Revenue and Expenditures in the Budget-Making Process Chapter 14.3.

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Presentation transcript:

Revenue and Expenditures in the Budget-Making Process Chapter 14.3

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Budget-Making 101 The 2 parts to any budget are: – Revenue (money brought in) – Expenditures (money spent) The Federal budget is made by the President with the help of the OMB (Office of Management & Budget) and must be approved by Congress with the help of the CBO (Congressional Budget Office) The federal fiscal year goes from October 1 st - September 30 th

NC Budget-Making NC’s fiscal year stretches from July 1 st - June 30 th. – Why do you think this date was chosen? NC’s biennial budget is made in odd years and adjusted in even years. Governor makes the budget but the NCGA must approve it.

NC Biennial Budget Expenditures: Compare with chart on p. 412

NC Biennial Budget Revenue Sources: Compare with chart on p. 412

Local Budget-Making All local governments have the same fiscal year as the state of NC. – Why do you think they correspond? – Local governments do a budget every year, however. Co./Mun. Manager/Superintendent makes the budget but the BOC/Council/BOE must approve it.

Currituck County Budget Watch the process in Currituck County. Watch the process in Currituck County What did you learn about your county? Go to chart at 11:52 in video. Compare our chart to the one for Craven County. Discuss. Go to chart at 14:24 in video. Compare our chart to the one for Craven County. Discuss.

Understanding Taxes: What is Fair? Which of the revenue sources in the chart are collected by the federal government? Which of the revenue sources in the chart are collected by the state governments? Which of the revenue sources in the chart are collected by the local governments? Which is the most fair? Least fair? Why?

Assignment Work on Smore! Due by 11:00 a.m. tomorrow.