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PUBLIC FINANCIAL MANAGEMENT CHAPTER 12 PUBLIC FINANCIAL MANAGEMENT THE IMPORTANCE OF PUBLIC FINANCIAL MANAGEMENT Six Principles Balance Budgets The Fiscal Year PUBLIC FINANCIAL MANAGEMENT THE BUDGET GAME The Politics of the Budgetary Process The Budget-Maximizing Bureaucrat PUBLIC FINANCIAL MANAGEMENT BUDGETING THEORY& PRACTICE The Taft Commission The Influence of Keynes The Objectives of Budgeting The Two Types of Budgets PUBLIC FINANCIAL MANAGEMENT WAVES OF INNOVATION IN BUDGETMAKING The Executive Budget Line-Item Budgeting Performance Budgeting Program Budgeting Versus Incrementalism Zero-Based Budgeting PUBLIC FINANCIAL MANAGEMENT CONTEMPORARY BUDGET REFORM Integrated Budgets Multiyear Budgets A Greater Policy Focus PUBLIC FINANCIAL MANAGEMENT FINANCING PUBLIC EXPENDITURE Taxation The Ability-to-Pay Principle The Flat Tax User Charges Grants Profits Financial Innovation PUBLIC FINANCIAL MANAGEMENT THE PROBLEM OF DEBT Deficit Wars Abuse of Public Debt Municipal Bonds The Rating Agencies PUBLIC FINANCIAL MANAGEMENT LOCAL GOVERNMENT & FINANCIAL MANAGEMENT Property Tax Sales Tax School Tax PUBLIC FINANCIAL MANAGEMENT ECONOMIC POLICY Monetary Policy Fiscal Policy