UNIT 20 Government Revenue and Expenditure 3 National Budget


Creating the National Budget – The Government’s Accounts What’s a budget?


A budget is made up of expected revenue and expenditure, just like an individual or a household budget. The national budget is the government’s budget, with expected income and revenue for the fiscal year.


The tax year in Ireland runs from 1 January to 31 December.


The Minister for Finance and Minister for Public Expenditure and Reform are responsible for preparing the national budget. They create a list of all the revenue they are hoping to receive and divide it between the various services they need to provide. Each minister puts forward estimates of money needed for their department and then each department is given a budget.


Types of Government Budgets 1. Balanced budget: this is where planned revenue is equal to planned expenditure.


Example


Expected Total Revenue Expected Total Expenditure Balanced


Billions € 74 74 -


Research It!


Can you source the name of the Minister for Finance?


Income is equal to expenditure


2. Budget surplus: this is where planned revenue is greater than planned expenditure. Example


Expected Total Revenue Expected Total Expenditure Surplus


Billions € 74 70 4


Income is greater than expenditure


3. Budget deficit: this is where planned revenue is equal to planned expenditure. Example


Expected Total Revenue Expected Total Expenditure Deficit


Know It!


There are government policies to deal with the issues that arise from a surplus or a deficit.


Billions € 74 76 -2


Income is less than expenditure EXAM PREPARATION!


State ‘the national budget’. Explain it with an example. Apply it to another unit.


403


STOP! WRITE IT!


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