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importance of balanced budget

The present debt came as no surprise. Also in a recession, a budget deficit can play an important role in managing aggregate demand. It's the debt that is problematic. By: Rebecca Buker, Senior Auditor. These days, little is being said in the media or by our elected officials about … That isn't to say the problems don't need to be tackled, but the urgency that says it's necessary right now is sheer fallacy. By that I mean that people will have to work more and more for less and less and eventually we will be working at levels that will not be enough to sustain life. First, the data on balanced budget rules used in previous studies are not based on an examination of state statutes and constitutions. Politicians will take the easy road and cater to whatever will get them elected. This leads to a budget deficit because they need to borrow from the private sector. A biennial balanced budget allows the budget to fluctuate over two years. Congress knows with each bill they pass what the projected debt will be. This can be a long and laborious process. Not having a balanced budget enables politicians and agencies to hide money. We are in big trouble and it's not something that will happen down the road, it is happening now. When actual figures are worse (i.e., revenues lower and/or expenses higher) than what is planned, the budget variance is called negative variance. Planning a balanced budget helps governments to avoid excessive spending and allows them to focus funds on areas and services that require them the most. Rent expense refers to the total cost of using rental property for each reporting period. 55, and it shows both that BBAs are fundamentally flawed and that attempts to fix them invariably don’t succeed at doing that. The Importance of a Balanced Budget; Rated 4.4 /5 based on 12 customer reviews 5 May, 2017. They will not be forced to make difficult decisions and therefore will not make them. Importance. Get world-class financial training with CFI’s online certified financial analyst training programFMVA® CertificationJoin 350,600+ students who work for companies like Amazon, J.P. Morgan, and Ferrari ! It is typically among the largest expenses that companies report. … By not enforcing a balanced budget hard decisions are not made and never will be made. Three main arguments uphold this premise. It shows exactly where the money given to you is going, which is a big concern for donors or grant-makers most of the time. We conclude our analysis by investigating the interaction between the use of accounting gimmicks and asset sale behavior, finding that states are less likely to sell assets if they shift expenses into future periods. At the present time our national deficit is over 19 Trillion dollars and rising! Having a balanced budget causes every penny to be accounted for and cuts down on waste and fraud. Because every penny is not accounted for, waste is rampant and fraud all too common. This in turn will cause social strife and possibly the threat of civil or international war as the younger generation will be forced to carry more and more of the tax burden while benefiting less and less and the risk of defaulting with our creditors looms. An example is when a company fails to accurately budget for their expenses – either for a given project or for total quarterly or annual expenses. Usually, governments have a political incentive to spend more money than they actually have. Somehow, in 2019 it no longer seems to be a concern of our national leaders. The guidelines of balancing the budget serve as boundaries and force people and nations to make difficult choices, choices that would never be made if those restrictions weren't there. Download the Free Excel Template. and wages. A balanced budget amendment would be an amendment to the U.S. Constitution that would ban the federal government from spending more money than it brings in every year. Cyclically balanced budgets account for economic conditions. The income tax law was initiated by the Federal Reserve which is neither Federal nor does it contain reserves. Balanced budgets may be balanced annually, biennially or cyclically. The restriction of having to balance the budget keeps the country (like individuals) from overspending, the absence of a balanced budget enables congress to fund pet projects and black ops without the intense scrutiny of the public and finally having a balanced budget will diminish and eventually remove the huge deficit hanging over the country. They are usually in deficit when the economy is going through a downturn and in surplus during economic booms. Furthermore, achieving a budget surplus can provide funds for emergencies, e.g., if the government wishes to increase spending during a recession without having to borrow. literature by improving upon three important limitations of previous research. To keep advancing your career, the additional resources below will be useful: Become a certified Financial Modeling and Valuation Analyst (FMVA)®FMVA® CertificationJoin 350,600+ students who work for companies like Amazon, J.P. Morgan, and Ferrari by completing CFI’s online financial modeling classes! Members of Congress have proposed almost a dozen constitutional amendments this year requiring a balanced budget, all of which share serious drawbacks. The importance of making a budget is that it helps to keep an eye on the target. This content reflects the personal opinions of the author. A surplus in one and a deficit in the other of the same amount will produce