Not exact matches
The four
main anxiety points he hears about: taxation and
budgets; changes to labour laws; more environmental regulation; and changes to resource industries» use
of Crown land.
What was not stressed was that the
main source
of global inflation was the United States, whose war in Southeast Asia had created a
budget deficit and forced the world off gold.
Otherwise, the credibility
of the
Main Estimates and / or
Budget will come under attack.
thanks, and yes, a pittance
of a pension and regular checkups keep us on
budget and head off any problems — best decision i ever made (financial or otherwise) was serving our country doing search - and - rescue, oil and chemical spill remediation, etc. (you can guess the branch
of service)-- along the way, frugal living, along with dollar - cost averaging, asset allocation, and diversification allowed us to retire early — Vanguard has been very good over the years, despite the Dot Bomb, 2002, and the recession (where we actually came out better with a modest but bargain retirement home purchase)... it's not easy building additional «legs» on a retirement platform, but now that we're here, cash, real estate, investments and insurance products, along with a small pension all help to avoid any real dependence on social security (we won't even need it at full retirement age)-- however, like nearly everybody, we're headed for Medicare in several years, albeit with a nice supplemental and pharmacy benefits — but our
main concern is staying fit, active, and healthy!
Charges for these services are netted against spending in the
Main Estimate, but classified as part
of «other revenues» in the
Budget.
Pending resolution
of the accrual accounting issue, there is no reason why the
Main Estimates can not be made more compatible to the
Budget by eliminating other differences.
I'd look into cheaper housing, cheaper vehicle and I agree w / the point about the college being one son needs to step up on and making even small savings, shelter, food and transportation the
main focus
of the
budget.
This implies that the
Budget should be tabled in late January or in early - to mid-February, in order to give the Treasury Board Secretariat time to make the
Main Estimates
of spending consistent with the economic assumptions and spending decisions underlying the
Budget.
With the upcoming tabling
of the 2013
Budget, there will again be major differences between the
Main Estimates and the
Budget for total spending.
The
Main Estimates also excludes a number
of items that are included as expenses in the
Budget.
If you were to ask the Minister
of Finance, who is responsible for the
budget, and the President
of the Treasury Board, who is responsible for the
Main Estimates, you would get two different answers.
The
Main Estimates exclude a number
of spending components included in the
Budget.
The above two accounting differences explain about $ 30 billion
of the difference between the
Budget estimates
of spending and those in the
Main Estimates.
Budget expenses are on an accrual basis
of accounting while the
Main Estimates are on a cash basis.
We have documented the differences between the
Main Estimates and
Budget / Update in previous blogs (1) and have encouraged the Government to take steps to make the Estimates more comparable in concept and coverage to the
Budget / Update and to provide reconciliations
of any remaining differences.
When the
Main Estimates are tabled before a
Budget, they do not include any
of the policy initiatives and restraint measures proposed in that
Budget.
It is doubtful that the recent classification changes announced by the Department
of Finance will be reflected in the
Main Estimates, thereby increasing the confusion between spending in the
Main Estimates and in the
Budget and related documents.
There is absolutely no reason why the
Main Estimates
of government spending can not be put on the same basis as the
Budget estimates
of spending.
Five
of the seven
budgets of the government have been tabled after the
Main Estimates, thereby making the
budget estimates
of spending inconsistent with the
Main Estimates
of government spending.
Budget expenses, for example, are on an accrual basis
of accounting while the
Main Estimates are on a cash basis.
This meant that
Main Estimates
of government spending, which were tabled on February 28, 2012, were based on economic assumptions presented in the previous Fall 2011 Update and not those in the 2012
budget.
There is no reason why the
Main Estimates
of government spending can not be on the same basis as the
Budget estimates
of expenses.
Did the Government accept any
of the recommendations
of the House
of Commons Standing Committee on Government Operations and Estimates regarding the alignment
of the
budget and the
Main Estimates?
Reconciliation
of Spending: Estimates and
Budget 2013 ($ billions) 2012 - 13 2013 - 14 Difference
Main Estimates Voted 91.9 87.1 -4.9 Statutory 160.0 165.5 5.5 Total 251.9 252.6 0.7 Supplementary Estimates Voted 6.7 1.1 Statutory 0.4... Total 7.1 1.1 Total Estimates Voted 98.5 88.2 -10.3 Statutory 160.4 165.5 5.1 Total 259.0 253.6 -5.4
Supplementary Estimates include the cost
of budget measures, which were not sufficiently developed in time for inclusion in the
Main Estimates or unexpected spending requirements.
