the message of Governor, Pat Quinn, who…

Case Analysis Week 7 Texas Local Government Budget 

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This paper analyzes the budget of the State of Texas and its Agencies of Education given that education is one of the state’s primary strategic thrusts from 2015 to 2017.  For the purpose of this study, there will be two main periods:

  • Fiscal year (FY) 2014-2015 budgets – proposed in 2013 under former Governor Rick Perry.
  • Fiscal year (FY) 2016-2017- which is the current budget request under Texas’ new Governor Greg Abbott.

These periods were chosen given Texas budgeting process. Currently, Texas is one of only four states that holds legislative budget session and prepares budget biennially.  The other three states are Montana, Nevada, and North Dakota. Majority of the…

PA 581 Government Budget and Finance Entire Course

Discussions Week 1-7 All Students Posts 418 Pages 

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Government Operations and Budget Strategies Week 1- 55 Pages

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Government Operations – 29 Pages 

Refer to your state’s most recent budget, or that of a state that interests you.

  • What are the budget and finance constraints that the state places on local government?
  • Does Dillion’s rule, as discussed in the text, apply?
  • Do any units of local government have home-rule powers; and, if so, what is the extent of these powers?
  • Determine the process this state follows with its yearly operating budget and also its capital budget.
  • Does the state have written budgeting procedures that are updated regularly and followed? Are the procedures and processes followed? Are the four parts of the budget cycle followed clearly? Please provide examples.

Let us get started by answering the question above. Specifically, let us discuss the principle of home rule in more detail and establish its significance in the budgeting process at the local level. How does the presence/lack of home rule affect the distribution of fiscal powers and fiscal relationships between different levels of governance?

Additionally, please find online and review the latest budget document published by your state. Briefly discuss the specific budgeting procedures and processes your state uses….

Budget Strategies – 26 Pages 

  • What are budget strategies and why are they so important to a governmental unit?
  • What are examples of some very effective strategies?
  • Please share personal experiences you’ve had using budget strategies. How effective were they? Did they achieve your desired outcome?

Based on the budget strategies discussed in the textbook (pp 81-87), let us try and identify the strategy represented in each of the following arguments taken from hypothetical budget discussions. Please be sure to explain the rationale behind your choice.

  1. A bill to increase the number of women eligible for Medicaid-funded prenatal assistance in this state would not only save lives but also cut state costs for care of low-birthweight babies and handicapped children. Studies have shown that every dollar spent on prenatal care reduces long-term healthcare expenditures by $3.38.The change in the Board of Health sanitation position from full time to part time will demolish the inspection program. Rather than accept the weakened program, we would prefer that the program be terminated.3. Faculty salaries at Enormous State University rank seventeenth among eighteen universities with which it competes. Substantial improvements in pay must come in this budget year if major defections are to be prevented…

Budget Deficit and Budget Justification Week 2 – 54 Pages

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Budget Deficit – 28 Pages 

Let’s suppose that you are the budget director for the City of Hope. The city has been running budget deficits for the past three years. You have recommended measures to control the budget and eliminate the deficit over the next three years. You are now approaching the end of the second year; it is apparent that the situation hasn’t changed significantly, and you project that the deficit will continue to grow.  What strategy would you develop now to correct the situation? Also, do you believe an amendment to the city charter or constitution prohibiting deficits would be a solution over the next three to five years? Why? Why not?  What do you think about the federal budget deficit and political debates surrounding it? Does your state have an annual or biennial budget? How many appropriation bills are usually passed? How much object-of-expenditure detail appears in these bills? What item veto power, if any, does the governor have?….

Budget Justification – 26 Pages 

In an era of a bad economy, scarce resources, budget cuts, and deficits, how would you justify a new program or increases to an existing program?

The Department of Revenue wants to add more people to the unit that attempts to collect unpaid taxes through telephone contact. What questions would you, as a budget analyst, have after you receive the following request-justification memorandum?  What are the internal controls and why are they important in the budgeting cycle? What specific functions do these controls include? How are these functions different from the annual external audit procedure?…

Benefits-Cost Analysis and Performance Budgeting Week 3 – 55 Pages

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How do you determine whether a new program should be recommended for creation and funding? Do you approve a program with a favorable rate of return and net present value that exceeds the governmental entity’s internal rate of return? Or, do you approve a program that serves the needs of citizens, but may not create the desired rate of return?  What is a capital budget and how does it differ from an operating budget? What are the main steps/ procedures in preparing the capital budget? Can you find some examples of a capital budget for a governmental entity online and share with us?…

