Glossary

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

A

Adjustable taxes – the state taxes, revenues from which are divided between the republican and local budgets, see National taxes, Local taxes.

Agent bank – a commercial bank, carrying out financial operations of public authorities and local authorities.

B

Bankruptcy - recognized by the authorized state body of the debtor's inability (or citizen organizations) to satisfy the claims of creditors in full and (or) fulfill the obligation to pay the mandatory state payments.

Bonds - Emission debt a security, enshrining the right of its holder to receive from the issuer of bonds provided for in her time of its nominal value or other property equivalent. Bond may also include the right of its owner to get it fixed percentage of the nominal value of bonds or other property rights. Income on bonds are interest and / or discount.

Bonus - one-time payments for the right of subsoil use for geological study and implementation of mineral deposits.

Budget – a plan of possible revenues and future expenses for each function of the state for the coming period.

Budget Calendar - the scheme, which contains key dates in the preparation and adoption of the budget.

Budget classification – grouping of revenues and expenditures, sources of financing the budget deficit depending on the general principles. Used to plan and report on budget execution, ensures comparability of budgets of all levels of the budgetary system, see Economic Classification, Functional Classification, Departmental classification.

Budget for capital costs- a plan of proposed capital expenditures and funding sources commonly used in the first year of a program for capital funding and composed as an integral part of the full annual budget.

Budget deficit – the amount by which expenditures exceed the budget revenues in a given period.

Budget Institution – an organization created by a public authority of the Kyrgyz Republic or local government for the implementation of managerial, social, cultural, scientific, technical or other functions, non-commercial nature, which is funded from the budget.

Budget instructions document – the document of main administrator of the state budget (the manager of the national budget), which provides funding for lower-level managers and recipients of the budget.

Budget provision - the amount of income per capita, which can be obtained by aiyl okmotu budget based on the level of economic development of the territory, taking into account differences in population structure, socio-economic, climatic, geographical and other objective factors and conditions affecting the cost of budget services per capita.

Budget surplus – the amount by which budget revenues exceed the expenditures in a certain period.

Budgeting based on evaluation of programs - a method of budgeting, in which the services provided to citizens are divided into certain programs or rated unit. This unit can be a department, division or section. Each program must have a certain service or a result of the activity, in order to track the effectiveness of this activity. Effectiveness is measured by performance indicators.

C

Capital budget – a plan of proposed investment projects and state funds for their financing; see Current budget, Capital expenditures, Investments, Development budget.

Capital expenditure of budget – part of the expenditures of the budget, aimed at the establishment or increase of property owned by the state, local government bodies. They provide investment activity of management bodies; see Operating expenses.

Capital expenditures - (same as investments) investment in fixed assets, including costs of new construction, expansion, reconstruction and modernization of existing businesses, acquisition of machinery, equipment, tools, equipment, design and survey work and other costs.

Capital investments - the same as Investments.

Cases of local importance – questions related to the viability of the population of the territory, responsibility for which lies on the local authorities; see delegated state authority.

Categorical grants – earmarked funds transferred to local budgets from the state budget to finance education and health services provided at the local level.

CDS - Country Development Strategy

Check – special monetary instrument that gives a written order to the agent bank to issue cash from the transit account.

Consolidated (State) budget – a set of republican and local budgets of the Kyrgyz Republic.

Consumer price index (CPI) - is the relative change in the average level of prices of goods and services (market basket) for a certain period. CPI is determined by the formula: (cost of living in a given year divided by cost of living in the past year) multiplied by 100%.

Contribution - money made by a person or entity in a financial institution (credit institution, primarily in the bank), or in enterprise storage, in growth or to participate in a profit.

Current Account of Treasury – the central treasury’s account opened at the National Bank, through which all receipts and payments to the state budget are done.

Current budget – a plan of financing current government expenditures and anticipated sources of funding, see the Capital budget, Operating costs.

Current expenditures of budget – the cost of providing the current functioning of government, providing State support for other budget and individual sectors of the economy in the form of transfers, grants and subsidies, see Capital expenses.

Customs - customs policy tool in the field of customs regulation of the economy, which is used for the purposes of trade policy and represent a set of customs duties imposed on goods systematized in accordance with the commodity nomenclature of foreign economic activity.

D

Delegated state authorities – some state functions, the responsibility for the disclosure of which lies on the State, that are sent by it to local authorities for the implementation on the relevant territory; see the Affairs of local importance.

Departmental classification – the grouping of budget expenditures: ministries, departments, etc., see Budget classification, Functional classification, Budget beneficiaries.

Deposit Account – an account for keeping record by the department of Treasury of the operations for deposit amounts entering into temporary disposal of budgetary institutions and that are may be refunded or transferred to the destination on certain conditions.

