Public Finance and Taxation glossary

The detailed, line-by-line spending proposals each entity submits, matched against the revenue expected to fund them, including any new or adjusted revenue measures (a new fee, a tax rate change) needed to close a gap between planned spending and revenue otherwise available.

Taught in Introduction to public financial management

Forecasts of when revenue will actually be received and when planned spending will actually fall due within the year, distinct from the annual budget total itself; a budget can be fully funded on paper for the year while still facing a cash shortfall in a specific month if projections are not built in and monitored.

Taught in Introduction to public financial management

Medium-term plans (linked to Kenya's long-term development blueprint) set the strategic priorities that annual budgets then translate into funded programmes; a budget without a plan behind it risks funding activity that does not serve any coherent strategic direction.

Taught in Introduction to public financial management

Concessional or non-concessional support from development partners and foreign governments, usually tied to specific programmes or projects, and accounted for separately from general tax revenue.

Taught in Introduction to public financial management

Fees and charges for specific services, fines and penalties, dividends and surpluses from state corporations, and licence fees, collected by both levels of government alongside tax revenue.

Taught in Introduction to public financial management

Domestic borrowing (Treasury bills and bonds issued in the local market) and external borrowing (loans from other governments, multilateral lenders such as the World Bank or the International Monetary Fund, and international bond markets), covered in full in the chapter on public debt.

Taught in Introduction to public financial management

For county governments specifically, the equitable share of nationally raised revenue that the next chapter covers, which supplements county governments' own more limited local revenue sources.

Taught in Introduction to public financial management

Income tax, value added tax, customs and excise duties, and the miscellaneous fees and levies the tax chapters of this guide cover in detail; ordinarily the largest single source for the national government.

Taught in Introduction to public financial management

Guidance the National Treasury issues each budget cycle to national government entities (and, in equivalent form, County Treasuries issue to county entities), setting out the calendar, the templates and the specific requirements every entity must follow in preparing its budget submission.

Taught in Introduction to public financial management