Fiscal Administration,9780495007401

Fiscal Administration

by
Edition: 7th
ISBN13: 9780495007401
ISBN10: 0495007404
Format: Hardcover
Pub. Date: 2006-05-16
Publisher(s): Wadsworth Publishing
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Summary

Ever wonder how federal finance really works? FISCAL ADMINISTRATION shows you how public budgets operate and lets you crunch the numbers yourself. And with the latest data from the US federal budget, including its breakdown, you can see for yourself how policymakers allocate money. Plus, each chapter includes stories for discussion from the private sector as well as from public finance. Run the numbers and debate the financial policies with FISCAL ADMINISTRATION.

Table of Contents

About the Author iii
Preface iv
CHAPTER 1 Fundamental Principles of Public Finance 1(28)
Market Failure and the Functions of Government
2(9)
Public Goods
3(3)
Externalities
6(2)
Failure of Competition
8(3)
Privatization
11(13)
Building Social Decisions from Private Preferences
15(4)
Politics, Representation, and Government Finance
19(3)
The Layers of Government
22(2)
Conclusion
24(1)
Questions and Exercises
25(1)
Case for Discussion
26(3)
Case 1-1: Market Interplay, Municipal Utilities, and a Common-Pool Resource
26(3)
PART ONE Budgeting, Budget Structures, and Budget Reform 29(260)
CHAPTER 2 The Logic of the Budget Process
31(48)
The Size and Growth of Government Expenditure
32(6)
Budget Process and Logic
38(10)
The Parts of the Public Expenditure/Public Revenue Process
40(2)
A Budget's Traditional Look: The Object-of-Expenditure (or Input) Format
42(4)
Functions of the Budget Process
46(2)
The Budget Cycle
48(8)
Executive Preparation
49(2)
Legislative Consideration
51(1)
Execution
52(2)
Audit and Evaluation
54(2)
Governmental Accounting and Financial Reporting
56(5)
Budgets and Political Strategies
61(8)
The Incrementalist Insight
61(1)
Roles, Visions, and Incentives
62(2)
Strategies
64(5)
Conclusion
69(1)
Questions and Exercises
69(3)
Cases for Discussion
72(7)
Case 2-1: Developing and Using Budget Strategy: The Earth Resources Technology Satellite (ERTS)
72(3)
Case 2-2: Strategies in Defense of the Defense Budget
75(4)
CHAPTER 3 Budget Structures and Institutions: Federal and State-Local
79(62)
The Federal Budget
79(39)
Spending by the Federal Government
80(2)
The Federal Budget Process
82(27)
Fighting Federal Deficits
109(7)
Federal Fiscal Policy
116(2)
State and Local Budgets
118(13)
Spending by State and Local Governments
119(12)
Conclusion
131(1)
Questions and Exercises
131(1)
Case for Discussion
132(3)
Case 3-1: Federal Earmarks and the Battle against Pork
132(3)
Appendix 3-1: An Illustrative State Budget Process: Texas
135(4)
Appendix 3-2: Participatory Budgeting
139(2)
CHAPTER 4 Budget Methods and Practices
141(51)
Preparation of Agency Budget Requests
141(10)
Budget Justification
142(3)
Elements of Cost Estimation
145(6)
Review of Budgets
151(3)
The Executive Budget: The Plan and the Balancing
154(7)
Phantom Balance and Deficit Reduction
156(5)
Managing Budget Execution
161(6)
Internal Controls
165(2)
Audit and Evaluation
167(3)
Conclusion
170(1)
Questions and Exercises
170(7)
Cases for Discussion
177(4)
Case 4-1: Green Felt-Tip Pens, a Tape Recorder, and Embezzlement: Where Did the Budget Process Fail?
177(2)
Case 4-2: Balancing the Chicago Public School Budget
179(2)
Appendix 4-1: Budget Preparation, or How to Be a Budget Analyst
181(11)
CHAPTER 5 Budget Classifications and Reform
192(52)
Alternative Budget Classifications and the Provision of Government Services
193(8)
Traditional Budgets: A Flawed Tool for Decision-making (But Pretty Good for Control and Accountability)
196(5)
Performance Budgets
201(4)
Program Budgets
205(8)
An Illustration of an Expenditure in Alternative Classifications
213(1)
New Performance Budgeting: Focusing on Results/Outcomes
214(18)
Some Challenges for New Performance Budgeting
221(5)
Federal Integration of Performance and Budgeting: Budget and Performance Integration Initiative and the Program Assessment Rating Tool
226(6)
