Part B: Ontario’s Budget. The Ontario Budget The Ontario Government’s fiscal year runs from April 1 to March 31. The upcoming provincial budget will project.

Slides:

Advertisements

Similar presentations

Working with Data on Government Finances Dean Garratt Stephen Heasell Division of Economics Nottingham Business School.

Advertisements

National Debt. Budget Deficit – The amount by which expenditures exceed revenues (G>T) - $186.5 Billion (2007) Budget Surplus – The amount by which revenues.

Government Finances By Shauna Hennessy.. The National Debt This is the total amount / cumulative of government borrowing which is outstanding.

The Federal Government’s Budget. The government ’ s fiscal year runs from April 1 to March 31. The upcoming budget will estimate revenues and expenditures.

Deficits and Debt. The Budget Process Taxes, especially personal income taxes, provide most of the federal government’s revenue.  The federal budget.

Unit 7 Macroeconomics: Taxes, Fiscal, and Monetary Policies Chapters 15.3 Economics Mr. Biggs.

Copyright © 2006 Pearson Education Canada Fiscal Policy 24 CHAPTER.

Understanding Economics

Lectures in Macroeconomics- Charles W. Upton Yet Even More on Debt and Taxes.

Copyright © 2006 Pearson Addison-Wesley. All rights reserved. Chapter 5 National Saving, the Government Budget, Foreign Borrowing, and the Twin Deficits.

Chapter Five Trade and Money International Relations, Brief Edition Joshua S. Goldstein.

Fiscal Policy and Federal Budget. Vocab  Federal Budget-The federal governments plan for the use of the government revenues  Fiscal Year-a 12-month.

Part B: The Federal Government’s Budget. The Federal Government ’ s Budget The government ’ s fiscal year runs from April 1 to March 31. The upcoming.

LAO Fiscal Outlook Legislative Analyst’s Office November 27,

Government Spending, Pt. 2. What are the three top expenditures of the federal gov’t? Social Security (#2) Medicare (#3) National Defense (#1)

The Basics of Budgeting. What is a Budget? A budget is a plan for money – a breakdown of expected income and expenses for a specific period. It helps.

ECN 202: Principles of Macroeconomics Nusrat Jahan Lecture-5 Saving, Investment & Financial System.

Learning Objectives: Fiscal Policy LO1: See why the federal government’s budget depends on the rate of taxation, the size of the GDP, and its own spending.

Budget 2013/14 and Business Plan Town Hall March 7, 2013 ANNUAL BUDGET 2013/14.

National Debt v. Budget Deficit. Government Spending Vocab terms related to National Debt & Budget Deficit Revenue = money collected by the government.

The National Debt Mr. Seely Economics. Balancing the Budget Balanced Budget- a budget in which total revenues are equal to total spending. Budget Surplus-

Economics Chapter 15 Fiscal Policy. What Is Fiscal Policy? Fiscal policy is the federal government’s use of taxing and spending to keep the economy stable.

Economics Chapter 15 Fiscal Policy. What Is Fiscal Policy? Fiscal policy is the federal government’s use of taxing and spending to keep the economy stable.

TYPES OF TAXES. Directions – step 1  Write a definition IN YOUR OWN WORDS for the following concepts:  Progressive tax  Regressive tax  Proportional.

Group 2 Chih-Mei Shen & Nancy Briana Lόpez Hodgson.

Copyright © 2011 Pearson Education, Inc. Managing Your Money.

Creating a Budget Chapter 14. Budget Process Deficit v. Surplus Deficit occurs when expenditures exceed revenues in a year – $1.3 trillion in 2010 Surplus.

1 Chapter 12 Budget Balance and Government Debt. 2 Budget Terms A Budget Surplus exists when Tax Revenues are greater than expenditures and is the difference.

Budget Plan for managing and spending money. Plan for managing and spending money. Governments create budgets to help them make decisions because of limited.

Government budget Budget deficits and debt 1.  Recall, when we talked about national savings:  T – G is not a budget surplus  Because it is missing.

Governments & Fiscal Policy Three levels of government: 1.Federal (USA) 2.State (NH) 3.Local (Merrimack) Fiscal Policy = plan for how governments gain.

Budget Deficit and National Debt A budget deficit exists when the federal government spends more than they are receiving in revenues within the year. When.