Performance Budgeting – 27 Pages 

If you wanted to start a new government program, what types of outcomes would you expect? Select a program and then describe the outcomes. How would you measure them? What is generally meant by “outcome(s)” of the policy and/or program? More importantly, how do the outcomes differ from outputs? Can you provide some examples?…

Rocky Mountain and Federal Income Tax Issues Week 4 – 54 Pages

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Rocky Mountain – 28 Pages 

The Rocky Mountain Wranglers are a professional football team in a large metropolitan city. They have competed on the gridiron in this city for the past 50 years. The people in this city and area of the country are very passionate and supportive of their team. Football is king in this city and it is entrenched in the culture. However, the team and the city are at a crossroads. Team ownership wants to build a new stadium. While the current stadium has served the team and fans well, it is showing many signs of age and deterioration, and it’s a dinosaur when compared to the majority of stadiums throughout the league. The owners want a state-of-the-art stadium with gigantic scoreboards, fine restaurants, shops, concessions, restrooms, pre- and post-game entertainment centers, luxury and corporate booths, etc.

The owners want to enter into a partnership with the city to build the new stadium. The city would be a major player in this effort, and it would receive major revenues from various stadium activities. The city’s share of the costs would come from a 0.5% increase in the local sales tax. This tax increase will be placed on the November ballot for approval.

While it appears that this measure will pass overwhelmingly in a football-crazy city, that isn’t necessarily the case. The city has a variety of professional sports teams and, in fact, is one of the nation’s best sports towns. Also, music, art, tourism, and skiing are a big part of the area’s landscape. So, there are many factors to consider.

Please pick one of the criteria listed below, define it, and indicate how it applies to this proposal. Value-added comments, experiences, and a lot of interaction are highly encouraged.

  • horizontal equity
    • vertical equity
    • adequacy
    • collectability
    • transparency
    • economic effects….

Federal Income Tax Issues – 26 Pages 

There are varying opinions and studies on which segment of the US population bears the largest burden for paying federal income taxes.  Let’s identify the major groups of taxpayers and discuss the percent of total income taxes each pays. Also, indicate whether the tax for each group is regressive, progressive, or proportional. Is the federal income tax system equitable and efficient? Why? Why not? Finally, is the situation the same today as in the past?  How has the current administration’s tax policies changed the situation? What is your overall conclusion?…

Sin Taxes and Property Tax Breaks Week 5 – 70 Pages

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Sin Taxes – 36 Pages 

Sumptuary excise taxes are often called “sin taxes.” Why? Why are the sumptuary tax rates on the purchase of alcohol and tobacco products so exorbitantly high? Why not just ban the use of alcohol and tobacco altogether? Are sumptuary taxes regressive? What are the sumptuary tax rates on alcohol and tobacco products in your area? Also, states and localities around the country are faced with regulating and taxing marijuana use. Federal law prohibits using marijuana; however, some states and local governments are legalizing its use for medical purposes. Pick a state or local government that has this situation. What steps has it taken to regulate and tax marijuana? Is such a tax regressive?…

Property Tax Breaks – 34 Pages 

City governments are notorious for giving property tax breaks to businesses of all types in order to induce these companies to locate in their jurisdictions. Tax increment financing is one of these lures, and there are others. Find a city, municipality, township, etc., that has or will be offering such an inducement. Describe the situation, and say whether you think these kinds of enticements are a good or a bad idea.  Also, for the local government and state you selected, report on the type of property tax relief that is available for disabled and elderly citizens….

Tax Expenditure Budget and State Lotteries Week 6 – 68 Pages

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Tax Expenditure Budget – 34 Pages 

Does your state develop a tax expenditure budget? Does it prepare impact statements? What are some of the issues/challenges that can arise in forecasting government revenue (local, state, and/or federal)? Which of them would you consider the most difficult to address/circumvent?

Additionally, how is the baseline revenue forecast prepared? If the present tax structure is the normal tax baseline, what is the level of tax expenditures?

Finally, please select one of the alternative methods of revenue forecasting as discussed in the textbook (Chapter 12) and briefly describe what it involves and where/when it can be best employed (and why)…

State Lotteries – 34 Pages

State lotteries exist in 37 states and the District of Columbia. What are the upsides and downsides of state lotteries from the following perspectives?

Provide just one comment per response.

  • Citizens?
  • State government?
  • Local government?
  • The private sector?

