Hereafter, reference to provinces includes the city of Buenos Aires.
In addition to the central government, the city of Buenos Aires, and 21 of the 23 provincial governments have formally agreed to adhere to the requirements of the LRF.
Individuals taking part in FCFR meetings are the equivalent of the Minister of Economy or the Treasurer of each of its member governments. The FCRF Executive Committee is made up of one representative from the central government and representatives of eight provinces.
Some expenditures, such as debt service and certain capital expenditures, are excluded from the calculation of the balanced budget rule.
The following practices were applied on an exceptional basis beginning in 2001. The 2006 amendment to the LAF made the practices permanent.
The Federal Government through Decree n° 7,654, 12.23.2011 has implemented changes in the rules for the acceptance of “restos a pagar” (deferrals) and as result of these changes the timeframe for considering the unprocessed “restos a pagar” as valid has been extended by six months.
The NAO has produced two reports on local government debt (in June 2011 and July 2013), covering the periods through end-2010 and end-2012, respectively.
The ratio of guarantees to GDP will decrease whenever GDP increases at a greater rate than guarantees.
In the 2014 budget documents, an initial effort was made to distinguish between new and existing policies but the analysis was incomplete and further refinements of presentation in future budgets are anticipated.
The General Account represents general expenditure of the central government. Special Accounts are set up to carry out projects and administer and manage specific funds or revenues. Reforms of the Special Accounts system are underway, in order to promote more efficiency and transparency in fiscal management. The number of Special Accounts has been reduced from 31 to 17 in recent years, but total expenditure through Special Accounts is still over four times that of expenditure through the General Account. In 2014, the authorities will further reduce the number of Special Accounts from 17 to 14, excluding the Special Account for Reconstruction from the Great East Japan Earthquake.
The Ninth National Development plan (2010-14) is currently being implemented as part of the Long-Term Strategy for the Saudi Economy that was first announced in 2004: http://www.mep.gov.sa/themes/GoldenCarpet/index.jsp
IMF 2013 Article IV Staff Report for Saudi Arabia.
Source: IMF 2013 Article IV Staff Report.
The main budget consists of (i) appropriations for national departments and transfers to provinces, local government and public entities; and (ii) direct charges against the National Revenue Fund including the provincial equitable share, debt-service cost and the salaries of judges and representatives.
The provision has only been utilized once in the past 20 years to pay for bus subsidies in 2007/08.
The original cuts were scheduled to last until 2021, but the Bipartisan Budget Act of 2013 extended the cuts in certain programs to 2023.
Because of their high level of independence in the U.S. system, states are subject to considerable market discipline in the municipal bond market, where they are assumed to stand on their own without backing from the Federal government.