Conclusion
232(1)
Questions and Exercises
233(3)
Cases for Discussion
236(4)
Case 5-1: Following Departmental Lines (and Scores?)
236(1)
Case 5-2: A View of Zero-Based Budgeting
237(3)
Appendix 5-1: Functional Categories of the Federal Budget
240(3)
Appendix 5-2: COFOG
243(1)
CHAPTER 6 Capital Budgeting, Public Infrastructure Investment, and Project Evaluation
244(45)
Why Have a Capital Budget?
246(3)
A Capital Budgeting Process
249(7)
Problems in Capital Budgeting
256(2)
Accounting for Time: Discounting and Compounding
258(5)
Cost-Benefit Analysis
263(17)
Elements in Cost-Benefit Analysis
265(6)
Selecting a Discount Rate
271(2)
Decision Criteria
273(4)
Some Special Problems of Cost-Benefit Analysis
277(3)
Conclusion
280(1)
Questions and Exercises
281(5)
Case for Discussion
286(5)
Case 6-1: What Does Cost Meanz
286(3)
PART TWO Revenue Sources, Structure, and Administration 289(284)
CHAPTER 7 Taxation: Criteria for Evaluating Revenue Options
291(40)
Taxation in the United States: A Short Overview of the Systems
292(6)
Standards for Tax Policy
298(20)
Equity
300(9)
Adequacy of Revenue Production
309(5)
Collectability
314(1)
Economic Effects
315(3)
State and Local Taxes and Economic Development
318(4)
Transparency
320(2)
Taxes and Externalities
322(2)
Conclusion
324(1)
Questions and Exercises
324(2)
Case for Discussion
326(5)
Case 7-1: Politics and the Protection of Tax Advantages
326(5)
CHAPTER 8 Major Tax Structures: Income Taxes
331(41)
Some Background
332(4)
The Argument about Taxing Income
336(4)
For the System of Taxing Income
336(1)
Against the System of Taxing Income
337(3)
Individual Income Taxation
340(17)
Defining Income
340(2)
Adjusted Gross Income
342(3)
Personal Deductions
345(2)
Personal Exemptions
347(2)
Taxable Income
349(1)
Tax Rates
350(4)
Credits
354(1)
Effective Tax Rates
354(2)
Indexation
356(1)
Tax Computation
357(1)
Corporate Income Taxation
357(8)
Dividing the Base
361(1)
Integration with the Individual Tax
362(2)
International Harmonization
364(1)
Payroll Taxation
365(1)
Conclusion
366(1)
Questions and Exercises
367(3)
Case for Discussion
370(2)
Case 8-1: Tax Credits and Government Policy
370(2)
CHAPTER 9 Major Tax Structures: Taxes on Goods and Services
372(43)
The Equity Question
378(1)
Selective Excise Taxation
379(5)
Luxury Excises
379(1)
Sumptuary Excises
380(2)
Benefit-Base Excises
382(1)
Regulatory and Environmental Excises
383(1)
Other Excises
383(1)
General Taxes on Goods and Services: Retail Sales and Value-Added Taxes
384(3)
Retail Sales Taxes
387(13)
Exclusion of Producers' Goods
389(4)
Taxation of Services
393(1)
Commodity Exemptions
394(1)
Variation in the State Sales Taxes
395(1)
The Sales Taxes and Internet Commerce: Remote Vendors and Use Taxes
396(4)
Value-Added Taxes
400(8)
Value-Added Tax Features
403(3)
Value-Added Tax versus Retail Sales Tax
406(1)
Conclusion
407(1)
Questions and Exercises
408(1)
Cases for Discussion
409(6)
Case 9-1: Sales Tax and Used Cars
409(4)
Case 9-2: Girl Scout Cookies and the Snack Tax
413(2)
CHAPTER 10 Major Tax Structures: Property Taxes
415(46)
Good Tax, Bad Tax?
418(2)
The Arithmetic of Rates, Levies, and Assessed Value
420(11)
Doing Assessments: Standards
423(3)
Doing Assessments: Cycles
426(1)
Doing Assessments: Approaches
427(2)
Doing Assessments: Managing Parcel Data
429(2)
Property Tax Relief Mechanisms
431(17)
Exemptions and Abatements
432(2)
Circuit-Breakers
434(2)
Deferrals
436(1)
Classification
436(1)
Tax Increment Financing
437(2)
Fractional Assessment and Assessment Disparity
439(4)
Limits and Controls
443(5)
Conclusion
448(1)
Questions and Exercises
448(5)
Cases for Discussion
453(8)
Case 10-1: Use-Value Assessment for Farmland: Some Operational Questions
453(2)
Case 10-2: Finding Revenue in Reassessment
455(2)
Case 10-3: Property Taxes and a World-Class House
457(1)
Case 10-4: The Property Tax versus Habitat for Humanity
457(4)
CHAPTER 11 Revenue from User Fees, User Charges, and Sales by Public Monopolies
461(31)
User Fees and Licenses
466(2)
User Charges
468(9)
Advantages of User Charges
470(2)