2.4 CIRCULAR FLOWS Circular flow model

1 Debt is not a four letter word Address to Committee of Sydney Forum Professor Peter Abelson Applied Economics P/L.

Fiscal Policy/Federal Budget 15.3 Federal Budget—the Federal Gov’t plan for the use of government revenues. 3 Reasons for development of Federal Budget:

Fiscal Policy Policy carried out by Government It simply means… is the end result a change in taxes? Or a change in government spending?

Budget- a plan for managing and spending money. A budget has two parts revenues and expenditures. A budget has two parts revenues and expenditures. Revenue.

Part A: The Basics of Budgeting. What is a Budget? A budget is a plan for money - an estimate of expected revenues and expenses for a specific period.

Chapter 3 Key Terms. Gross Domestic Product (GDP) The total value of the goods and services produced in a country in a given year.

STARTER How can government use taxation and spending to smooth out the business cycle?

Econ 102 Fall Fiscal Policy 1.Discretionary fiscal policy- 2. Automatic stabilizers.

Part A: Budgeting. What is a Budget? A budget is a plan for money, estimate of expected revenues and expenses for the future. Helps to determine if you.

What would you buy if you had… $1 million? $1 billion? $17 trillion?

Fiscal Policy and the Federal Budget How is the federal budget developed?

Role of Government. Fiscal Policy  Government uses its powers of expenditure, taxation, and borrowing to alter the size of the circular flow of income.

Balancing the Federal Budget When, if ever, should the nation prioritize balancing the federal budget?

Fiscal Policy What is unemployment and the types? What effects does unemployment have on the economy?

BORROWING MONEY AND PUBLIC DEBT. HOW DOES THE GOVERNMENT BORROW MONEY?  Article 1, Section 8, Clause 2 gives congress the power to “borrow money on the.

The Government Budget Government Expenditures Less Government Revenues = Budget Surplus or Deficit* * Surplus if positive, deficit if negative +/- Δ in.

BALANCING THE BUDGET GRADE 9 PARLIAMENTARY SIMULATION.

The Fiscal Ship Period #1 – Introduction. Federal Budget The taxing and spending plan of the national government.

Where your money goes Chapter 10.2 & 10.3.

Budget Deficits and the National Debt

Slide Deck A: Budget Basics

Slide Deck D: 2018 Federal Budget Breakdown

Terminology (Budget) Deficit – spending more money in a year than is taken in (National) Debt – the accumulation of yearly deficits plus interest (Budget)

Slide Deck 15A: Budget Basics

Slide Deck D: 2018 Federal Budget Breakdown

Slide Deck A: Budget Basics

Debt and Deficit -Borrowing money affects both debt and deficit -Budget deficits add to debt -Debt and deficit contribute to unbalanced budgets Debt.

Slide Deck D: 2018 Federal Budget Breakdown

Click the link below to see the up to the second national debt.

PowerPoint A: Budget Basics

Shelton School District

When revenues exceed expenditures, governments enjoy a budget surplus.

Slide Deck D: 2017 Federal Budget Projections

PowerPoint D: 2016 Federal Budget Projections

Slide Deck D: 2018 Federal Budget Breakdown

Town’s Operating Budget

Presentation transcript:

Part B: Ontario’s Budget

The Ontario Budget The Ontario Government’s fiscal year runs from April 1 to March 31. The upcoming provincial budget will project revenues and expenditures for the next fiscal period. It will likely be released at the end of March.

Ontario Budget Projected Revenue = 108 billion (money in) Projected Expenditures = 124 billion (money out) Projected Deficit = - 16 billion (negative balance)

Ontario’s Debt In order to continue providing public services, Ontario has had to borrow money. This is called a debt. As the result of several consecutive deficits, Ontario’s current debt stands at $225 billion.

Interest on the Debt Interest is the amount charged by lenders to carry the debt. This figure continues to grow as the debt increases. Interest on the debt cost Ontario $10.3 billion last year and formed 8% of all expenditures.

Significance of the Budget The government has acknowledged that these trends – a high deficit and a growing debt - cannot continue. The government has committed to balancing the budget by the fiscal year which will set the course for the next five budgets.

Discussion Are you surprised with the amount of Ontario’s debt? Should the government try to balance their budget before or after ? Does it matter?