Expenditures and Revenues Summary

1158 words 5 pages
Expenditures and Revenues Matrix and Summary
Monya L. Duncan
AJS 522/Finance and Budgeting in Justice and Security
November 25, 2013
Professor Michael Scott

Expenditures and Revenues Matrix and Summary
Introduction
Lynch and Smith, 2004 state that, “A “budget” is a plan for the accomplishment of programs related to objectives and goals within a definite time period, including an estimate of resources required, together with an estimate of the resources available, usually compared with one or more past periods and showing future requirements.” State and local government is truly “big business.” Allison, Freeman, Patton, Shoulders, and Smith, Jr., 2011 state that, “The 50 states and 87,000 local governments within the
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Three sources of state revenue include: selective sales tax (gasoline, tobacco, and alcohol), general sales tax, and lottery. Many state governments charge a sales tax on gasoline that only can be used by the state to construct or maintain roads. The proceeds from this sales tax are recorded as revenues
(increasing fund balance) in a Special Revenue Fund (Allison, Freeman, Patton, Shoulders, & Smith, Jr., 2011, p.47). Sales tax is imposed on the sale of goods and certain services in South Carolina. The statewide sales and use tax rate is six percent (6%). Counties may impose an additional one percent (1%) local sales tax. Voters in Hampton County approved the one percent (1%) local sales tax which caused the taxes to increase to seven percent (7%). Generally all retail sales are subject to the sales tax (South Carolina Department of Revenue, 2013). The proceeds from the general sales tax are recorded in the General Fund. In November 2000, South Carolina voters approved a state lottery. Lottery proceeds are transferred to the Education Lottery Account. Revenues are used to supplement existing resources for educational purposes and programs. The role of the local government is to look after parts of the local community that are public property such as local roads and parks. They decide where new local and buildings should go and all decisions

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