Budgeted revenues of governments in 2006

The two basic elements of any budget are the revenues and expenses. In the case of the government, revenues are derived primarily from taxes. Government expenses include spending on current goods and services, which economists call government consumption; government investment expenditures such as infrastructure investment or research expenditure; and transfer payments like unemployment or retirement benefits.

Budgets have an economic, political and technical basis. Unlike a pure economic budget, they are not entirely designed to allocate scarce resources for the best economic use. They also have a political basis wherein different interests push and pull in an attempt to obtain benefits and avoid burdens. The technical element is the forecast of the likely levels of revenues and expenses.

See also

• Public finance

References

• Performance Budgeting: Linking Funding and Results, Marc Robinson (ed.), IMF, 2007
• From Line-item to Program Budgeting, John Kim, Seoul, 2007
• List of countries by budget; its reference is the ''CIA's World factbook'', in alphabetic order.

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