5 Public Finance This chapter covers national finance and local finance. The section on national finance contains statistics on the revenue and expenditure of general accounts, special accounts and government-affiliated agencies, national taxes, government debt, fiscal investment and loans, treasury accounts, and national properties. The section on local finance contains statistics on local finance plans, revenue and expenditure of ordinary accounts, local taxes, local allocation taxes, and administrative investments. Revenue and expenditure of public finance Public finance refers to economic activities of the national government and local public bodies which raise financial resources by taxation, public debt, etc. and manage them and defray necessary expenses in order to satisfy public needs. It is classified either as national finance or local finance according to the bodies. All the activities of public finance are carried out based on a budget. Budget is a programme of public finance activities for the fiscal year, for which a final approval must be given by the Diet or local assemblies. It represents estimates for all the revenue and expenditure of the national government or local public bodies. The original budget or main budget represents the budget approved at the outset as the annual budget of the nation, while the supplementary budget supplements or modifies the original budget according to changes in situation. When the execution of the budget is completed, a settlement is made according to prescribed procedures. After auditing by the Board of Audit or after examination by the inspection commissioner, the settlement is submitted to the Diet or the local assemblies. The amount of settlement is related to the revenue after receipt and the expenditure after disbursement. National finance Data are based on "Budgetary Statistics" and "Ministry of Finance Statistics Monthly (Special Issue on Budget)", in which the Ministry of Finance compiles the budget and settlement figures for every fiscal year. Accounts of the national government are classified into the general accounts and the special accounts, and the budget is prepared according to this classification. In addition, accounts are also compiled for government-affiliated agencies, and the budgets of these three categories are presented together to the Diet. The general accounts take in financial resources such as taxes etc., and defray fundamental expenses of the nation such as education, social security, national defense, and public works. The special accounts are established by specific laws, only in the case where <1> government special undertakings are conducted, <2> special funds are created and put under management, and <3> special revenues are allocated for special expenditures and their accounts call for a distinction from the revenue and expenditure of the general accounts. The number of special accounts totals 13 as of fiscal 2022. Government-affiliated agencies are established under special laws, separately from the government, which are financed in full by the national government. They are characterised by their public nature, and their budgets are subject to the Diet's resolution. Local finance is a generic term covering the public finance of prefectures, shi (cities), machi (towns), mura (villages), special wards and sectional clerical works cooperatives. As in the national finance, the accounts of local governments are classified into the general accounts and the special accounts, the latter of which vary in its scope, depending on the bodies. Therefore, to secure standardisation in the tabulation of local finance, the accounts are classified into public Local finance Data are obtained from "Annual Statistical Report on Local Government Finance" compiled by the Ministry of Internal Affairs and Communications, mainly based on the settlement reports submitted by local public bodies. 5 Public Finance 133
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