What really is a state lottery? An ingenious, voluntary contribution-based mechanism of generating revenue for important causes? A tax on people who are short on money but long on aspirations? A perfect example of a state monopoly with legitimate yet morally questionable means of generating public funds? All of the above?…

Debt Policy Statement and Debt Restrictions Week 7- 62 Pages

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Debt Policy Statement – 35 Pages 

You are the chief fiscal officer for a municipality and have been directed by the mayor’s office to lead the development of a written debt policy statement. You are aware of the risks of borrowing money and the grave importance of strong internal controls. What must be included in this policy if it is to be effective?…

Debt Restrictions – 27 Pages 

What restrictions are placed on state and local government debt in your neck of the woods? What methods are used to avoid those limits? Is there a state bond bank?….

PA 581 Government Budget and Finance Entire Course

Final Exam 

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(TCO A) One of our lectures discusses the budget execution stage of the budget cycle. Please identify and explain each of the major steps in the budget execution process. (Points : 25)

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The budget execution process begins after a legal appropriation. It consists of recording the bill from the appropriations bill, monitoring the commitments and…

(TCO D) Property taxes receive a number of complaints from some taxpayers and many politicians. Please identify at least three of these complaints, and discuss them in detail. Refer to standards such as vertical equity, horizontal equity, and regressiveness as you discuss these complaints. (Points : 25)

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In the U.S., property tax matters have a long history, which began in the colonial period when activities were defense- and justice-related were financed by landowners according…

(TCO C) Quarterly allotments for the appropriation to the State Library System for the fiscal year beginning July 1, 201X and ending on June 30, 201Y were as follows: 

Q1: $5,500,000
Q2: $5,750,000
Q3: $6,500,000
Q4: $7,250,000

On December 31, 201X, budgetary status reports showed expenditures of $11,000,000 and encumbrances of $500,000. Using an accrual accounting concept, what was the budgetary status of Library Systems as of that December 31 date?

Show and label all work and state your conclusion.
As of the end of the third quarter, the Library System shows expenditures of $18,000,000 and has $4,000,000 in encumbrances. It projects that spending in the fourth quarter will be $250,000 more than what was initially allotted for that budget period. Determine the amount of the supplemental appropriation, if any, which must be requested in order to end the fiscal year with a balanced budget.
 (Points : 25)

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The appropriations for first 2 quarters (up to 31st December)

= $5, 500, 0000 + $5,750,000 = $11,250,000

The budgetary status showed expenditure of…

(TCO F) Answer completely all of the following questions:

Why do state and local governments go into debt?
What is a municipal bond?
How does a municipal bond differ from a corporate bond?
What is Net Interest Cost (NIC) and how does it differ from True Interest Cost (TIC)?
What role does TIC play in governmental capital project financing?

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Based on our class discussion it is difficult to pinpoint the reason as to why the state and local governments go into debt.  Many factors play rolls in their decision making…

(TCO E) What is the purpose of a tax system? One of the basic criteria that is considered when a tax system is evaluated is the equity standard. Please provide your interpretations of these items: 1. Purpose of a tax system and 2. Equity (Points : 25)

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The purpose of a tax or revenue system is to enable the government to carry out its role of providing goods and services to the public through the court…

(TCO A, B) What is the meaning of a budget format? Governmental budgets may be organized in line-item, program, and performance formats. What are the differences among these three approaches? Make an argument that builds a case for hybrid presentations that includes all three elements. (Points : 25)

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Three levels of government are crucial in public finance and budgeting.  These include the federal, state, and local government levels.  According to the U.S…

(TCO A, B) Our text addresses the federal deficit and relevant laws and measures for controlling and preventing deficits. Please explain each of these measures in detail.  These areas are (1) debt limits; (2) aggregate budgeting; (3) targets and enforcement; and (4) spending controls, PAYGO, and adjustable deficit targets.  (Points : 25)

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The following deficit and relevant laws are as followed; PAYGO is the practice in the United States of financing costs with funds that…

(TCO G) Explain the importance of Pareto Improvement to a governmental unit.

A public project produces the following individual benefits for stakeholders stated in terms of present values when an appropriate social discount rate of 15% is used: Al = $8,000; Bev = $20,000; and Chris = $11,000. The present value of the total cost of completing and maintaining this project equals $36,000.

