Riquelme Riley

Principles of Business

Budget Day 2022

1. Monday, September 26th 2022 is Budget Day in Trinidad and Tobago.

2. The term budget is an estimate of income and expenditure for a set period of time.

3. The importance of a budget to households, business, the government are as follows:

a) Households – This helps the household to plan where the money is going each month
and also allows the family to develop a plan for saving. The family can track the
spending, save, and more easily monitor and reach the financial goals set by the
household.

b) Business - to ensure the business or organization has enough resources to meet its
goals. Budgeting for an upcoming period helps to determine and allocate how much to
spend and determining how much revenue is needed to reach the goals of the
business.

c) Government - The means of providing control over expenditure and revenue by the
government. The budget helps in maintaining stability and control over the national
resources and finances, and are also a means of providing accountability through
financial reporting. The budget helps the citizens to understand the plans the
government has and how those plans would be financed and how revenue will be
generated.

4. The Minister that usually prepares the national budget is the Minister of Finance.

5. The name of the Minister who presented the budget this year is the Honourable Minister
of Finance, Mr. Colm Imbert.