As a result, in most years since 2006, the
Main Estimates have been out
of step with the
Budget projections.
The President
of the Treasury Board tabled the
Main Estimates for 2012 - 13 on February 28, 2012, approximately one month in advance
of the tabling
of 2012
Budget scheduled for March 29th.
The President
of the Treasury Board indicated that, given that the
Main Estimates are being tabled before the
Budget, the
Main Estimates for 2012 - 13 would not include the impact
of any
of the upcoming proposed spending reductions.
This, along with an overly rosy economic forecast and increased enforcement and compliance by the Canada Revenue Agency were the
main factors underlying the government's forecast
of a balanced
budget in 2015 - 16.
The four pillars are: timing
of the tabling
of the
Main Estimates; the scope and accounting methods used in the Estimates and the
Budget; changes to the current vote structure; and changes to the Reports on Plans and Priorities and the Departmental Performance Reports.
When
Budget 2014 was tabled before
Main Estimates 2014 - 15, we were naively hoping that the President
of the Treasury Board would provide a detailed reconciliation between spending in the
Main Estimates and spending in the
Budget for 2014 - 15.
«GDP, GDI, terms
of trade and why Canada is in a recession: It's all about the beer and pizza
Main The Parliamentary
Budget Office is asking for public support.
Mr. Medvedev noted that the state
budget and state - controlled companies were the
main drivers
of the growth in recent years, calling for steps to help small - and medium - size companies grow.
Although the Minister
of Finance saw fit to update his March 22, 2011
Budget expense projections in the June 2011
Budget, the
Main Estimates for 2011 - 12 continued to be based on the out -
of - date October 2010 Update, although it would not have been a major exercise to change the
Main Estimates accordingly.
The Parliamentary
Budget Office (PBO) has recently begun to provide analytical notes on the
Main and Supplementary Estimates to assist parliamentarians in their scrutiny
of the government spending.
In our view, tabling the
Budget after the
Main Estimates undermines the usefulness and credibility
of the spending forecasts in the
Main Estimates.
There is also a full reconciliation
of budget expenses (accrual basis) for 2018 - 19 and
Main Estimates spending (modified cash basis) for 2018 - 19.
For 2016 - 17, the
Budget forecast total expenses
of $ 317.1 billion, while the
Main Estimates projected total spending
of $ 250.1 billion, $ 67 billion lower.
As noted in other blogs, the
Main Estimates do not include many
of the new initiatives proposed in the
Budget, given the difference in timing.
The Update also included a large number
of spending initiatives (about $ 10 billion over six years), thereby ensuring that these initiatives would be included in
Main Estimates for 2018 - 19 as part
of efforts to increase transparency and accountability between the
budget expenses and the
Main Estimates expenditures.
In all five years, however, it is difficult to justify why the
Budget was not tabled in advance
of the
Main Estimates.
This was the case until 2003 Beginning in 2004 the
Main Estimates were tabled before the
Budget in five
of the six years — 2004, 2006, 2007, 2010, and 2011.
In years where the
Main Estimates were tabled prior to the
Budget, the
Main Estimates were based on the economic and fiscal assumptions in the last Economic and Fiscal Statement, which is usually released in the fall
of the preceding year.
With this new deadline, it is difficult to understand why the
Budget can not be tabled in February, in advance
of the tabling
of the
Main Estimates.
In these cases, the
Main Estimates did not include any
of the proposed
budget measures, nor were they based on the
budget's economic assumptions.
The Reserve Bank
of India cut its
main repurchase rate by 0.25 percentage point to 7.5 %, citing weakness in parts
of the economy as well as favorable inflation figures and structural overhauls included in the government's proposed
budget.
We have identified three
main sources
of difference between the
Budget / Public Accounts and the Estimates: accrual accounting (already discussed); the universe covered; and the lapse.
The
main focus
of budget 2016 should be on tax cuts (already announced), the CCB, EI reform, growth and jobs.
This implies that if the
Budget is tabled after or shortly before March 1st, the Main Estimates will not include any of the budget initiatives and would not be based on the economic assumptions underlying the budget for
Budget is tabled after or shortly before March 1st, the
Main Estimates will not include any
of the
budget initiatives and would not be based on the economic assumptions underlying the budget for
budget initiatives and would not be based on the economic assumptions underlying the
budget for
budget forecast.
The
budget continues to be tabled after the
Main Estimates, rendering the Estimates out -
of - date the moment the
budget is tabled /.