PA 581 Complete Course Government Budget and Finance A+ Keller This tutorial includes the following: Case Analysis: U.S. Budget – Week 4 – 20 Pages This paper analyzes and summarizes the United States’ budget proposals for the fiscal year 2011 and 2012 as presented by the President Obama on February 1st, 2010 and 2011… studentswithsolutions/view-tutorial.aspx?TutorialId=2090 Case Analysis: IL Budget 2012 Week 7 – 11 Pages In this paper, I will analyze the state of Illinois’ budget for the Fiscal Year of 2012, as well as for the Fiscal Years of 2010 and 2011 studentswithsolutions/view-tutorial.aspx?TutorialId=2091 PA 581 Quiz Week 3 Graded 100% Correct studentswithsolutions/view-tutorial.aspx?TutorialId=2108 (TCO A) Which of the following statements describes the relationship among federal, state, and local governments? (TCO A) Logrolling is the process where: (TCO B) Current-dollar government purchases were $1,500 billion in 2010. With 2000 as the base year, assume the price deflator for 2010 is 175 (or, 1.75 if you dont multiple by 100). In real dollars, the year 2000 government purchases would be which of the following (rounded to the nearest billion)? (TCO C) The largest portion of local government expenditures is: (TCO C) Appropriation to the State Library System (fiscal year starts July 1) for fiscal year 201x was $24,000,000. (TCO B) List and describe the four basic elements of the president’s budget. (TCO A) Name and describe the major steps in the executive budget preparation process. (TCO B) Here are the annual personal benefits of a proposed Dog Romp Zone (DRZ) as perceived by Ann (A), Bob (B), and Chris (C): Individual Annual Benefit Ann $500 Bob $250 Chris $200 The overall annual total cost of the DRZ is $900. Does the DRZ represent a potential Pareto improvement? Incorporating numbers into your answer, say why or why not. (4 points) Suppose each individual will be assessed an equal share of the annual total cost. Will the project be approved in a majority-rule voting process? Incorporating numbers into your answer, explain why or why not. (8 points) Devise a cost-allocation scheme for A, B, and C that would ensure passage of the proposal in a majority-rule voting process. Explain why your scheme would work. (8 points) (TCO B) Define and describe the following budget terms: • Budget Cycle • Executive Preparation • Legislative Consideration • Execution Audit and Evaluation (20 points) (TCO C) A state game and fish agency wants to invest in a new fish hatchery. It is estimated that the cost of operating the system will be $2,000,000 per year after a one-time installation cost of $5,000,000 is incurred. The construction period will be one year. Once the plant is constructed and in operation, community benefits are estimated at $4,000,000 per year. The system would be financed by a property tax increment placed on the business and residential sectors. (6 points) Without considering interest rates and discounting, how long will it take for the community to break even on this venture? SHOW ALL WORK. (4 points) What might be defensible logic behind using revenues from fishing licensing and fines from violators of fishing regulations, for the financing mechanism as compared to, say, a sales tax? (4 points) Write a brief one-paragraph budget justification to support this project. [NOTE: I refer to the statement on Page 175 of the text, to wit. Well-developed budget justifications are the key to successful agency budget requests.] (4 points) PA 581 Quiz Week 6 Graded 100% Correct studentswithsolutions/view-tutorial.aspx?TutorialId=2109 (TCO D) A residence in Brevard County has an assessed value of $150,000. Its owner qualifies for an old age exemption of $10,000 and a homestead exemption of $20,000. The property tax rate is $5 per $100 AV. What will be the property tax bill on this property? (TCO E) The Federal government taxes consumption mainly through: (TCO E) With reference to tax systems, the principle ofcollectability asserts that: (TCO E) Which of the following pieces of evidence would by itself allow a judgment about the regressivity or progressivity of a tax? (TCO G) Line-Item budgets: (TCO H) Capital programs are an important part of governmental budgeting and finance. (A) Briefly distinguish between an operating budget and a capital budget. (15 points) (B) Develop a convincing case as to why it is appropriate for governments to prepare two separate budgets: an operating budget and a capital budget. Cite at least two reasons. (15 points) (TCO E) The City of Champions has a referendum that will go before voters to build the best football stadium in the world. The ballot calls for the voters to approve or disapprove a 6% sales tax increase to construct the new stadium. The stadium is estimated to cost $800,000,000. However, the sales tax increase will generate more than $1.1 billion dollars. The disposition of the excess funds is unclear. (A) What standards of equitability apply in this case? (10 points) (B) Describe each standard and explain why it applies and whether the standard has been violated. (20 points) (TCO E) Al has an income of $40,000; Bettys income is $200,000. With no sales tax in place, Al spends $7,000 on grocery food and Betty spends $12,000. (A) If the state government now taxes all grocery food at 10%, and these two folks do not reduce their food purchases whatsoever, then is this sales tax proportional, progressive, or regressive? SHOW AND LABEL ALL WORK, and interpret the numerical results. (15 points) (B) If the above policy is changed such that now Al receives a tax credit of $200 at the end of the year, will your