Budgets 8 Flashcards
meaning: infrastructure, tax, contingency reserves
infrastructure - basic facilities, services and installations needed for the functioning of a community / society
tax - money collected from the individuals and businesses in a country for use by government
contingency reserves - money kept aside for unforeseen expenditure
what is the national budget
refers to money spent by government on country’s infrastructure. money for this raised by SARS (SA Revenue Services) though collection taxes
money redistributed by minister of finance (Pravan Gordhan) to differ government departments, provincial governments & for repaying foreign debt & the planned expenditure announced at National Budget Speech in Feb each year
name the government departments (HEWPDEGH)
- health
- education
- welfare and social security (social protection)
- police, prisons and courts (Public order & safety)
- defence and intelligence (Military)
- economic services
- general administration
- housing and other social services
describe provincial budgets
money distributed to various provinces is used to cover operating expenses and is up to each province to administer. this money is mostly used by the municipalities to look after local services such as water, sanitation and housing projects.
