ANF Budget Briefing 4/1/09
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The document summarizes the fiscal year 2010 budget proposal presented in House 1. It faces a projected $3.5 billion shortfall for FY2010. The budget proposes $27.973 billion in spending, a 0.7% decrease from FY2009 levels but a 0.5% increase after adjustments. It relies on $2.2 billion in cuts, $289 million in increased departmental revenues, $150 million from tax revenue increases, and $1.7 billion in federal stimulus funds to close the gap. It also utilizes a statewide 1% increase in meals and hotel taxes generating $149 million for municipalities to mitigate local aid cuts.
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The document discusses Botswana's 2010/11 budget and the economic challenges it faces. It notes that mineral revenues, which make up 60% of total revenues, declined significantly due to falling global demand and prices during the economic crisis. This has resulted in a tight fiscal space. The budget projects a deficit of 12.2% of GDP for 2010/11, down slightly from 15% previously, but policy should continue emphasizing low deficits and debt to support investment and creditworthiness. A high deficit and debt are problematic as they can reduce investment and fiscal flexibility. The budget aims to balance development and recurrent spending despite constraints.
Fall 2009 Budget Forum
We are facing some very difficult budget choices and challenges for Massachusetts for Fiscal Year 2011 (July 2010 - July 2011). Governor Patrick and his administration are holding a series of hearings and forums around the state to get input and ideas from citizens where this presentation is included. To learn more about the hearings and forums, visit www.mass.gov/governor/forums
If you weren't able to make a hearing or forum or want to be prepared before you attend one, this presentation is about 9 minutes long and will give you a basic overview of the budget situation. Please review it, then visit our blog at www.mass.gov/blog/engage to comment and share your ideas.
Eco 301 ch26
The document discusses fiscal policy and government budgets. It makes three key points:
1) In the short run, fiscal deficits can raise output, but the impact on investment is ambiguous. In the long run, lower investment implies lower growth.
2) For a government to stabilize its debt levels after a tax cut, it must eventually offset the tax cut with higher taxes to cover interest payments on accumulated debt. The longer it waits, the larger the needed tax increase.
3) Very high debt levels pose dangers as expectations of default can become self-fulfilling, forcing interest rates and debt levels ever higher in a vicious cycle. Maintaining moderate debt levels is important for fiscal sustainability.
The 2020 Budget and Economic Outlook
CBO estimates that the federal budget deficit in 2020 will be $1.0 trillion, or 4.6 percent of gross domestic product (GDP). It would increase to 5.4 percent of GDP in 2030 if current law did not change. In CBO’s projections, federal debt held by the public reaches $17.9 trillion at the end of 2020. That amount equals 81 percent of GDP—more than twice its average over the past 50 years. By 2030, debt is projected to reach $31.4 trillion, or 98 percent of GDP, a larger percentage than at any time since just after World War II. It would continue to grow after 2030, reaching 180 percent of GDP by 2050.
Inflation-adjusted GDP is projected to grow by 2.2 percent this year, largely because of continued strength in consumer spending and a rebound in business fixed investment. Output is projected to be higher than the economy’s maximum sustainable output in 2020 to a greater degree than it has been in recent years, leading to higher inflation and interest rates after a period in which both were low, on average. CBO projects that continued strength in the demand for labor will keep the unemployment rate low and drive employment and wages higher. Then over the coming decade, the economy is projected to expand at an average annual rate of 1.7 percent, roughly the same rate as its potential rate of growth.
The 2020 Budget and Economic Outlook
CBO estimates that the federal budget deficit in 2020 will be $1.0 trillion, or 4.6 percent of gross domestic product (GDP). It would increase to 5.4 percent of GDP in 2030 if current law did not change. In CBO’s projections, federal debt held by the public reaches $17.9 trillion at the end of 2020. That amount equals 81 percent of GDP—more than twice its average over the past 50 years. By 2030, debt is projected to reach $31.4 trillion, or 98 percent of GDP, a larger percentage than at any time since just after World War II. It would continue to grow after 2030, reaching 180 percent of GDP by 2050.
Inflation-adjusted GDP is projected to grow by 2.2 percent this year, largely because of continued strength in consumer spending and a rebound in business fixed investment. Output is projected to be higher than the economy’s maximum sustainable output in 2020 to a greater degree than it has been in recent years, leading to higher inflation and interest rates after a period in which both were low, on average. CBO projects that continued strength in the demand for labor will keep the unemployment rate low and drive employment and wages higher. Then over the coming decade, the economy is projected to expand at an average annual rate of 1.7 percent, roughly the same rate as its potential rate of growth.
Tito mboweni supplementary budget speech
Finance minister, Tito Mboweni delivers the supplementary budget speech to address the COVID19 pandemic
Charts from CBO's testimony on Confronting the Nation's Fiscal Policy Challenges
Charts from CBO's testimony on Confronting the Nation's Fiscal Policy ChallengesCongressional Budget Office
The Congressional Budget Office document discusses confronting the nation's fiscal policy challenges. It summarizes key fiscal indicators like the deficit, debt, and spending on entitlement programs. It outlines the spending reductions and deficit reduction of $1.1 trillion that would occur over the next decade under the Budget Control Act. The document also discusses the trade-offs around the timing of deficit reduction and the near-term economic effects of different deficit reduction policies. It concludes that attaining a sustainable budget will require raising revenues, changing entitlement benefits, or reducing other government spending relative to the size of the economy.Joint Committee Report: Fact Sheet
The President's plan aims to boost economic growth and job creation through short-term investments while reducing the deficit over 10 years. It includes $4.4 trillion in deficit reduction through spending cuts, health care savings, and tax reforms. The plan cuts the payroll tax for workers and businesses, extends unemployment benefits, and invests in infrastructure to create jobs now while reducing tax breaks for the wealthy to cut the long-term deficit. If enacted, the national debt would fall to 73% of GDP by 2021 compared to 90.7% if no action is taken.