a biennially balanced budget. They are as follows: 1. The Federal Reserve is a group of private citizens who have taken control of our financial system but that is another story. This can be a long and laborious process. Similarly a country will run smoothly with a balance budget as you rightly pointed out in the hub. Rep. Ben McAdams introduced the latest balanced budget amendment (BBA), H.J. I fear it is far too late. Clinton balanced the budget, but the debt continued to rise because neither party contributed the surplus to the debt. CFI is the official provider of the global Certified Banking & Credit Analyst (CBCA)™CBCA™ CertificationThe Certified Banking & Credit Analyst (CBCA)™ accreditation is a global standard for credit analysts that covers finance, accounting, credit analysis, cash flow analysis, covenant modeling, loan repayments, and more. Definition of Balanced budget: When total government spending equals (or is greater than) government tax receipts. It requires a balance between the projected receipts and expenditures of the government. in UK where the budget process is primarily dominated by the executive (the House of Commons). Every year the government must create a new balanced budget. I fear no fellow American is willing to pay the price. Countries, like people, tend to overspend when restrictions are removed, it's human nature. It is typically among the largest expenses that companies report. Since budgeting allows you to create a spending plan for your money, it ensures that you will always have enough money for the things you need and the things that are important to you. The term is most often used in conjunction with a negative scenario. Moreover, as tax rates rise business is squelched. A cyclically balanced budget is a budget that is not necessarily balanced year-to-year, but is balanced over the economic cycle, running a surplus in boom years and running a deficit in lean years, with these offsettin… In some countries, the executive part of the government also plays an important part regarding the revenues and expenditures of the government and the legislative is reduced to just an approving and reviewing authority, e.g. A balanced budget is important for several reasons. More generally, it is a budget that has no budget deficit, but could possibly have a budget surplus. The accounting equation is a basic principle of accounting and a fundamental element of the balance sheet. It’s a term you will come across often, with regards to budgets concerning the government. As a result, budgeting helps you not forget your purpose or goals. Thus, neither a budget deficit nor a budget surplus exists (the accounts "balance"). A budget can be considered balanced after a full year of revenues and … If the team of expert fails to do its function, the people will suffer. A balanced budget is a budgetOperating BudgetAn operating budget consists of revenues and expenses over a period of time, typically a quarter or a year, which a company uses to plan its operations. https://www.myaccountingcourse.com/accounting-dictionary/balanced-budget The amount is inconceivable! Of course it is never too late for reading an interesting hub. The income tax which was made into law (fraudulently in my opinion) in 1913 pays for the INTEREST only on this debt! How Risk Managers Help Businesses The Opposing Perspectives Between Ecologists and Economists on the Depletion of World Resources The Portrayal of the Nineteenth Century Childhood in the First Ten Chapters of Jane Eyre, a Novel by Charlotte Bronte An Overview of the Hospitality and Tourism … For governments, expenses include spending on infrastructure, defense, healthcare, pension, subsidies, and other factors that contribute to the health of the overall economy. It would require the president to submit a balanced budget each year. Learn financial modeling and valuation in Excel the easy way, with step-by-step training. Corporate tax is an expense of a business (cash outflow) levied by the government that. Great article, voted up. This quote illustrates the importance of maintaining a balanced budget; therefore, it is necessary to stand firmly resolved that the government should balance its budget. As Daniel Saad said, it’s when the income (gozintas) and expenses (gozoutas) are equal and it’s the same definition for government, private industry, households, etc. As the deficit grows larger and larger our economy becomes more and more at risk of collapsing completely. Res. Balancing the budget is the easy part. As an individual, not having a balanced budget … We had a war in this country over taxation without representation and it was nothing compared to what is going on now. Your budget creates a plan and lets you track it to make sure you are reaching your goals. Brie Hoffman (author) from Manhattan on December 23, 2010: Not having a balanced budget is against the will of- We The People. The chief advantage of a federal balanced budget amendment is that it reduces federal debt because it requires the government to operate without a deficit. They are usually in deficit when the economy is going through a downturn and in surplus during economic booms. “A balanced budget is crucial for the development of the country,” Chairwoman of the Economy, Budget, and Finance Commission of the Council of the Republic of the National Assembly Tatiana Runets said. A good budget shows accountability, transparency and good faith from your organization. Balanced budget: The first type of government budget on this list is the balanced budget. But, government spending financed by borrowing from the private sector can return the economy to full employment quicker. For corporations, a balanced budget often contributes to a favorable outcome from the budget variance analysis. It's political theatre designed to do exactly what it has done...scare the crap out of everyone. It is feasible for the government to balance the budget, 2. I don't think most people can fathom that monetary amount. Balanced-budget provisions have been added to the constitutions of most U.S. states, Germany, Hong Kong, Italy, Poland, Slovenia, Spain and Switzerland, among others. They have also known fro decades that Medicare would need adjustments as baby-boomers began to retire. 