Deposit - the amount of money placed by contributor to the bank for a definite or indefinite period. The bank lets the money in circulation, and in return pays the investor interest. Deposit is a debt to the bank investor, which is refundable.

Development budget – the state capital budget in Kyrgyzstan, includes a plan of investment projects of the state and forecast for the external and internal resources to finance them, see the Capital budget, Capital expenditure.

Dividend – share profit of joint stock company or other entity which is distributed among shareholders, stakeholders, in accordance with the number and type of shares, shares in their possession.

Domestic debt - debt holders of state government securities and other creditors, expressed in national currency, see public debt, external debt.

E

Economic classification – grouping the expenditures by economic content. It includes the current, capital expenditures and loans issued by the State. Estimates of budget revenues and expenditures of budgetary institutions are made on its basis, see Current expenditures, Capital expenditures.

Equalization grants – funds donated to local budgets from the state in order to equalize the level of expenditures of local budgets across the state.

Estimate - normative monetary indicator for determining the size of social benefits, compensation, economic sanctions, administrative penalties and fines, other economic indicators are not related to wages. Since January 1, 2006 approved in the amount of 100 soms per month (Resolution LCD CD number 1115-III of June 15, 2006).

Estimates of revenues and expenses – a document defining the scope and direction of the target budget in the context of articles in a quarterly breakdown.

Evaluation of the earnings potential - assessment of income that can be collected in the municipality of the revenue sources allocated to that local government, excluding local taxes and levies, and special funds.

Excise tax - an indirect form of tax, primarily for consumer goods and services that is included in the price of goods or fees for services.

External debt – debt obligations to external creditors, see Public debt, Internal debt.

External sources of funding - the sources, which are obtained by means of state loans, loans and grants from other states.

Extra-budgetary funds - public funds, disposal of which directly or indirectly carried authorities outside the normal budgetary process.

F

Fees - fees, taxes, exemptions, which are made by enterprises and citizens in the manner of payment services provided by public authorities and private companies.

Fiscal year – the period for which the State or local governments are planning revenues and expenses.

Fiscal deficit - the excess of expenditure over the budget of its revenues.

Functional classification – grouping costs by a specific government functions, such as public order and security, defense, health, education, etc., see Budget classification, Administrative classification. Government treasury bills – securities issued by the Government of the Kyrgyz Republic for a term of 3, 6 and 12 months. Their holder provides monies in debt to the Government, see Internal debt.

G

GDP (gross domestic product) - the market value of all final goods and services (ie, intended for direct consumption) incurred during the year in all sectors of the economy in the State for consumption, exports and savings, regardless of national affiliation of used factors of production.

GDP deflator - the price index used for the calculation in constant prices expressed in money value of all goods and services included in the gross domestic product. Represents the ratio of nominal GDP, expressed in market prices of the year, real GDP, expressed in prices of base year. GDP deflator used to determine real changes in output of goods and services in the economy. GDP deflator - a special case of the inflation index, which consists of the consumption basket of all goods and services produced in the country. Weights are the volumes of production of goods and services base year. Really for the calculations using the representatives of commodity groups and associations in the group of services, track changes in prices for these representatives.

GMLC - guaranteed minimum level of consumption.

GNP (Gross National Product) - the total value of the total final output of goods and services at current prices (nominal GDP) or the prices of the base year (real GDP) produced in this country and abroad, using the factors of production belonging to this country . In other words, GNP - that is all the products produced by this country for a certain period of time, the value of all goods produced or services rendered. Since 1993, according to a new system of national accounts, the GNP was renamed gross national income (GNI). However, national statistics of some countries continue to adhere to the old terminology. GNP, together with the gross domestic product, is the basic, most holistic and generalizing macroeconomic indicator, because production volumes allow us to estimate the economic power of the country. The higher the GNP, so, consequently, sector of the economy produce more goods.

Government treasury bills - securities issued by the Government of the Kyrgyz Republic for a term of 3, 6 and 12 months. Their holder provides monies in debt to the Government; see Domestic debt.

Grant - intergovernmental transfers, grants and irrevocable basis, without the determination of directions and (or) conditions of their use. Grant to offset higher costs, covers the losses,grants transfers directed to perform certain tasks or solve actual problems.

Gross income - calculated in monetary terms, total annual income of the company, the company gained in the production and sale of products, goods and services. Gross income is defined as the difference between the cash proceeds from the sale of goods and material costs of its production. Gross income is the sum of wages and net income (profit).

Gross investment - the amount of depreciation and net investment aimed at increasing the real capital.

H

I

Incentive grants – funds provided from the republican budget to the local for their capital expenditures or other special purposes, provided on the conditions of co-financing.

