Term
| Four characteristics of budget politcs |
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Definition
1) budget is a plan that specifies expenditures and revenues
2) governments budget is its premier public policy statement
3) budget is profoundly political
4) budget is a contract |
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Term
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| institutional framework within which budget decisions are made |
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| specific agencies generally request increased funding for one fiscal year based on what was allocated for the previous fiscal year |
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Definition
| document highlighting the governors priorities |
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| revisions proposed by the governor during legislative considerations |
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| 16 bills implement the budget by specifying exact taxes, fee increases, and spending formulas in broad policy areas such as education or transportation |
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Definition
governor
assembly speaker
senate president pro tem
minority house leaders in both houses
Meet in private to hammer out issues in budget |
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Term
| Constraints in the process |
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Definition
need for super majorities
annual budget myth
cruise control spending
narrow spending
third rail issues
ballot box budgeting |
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Definition
| relatively automatic nature of many sending decisons |
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| those payments to individuals who meet eligibilty requirements established by law |
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Definition
tendency to restrict spending by creating narrow categories of funding activity
aka categorical spending |
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politically volatile issues that policy makers avoid fearing voter wrath
Social security and medicare |
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| voters locking in government expenditures through intiatives |
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Definition
allocation or restricting of revenues for certain purposes
spending gas taxes on transportation |
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where the effective tax rate falls as taxable income rises
greater burden on lower than upper income groups |
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Definition
| rates increase according to ones ability to pay |
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Definition
equity (fairness)
yield (amount collected)
certainty (effects of economic movements)
accountability (explicit and transparent)
acceptability (accepted by citizenry) |
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Term
| Major state revenue sources |
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Definition
Personal income tax
sales tax
corporate taxes
excise taxes
the lottery
debt |
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Definition
taxes assigned to specific items
tabbacco, alcohol, gas |
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Term
| general obligations bonds |
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Definition
| backed or secured by the full faith and credit of the state meaning general revenues paid by the taxpayers |
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Definition
| backed by the future revenue generated by the facility being financed |
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| states current revenue mix is insufficient to meet current spending commitments without corrective action |
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tax based on value
ie property tax |
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Term
| The right to vote on taxes act |
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Definition
requires governments that seek new or increased assessments to
1) specified how accessed properties will benefit
2) assess rather than exempt other local government property
3) hold a mail in election of all effected property owners |
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Term
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Definition
| modest charges levied per property type, not property value |
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Term
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Definition
CA budgeting...
1) is both volatile and cyclical
2) is group differential (treats different groups in different ways)
3) needs reform |
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