Like most families, mine has been busy ending one financial year and beginning another. As soon as the Christmas decorations are removed, we begin collecting records for the coming tax season, reviewing last year’s expenditures and preparing for next year’s needs.
If you own a small business, you probably create a profit and loss statement and a balance sheet to reflect your current position. Wage earners sit around kitchen tables and make plans based upon past performance and future needs.
Governments go through a similar exercise, and more and more of them put their revenues and expenditures on websites for review by taxpayers. What is missing is a report of the outcomes of those expenditures.
[For more of this story, written by George Timberlake, go to http://jjie.org/astute-governm...stice-system/171243/]
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