Glossary of Terms
Public Finance and Administration

Borrowings - funds obtained from repayable sources, including loans secured by the government from financial institutions and other sources, both internal and external, to finance development projects and/or budget support.

Capital Expenditures/Outlays - expenditures for the acquisition of fixed assets and other goods and services the productive benefits of which extend beyond the fiscal year. These include investments in the capital stock of Government Owned or Controlled Corporations and their subsidiaries and investments in public utilities and loans outlays

Capital Revenue - proceeds from the sale of fixed or capital assets, such as land, building, machinery, stocks and intangibles, including receipts of unrequited transfers for capital purposes from non-governmental sources.

Cash Budget - aggregate of revenues, borrowings and disbursements of the national government showing a cash deficit or surplus. It reflects the actual deposits and withdrawals of cash by the national government agencies to the Bureau of the Treasury.

Current Operating Expenses - amount budgeted for the purchase of goods and services for the conduct of normal government operations within the budget year. It includes goods and services that will be used or consumed during the budget year.

Current Surplus - excess of revenues over expenditures.
  

Deficit - shortfall/deficiency of revenues over expenditures of the government.

Extraordinary Income - collections derived from the repayment of loans and advances made by the government as well as from other non-recurring sources.

Financing - means by which a government provides financial resources to cover a budget deficit or allocated financial resources arising from a budget surplus.

Government Securities of Treasury Bills - evidences of indebtedness of the Republic of the Philippines or its instrumentalities, government-owned and/or controlled corporations, or the Central Bank and must be freely negotiable and regularly serviced.

Grants - all non-repayable transfers received from other levels of government or from private individuals, or institutions including reparations and gifts given for particular projects or programs, or for general budget support.

Net Lending - advances by the national government for the servicing of government guaranteed corporate debt during the year, net of repayments on such advances. Includes loans outlays or proceeds from program loans relent to government corporations.

Non-Tax Revenue - revenue collected from sources other than compulsory tax levies. Includes those collected in exchange for direct services rendered by government agencies to the public, or those arising from the government’s regulatory and investment activities.

Personal Services - provisions for the payment of salaries, wages and other compensation (e.g., merit, salary increase, cost of living allowances, honoraria and commutable allowances) of permanent, temporary, contractual and casual employees of the government.

Revenue - a cash inflow which does not increase the liability of the government.

Taxes on Domestic Goods and Services - taxes levied on the domestic production, sale or transfer, leasing, use or delivery of goods, and rendering of services.

Taxes on Income and Profit - taxes imposed on all taxable income earned or received by a taxpayer whether an individual, partnership, or corporation, during a particular period of time, usually lasting one year.

Taxes on International Trade and Transactions - the sum of import and customs duties, and other international trade-related tax collections of the national government.

Taxes on Property - taxes imposed on the ownership of wealth or immovable properties and on the transfer of real or personal properties, both tangible and intangible.

Source: Department of Budget and Management