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CGFM Exam 1 Section 2 - Legal Foundations.
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CGFM Exam 1 Section 2 - Legal Foundations.
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CGFM Exam 1: Section 2 - Legal Foundations3 main purposes of Govt budget -
(1) policy document; (2) Sets financial plan; (3) Comms device
popular sovereignty -
the people hold final authority over the government and public policies with their vote
Article 1, section 8 -
congress can impose taxes, pay for the military, borrow money, and coin money
Article 1, section 9 -
congress can't withdraw money from treasury without appropriations
Article 1, section 10 -
states can't print money or enter into treaties
legal constraints -
derive from constitutions, statutes, ordinances
Statutes -
(not constitution) limit the amount of debt the Fed government can incur
Appropriated budget -
provides legal authority to spend, as well as a legal constraint on government spending
debt -
planned borrowing to finance govt activities
deficit -
when expenditures exceed revenue for a period
executive branch -
implements the budget
Govt budget -
is a control device that limits expenditure by Purpose, Time, Amount (PTA)
Special funds -
Tracks specially identified revenues, as well as dedicated uses for those funds
(fed Level) appropriations can be made from? -
general funds, trust funds, or special funds.
Government Performance and Results Act (GPRA) -
requires federal agencies to create long-term strategic plans. The strategic plans are
supported by annual performance plans (now called performance budgets), measures and
performance reports.
Program -
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