PA 581 Final Exam Kelle

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PA 581 Final Exam Budget and Finance Keller
(TCO A) One of our lectures discusses the budget execution stage of the budget
cycle. Please identify and explain each of the major steps in the budget execution
process. (Points : 25)

The budget execution process begins after a legal appropriation. It consists of

recording the bill from the appropriations bill, monitoring the commitments and
spending patterns in comparison to the appropriations, appropriately closing the

(TCO D) Property taxes receive a number of complaints from some taxpayers and
many politicians. Please identify at least three of these complaints, and discuss
them in detail. Refer to standards such as vertical equity, horizontal equity, and
regressiveness as you discuss these complaints. (Points : 25)
In the U.S., property tax matters have a long history, which began in the colonial
period when activities were defense- and justice-related were financed by
landowners according to a ones ability. Property taxes later became a revenue
avenue for the federal government as well as for the

(TCO C) Quarterly allotments for the appropriation to the State Library System for
the fiscal year beginning July 1, 201X and ending on June 30, 201Y were as follows:

Q1: $5,500,000 Q2: $5,750,000 Q3: $6,500,000 Q4: $7,250,000 On December 31,
201X, budgetary status reports showed expenditures of $11,000,000 and
encumbrances of $500,000. Using an accrual accounting concept, what was the
budgetary status of Library Systems as of that December 31 date? Show and label
all work and state your conclusion. As of the end of the third quarter, the Library
System shows expenditures of $18,000,000 and has $4,000,000 in encumbrances.
It projects that spending in the fourth quarter will be $250,000 more than what was
initially allotted for that budget period. Determine the amount of the supplemental
appropriation, if any, which must be requested in order to end the fiscal year with a
balanced budget. (Points : 25) The appropriations for first 2 quarters (up to 31st
December) = $5, 500, 0000 + $5,750,000 = $11,250,000 The budgetary status
showed expenditure of

(TCO F) Answer completely all of the following questions: Why do state and local
governments go into debt? What is a municipal bond? How does a municipal bond
differ from a corporate bond? What is Net Interest Cost (NIC) and how does it differ
from True Interest Cost (TIC)? What role does TIC play in governmental capital
project financing? Based on our class discussion it is difficult to pinpoint the reason
as to why the state and local governments go into debt. Many factors play rolls in
their decision making, for example, taking into account

(TCO E) What is the purpose of a tax system? One of the basic criteria that is
considered when a tax system is evaluated is the equity standard. Please provide
your interpretations of these items: 1. Purpose of a tax system and 2. Equity
(Points : 25)

The purpose of a tax or revenue system is to enable the government to carry out its
role of providing goods and services to the public through the courts, education,
roads, the police, hospitals, industries, and banking and

(TCO A, B) What is the meaning of a budget format? Governmental budgets may be

organized in line-item, program, and performance formats. What are the differences
among these three approaches? Make an argument that builds a case for hybrid
presentations that includes all three elements. (Points : 25)

Three levels of government are crucial in public finance and budgeting. These
include the federal, state, and local government levels. According to the U.S.
Constitution, the federal government is

(TCO A, B) Our text addresses the federal deficit and relevant laws and measures for
controlling and preventing deficits. Please explain each of these measures in detail.
These areas are (1) debt limits; (2) aggregate budgeting; (3) targets and
enforcement; and (4) spending controls, PAYGO, and adjustable deficit targets.
(Points : 25)

The following deficit and relevant laws are as followed; PAYGO is the practice in the
United States of financing costs with funds that are currently available rather than
borrowed. PAYGO is designed to control revenue reductions. The debt limit is the

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(TCO G) Explain the importance of Pareto Improvement to a governmental unit. A

public project produces the following individual benefits for stakeholders stated in
terms of present values when an appropriate social discount rate of 15% is used: Al
= $8,000; Bev = $20,000; and Chris = $11,000. The present value of the total cost
of completing and maintaining this project equals $36,000. Explain the importance
of Pareto Improvement. Is this project economically feasible from the social point of
view? Explain. If stakeholders knew that each would be held responsible (through
taxation) for 1/3 of the project costs, would this project be accepted under majority
rule? Why or why not? Be very specific, using numbers in your answer. In principle,
could Bev, the major beneficiary, financially cut deals with Al and/or Chris so as to
ENSURE that they would vote for the project? Using only the numbers given in the
project statement as your starting data, specify how this could be done. (Points : 25)
[/su_highlight] Pareto improvement is an economic activity, which ensures that no
involved party sustains any loss and in which one of the parties receives some
benefit. For example, two government agencies could

(TCO H) List the steps in the capital budget process and explain each of them.
(Points : 25)

The capital budget focuses on the attainment and maintenance of long-term assets,
such as roads, highways, bridges, roads, schools, hospitals, water supply pipes,
public entertainment facilities, and

(TCO I) Below is a table showing the income of individuals A and B together with
their food and clothing purchases in an untaxed environment (NOTE: K = 1000).
Individual Income Food Clothing A $20,000 $5,000 $2,000 B $50,000 $8,000 $8,000
Before even considering any particular numbers, define precisely what is meant
when we say that a tax system is regressive. Do the same for what is meant by
progressive. Suppose a general sales tax of 5% is applied to all purchases, and
purchasing behavior does not change as a result. In consideration of the sum total
of ALL sales taxes paid, illustrate why this tax system is regressive. Hint: Develop a
calculation table for analysis. There is a proposal on the government table to
exempt EITHER food OR clothing from the sales tax base. The purpose of this
proposal is to seek progressivity rather than regressivity in the sales tax system.
Provide a reasoned recommendation supported by calculations as to which option
should be selected. (Points : 25)

A progressive tax is a tax that the tax rate is increased as the taxable amount is
increased. Progressive is referred to the way the