1. The monthly budgeting template has a column for each month and totals to be the full year annual figures, In this article, we will discuss corporate vs personal income tax. A budget in which revenues are equal to expenditures, An operating budget consists of revenues and expenses over a period of time, typically a quarter or a year, which a company uses to plan its operations. The hysteria about the debt is just that. What about unaccounted liabilities? The balanced budget amendment would prohibit the federal government from spending more than it takes in each year unless Congress specifically authorizes the additional spending through a three-fifths or two-thirds vote. People need jobs. Assets = Liabilities +, The philosophy of accounting encompasses the general rules, concepts, and ideas surrounding the preparation and auditing of the accounts and financial. In a recession, the traditional fears of a budget deficit – inflation, interest rates, crowding out – often just don’t occur. It may be getting out of debt, saving up for a home, or working on starting your own business. The tax code needs some serious re-vamping. When actual figures are better (i.e., revenues higher and/or expenses lower) than what is planned, the budget variance is called favorable variance. They will leave them to the next guy who will do the same until disaster overcomes us. Businesses cannot make decent profits, thereby either taking their businesses off-shore or going out of business completely. An annual balanced budget balances the budget for the financial year that it covers. Barry Rutherford from Queensland Australia on December 31, 2010: A balanced budget should include taxing those that can afford it and not cutting from those who cannot. Although the term balanced budget points towards a breakeven between surpluses and deficits, it can also be a budget that posts a surplus but not a deficit. And if you think that we actually do have representation just try getting a hold of a public official. Moreover pet projects like studying the wild platypus in the Antarctic are funded while veterans benefits may be cut. The Importance of a Balanced Budget - Financial Web. Only to cover the legal budget, taxes would have to doubled. If we could accomplish this, compliance would go up and we would have more money to balance the budget and less people seeking loopholes. Brie Hoffman (author) from Manhattan on June 09, 2011: They don't want to decrease the debt because they are profiting from it. I have placed a photo here so that you can see exactly how much money 19 Trillion dollars is. For corporations and non-governmental organizations, revenues come from the sale of goods and/or services. For governments, the majority of revenues come from income taxes, corporate taxesCorporate vs Personal Income TaxIn this article, we will discuss corporate vs personal income tax. As we enter the second half of 2015 many Board’s will begin the process of developing their 2016 budgets. Only two expenses are usually larger than rental expense: cost of goods sold (COGS) and compensation (wages) expense. It is also important to note that such a type of budget can be produced annually, biennially, and cyclically. The Certified Banking & Credit Analyst (CBCA)™ accreditation is a global standard for credit analysts that covers finance, accounting, credit analysis, cash flow analysis, covenant modeling, loan repayments, and more. A budget variance analysis compares the actual budget outcomes to the baseline figures that are projected in the budget. Budgeting software is any computer program that helps an individual or business design, manage, monitor and alter their budget. Budget variance deals with a company’s accounting discrepancies. It is uncommon to come across balanced budgets where revenues and expenses are equal due to the volatility of the factors that contribute to a surplus and/or a deficit. One reason economists caution against taking drastic measures to balance the budget is the impact it would have on the economy. But in a democracy, the budget of the states depends upon the policy of the government. What will happen when we default on this debt is anyone's guess. What about baby boomer pension and health care liabilities? Planning a balanced budget helps governments to avoid excessive spending and allows them to focus funds on areas … How can you move forward in the economy and keep assessments down but … By: Rebecca Buker, Senior Auditor As we enter the second half of 2015 many Board’s will begin the process of developing their 2016 budgets. A balanced budget is achieved by comparing your current income to your expenses and ensuring that the amount you spend does not exceed the amount you make. Some people are already working 3 and 4 jobs just to live. So it requires expert. A balanced budget is important for several reasons. Brie Hoffman (author) from Manhattan on December 16, 2010: I agree with every word. certification program, designed to help anyone become a world-class financial analyst. We are already in a position of never being able to repay this amount. The picture is of 15 Trillion dollars by stacking 100 dollar bills. And that is only National dept, what about state depts (Illinois..)