Public Budgeting and Finance

Abstract

Public budgeting serves four distinct but related purposes. First, budgets reflect the policy preferences of elected policymakers at all levels of government. As one budget scholar noted, budgeting “lies at the heart of the political process.”3 Whether a municipality prefers education spending more than public safety spending, for example, can be determined by looking at the municipal budget. Similarly, a national consensus for increased defense spending versus domestic spending is reflected in the federal budget. To a large extent, the political values of American society influence governmental decisions on raising and spending money for public services and programs. Consequently, the size of government and its spending levels are often controversial political issues. In addition, there is a broad consensus that taxing and spending decisions should be made only with the approval of the public, and voters demand full accountability of how funds are spent by public officials.

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