conclusion change? Again, SHOW AND LABEL ALL WORK, and interpret the numerical results. (15 points) PA 581 Final Exam Graded Received 246/250 Points studentswithsolutions/view-tutorial.aspx?TutorialId=2110 (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) studentswithsolutions/view-tutorial.aspx?TutorialId=11809 (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) studentswithsolutions/view-tutorial.aspx?TutorialId=11810 (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) studentswithsolutions/view-tutorial.aspx?TutorialId=11811 (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? studentswithsolutions/view-tutorial.aspx?TutorialId=11812 (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) studentswithsolutions/view-tutorial.aspx?TutorialId=11814 (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) studentswithsolutions/view-tutorial.aspx?TutorialId=11813 (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) studentswithsolutions/view-tutorial.aspx?TutorialId=11815 (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) studentswithsolutions/view-tutorial.aspx?TutorialId=11816 (TCO H) List the steps in the capital budget process and explain each of them. (Points : 25) studentswithsolutions/view-tutorial.aspx?TutorialId=11817 (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) studentswithsolutions/view-tutorial.aspx?TutorialId=11818 PA 581 Final Exam Answers Based on Study Guide - 21 Pages studentswithsolutions/view-tutorial.aspx?TutorialId=2098&view=details [TCO A, B] concentrates on the authority for federal, state and local powers for budgeting and fiscal affairs, the federal budget cycle, generic budget cycle, and budget formats. Know the essential information for each of these topics [TCO H] concentrates on capital projects, the differences between a capital project budget and an operating budget, the difference between capital outlay and a capital project, the steps in the capital budgeting process. [TCO G] concentrates on Pareto Improvement. Be sure to know its importance, making the calculations, doing the analysis, and drawing conclusions and recommendations. [TCO D] concentrates on property taxes, their particular importance to local government, assessed values, assessment ratios, mil rates, circuit breakers, and tax deferrals. Know the process for assessing property, and calculating and levying property taxes. Also, have a good understanding of the upsides and downsides (complaints) relevant to property taxes. [TCO A] concentrates on the steps and stages of the budget execution process; budget authority and the five different types of budget authority, and Congress’ make responsibilities and actions regarding the federal budget process. [TCO C] concentrates on quarterly appropriation allotments and monitoring and controlling the budget. Be prepared to read and analyze the budgetary status of an agency with quarterly allotments, expenditures, encumbrances, and unencumbered balances. This process will include doing calculations, analyzing the figures, and making recommendations. [TCO F] concentrates on government debt, deficits, and phases of budget cycles. Know reasons why governments incur debt. Ensure that you have an understanding of municipal bonds, corporate bonds, net interest cost, true interest cost and its relationship to capital project financing. Finally, be prepared to talk about the five principles of good debt management. [TCO A] concentrates on the importance of budget cycles and their four phases; governmental accounting principles, practices, and funds; and, federal laws for controlling and preventing deficits. [TCO D] concentrates on the purpose of a tax system and the standards used to evaluate that system. [TCO I] concentrates on calculating sales tax rates for two individuals, determining whether they are regressive, and deciding which of two major products should be taxed in order to be equitable. Threaded Discussions Week 1-7 All Students Posts-520 Pages studentswithsolutions/view-tutorial.aspx?TutorialId=2107 Threaded Discussions 1 Week 1 Government Operations–37 Pages –All Students Posts Threaded Discussions 2 Week 1 Budget Strategies – 37 Pages –All Students Posts studentswithsolutions/view-tutorial.aspx?TutorialId=2083 Threaded Discussions 1 Week 2 Budget Deficit – 44 Pages –All Students Posts Threaded Discussions 2 Week 2 Budget Justification – 31 Pages–All Students Posts studentswithsolutions/view-tutorial.aspx?TutorialId=2084 Threaded Discussions 1 Week 3 Benefits-Cost Analysis – 42 Pages –All Students Posts Threaded Discussions 2 Week 3 Performance Budgeting – 34 Pages –All Students Posts students studentswithsolutions/view-tutorial.aspx?TutorialId=2085 Threaded Discussions 1 Week 4 Rocky Mountain Wranglers – 43 Pages - All Students Posts Threaded Discussions 2 Week 4 Federal Income Tax Issues – 40 Pages - All Students Posts students studentswithsolutions/view-tutorial.aspx?TutorialId=2086 Threaded Discussions 1 Week 5 Sin Taxes – 39 Pages - All Students Posts Threaded Discussions 2 Week 5 Property Tax Breaks – 38 Pages - All Students Posts studentswithsolutions/view-tutorial.aspx?TutorialId=2087 Threaded Discussions 1 Week 6 Tax Expenditure Budget – 40 Pages - All Students Posts Threaded Discussions 2 Week 6 State Lotteries – 31 Pages - All Students Posts studentswithsolutions/view-tutorial.aspx?TutorialId=2088 Threaded Discussions 1 Week 7 Debt Policy Statement – 34 Pages - All Students Posts Threaded Discussions 2 Week 7 Debt Restrictions – 30 Pages posted by all students studentswithsolutions/view-tutorial.aspx?TutorialId=2089
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