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The city closed a budget gap of roughly $5 billion for the year that began on July 1 with relatively little in the way of new taxes: there was a steep increase in the cigarette tax, and some higher telephone taxes, but most of the yawning deficit was closed with a heavy dose of borrowing, budget cuts, and state and federal aid.
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Also referred to as "public sector net borrowing" or simply "borrowing", the budget deficit should not be confused with the national debt.
They all belong to "Buliisa Big Stars Club" and she has so far trained them on the benefits of saving, borrowing and budgeting.
While the C.R. will deal with the current fiscal year, and the debt ceiling will deal with our ability to borrow, the budget "blueprint" will instead be looking toward the future -- next year's budget.
The company borrowed the budget hotel model, first pioneered by SoftBank-backed Oyo in India, and brought it to Southeast Asia when it launched three years ago.
By the 2000s, Detroit was borrowing to solve budget shortfalls.
He reckons that the real rate of return for the Gulf states on such an "investment" is 13%, well above the cost of borrowing to plug budget gaps.
For years, the town had used debt to balance its budget, borrowing to pay for operating costs as well as several expensive school building projects.
Some antitax groups and Republicans had criticized Mr. Davis, a Democrat, as relying too heavily on borrowing to close budget gaps, at one point even suing the Davis administration to block a bond proposal.
The $7 billion New Jersey is to receive under the national tobacco litigation settlement has already been pledged to pay off borrowing for earlier budgets, and the tactic of borrowing against future revenues drew scorn from Senator Leonard Lance, the senate minority leader and the state's ranking Republican.
(For example, the Maastricht Treaty stipulates that a country's debt should not be exceed 60percentt of GDP and borrowing in annual budgets no more than 3percentt of GDP.].
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