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The National Budget
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The National Budget
• The National Budget is a document which gives a detailed breakdown of Government income and Government expenditure for the next year.
• It is prepared by the department of finance
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The National Budget
• Government income comes from a number of sources: current income:
1.Taxation
Income tax
Corporation tax
Value added tax
Deposit interest retention tax
Customs and excise duties
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The National Budget
2. Other Sources
European Union Grants
Sale of Semi-State Company
Dividends from Semi-State Company
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Current Expenditure
• Day to Day spending
Wages to army, Gardai, nurses, teachers and others working in the public sector
Social welfare e.g. Unemployment benefit,
Hospital supplies
Interest on the national debt
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Capital Expenditure
• Long term spending of once off
Building new school, hospital
Building roads, motorways
New trains for CIE
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The National Budget
The national budget can be either a:
•Balanced Budget
Planned total income is equal to planned total expenditure
•Surplus Budget
Planned total income is greater than planned total expenditure
• Deficit Budget
Planned total income is less than planned total expenditure
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The National Budget
• Income and expenditure can be either “capital” or “current”
• Capital refers to “long term” or “once off” income and expenditure such as:
1. Receiving money from the sale of an asset
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The National Budget
• Capital refers to “long term” or “once off” income and expenditure such as:
2. Spending money on the purchase of an asset
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The National Budget
• Current refers to “day to day” or “regular” income and expenditure such as:
3. Receiving wages each week or each month
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The National Budget
• Current refers to “day to day” or “regular” income and expenditure such as:
4. Spending money on the weekly groceries
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