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Fiscal Administration

by: Mikesell, John

Fiscal Administration

by: Mikesell, John

ISBN 13:
9780495007401
ISBN 10:
0495007404
Edition: 7th
Format: Hardcover
Copyright: 05/16/2006
Publisher: 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.

About the Author

iii

Preface

CHAPTER 1 Fundamental Principles of Public Finance

(28)

Market Failure and the Functions of Government

(9)

Public Goods

(3)

Externalities

(2)

Failure of Competition

(3)

Privatization

(13)

Building Social Decisions from Private Preferences

(4)

Politics, Representation, and Government Finance

(3)

The Layers of Government

(2)

Conclusion

(1)

Questions and Exercises

(1)

Case for Discussion

(3)

Case 1-1: Market Interplay, Municipal Utilities, and a Common-Pool Resource

(3)

PART ONE Budgeting, Budget Structures, and Budget Reform

(260)

CHAPTER 2 The Logic of the Budget Process

(48)

The Size and Growth of Government Expenditure

(6)

Budget Process and Logic

(10)

The Parts of the Public Expenditure/Public Revenue Process

(2)

A Budget's Traditional Look: The Object-of-Expenditure (or Input) Format

(4)

Functions of the Budget Process

(2)

The Budget Cycle

(8)

Executive Preparation

(2)

Legislative Consideration

(1)

Execution

(2)

Audit and Evaluation

(2)

Governmental Accounting and Financial Reporting

(5)

Budgets and Political Strategies

(8)

The Incrementalist Insight

(1)

Roles, Visions, and Incentives

(2)

Strategies

(5)

Conclusion

(1)

Questions and Exercises

(3)

Cases for Discussion

(7)

Case 2-1: Developing and Using Budget Strategy: The Earth Resources Technology Satellite (ERTS)

(3)

Case 2-2: Strategies in Defense of the Defense Budget

(4)

CHAPTER 3 Budget Structures and Institutions: Federal and State-Local

(62)

The Federal Budget

(39)

Spending by the Federal Government

(2)

The Federal Budget Process

(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

Amazon no longer offers textbook rentals. We do!

Fiscal Administration

Fiscal Administration

9780495007401

0495007404

Summary

Table of Contents

Supplemental Materials

Write a Review

Amazon no longer offers textbook rentals. We do!

Fiscal Administration

Fiscal Administration

9780495007401

0495007404

Summary

Table of Contents

Supplemental Materials

Write a Review

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