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Organization of the Government,s Finances

2024-08-07 08:05:40   0  Report

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This mind map provides a comprehensive overview of the government’s financial organization process. It starts with departments estimating their expenditures for the upcoming year and submitting these to the Department of Finance. The Department of Finance then calculates the estimated income based on the current revenue structure without changes in taxes. In October, the government publishes pre-budget estimates, detailing the resources required in a document known as the 'Pre-Budget Outlook.' By December, policy initiatives that involve increased public expenditure are published in 'The Budget.' The budget must pass through the Dáil, requiring two key pieces of legislation: the Finance Act, which pertains to taxes, and the Appropriation Act, which deals with spending. Finally, the accounts are examined by the Comptroller and Auditor General to ensure financial accountability and transparency. This structured process ensures a balanced and well-scrutinized financial plan for the government.

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Outline/Content

Departments make estimate of expenditure for coming year, submit to Dept of finance

Dept of Finance calculates estimated income based on current revenue structure

Ie no change in current taxes

In october

Gov publishes pre-budget estimates

Resources required

Called "Pre Budget Outlook:

In December

Policy initiatives involving increase in public expenditure

published in "The Budget"