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 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.

Debt Service - the sum of loan repayments, interest payments, commitment
          fees and other charges on foreign and domestic borrowings.

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.

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

 Glossary of Terms    

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