Public Budgeting Discussion Chapter

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Public Budgeting

Whether it is known or not, public or governmental budgeting is different from non-governmental budgeting. Public budgeting is more concerned with the sustainability of programs whereas as private budgeting is more concerned with maximizing profits while minimizing losses.

Philosophy of Public Finance

The philosophy behind public finance has to do with financial matters relating to the government in terms of taxation among local, state and federal government entities. The government relies on taxpayers to fund the various government programs and agencies. At times, funds will be moved from one program to another to keep a program growing or budgets may be slashed because there aren't enough funds. Public Finance depends greatly on the taxpayers and if there doesn't seem to be enough funds in the budget, taxes may be increased. It is said that the whole process of taxation is unfair because even though the sales tax is the same for everyone, those with lower incomes pay a higher portion of their salaries in taxes than those with higher incomes (McGee, 2004).

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Private finance does not rely on the taxpayers at all. Businesses do not rely on their revenue from taxpayers. They operate on a profit and loss philosophy and will go public in order to sell shares of stock in their company to keep it profitable. If a company is not profitable, it does not have the option to borrow funds from another agency or raise revenues like governments do in order to keep their entities afloat.

Governmental Accounting and Nongovernmental Accounting

Discussion Chapter on Public Budgeting Assignment

Government accounting is different from nongovernment accounting because it is based on accountability, whereas nongovernmental accounting is more focused on financial profitability. The government has to use accounting that makes it accountable because it is using the taxpayer's money in order to operate. Government agencies must now follow the Governmental Accounting Standards Board (GASB) and statement #34 of these standards deal… [END OF PREVIEW] . . . READ MORE

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APA Style

Public Budgeting.  (2010, November 7).  Retrieved June 2, 2020, from https://www.essaytown.com/subjects/paper/public-budgeting/4499

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"Public Budgeting."  7 November 2010.  Web.  2 June 2020. <https://www.essaytown.com/subjects/paper/public-budgeting/4499>.

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"Public Budgeting."  Essaytown.com.  November 7, 2010.  Accessed June 2, 2020.
https://www.essaytown.com/subjects/paper/public-budgeting/4499.