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Expenditures and Revenues Summary

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Expenditures and Revenues Matrix and Summary
Monya L. Duncan
AJS 522/Finance and Budgeting in Justice and Security
November 25, 2013
Professor Michael Scott

Expenditures and Revenues Matrix and Summary
Introduction
Lynch and Smith, 2004 state that, “A “budget” is a plan for the accomplishment of programs related to objectives and goals within a definite time period, including an estimate of resources required, together with an estimate of the resources available, usually compared with one or more past periods and showing future requirements.”

State and local government is truly “big business.” Allison, Freeman, Patton, Shoulders, and Smith, Jr., 2011 state that, “The 50 states and 87,000 local governments within the United States employ more than 17 million persons-almost six times the federal government civilian employment—and spend more than 1.8 trillion annually. Although the federal government accounts for over half of all government expenditures, state and local government spend more for nondefense purposes than does the federal government.” Revenues and Expenditures

Business dictionary 2013, defines revenue as the income generated from sale of goods or services, or any other use of capital or assets, associated with the main operations of an organization before any costs or expenses are deducted. Revenue is shown usually as the top item in an income (profit and loss) statement from which all charges, costs, and expenses are subtracted to arrive at net income.

Expenditures—recognized in governmental fund financial statements—are net financial assets expended during a period for current operations, capital outlay, long-term debt principal retirement, and interest. With the exception of long-term debt principal retirement, expenditures typically reflect the net financial assets expended to acquire goods or services, whereas expenses reflect the costs of goods or services used (Allison, Freeman, Patton, Shoulders, & Smith, Jr., 2011,...