Income tax - direct taxes levied on profits of organizations (enterprises, banks, insurance companies, etc.). Profit for the purposes of this tax is usually defined as income from the company minus the amount prescribed deductions and rebates.

Inflation - a process of reducing the value of money, which resulted in the same amount of money after a while you can buy less goods and services. In practice, this translates into an increase in prices.

p>Internal debt – debt to domestic creditors, see Public debt, External debt.

Intergovernmental relations - is the relationship between the levels of budget system, which should include: clear delineation of function of powers between levels of government, securing their own revenue sources for the various levels of budgets, allocation of state taxes in the budget of another level in order to regulate its revenues; transfer policy, legislative strengthening of Drawing Right, of financial resources.

Internal sources of funding - these are the sources that are generated within the country, mainly by issuing government bonds.

Investment – the cost of purchasing real capital (equipment, the construction of infrastructure, buildings) designed to provide public services or producing goods, see the Capital budget, Development budget. Local budget – Income and expense plan designed to ensure the objectives and functions of local government.

J

K

L

Land tax – tax paid by organizations and individuals who have land on the right of ownership, the right of permanent (perpetual) use or the right of inheritable possession for life.

Line item budget - the budget, prepared in such a way, which focuses on items of expenditure.

Loan - the type of loan, provided in kind for a specified period, only free. The borrower will return the same thing.

Local budget - income and expense plan designed to ensure the objectives and functions of local government.

Local community – the population residing in towns and villages, united by common interests in dealing with their own responsibility to local issues through their local governments, see Local Government, Local Self-Government.

Local government – representative, executive, administrative and other bodies formed to address the public affairs of local importance. Local public administration – the state body of executive power in the region or district.

Local public administration - the state body of executive power in the region or district.

Local self-government – the right and ability of citizens to manage the affairs of local importance through the bodies formed by them, as well as through direct citizen participation in governance.

Local taxes – taxes accruing to the local budgets, introduced by local kenesh’s decision. Tax rates, exemptions from them are set in certain legal restrictions be local keneshes, see National taxes, Divided taxes.

M

Macroeconomics - the science that studies the functioning of the economy as a whole, such common processes and phenomena as inflation, unemployment, budget deficits, economic growth, government regulation of the economy, etc.

Minimum consumer budget - is the cost range of goods and services, providing a minimum level of consumption of material and spiritual values necessary for personal development.

Minimum wage from 1 January 2007 was set in the amount of 340 soms per month (Presidential Decree number 519 of October 30, 2006).

MTBF (MTB) - Medium term budget forecast

Municipal property – property of local communities in the possession, use, disposal of bodies of local self-government, serving as a source of income for the local budget and designed to meet the socio-economic needs of the population.

N

National taxes – taxes, operating throughout the country, come to the Republican, the local budget, or divided between them by a decision of the Jogorku Kenesh. Rates, benefits, etc. on them uniform throughout the country, see Divided taxes, Local taxes.

Non-resident of the Kyrgyz Republic - Legal, individuals operating in one state, but permanently registered and resident in another, or are in the country, foreign diplomatic and other official representations and international organizations, their branches and representative offices.

Non-tax revenues - revenues that are transferred to the budget not related to taxes. For example: income from property in the state and municipal property, or from the activities of state and municipal organizations, the proceeds from the sale of land and intangible assets, income from capital transfers from private sources, administrative fees and charges, penalties, restitution.

NSP - sales tax paid on the value of goods (works, services) sold at retail or wholesale for cash, namely: the value of excisable goods, expensive furniture, radio engineering, clothing, gourmet food, cars, furs, jewelry, video and CD-ROMs; services of travel companies associated with travel outside the Kyrgyz Republic, the services of advertising, services, three-, four-and five-star hotels, services of passenger traffic in the salons of the first and business classes and passenger rail transportation in wagons classes suite, as well as other goods and services not essential to address the legislative (representative) bodies of constituent entities of the Kyrgyz Republic.

O

Official transfers - grants in the form of goods and technical assistance, as well as contributions to the funds of international organizations.

Operating cash flow – the operation to transfer funds from the treasury accounts of budgetary institutions in charge monetary obligations taken in the prescribed order of the payee, that are payable from the state budget.

P

Payment order – cash-monetary instrument through which the transfer of funds from the transit account of the Treasury department is done through its agent bank.

PGI Grants - Grants from public investment programs.

PIP (Public Investment Program) - is a key tool in the management of public sector investment spending. Strategic directions and priorities of the PIP at this stage are implemented in the form of real investment projects undertaken by the Government with financial support from international financial organizations and donor countries. The main priority and goal of the PIP - to raise living standards, providing equal development opportunities for all.