Jamaica budget review by uhy dawgen march 15
Minister of Finance and Planning, Peter Phillips outlined the fiscal programme for 2015/2016 which he stated is consistent with the two overarching objectives of the Economic Reform Programme efforts to achieve debt reduction and structural reforms for sustained economic growth.
According to the minister, the maintenance of the primary surplus of 7.5 per cent of GDP remains the key operational instrument for achieving these objectives.
Jamaica budget review by UHY Dawgen March 15
This document provides a summary of key expenditure and revenue measures from the Jamaica Budget Review for 2015/2016. On the expenditure side, it outlines budget allocations for wages and salaries, recurrent programs, capital expenditure, public bodies investment, and debt servicing. The revenue measures section announces amendments to taxation of life insurance companies, an increase in the special consumption tax on cigarettes, and an increase in fuel taxes. The overall aim is to continue fiscal reforms while supporting economic growth through strategic public investments.
Mongolia Economic Brief
The budget deficit in Mongolia sharply rose in the first seven months of 2016 to over 8% of annual GDP, far exceeding targets, due to spending increases and revenue shortfalls. Growth dropped to 1.4% in the first half as private consumption declined sharply while investment increased, and unemployment rose to 11%. Corrective fiscal and monetary measures were taken, including terminating new spending programs, raising interest rates, and announcing a revised budget, but further significant policy adjustment is still urgently needed to address the high deficit and rising government debt.
Hcad Trends 2016
The document provides a summary and analysis of trends for Houston, Texas' fiscal year 2016 budget. It projects that general fund revenues will increase 2.9% over fiscal year 2015 estimates. However, projections are $10.7 million less than the administration's proposed budget. Property and sales tax revenues are expected to increase but come in lower than the proposed budget. Expenditures are also projected to exceed revenues, resulting in an ending fund balance below the required 7.5% threshold.
γράμμα πρόθεσης του γ.παπακωνσταντίνου
This letter from Greek Finance Minister George Papaconstantinou requests completion of the third review and approval of additional funds under Greece's IMF bailout program. It summarizes recent progress made in meeting fiscal and structural reform targets. It also lays out plans to finalize a medium-term budget strategy by April to further reduce Greece's deficit in a sustainable manner, including sector-specific reform plans to achieve an additional 8% of GDP in savings by 2014. The letter requests conversion of existing targets to performance criteria and proposes new structural benchmarks to support public sector, tax, and banking reforms.
γράμμα πρόθεσης του γιώργου παπακωνσταντίνου
This letter from Greek Finance Minister George Papaconstantinou requests completion of the third review and approval of additional funds under Greece's IMF bailout program. It summarizes recent progress made in meeting fiscal and structural reform targets. It also lays out plans to finalize a medium-term budget strategy by April to further reduce Greece's deficit in a sustainable manner, including sector-specific reform plans to achieve an additional 8% of GDP in savings by 2014. The letter requests conversion of existing targets to performance criteria and proposes new structural benchmarks to support public sector reforms, tax administration, bank funding plans, and privatization.
ΓΡΑΜΜΑ ΠΡΟΘΕΣΗΣ Γ.ΠΑΠΑΚΩΝΣΤΑΝΤΙΝΟΥ
This letter from Greek Finance Minister George Papaconstantinou requests completion of the third review and approval of additional funds under Greece's IMF bailout program. It summarizes recent progress made in meeting fiscal and structural reform targets. It also outlines plans to finalize a medium-term budget strategy by April to further reduce the deficit and ensure fiscal sustainability, including sector-specific reform plans targeting an additional 8% of GDP in savings by 2014. The letter requests conversion of existing targets to performance criteria and proposes new structural benchmarks.
Chapel Hill Town Manager Roger Stancil's Presentation on the Budget
Chapel Hill Town Manager Roger Stancil's Presentation on the BudgetThe Chamber For a Greater Chapel Hill-Carrboro
On February 2, 2012 at the meeting of the Economic Development & Public Policy Committee, Roger Stancil, Town Manager for Chapel Hill gave a presentation on the Town of Chapel Hill’s budget process, with a focus on priority-based budgeting. Rhode Island Budget summit
This document summarizes Rhode Island's budget presentation from December 2010. It provides information on revenues, expenditures, major budget drivers from 1995 to 2012 such as increases in human services and education costs. It also discusses revenues sources like personal income tax, sales tax, and lottery transfers. Expenditures by department and fiscal year are shown. Information on state employee compensation and full time employees is also included.
Similar to ANF Budget Briefing 4/1/09 (20)
Charts from CBO's testimony on Confronting the Nation's Fiscal Policy Challenges
Charts from CBO's testimony on Confronting the Nation's Fiscal Policy Challenges
Chapel Hill Town Manager Roger Stancil's Presentation on the Budget
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ANF Budget Briefing 4/1/09
- 1. Fiscal Year 2010 House 1 Briefing Somerville Budget Forum April 1, 2009
- 7. FY2010 Solves: Bottom Line