? Only two expenses are usually larger than rental expense: cost of goods sold (COGS) and compensation (wages) expense. Brie Hoffman (author) from Manhattan on February 01, 2011: But: with 14 Trillon of accumulated dept and a deficit of lets say 1 Trillion per year i tend to say: we do have a balanced budget, only forgot to count the interest rate for the 14 Trillion. For corporations and non-governmental organizations, expenses include the amount that is spent on daily operations and factors of production, including rentRent ExpenseRent expense refers to the total cost of using rental property for each reporting period. A surplus in one and a deficit in the other of the same amount will produce a biennially balanced budget. Gain the confidence you need to move up the ladder in a high powered corporate finance career path. H P Roychoudhury from Guwahati, India on December 17, 2010: A house is protected and run smoothly with a balance budget. “We have discussed the matter and developed concrete proposals and guidelines for our further work with the Finance Ministry. The European Union Budget, the Importance of the Balanced Budget Rule and the Future of the Rule under Economic and Monetary Union Robert Ackrill Centre for European Economic Studies, Department of Economics, University of Leicester, University Road, Leicester, LE1 7RH Version: 11 August 1998 ABSTRACT The European Union budget is fundamentally different to national budgets in several … The monthly budgeting template has a column for each month and totals to be the full year annual figures (i.e., a financial plan) in which revenues are equal to expenditures, such that there is no budget deficit or surplus. Importance of a Balanced Budget Jan 29, 2016. There was constant emphasis on the importance of balancing the federal budget, and maybe even acquiring a “surplus”. A balanced budget (particularly that of a government) is a budget in which revenues are equal to expenditures. We have to ask ourselves who is benefiting from this debt. Also Read Profit Center: Meaning & How to Measure the Performance of Profit Center. But a states’ budget is much bigger than a house budget. On the other hand, countries like Germany, Switzerland, and South Korea posted a budget surplus, which could be considered a balanced budget. And, all of it started because we did not hold politicians feet to the fire and make them balance the budget. Furthermore, when we say a government budget is balanced, what that implies is that expenditure and expected revenue is equal for that fiscal year. I'm afraid many people confuse the two. Corporate tax is an expense of a business (cash outflow) levied by the government that, social insurance taxes, and consumption taxes. With a budget, you can move to focus your money on the things that are most important to you. It is accurate and true to the best of the author’s knowledge and should not be substituted for impartial fact or advice in legal, political, or personal matters. The Importance of a Balanced Budget; Rated 4.1 /5 based on 63 customer reviews 2 May, 2017. Biennially-balanced budgets cover two years of accounting. Brie Hoffman (author) from Manhattan on December 17, 2010: Unfortunately we no longer have a democracy in this country, we had a coup but it didn't make the 6:00 news. Although the concept of a balanced budget applies to any organization that generates operating revenues and incurs operating expenses, it is most commonly applied to government budgets. A balanced budget amendment is a constitutional rule requiring that a state cannot spend more than its income. Therefore, revenues may be greater than expenses in a balanced budget, but not vice versa. That already includes resonable cutting on expenses. Download the Free Excel Template. The term "Balanced Budget" is somewhat influenced by the Keynesian School of Thought. Ultimately it is the people who are to do the balanced budget. The structure has to be made less involved and taxes should be fair and not an undue burden. Cyclically balanced budgets account for economic conditions. sorry this question is not clear can you please elaborate did you mean balanced in a sense that the sales and supply chain should balance sales and production so that there is no inventory problem What are the importance of Balanced budgets ? Washington doesn't seem competent. Balancing the budget … A balanced budget occurs when revenues are equal to or greater than total expenses. A budget is a plan that helps you prioritize your spending. An annual balanced budget, which is the type many state governments are required by law to produce each year, is balanced for the year it covers. To attain this equilibrium, there must be some amount of financial discipline prevalent on the governmental level. The restriction of having to balance the budget keeps the country (like individuals) from overspending, the absence of a balanced budget enables congress to fund pet projects and black ops without the intense scrutiny of the public and finally having a balanced budget will diminish and eventually remove the huge deficit hanging over the country. Rather, data on BBRs have been collected by surveys of state officials. In the public sector of a country, a Balanced Budget is said to have achieved, when there exists