Program budgeting - the budget, which funds are distributed on the functional characteristics or activities of public organizations, in contrast to the usual amount of expenditure of ministries.

Property tax - a tax, which is installed on the property of organizations or individuals.

Public debt – the amount borrowed by the state and all claims that creditors have in the state at the moment. The public debt includes loans that are used in public and private sector, if the latter were obtained under the guarantee of the Government, see Domestic debt, External debt.

Public expenditure – the costs of the state for the acquisition of material goods or services, and others associated with the satisfaction of social needs.

Q

R

Real estate tax - an annual local tax and introduce urban, suburban and resort areas the decision of the city (local) Kenesh. The object of taxation shall be houses, apartments, resorts, rest houses, motels, resorts, commercial, governmental, industrial and other buildings , facilities.

Repayment of debt – a gradual return of loans in the manner prescribed by agreements with creditors.

Republican budget – a financial plan of the Government of the Republic determining income and expenses for a specified period.

Resident of the Kyrgyz Republic - legal or natural person registered in this country, which is fully covered by national law.

Reverse cash on hand - this is money, redundant in the republican and local budgets to cover temporary cash gaps that arise in the course of budget execution. The amount of circulating cash is defined in approving the budget, taking into account the accumulated surplus funds to the beginning of the plan year.

Royalty - current payments for subsoil development use.

S

Score spending commitments - evaluation of budgetary obligations of local government in accordance with vested and delegated functions.

Secure budget item - the budget article treaties are not subject to reduction, sequestering effect of their special importance for the state and people.

Securities - the right to resources, separate from its foundation, and even with their own kind (e.g., in the form of paper certificates, records of accounts, etc.), as well as having the following basic characteristics: circulation, access to civilian traffic; standardization and series, documentary, manageability and recognition by the state, market, liquidity, risk.

Share capital - a synoptic index characterizing monetary entire capital of the company, the company, both physical and monetary. The share capital includes long-term functioning tangible assets (land ownership, buildings, machinery, equipment), investments (equity securities, investments in other enterprises, the debts of other enterprises), intangibles (patents, licenses, trademarks, designs).

Special facilities - recognized revenues of budgetary institutions and organizations financed from the state budget received from the sale of goods, works and services or engage in other activities in the presence of permits issued in accordance with existing legal acts of the Kyrgyz Republic.

State budget - income and expense plan for each function of the state, often referred to as a working financial plan. It is used to plan the projected expenditures of ministries and departments for the coming fiscal year. The budget serves as the basis for reporting to the authorities of the Ministry of Finance, budgetary institutions and citizens within a framework of transparency of the budget.

State guarantee – written commitments provided for by law or contract that the Government of the Kyrgyz Republic is committed to the creditors in full or in part to repay in default or improper performance of obligations by the borrower.

State owned enterprises (SOEs) - the company, fixed assets of which are publicly owned, and leaders are appointed or hired on contract by public authorities. State-owned enterprises receive the bulk of their income from the sale of goods and services, rather than from the state budget.

State tax - special fees paid by legal entities and individuals, for whom specially authorized bodies performing acts and issue documents of legal significance.

STB – State treasury bills, see State treasury bills

Stimulant (equity) grants - transfers provided from the central budget to local authorities, in order to promote effective spending of budgetary funds, funds of the state priority programs and projects, increasing the incomes of local budgets, and more fully tap local sources of revenue.

T

Tax - a mandatory non-refundable payment levied by public authorities at different levels with organizations and individuals for financial support of government action and (or) the municipalities. Taxes should be distinguished from dues (duties), the collection of which is not gratuitous in nature, as a condition of the commission with respect to their taxpayers of certain actions.

Taxable base - the tax base is determined on the basis of cost of goods (works, services) without the inclusion of value added tax.

Tax (yield) potential - is the amount of taxes that could be collected from the subjects of a separate budget level.

Tax agent - a person who has responsibilities to calculate, withhold from the taxpayer and transfer taxes.

Tax revenues - obligatory, gratuitous, irrevocable payments in favor of the budget.

T-Bills – treasury bills

Transfer – transfer of money from one budget to another or from country to country, see Grants, Equalization grants, Incentive grants, Categorical grants.

Treasury - special government financial authority in charge of the cash budgeting. Organizes the collection of taxes, levies, duties, and income from sales of loans and other state revenue and releases funds to the costs budgeted. In some cases, it issues the paper money.

U

V

VAT - value added tax, indirect tax, the form of exemptions to the budget of the added value that is created at all stages of production of goods and services and is included in the budget as implemented.

Volatility - a statistical measure which characterizes the tendency of price volatility. Volatility is a key financial measure in the management of financial risks, which is a measure of the risk of a financial instrument for a set period of time.