CIFA Intermediate Level
Public Finance and Taxation for Investment Analysts glossary
Every term this guide defines, A to Z, each with the chapter that teaches it. Open it when a word in a question is unfamiliar, and test yourself on it in the last week: cover the definition and say it in one sentence.
6 terms from the free first chapter
B
- Budget estimates and revenue raising measures
The detailed expenditure estimates by vote and programme, paired with the specific revenue measures (tax proposals, borrowing plans) needed to finance them, together forming the budget submitted for legislative approval (see the chapter on oversight).
C
- Cash flow projections
Forecasts of expected revenue and expenditure timing through the year, needed for orderly cash and debt management (see the chapter on public debt management), not merely the annual budget total.
- County Treasuries
Perform the equivalent function at county level: preparing the county budget, managing county public funds (see the chapter on national and county government finances), and ensuring county compliance with national PFM regulations and standards.
D
- Development plan preparation
Medium-term plans and sector strategies set the policy priorities the budget is subsequently built around.
N
- National Treasury
Formulates national fiscal policy in coordination with the Central Bank, which conducts monetary policy, prepares the national budget, manages national public debt (see the chapter on public debt management), and issues the Treasury circulars and regulations that guide financial management across national and county government.
T
- Treasury circulars
Guidance issued by the National Treasury (see The National and County Treasuries, below) to national and county entities setting the budget calendar, format and specific requirements for a given budget cycle.
The full glossary adds every term from the other 15 chapters, A to Z, each with the chapter that teaches it.