Government Finance

  • Posted on: 1 December 2010
  • By: radmin

Government Finance is a summary of central government revenue and expenditure as compiled by the Uganda Bureau of Statistics. This data is compiled over the budget year (commonly referred to as fiscal year), which covers 12 months, from July of o­ne year to June of the next.

Revenue includes all compulsory, non-repayable or non-repaying receipts, requited or non-requited contribution exacted by government for public purposes.

Grants include non-repayable, non-requited and non-compulsory payments between government and international institutions.

Expenditure includes all non-repayable and non-repaying payments by government, whether requited or un-requited for recurrent or capital purposes.

Recurrent expenditure is all other expenditure other than for capital formation.

Development expenditure is expenditure o­n capital formation, acquisition of assets to be used in the process of production for more than a period of o­ne year.

Deficit or Surplus is revenue plus grants received minus expenditure. Deficit or surplus is also equal, with an opposite sign, to the sum of Financing.

Financing is the means by which government provides financial resources to cover the budget deficit or allocates financial resources arising from a budget surplus. Deficits are usually financed through external (by borrowing from abroad) or domestic (by borrowing from local residents and the banking system) sources.

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