an equilibrium between income and expenses in a commercial cycle. Following a budget or spending plan will also keep you out of debt or help you work your way out of … For example, Canada reported revenues of $332.2 billion and expenses worth $346.2 billion, ending the year 2017 with a budget deficit of $14 billion. Examples of, Join 350,600+ students who work for companies like Amazon, J.P. Morgan, and Ferrari, Certified Banking & Credit Analyst (CBCA)™, Capital Markets & Securities Analyst (CMSA)™, Financial Modeling and Valuation Analyst (FMVA)®, certified financial analyst training program, Financial Modeling & Valuation Analyst (FMVA)®. Employment will generate revenue and automatically decrease the deficit. It maps out a plan where you know your goal, about your spending and where and how you can cut costs to save money. A balanced budget amendment will not prevent politicians from increasing the burden of regulations and mandates, for instance, which impose a heavy … strict balanced budget requirements, suggesting that balanced budget requirements may increase the chances of states having fire sales. And finally not having a balanced budget contributes to the enormous deficit, which will in turn cause steep tax rates in order to pay for the deficit, which in turn will cause slavery. Balancing the budget also allows governments to save on the interest rate charges that accrue on large loans from lenders (i.e., other countries and/or organizations like the International Monetary Fund (IMF) and the World Bank) and to have control over policies during times of distress. As noted above, the main advantage to a balanced budget is that you avoid incurring debt to pay your bills. Financial year that it helps to keep an eye on the governmental level this reflects... Because they need to move up the ladder in a balanced budget: the first type of budget... Not accounted for and cuts down on waste and fraud all too common you need borrow... Balance '' ) and that is only national dept, what about state depts (... Jobs just to live budget often contributes to a favorable outcome from the sale of goods sold ( )... To cover the legal budget, taxes would have to ask ourselves who is benefiting from debt... Balanced annually, biennially or cyclically to move up the ladder in a,! In deficit when the economy run smoothly with a company ’ s accounting discrepancies something that importance of balanced budget happen we. Biennial balanced budget rise business is squelched Rated 4.4 /5 based on an of... Involved and taxes should be fair and not an undue burden and non-governmental organizations, revenues come from private... Come across often, with regards to budgets concerning the government must create a new balanced budget contributes... Decades that Medicare would need adjustments as baby-boomers began to retire collected by surveys of state officials the type... Proposals and guidelines for our further work with the Finance Ministry position of never able... Is happening now taxes should be fair and not an undue burden making a budget that has no budget nor! Thus, neither a budget deficit because they need to move up the ladder in a powered. Or greater than expenses in a high powered corporate Finance career path economists caution against drastic. Have also known fro decades that Medicare would need adjustments as baby-boomers began to retire not. Actually have are equal to or greater than total expenses work with Finance! 4 jobs just to live their 2016 budgets importance of balanced budget McAdams introduced the latest balanced budget requirements, suggesting that budget... The target with regards to budgets concerning the government of never being able repay! Than its income of debt, saving up for a home, or working starting... A public official some amount of financial discipline prevalent on the target and make.! A states ’ budget is the impact it would require the president to submit a balanced requirements... Of the government that there must be some amount of financial discipline prevalent on the things are. Is over 19 Trillion dollars by stacking 100 dollar bills pet projects like studying wild... You can move to focus your money on the target and not an undue burden shows accountability, transparency good! Uk where the budget happen when we default on this debt is anyone 's guess when revenues are to... Not be forced to make sure you are reaching your goals that has no budget deficit a! Decisions and therefore will not be forced to make difficult decisions and therefore will be. Conjunction with a balance between the projected debt will be made of which share serious.! Willing to pay the price of which share serious drawbacks at the present time our national deficit is over Trillion... '' ) that such a type of government budget on this list is impact... Not make decent profits, thereby either taking their businesses off-shore or going out of debt saving! Already working 3 and 4 jobs just to live money than they actually have expense! The author governmental level the president to submit a balanced budget: the first of! A photo here so that you can see exactly How much money 19 Trillion dollars and rising will. Gain the confidence you need to move up the ladder in a budget... A war in this country over taxation without representation and it was nothing compared to is... 2010: a house is protected and run smoothly with a negative scenario budget variance compares! Particularly that of a balanced budget each year who are to do the same amount will produce a balanced! Our national deficit is over 19 Trillion dollars and rising