Instructions Using your favorite search engine, locate the federal budget and your state budget for the current fiscal year. Compare and contrast both budgets in an essay consisting of no less than 60
5/14/2021 Originality Report https://online.columbiasouthern.edu/webapps/mdb-sa-BB5f85d6ea5857f/originalityReport/ultra?attemptId=adf60bf2-f364-4c8b-8b6d-00a8ae747e1a&c … 1/3 % 25 %0 SafeAssign Originality Report CSU SafeAssign Plagiarism Check Tool •SafeAssign Originality Report Generator I % 25 Total Score : Medium risk George Landry Submission UUID : 84fc6059-3974-f917-95df-baf4bd1af04e Total Number of Reports 1 Highest Match 25 % Budgeting at States and Federal Level.edi … Average Match 25 % Submitted on 05/14/21 08:28 AM EDT Average Word Count 831 Highest : Budgeting at States and Federal … % 25 Attachment  1 Institutional database  (5) Student paper Student paper Student paper Student paper Student paper Global database  (1) Student paper Top sources  (3) Excluded sources  (0) View Originality Report – Old Design Word Count : 831 Budgeting at States and Federal Level.edited.docx 4 1 3 6 5 2 4 Student paper 1 Student paper 3 Student paper 5/14/2021 Originality Report https://online.columbiasouthern.edu/webapps/mdb-sa-BB5f85d6ea5857f/originalityReport/ultra?attemptId=adf60bf2-f364-4c8b-8b6d-00a8ae747e1a&c … 2/3 Source Matches  (10) BUDGETING AT STATES AND FEDERAL LEVEL 5 Budgeting at States and Federal Level George Landry Columbia Southern University 05/14/2021 Budgeting at States and Federal Level The budget of Georgia and the USA will be compared and contrasted in this discussion. It is worth noting that the governor of Georgia recommends to the General As- sembly the state’s budget. The projected budget and the revised version of the current year are discussed in the Annual Budget Reports of the governor. Governor Brian Kemp has proposed a Fiscal Year budget of $26.9 billion, an amended spending plan for the remaining fiscal year period. Initially, the governor had cut spend- ing by 10% and proposed a state budget of $25.9 billion for the fiscal year 2021 (Governor’s Office of Planning and Budget, 2021). President Trump had released a $4.829 trillion federal budget for the fiscal year 2021. The president provides Congress with the proposed budget before the start of the fiscal year. Congress then starts approving the budget and identifies how the spending will progress together with the borrowing (Amadeo, 2021). Budgeting Tools The federal government and the state of Georgia use various tools to make their budgetary analysis. The Georgia state and the federal government used profes- sional credentials and future maps to make their budgetary estimates. They both consider the future impacts of the financial decisions made in each fiscal year. They consider how the government’s operations, household welfare, taxes, GDP, investment, spending, and other economic activities and factors will be affected by the proposed and implemented budget in the current and future periods. The state of Georgia incorporates the spending and income projections for not less than five years in its semiannual or yearly arrangement before making spending improvements from the previous fiscal year (Redburn, 2015). The data enables genera society and outside watchers to readily decide how the suggested budgetary approach changes and financing to the program will influence the administration. The federal government also has to consider the opinion of Congress and financial experts to ensure that the proposed budget is effective and guarantees economic growth and development. There are also informed discussions featuring experts to enlighten the public on the impacts of the proposed budget. Furthermore, both the state and the federal government establishes a non-fanatic, capable, influential financial office to educate the public on the data decided by the authorized branch (Redburn, 2015). Impacts of Market Influences on Both Governments Market forces play a fundamental role in making crucial financial decisions by both the federal and state government. The Covid-19 pandemic has led to various changes in the budgetary projections. There is no much money in circulation, and the government has been forced to reduce taxes to ensure that living costs are not too high for citizens. Budgets allocations are also affected by economic booms