tailieunhanh - DOLLARS AND SENSE: HOW STATE AND LOCAL GOVERNMENTS IN MICHIGAN SPEND YOUR MONEY

The domino model of contagion is fl awed, and is not useful for understanding fi nancial contagion in a modern, market-based fi nancial system. Instead, the key to understanding the events of 2007 is to follow the reactions of the fi nancial institutions themselves to price changes, and to shifts in the measured risks. Financial institutions manage their balance sheets actively in response to price changes and to changes in measured risk. Since market-wide events are felt simultaneously by all market participants, the reactions to such events are synchronized. If such synchronized reactions lead to declines in. | Dollars and Sense How State and Local Governments in Michigan Spend Your Money 2011 Citizen s Guide to Michigan s Financial Health Presented by Governor Rick Snyder KEY TERMS There are a few key terms that may be helpful when reading this report. They include Budget deficit surplus. If there is less money received than paid out in a given fiscal year there is a budget deficit or shortfall. If there is more money received than paid during the fiscal year a budget surplus exists. Debt. Just like a homeowner takes out a mortgage governments can borrow money to pay for certain types of projects. The state has both short-term debt paid back within the fiscal year and long-term debt. Debt can be either general obligation debt meaning that the state pays back the debt with regular tax collections and other revenues or special revenue debt which is paid off over time with revenue from specified sources beyond the usual taxes and service fees. Fiscal year FY . The 12-month period of time during which budgets are allocated or finances are planned. Most households have a fiscal year that runs from January 1 to December 31 that s the period for which we pay personal income taxes in April while state government uses an October 1 - September 30 fiscal year. Some local units of government including public schools use a July 1 - June 30 fiscal year while others operate on a typical calendar year. Fund balance. Once all the bills for the year have been paid out of a certain fund whatever is left over is called the fund balance. When a fund balance is less than zero you ll see the number shown with parentheses around it. Deficits cause fund balances to decrease while surpluses cause them to increase. Major funds. These are the primary sources of money from which the state pays most of its bills. They are the General Fund which pays for a variety of government operations the School Aid Fund which pays for most of K-12 education and the Budget Stabilization Fund which is the rainy day

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