Public Finance Sample Clauses

Public Finance. In order to ensure a stable public finance policy, public spending and deficit must be reduced. The general government expenditure must be made more flexible with the aim of reallocation of a part of the expenditure to priority development areas, especially to research and development, and with the aim to facilitate the utilisation of European funds and improve the ability to react to the volatility of economic activities and consequently of revenue. Therefore the employment in the public sector must be made more flexible. The mid-term objective is to reduce the share of general government expenditure in gross domestic product, for this is necessary in order to alleviate the burden of tax on the economy. Therefore the Government shall, during the term of this Agreement, ensure limited growth of operative costs for the state operation and adopt measures to improve the efficiency and productivity as well as make the policy of employment in the public sector more efficient. Public procurement shall be regulated so as to prevent unjustified favouring of certain tenderers and forming of cartel links, enable the small and medium-sized enterprises the access to an appropriate share of public procurement, simplify the procedures and ensure their transparency, and rationalise the costs by reasonable centralisation of procedures. As regards social transfers, it is especially their transparency and social efficiency that need to be enhanced. Furthermore, it is necessary to continue the preparation of projections evaluating the long-term financial sustainability of the public finance system and its changes. Government tasks: • to ensure gradual changes in the structure of general government expenditure with consideration of priority economic policy; • to progressively reduce until 2008 the share of general government expenditure in GDP by 2 percentage points compared to the 2005 level; • to improve the harmonisation of development policies and to prepare the national development programme based upon the Slovenia’s Development Strategy; • to enhance efficiency and effectiveness of public administration by promoting the use of modern managerial techniques to manage changes and achieve business excellence in the public sector; to develop human resources and knowledge management; to develop strategic management; • to raise the quality of the public administration services by systematically applying the European excellence model; • to rationalise the operation of the publi...

Public Finance. Developer (or if the Tribe purchases and leases the Property, the Tribe) shall finance and manage the construction and development of the Project without contribution or guaranty of any kind by the City. If requested by the Developer, the City will use its best efforts to assist in providing conduit financing in order to allow the financing to be tax-exempt under federal and state law; provided, that (i) in no event shall the City be required to contribute funds, or lend its credit or guaranty of any kind to such financing and (ii) if such financing is undertaken, the City may retain reasonable fees (subject to applicable legal limits) to compensate it for providing such financing. In the event the City undertakes such financing, all professionals involved in the offering (including bond counsel, disclosure counsel, financial advisors and underwriters) shall be subject to the reasonable approval of the City.

Public Finance. General Public Budget

Public Finance. The Ministry of Finance • prepares and implements the state budget; • oversees the receipt and disbursement of budgeted revenues and expenditures; • establishes taxation and financial accounting policies; • administers China’s borrowings from foreign governments and international organizations; • engages in debt security offerings on behalf of the Central People’s Government; and • negotiates tax treaties with foreign nations. Fiscal Policy • Maintaining a proper amount of expenditure and enhancing the sustainability of fiscal policy. The deficit for 2021 is planned to be 3.2%, or RMB3.57 trillion, representing a decrease of RMB190 billion from 2020. • No more issuance of special treasury bonds to fight the epidemic. The Ministry of Finance oversees and plans the debt security offerings of the Central People’s Government, manages the scale and frequency of national debt offerings domestically, and maintains the market stability. • Improving and implementing the policy of tax and cost reduction. The Ministry of Finance would comprehensively consider the sustainability of fiscal policy and the difficulties faced by enterprises. Corresponding policies would be faithfully implemented to reduce the cost of enterprises in the real economy, improve the development environment for the enterprises, and stimulate the vitality of market players. The estimated total tax and cost reduction exceeds RMB700 billion in 2021. • Increasing the scale of transfer payments from the central government to local governments and ensuring the bottom line of the “three assurances” (livelihood, wage and operation). With the limited increase in financial resources, the central government plans to transfer RMB8,337 billion to local governments in 2021, of which RMB7,501.8 billion is general transfer payment, representing a significant increase of 7.8% over 2020. The transfer payments would target at governments at lower levels, and especially those in the middle and the western parts of the country and less developed areas. The transfer payments would support the normal operations at the local level and especially less developed areas, provide public services and other public utilities, and enhance the capabilities of maintaining the “three assurances” at the local level. • Planning governmental budget with frugality as the fundamental principle. The Ministry of Finance would plan on expenditures based on revenues, and stringently controls the expenditures. Non-urgent and unnecessary ex...

Public Finance. 23. Rational use of public finance and optimum balance of public finance are not only conditions for joining the EU but also represent basic conditions for stable development. The social partners have therefore always devoted special attention to this field. Excessive growth of public expenditure can endanger our common efforts against rising prices and the burdening of the economy, while severe restriction can jeopardise the provision for public services. The partners shall therefore support the changes that are necessary to ensure a stable public finance system. The basic strategic aim of the fiscal policy is to restructure general government expenditure and revenue inflows that will have a stimulating effect on the competitiveness of the economy and will in the medium-term enable gradual balancing of public finance without increasing their share in GDP. 24. Tasks of the partners: a) The Government shall: prepare appropriate changes or new solutions in the field of public finance by: − pursuing, in the field of public finance, the goal of balancing public finance in a manner which will enable, on the one hand, allocation of the major part of budget expenditure for development projects and, on the other hand, unburdening of the economy by reducing the share of general government revenue in GDP. (The data summarised from the budget memorandum are given in Annex 1. The estimates are valid at the time of signing the Social Agreement.) As the budget deficit shrinks, the need for additional national borrowing and consequently, the costs of servicing these debts will decrease. Public finance policy in the next four-year period is therefore directed towards increasing fiscal control and allocation and technical efficiency in order to create an environment which will stimulate the economic development of the state and enable a gradual improvement in general welfare together with a relatively lower level of general government expenditure; − by enabling, in the field of state administration operations, a more rational organisation of administration and therefore certain budgetary savings. In particular the abolition of bodies and organisations of ministries in the areas where there is no need for such status will enable a more rational organisation of supporting functions (human resources, financial, accounting etc.). In this way, the number of drain-sources on the budget will decrease and a more rational execution of tasks will be enabled, since redundancy of simi...

Public Finance. A 2.1 Public Finance Management Reporting Coordinator: MoF 1. Public Finance Management Consolidation (PFMC) Strategy 2013-2020 and Action Plan approved (also based on 2008-2010 PEFA Assessment). Means of verification: the PFMC Strategy 2013-2020 approved and transmitted to the EU Delegation.

Public Finance