Do Nasty and Pleasant Surprises Regarding Tax Revenue Explain Spending Drifts ? : The Case of the Swiss Cantons

This article aims to explain the difference between the expenditure reported in governmental end-of-the-year budgets and the amounts previously forecasted in the approved beginning-of-the-year budgets. We measure how political, financial, and institutional variables affect this spending drift. We focus on two much-debated factors, namely, tax revenue budgeting errors and the stringency of fiscal rules. Our econometric approach uses a panel based on the 26 Swiss cantons covering the period of 1980 to 2011. Results suggest that stringent fiscal rules discourage budget overruns, whereas underestimating tax revenue-i.e., a budgetary "pleasant surprise"-offers the opportunity for some overspending.

Issue review : state and local tax revenue fiscal year 2001 to fiscal year 2010.

This issue review provides a historical perspective regarding state and local taxes collected each fiscal year in Iowa from fiscal year 2001 through fiscal year 2010. The issue review also compares the growth in state taxes versus local taxes as well as the growth in tax collections compared to the growth in Iowa personal income and Iowa employment.

The Effect of Tax Revenue Budgeting Errors on Fiscal Balance : Evidence from Swiss cantons

This study is an empirical analysis of the impact of direct tax revenue budgeting errors on fiscal deficits. Using panel data from 26 Swiss cantons between 1980 and 2002, we estimate a single equation model on the fiscal balance, as well as a simultaneous equation model on revenue and expenditure. We use new data on budgeted and actual tax revenue to show that underestimating tax revenue significantly reduces fiscal deficits. Furthermore, we show that this effect is channeled through decreased expenditure. The effects of over and underestimation turn out to be symmetric.

Non-tax revenue of subnational governments: theoretical background, experience from an international perspective and recommendations

Includes bibliography

Structural determinants of tax revenue in Latin America and the Caribbean, 1990-2009

Includes Bibliography

$125,165,000 State of Illinois Build Illinois bonds (sales tax revenue bonds) : Illinois FIRST, series of March 2001.

"Due: June 15, as shown below."

$110,450,000 State of Illinois Build Illinois bonds (sales tax revenue bonds) : Illinois FIRST, series of September 2001.

"Due: June 15, as shown below."

$94,815,000 State of Illinois Build Illinois bonds (sales tax revenue bonds) : Illinois FIRST, secon series of May 2002.

"Due: June 15, as shown below."

$150,000,000 State of Illinois Build Illinois Bonds (sales tax revenue bonds) Illinois FIRST : series of April 2002.

"New issue - book-entry only."

$50,310,000 State of Illinois Build Illinois bonds (sales tax revenue bonds) : Illinois FIRST, series of May 2002.

"Due: June 15, as shown below."