Chapter 30: Government Revenue and Expenditure

Government Departments

D. of Health

D. of Education and Skills

D. of Transport, Tourism and Sport

D. of Foreign Affairs and Trade

D. of Justice and Equality

D. of Food and the Marine (Agriculture)

State Sponspored Bodies

An Post

Bord Bia

Fáilte Ireland

RTÉ

Why is government involved in the economy?

To regulate the economy

To create jobs and collect taxes

To protect natural resources

To support enterprise

Revenue

Government Income

Government sources of revenue

Taxation: the government practice of collecting money from businesses and individuals to pay for public services (Income Tax, VAT, DIRT)

Government Expenditure

Social Welfare - (Child benefit, Jobseekers Allowance), Health, Education, Transport

Debt Servicing

the amount of money that the government allocates for paying off national debt

Current and Capital Revenue

Current: Taxes

Capital: Eu Funds

Current and Capital Expenditure

Current: Social Welfare

Capital: Building Hospitals

The National Budget

document showing the governments planned revenue and expenditure for the next year

Surplus Budget

The planned total income is greater than the planned total expenditure

Balanced Budget

The planned total income is equal to the planned total expenditure

Deficit Budget

The planned total expenditure is greater than the planned total income