Limitations of User Charges
472(2)
Charge Guidelines
474(3)
Public Monopoly Revenue: Utilities, Liquor Stores, and Gambling Enterprises
477(6)
Government Utilities
477(1)
Liquor Stores
478(1)
Government Gambling Enterprises: Lotteries and Offtrack Betting
479(4)
Conclusion
483(1)
Questions and Exercises
483(3)
Cases for Discussion
Case 11-1: Entrepreneurial Revenues in State Parks
486(3)
Case 11-2: User Charges for Social Purposes: London Congestion Charge
489(3)
CHAPTER 12 Collecting Taxes
492(22)
Why Do People and Businesses Pay the Tax They Owe?
492(2)
Taxpayer Active or Taxpayer Passive?
494(2)
The Core Functions of Tax Collection
496(9)
Taxpayer Registration/Service
497(1)
Declaration of Assessment
498(1)
Revenue and Taxpayer Accounting
498(3)
Delinquency Control, Compliance, and Collections 500
Audit
501(2)
Appeal or Protest
503(2)
Enforcement
505(1)
Total Collection Cost
505(3)
Conclusion
508(1)
Questions and Exercises
508(1)
Case for Discussion
Case 12-1: The Kursk Tax Inspector
509(5)
CHAPTER 13 Revenue Forecasts, Revenue Estimates, and Tax Expenditure Budgets
514(27)
Revenue Forecast (or Baseline)
515(12)
General Guides for Revenue Forecasts
516(2)
Alternative Methods for Forecasting
518(6)
Univariate Projections and Extrapolations
518(1)
Deterministic Modeling
519(1)
Multiple Regression
520(1)
Econometric Models
521(1)
Microdata Models
522(2)
Choosing the Method
524(2)
Forecasts for the Long Term
526(1)
Wrong Forecasts
527(1)
Revenue Estimating
527(3)
Tax Expenditure Budgets
530(5)
Conclusion
535(1)
Questions and Exercises
535(2)
Appendix 13-1: The State of Minnesota Tax Expenditure Budget: Criteria and Measurement
537(4)
CHAPTER 14 Intergovernmental Fiscal Relations: Diversity and Coordination
541(32)
Correspondence and Subsidiarity
542(2)
What about Economic Advantage from Bigness?
544(1)
Fiscal Disparity
545(2)
Coordination and Assistance: Tax Systems
547(4)
Coordination and Assistance: Grants
551(10)
Categorical Grants
555(3)
Block Grants
558(2)
Revenue Sharing (General-Purpose Fiscal Assistance)
560(1)
States and School Aid
561(2)
Coordination and Assistance: Mandates
563(3)
Conclusion
566(1)
Questions and Exercises
567(1)
Cases for Discussion
567(8)
Case 14-1: It Worked Once, But Would lit Work Again?,
567(2)
Case 14-2: Correspondence, Subsidiarity, and the Tenn-Tom Waterway
569(4)
PART THREE Administering Debt, Working Capital, and Pension Funds 573(74)
CHAPTER 15 Debt Administration
575(36)
Federal Debt
575(4)
State and Local Government (Municipal) Debt
579(28)
Municipal Bonds and the Tax Reform Act of 1986
584(1)
Appropriate Debt Policy
585(1)
The Mechanics of Bond Values
586(2)
Debt Structure and Design
588(3)
Ratings
591(6)
Credit Enhancements
597(2)
Underwriting, Interest Rates, and Ownership
599(6)
Lease-Purchase Finance and Certificates of Participation
605(2)
Conclusion
607(1)
Questions and Exercises
607(3)
Appendix 15-1: General Principles of State Debt Management
610(1)
CHAPTER 16 Managing Funds: Cash Management and Employee Retirement Funds
611(36)
The Cash Budget and Cash Management
612(16)
Elements of Cash Management
614(7)
Accelerating Collections
614(5)
Controlling Disbursements
619(1)
Consolidating Balances
620(1)
Investing Idle Funds
621(7)
Treasury Bills
624(1)
Other Federal-Agency Issues
624(1)
Negotiable Certificates of Deposit
625(1)
Commercial Paper
626(1)
Repurchase Agreements and Reverse Repurchase Agreements
626(1)
State and Local Debt
627(1)
State Investment Pools
627(1)
Money-Market Mutual Funds
628(1)
Keeping Score (Measuring Performance)
628(1)
Managing Public Employee Retirement Funds
628(9)
Critical Issues in Public Employee Retirement Fund Management
635(2)
Conclusion
637(1)
Questions and Exercises
637(1)
Cases for Discussion
638(9)
Case 16-1: Managing Cash for the Sheriff's Interestz
638(5)
Case 16-2: The Underfunded West Virginia Public Employees' Pension Fund
643(4)
Appendix: Some Websites for Fiscal Administration Data and Information 647(4)
Glossary 651(14)
Selected Bibliography 665(10)
Index 675

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