State and Local Government Budgets Chapter 14 Section 3 and Chapter 25 Section 2.

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Presentation transcript:

State and Local Government Budgets Chapter 14 Section 3 and Chapter 25 Section 2

State Budget

Budget  Budget- plan for managing and spending money  Part I: How much money is expected to come in (Revenue)  Part II: How much money to spend (Expenditures)  Fiscal year- state and local budgets begin on July 1 st and last to June 30 th  Budget Surplus- amount by which the government’s income exceeds its spending

State Budget  Governor and budget staff meet to discuss revenue and expenditures  Governor approves a balanced budget  NC law requires that the budget must be balanced (can’t spend more then they take in)  Governor proposes the budget to the General Assembly  General Assembly proposes ways to raise revenue or cut expenditures  General Assembly passes the budget  General Assembly frequently has trouble agreeing on the budget and it does not usually pass by July 1 st

State Budget cont.  Revenues  Intergovernmental Revenue  Money that one level of government receives from another level of government  States receive most of their revenue from the federal government  Money to pay for welfare, highways, hospitals, etc.  Taxes  Sales tax on nearly all consumer purchases  Income tax from state residents paychecks  Gas tax goes to a special fund to pay for streets, roads, and highways

State Budget cont.  Expenditures  Education  Public schools, universities and community colleges, subsidize payments for state residents to attend state public colleges  Health and Human Services  Disability, welfare, etc.  Public safety and justice system  Police and fire protection, court system  State employees retirement

Municipal and County Budgets  Each NC county and municipality must adopt a budget every year  Local governments are required by NC law to pass a balanced budget by the beginning of the fiscal year (July 1 st )  Almost all local governments meet the deadline

Municipal and County Budgets cont.  Revenues  Intergovernmental Revenue  Money that one level of government receives from another level of government  Taxes  Property taxes are paid on property owned: land, houses, etc.  Collect a portion of sales and income taxes as well  Utility user fees (water, sewer, etc.)

Municipal and County Budgets cont.  Expenditures  Education  Pays for local public schools  Public Safety  Police and fire protection  Utilities  Water, sewage, and sanitation  Human services, public health, mental health and social services