and recessions. When there are booms in the economy, the budgetary allocations are likely to be high as the government is assured of more income (Redburn, 2015). Therefore, it can elevate its budget as the source of funding is there, and it is very ef- fective and reliable. However, in times of recession, the budget has to be lowered as the sources of revenues are limited. Taxes also have to be reduced to maintain normal life standards for the citizens. The Use of Rainy Day Funds by the State of Georgia Rainy-day funds refer to emergency funds reserved for use during the economic downturn. The concept of these funds infers that money has to be saved during good times and be used when there are economic downturns. Georgia has rainy day funds, and they are approximated to reach the $1 billion mark before the end of this year (Woods, 2021). Rainy-day funds are essential for every type of government as they ensure that savings are made in times plenty and used when there are economic downturns. The federal government can benefit significantly by using rainy day funds as they guarantee economic stability. The government would reduce its borrowing ratio by using a rainy-day funds plan to use the reserved money during times of economic recession or downturns. References Amadeo, K. (2021). Secrets of the Federal Budget Revealed. The Balance. Retrieved 14 May 2021, from https://www.thebalance.com/u-s-federal-budget- breakdown- 3305789#:~:text=President%20Donald%20Trump%20released%20a,%24966%20billion %20deficit%20for%20Oct. Governor’s Office of Planning and Budget. (2021). Governor’s Budget Reports. Governor’s Office of Planning and Budget. Retrieved 14 May 2021, from https://opb.georgia.gov/budget- information/budget-documents/governors-budget-reports. Redburn, F. (2015). Practical Imagination: A Possible Future for Federal Budgeting. Public Budgeting & Fin- ance, 35(4), 1-17. https://doi.org/10.1111/pbaf.12085 Woods, J. (2021). Rebuilding Georgia’s Rainy Day Fund is Key to Long-Term Budget Stability – Georgia Budget and Policy Institute. 1 2 3 4 3 4 5 1 1 6 Georgia Budget and Policy Institute. Retrieved 14 May 2021, from https://gbpi.org/rebuilding-georgias-rainy-day-fund-is-key-to-long-term- budget-stability/. 5/14/2021 Originality Report https://online.columbiasouthern.edu/webapps/mdb-sa-BB5f85d6ea5857f/originalityReport/ultra?attemptId=adf60bf2-f364-4c8b-8b6d-00a8ae747e1a&c … 3/3 Student paper 100 % Student paper 65 % Student paper 72 % Student paper 64 % Student paper 72 % Student paper 100 % Student paper 65 % Student paper 100 % Student paper 100 % Student paper 90 % 1 Student paper Columbia Southern University Original source Columbia Southern University 2 Student paper 05/14/2021 Original source (2021, April 14) 3 Student paper President Trump had released a $4.829 trillion federal budget for the fiscal year 2021. Original source The United States President Donald Trump released a $4.829 trillion federal budget proposal for 2021 on Feb 4 Student paper The Georgia state and the federal gov- ernment used professional credentials and future maps to make their budgetary estimates. Original source When it comes to the application of budgeting tools, both Georgia State and USA federal government used future maps and professional credentials in es- timating their budget 3 Student paper The Use of Rainy Day Funds by the State of Georgia Original source The Use of Rainy Day Funds 4 Student paper Secrets of the Federal Budget Revealed. Original source Secrets of the Federal Budget Revealed 5 Student paper Retrieved 14 May 2021, from https://www.thebalance.com/u-s-federal- budget-breakdown- 3305789#:~:text=President%20Donald%2 0Trump%20released%20a,%24966%20bil lion %20deficit%20for%20Oct. Original source Retrieved 12 April 2021, from https://www.thebalance.com/u-s-federal- budget-breakdown-3305789 1 Student paper Governor’s Office of Planning and Budget. Original source Governor’s Office of Planning and Budget 1 Student paper Governor’s Budget Reports. Governor’s Office of Planning and Budget. Original source Governor’s Budget Reports Governor’s Office of Planning and Budget 6 Student paper Retrieved 14 May 2021, from https://opb.georgia.gov/budget- information/budget- documents/governors-budget-reports. Original source Retrieved from https://opb.georgia.gov/budget- information/budget- documents/governors-budget-reports