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    Presentation On Government Budgeting

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    Sherry Gonzales Ü
    The document summarizes key aspects of government budgeting in the Philippines. It discusses how the budget is used to allocate revenues and funds to achieve economic and social goals, while supporting fiscal health. It also explains that the budget enables the government to prioritize and implement programs and policies, and to address issues like economic disparity. The national budget has three main components: revenues, borrowings, and expenditures. It then outlines the multi-step budget preparation process, which involves committees determining targets and ceilings, agencies preparing their budgets accordingly, and final approval by the president and cabinet. Finally, it notes that the approved budget goes to Congress for legislation and is subject to technical hearings before being passed into law as the General Appropriations Act

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    Presentation On Government Budgeting

    Uploaded by

    Sherry Gonzales Ü
    31 views2 pages
    The document summarizes key aspects of government budgeting in the Philippines. It discusses how the budget is used to allocate revenues and funds to achieve economic and social goals, while supporting fiscal health. It also explains that the budget enables the government to prioritize and implement programs and policies, and to address issues like economic disparity. The national budget has three main components: revenues, borrowings, and expenditures. It then outlines the multi-step budget preparation process, which involves committees determining targets and ceilings, agencies preparing their budgets accordingly, and final approval by the president and cabinet. Finally, it notes that the approved budget goes to Congress for legislation and is subject to technical hearings before being passed into law as the General Appropriations Act

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    Presentation on Government Budgeting

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    The document summarizes key aspects of government budgeting in the Philippines. It discusses how the budget is used to allocate revenues and funds to achieve economic and social goals, while supporting fiscal health. It also explains that the budget enables the government to prioritize and implement programs and policies, and to address issues like economic disparity. The national budget has three main components: revenues, borrowings, and expenditures. It then outlines the multi-step budget preparation process, which involves committees determining targets and ceilings, agencies preparing their budgets accordingly, and final approval by the president and cabinet. Finally, it notes that the approved budget goes to Congress for legislation and is subject to technical hearings before being passed into law as the General Appropriations Act

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    31 views2 pages

    Presentation On Government Budgeting

    Uploaded by

    Sherry Gonzales Ü
    The document summarizes key aspects of government budgeting in the Philippines. It discusses how the budget is used to allocate revenues and funds to achieve economic and social goals, while supporting fiscal health. It also explains that the budget enables the government to prioritize and implement programs and policies, and to address issues like economic disparity. The national budget has three main components: revenues, borrowings, and expenditures. It then outlines the multi-step budget preparation process, which involves committees determining targets and ceilings, agencies preparing their budgets accordingly, and final approval by the president and cabinet. Finally, it notes that the approved budget goes to Congress for legislation and is subject to technical hearings before being passed into law as the General Appropriations Act

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    PRESENTATION: GOVERNMENT BUDGETING

    SLIDE #1: Government budgeting is the critical exercise of allocating revenues and
    borrowed funds to attain the economic and social goals of the country. It also entails
    the management of government expenditures in such a way that will create the most
    economic impact from the production and delivery of goods and services while
    supporting a healthy fiscal position
    National Budget is a plan for how the government spends taxpayers money, and
    how it pays for its activities, its borrowings and the repayment of its borrowings.
    More technically, it is the estimated schedule of expenditures and sources of
    financing.
    SLIDE #2: Government budgeting is important because it enables the government to
    plan and manage its financial resources to support the implementation of various
    programs and projects that best promote the development of the country. Through
    the budget, the government can prioritize and put into action its plans, programs
    and policies within the constraints of its financial capability as dictated by economic
    conditions. It also mitigates economic divide - Economic disparity and inequality is
    an imminent threat to any country’s economy. The government can address these
    kinds of threats by introducing public and economic welfare policies for the
    underprivileged sections of the society through the budget.
    SLIDE #3: National Budget composed of the following:
    Revenues are the primary source of financing the budget because these are the most
    stable sources of funds. Revenues consist of tax and non-tax collections. Non-tax
    revenues are revenues collected from sources other than compulsory tax levies.
    These include those collected in exchange for direct services rendered by
    government agencies to the public. They can also arise from the government's
    regulatory and investment activities.
    Borrowings are obtained from repayable sources, including loans secured by the
    government from financial institutions and other sources internal and external, to
    finance development projects and/or budget support. There are two subcategories
    of borrowings: a) domestic borrowings - from the auction of Treasury bills, notes
    and bonds. and b) foreign borrowings.
    SLIDE #9: BUGDET PREPARATION
    The budget preparation phase starts with the Development Budget Coordination
    Committee (DBCC). It is headed by the DBM Secretary and its members are the
    Secretary of Finance, the NEDA Director-General, and the Bangko Sentral
    Governor, with the Office of the President for general oversight.
    The NEDA provides the over-all macro-economic assumptions with which
    budgetary levels are to be determined. They involve the projected Gross National
    Product (GNP) real growth rates, inflation rates, 91-day treasury bill rates, the
    London Interbank Offered Rates (LIBOR) rates, foreign exchange rates, population
    growth, and other economic parameters.
    The Department of Finance (DOF), the Bureau of the Treasury, the Bureau of
    Internal Revenue and the Bureau of Customs help the DBCC in determining the
    sources of financing. They project the revenues that will be generated for the budget
    year as well as the borrowings that may have to be tapped.
    The DBCC determines the overall economic targets, expenditure levels, the revenue
    projection, deficit levels and the financing plan. It submits them to the President and
    the Cabinet for approval.
    Once these are approved, the DBM issues the Budget Call. This requires agencies to
    prepare their budgets in accordance with the said guidelines, macro-economic
    assumptions, and ceilings. The DBM spells out guidelines, procedures, and
    timetables.
    SLIDE #12: BUDGET LESGISLATION
    The Budget Legislation Phase covers the period commencing from the time Congress
    receives the President’s Budget, which is inclusive of the NEP (National Expenditure
    Program) and the BESF (Budget of Expenditures and Sources of Financing), up to the
    President’s approval of the GAA (General Appropriations Act)
    The DBM then conducts technical budget hearings where agencies present, defend
    and justify their budget proposals. It involves the significant participation of the
    Legislative through its deliberations where organizational and budgetary issues are
    clarified.

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