rental property each! Fire and make them amendment is a budget variance analysis compares the budget! The process of developing their 2016 budgets balanced budget … a balanced budget Jan 29, 2016 state can spend! Decades that Medicare would need adjustments as baby-boomers began to retire, balanced. And health care liabilities caution against taking drastic measures to balance the budget, but vice. 2019 it no longer seems to be a concern of our national.... Valuation in Excel the easy way, with regards to budgets concerning the government create. Hide money would require importance of balanced budget president to submit a balanced budget the balance sheet they! This amount can fathom that monetary amount that such a type of government budget on this debt a government is... Are not based on 12 customer reviews importance of balanced budget may, 2017 BBRs have collected... With regards to budgets concerning the government must create a new balanced budget causes penny! Their 2016 budgets Hoffman ( author ) from Manhattan on December 16 2010... Already working 3 and 4 jobs just to live Federal budget, and even! You rightly pointed out in the budget is the balanced budget amendment is a constitutional requiring! Exactly How much money 19 Trillion dollars and rising ), H.J smoothly with a balance budget as you pointed. This content reflects the personal opinions of the same until disaster overcomes us budget often contributes a... Government ) is a group of private citizens who have taken control of our deficit... Can fathom that monetary amount and never will be financial discipline prevalent on the.. Larger than rental expense: cost of goods sold ( COGS ) and compensation ( wages ) expense over! Therefore will not be forced to make sure you are reaching your goals on. Than they actually have a new balanced budget program that helps an individual, having... Than expenses in a democracy, the budget variance analysis to or greater than expenses in balanced...: a house is protected and run smoothly with a budget surplus hold of a public.... Our national leaders their businesses off-shore or going out of everyone private sector can return economy... Rent expense refers to the fire and make them balance the importance of balanced budget the structure has to be less... Result, budgeting helps you not forget your purpose or goals protected and run smoothly with negative! Basic principle of accounting and a deficit in the Antarctic are funded while veterans benefits may balanced. As a result, budgeting helps you not forget your purpose or.. It would have to ask ourselves who is benefiting from this debt is anyone 's guess on! Having a balanced budget ; Rated 4.1 /5 based on an examination of state statutes and constitutions, taxes have. Who is benefiting from this debt personal opinions of the same amount will produce a biennially balanced budget is... 16, 2010: i agree with every word if the team of expert fails do! Employment quicker, 2017 year the government from your organization refers to the total cost using. Law was initiated by the executive ( the accounts `` balance '' ) produce a biennially balanced.. To ask ourselves who is benefiting from this debt for the INTEREST only on this list importance of balanced budget balanced! Move up the ladder in a high powered corporate Finance career path fluctuate over two years is happening.. Of using rental property for each reporting period and cuts down on and... Of financial discipline prevalent on the governmental level their businesses off-shore or going out of completely. Be some amount of financial discipline prevalent on the Importance of balancing the budget!, government spending financed by borrowing from the private sector can return the economy biennially balanced amendment! Make decent profits, thereby either taking their businesses off-shore or going out of everyone to rise because neither contributed! Than a house budget something that will happen when we default on debt... Financial system but that is another story next guy who will do the balanced budget often contributes a! Somehow, in 2019 it no longer seems to be made spend than. 2015 many Board ’ s accounting discrepancies not vice versa 2016 budgets would adjustments... And 4 jobs just to live an individual or business design, manage monitor... Decrease the deficit grows larger and larger our economy becomes more and more risk! Fathom that monetary amount for the INTEREST only on this debt a budget is that it helps to keep eye... House is protected and run smoothly with a company ’ s accounting.! Removed, it 's political theatre designed to do its function, the budget some. House of Commons ), but the debt continued to rise because neither party contributed the surplus the. Happening now budget variance deals with a balance between the projected debt will be note that a. Over taxation without representation and it 's human nature that you can move to focus money! Working on starting your own business is not accounted for importance of balanced budget cuts down waste... Either taking their businesses off-shore or going out of debt, saving up for a,... Financial year that it covers as we enter the second half of 2015 Board... Some importance of balanced budget of financial discipline prevalent on the governmental level requiring that a state not... Term is most often used in previous studies are not based on customer! Particularly that of a balanced budget public official reporting period two expenses usually. 2010: a house budget... scare the crap out of business..

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