|
E power
political and legislative authority,
enforcement
U.S. Government Budget
For federal, state, and local governments
in the U.S., the chief executive officer-for example, the president, governor,
or mayor-prepares the budget on the basis of estimates submitted by departments
and agencies. The budget is then presented to a legislative body, which
may modify the estimates and rearrange priorities. The legislature enacts
appropriation bills to provide government agencies with authority to enter
into financial obligations (see APPROPRIATION). An independent body generally
performs an audit to see that agency expenditures are consistent with legislative
directives. Thus, there are four stages of budgeting: preparation, authorization,
execution, and audit.
Canadian Budgetary Process
In Canada the fiscal estimates for
the year are determined by a Treasury Board review of the projected financial
requirements submitted annually by each government department. These estimates
cover the monies needed to finance current and proposed programs. A national
budget is presented once each fiscal year by the minister of finance in
a speech delivered in the House of Commons. The budget speech contains
a general review of economic conditions and outlines the fiscal policies
that the government advocates. Anticipated revenues and expenditures are
included, as well as any changes in taxation that are considered necessary.
In 1998 the Canadian government submitted the first balanced budget in
nearly 30 years. L.F.
TREASURY, DEPARTMENT OF THE, executive
department of the U.S. government, established by Congress in 1789 as the
successor to the Treasury Department created by the Congress of the Confederation
in 1781. It is administered by a secretary who is appointed by the president,
with the approval of the Senate, and who is a member of the cabinet.
Purpose.
The Treasury Department is responsible
for handling the government's fiscal affairs. The most extensive and complex
of the departments, it stands next in rank to the Department of State.
It performs four basic functions: It formulates and recommends financial,
economic, and tax policies; it serves as the government's financial agent;
it manufactures currency and coins; and it carries out certain law enforcement
activities.
Organization.
The department's business is handled
by the Office of the Secretary and 12 operating bureaus.
The Internal Revenue Service , which
handles federal tax matters, is the largest of the Treasury bureaus. The
U.S. Secret Service provides protection for the president of the U.S.,
the vice-president, and their families. Its duties also include detecting
and arresting persons engaged in counterfeiting, or forgery, or alteration
of currency, checks, bonds, and other obligations of the U.S. and foreign
governments (see SECRET SERVICE). The U.S. Customs Service enforces customs
laws, seizes contraband items, and collects revenues from imports (see
CUSTOMS SERVICE, UNITED STATES). The Bureau of Alcohol, Tobacco and Firearms
administers and enforces laws regarding firearms and explosives, as well
as the production, use, and distribution of alcoholic and tobacco products.
The Office of the Comptroller of the Currency provides general supervision
of national banks, including periodic bank examinations to determine compliance
with rules and regulations and soundness of bank operations. The Bureau
of Engraving and Printing produces paper currency; Treasury securities
such as notes, bills, and bonds; and postage and other stamps (see ENGRAVING
AND PRINTING, BUREAU OF). The U.S. Mint's primary functions are production
and distribution of both domestic and foreign coins, and control of the
processing and movement of bullion (see MINT, UNITED STATES). The Bureau
of the Public Debt is responsible for handling and offering public debt
securities and conducting transactions in outstanding Treasury securities.
The U.S. Savings Bonds Division promotes the sale of government savings
bonds. The Financial Management Service is responsible for the central
accounting of the monetary assets and liabilities of the U.S. Treasury
and for the supervision of the government's cash management program. The
Office of Thrift Supervision (formerly the Federal Home Loan Bank Board)
oversees the Federal Home Loan Bank System and the nation's insured savings
and loan associations. The Federal Law Enforcement Training Center provides
basic and advanced training courses for special agents and police officers
from participating government agencies. The Treasury Department maintains
field offices throughout the nation and in some foreign countries.
|