School of finance & Financial Management | Business University of Costa Rica
Email: firstname.lastname@example.org | ID: UNEM-OAA/DR/19MAR19
The budget in its elementary form had been part of almost all monarchies of the history. There have been written documents regarding the existence of the state treasury, accountants and auditors who were employed by the monarchs to protect the royal treasury. The modern democracies have the legislatures playing an important role in the managing of public finances. The taxes that are collected and the revenues that are generated by the government through several means are to be used for the development and welfare of the society. The emergence of the Welfare State made it important that the government money is being judiciously used to better the living conditions of society in general and the marginalized sections in particular.
Keywords: Public Financial Administration, Economic management, Concept of Budget, Development Economics