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Finance is the provision of money at the time when it is needed. It is a system of monetary relations leading to formation, distribution and use of money in the process of its turnover between economic entities.
The financial system is the network of institutions through which firms, households and units of government get the funds they need and put surplus funds to work.
Savers and borrowers are connected by financial intermediaries including banks, thrift institutions, insurance companies, pension funds, mutual funds, and finance companies.
Finance in an economic system comprises two parts: public finance and finance of economic entities.
Public finance is the provision of money (by the community through taxes) to be spent by national and local government authorities on1 projects of national and local benefit. It is a collective term for the financial flows and also the financial institutions of the public sector.
Public finance has the following four functions: a) the provision of essential services; b) the encouragement or control of particular sectors of the economy; c) the implementation of social policy in respect of social services, and d) the encouragement of the growth of economy as a whole.
The major instrument of any financial system is the budget. In a market-oriented economy, the budget is the most important tool for achieving national priorities and goals through the allocation and distribution of resources, and the maintenance of a stable macroeconomic environment.
The budget is an estimate of national revenue and expenditure for the ensuing fiscal year. When expenditure exceeds the revenue the budget has a deficit.
Revenue and expenditure forecasting is the most fundamental step in the process of budget preparation. Adequate planning of recurrent and capital expenditure depends critically on an accurate forecast of revenue availability. The determination of the expected overall deficit in the public sector and therefore the macroeconomic impact of fiscal policy requires accurate forecast of tax collection and expenditures.
Depending on level of state management budget programs are subdivided into:
On the basis of functional classification of expenditures of the budget the departmental classification of expenditures of the budget made by means of a grouping of managers of the budget programs and budget programs (subprograms) can be formed: for example, Administration of the President of Republic of Kazakhstan, Economic board of Parliament, Office of the Prime Minister, Akims of areas and cities Almaty and Astana, ministries, committees, agencies, other departments and services of Republic of Kazakhstan.
Budget preparation at the federal level involves a number of institutions. The Ministry of Finance (MoF) is the central coordinating institution in charge of compiling and presenting the budget. It has major inputs from2 ministries in various sectors of the economy and the state tax bodies.