  • Explain the importance of Pareto Improvement.
  • Is this project economically feasible from the social point of view? Explain.
  • If stakeholders knew that each would be held responsible (through taxation) for 1/3 of the project costs, would this project be accepted under majority rule? Why or why not? Be very specific, using numbers in your answer.
  • In principle, could Bev, the major beneficiary, financially “cut deals” with Al and/or Chris so as to ENSURE that they would vote for the project? Using only the numbers given in the project statement as your starting data, specify how this could be done. (Points : 25)

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Pareto improvement is an economic activity, which ensures that no involved party sustains any loss and in which one of the parties receives some…

(TCO H) List the steps in the capital budget process and explain each of them. (Points : 25)

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The capital budget focuses on the attainment and maintenance of long-term assets, such as roads, highways, bridges, roads, schools, hospitals, water supply pipes, public…

(TCO I) Below is a table showing the income of individuals A and B together with their food and clothing purchases in an untaxed environment (NOTE: K = 1000).
Individual Income Food Clothing
A $20,000 $5,000 $2,000
B $50,000 $8,000 $8,000

Before even considering any particular numbers, define precisely what is meant when we say that a tax system is regressive. Do the same for what is meant by progressive. 

Suppose a general sales tax of 5% is applied to all purchases, and purchasing behavior does not change as a result. In consideration of the sum total of ALL sales taxes paid, illustrate why this tax system is regressive. Hint: Develop a calculation table for analysis.

There is a proposal on the government table to exempt EITHER food OR clothing from the sales tax base. The purpose of this proposal is to seek progressivity rather than regressivity in the sales tax system. Provide a reasoned recommendation supported by calculations as to which option should be selected. (Points : 25)

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A progressive tax is a tax that the tax rate is increased as the taxable amount is increased. Progressive is referred to the way the…

PA 581 Government Budget and Finance Entire Course

Final Exam Answers Prepared Based on Study Guide 20 Pages

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(TCO A, B) concentrates on the authority for federal, state and local powers for budgeting and fiscal affairs, the federal budget cycle, generic budget cycle, and budget formats. Know the essential information for each of these topics

Three levels of government are crucial in public finance and budgeting. These include the federal, state, and local government…

(TCO H) concentrates on capital projects, the differences between a capital project budget and an operating budget, the difference between capital outlay and a capital project, the steps in the capital budgeting process. 

The capital budget focuses on the attainment and maintenance of long-term assets, such as roads, highways, bridges, roads, schools…

(TCO G) concentrates on Pareto Improvement. Be sure to know its importance, making the calculations, doing the analysis, and drawing conclusions and recommendations.

Pareto improvement is an economic activity, which ensures that no involved party sustains any loss and in which…

(TCO D) concentrates on property taxes, their particular importance to local government, assessed values, assessment ratios, mil rates, circuit breakers, and tax deferrals. Know the process for assessing property, and calculating and levying property taxes. Also, have a good understanding of the upsides and downsides (complaints) relevant to property taxes.

In the U.S., property tax matters have a long history, which began in the colonial period when activities…

(TCO A) concentrates on the steps and stages of the budget execution process; budget authority and the five different types of budget authority, and Congress’ make responsibilities and actions regarding the federal budget process.

The budget execution process begins after a legal appropriation. It consists of recording the bill from the appropriations bill, monitoring …

(TCO C) concentrates on quarterly appropriation allotments and monitoring and controlling the budget. Be prepared to read and analyze the budgetary status of an agency with quarterly allotments, expenditures, encumbrances, and unencumbered balances. This process will include doing calculations, analyzing the figures, and making recommendations.

Quarterly appropriation allotments in budgets are used in order to monitor and control spending, as they limit the amount of appropriations to certain allocations…

(TCO F) concentrates on government debt, deficits, and phases of budget cycles. Know reasons why governments incur debt. Ensure that you have an understanding of municipal bonds, corporate bonds, net interest cost, true interest cost and its relationship to capital project financing. Finally, be prepared to talk about the five principles of good debt management.

Debt financing is money acquired through loans or debts and is used to build or obtain capital assets or for other purposes.  Local governments…

(TCO A) concentrates on the importance of budget cycles and their four phases; governmental accounting principles, practices, and funds; and, federal laws for controlling and preventing deficits. 

The purpose of budgeting is to allocate scarce resources to the many public demands so that goals and objectives of the government for…

(TCO D) concentrates on the purpose of a tax system and the standards used to evaluate that system.

The purpose of a tax or revenue system is to enable the government to carry out its role of providing goods and…

(TCO I) concentrates on calculating sales tax rates for two individuals, determining whether they are regressive, and deciding which of two major products should be taxed in order to be equitable.

In Illinois, sales taxes are made up of several tax acts, including occupation taxes that are imposed on retailers’ receipts and use taxes, which…

PA 581 Government Budget and Finance Entire Course

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