A brief overview of the basics of the system and process finances in North Carolina government.

1. For use with Section 14.3

2.  The items on which the government plans to
spend money and the amount it plans to spend
on them.
 Expenditures, in general, are things that
money is spent on.

3.  Every two years.
 A budget that is written for a two year period
is called a biennial budget.
 One of the most important and most difficult
things for the General Assembly to work on is
the budget.

4.  Health and Human Services and Public
Education

5.  State and local governments sometimes
borrow money for capital projects, including
major purchases such as land or buildings
 State and local governments will usually
borrow money by buying bonds (low-interest
safe loans) and are usually voted on in
general elections.

6.  Local governments are required to pass a
balanced budget by the beginning of each new
fiscal year.
 A balanced budget is one whose expenditures
are the same as revenue
 (money spent = money taken in)

7.  Major revenue sources for local governments in
North Carolina include utility use fees, property
taxes, and intergovernmental revenues.
 utility use fees is money paid for utilities such
as water and sewage
 property taxes are money paid for land,
homes, and automobiles
 intergovernmental revenue is money the is
given to local government by the county and
state, and sometimes federal government