The world economy has recently undergone a series of unforeseen negative impulses and precarious situations, so most countries recognize the importance of maintaining their fiscal stability. As a result, policy-makers and financial authorities have reached an overall consensus that preliminary cost estimates for bills is a useful means of both expanding budget and allowing the country to restore its fiscal sustainability.
The cost estimate approach for bills, which was introduced by the US Congress in 1974, is now being widely accepted as a crucial process for federal fiscal stability. In this respect, The National Assembly Budget Office (NABO) published Cost Estimate for Bills: Principles & Methods in December 2006, which introduced procedures, methods, and techniques that are indispensible for substantiating the costs that accompany bills, along with some useful information on the unit costs involved.
Since the publication of the first edition, NABO has provided more than 600 formal written cost estimates of bills to assembly members and other relevant personnel in the National Assembly every year. With the information and experience accumulated from this specialized work, NABO recently published new second editions of Cost Estimate for Tax Bills: Principles & Methods and Cost Estimate for Bills: Principles & Practices, each of which deals with bills affecting revenues and spending of the national budget. These two books shed light on key factors in the cost estimating process and provide pivotal momentum for capturing practices and techniques with a wide range of examples.
One distinctive feature of the second edition of Cost Estimate for Bills: Principles & Practices is that it contains in its appendix four different types of cost estimate practices for local government ordinances, with a standardized format. This is an outcome of NABO's endeavors to contribute to the success of last October's newly enforced institutional arrangement that requests an attachment of formal written cost estimates with local government ordinances. NABO expects that the publication of these new editions will be helpful for both congressional aides and public officials in understanding how to estimate bill costs and they will also be able to use these manuals in fixing complicated work with minimal frictional costs.
Bill Cost Estimates Division 1, 2
The cost estimate approach for bills, which was introduced by the US Congress in 1974, is now being widely accepted as a crucial process for federal fiscal stability. In this respect, The National Assembly Budget Office (NABO) published Cost Estimate for Bills: Principles & Methods in December 2006, which introduced procedures, methods, and techniques that are indispensible for substantiating the costs that accompany bills, along with some useful information on the unit costs involved.
Since the publication of the first edition, NABO has provided more than 600 formal written cost estimates of bills to assembly members and other relevant personnel in the National Assembly every year. With the information and experience accumulated from this specialized work, NABO recently published new second editions of Cost Estimate for Tax Bills: Principles & Methods and Cost Estimate for Bills: Principles & Practices, each of which deals with bills affecting revenues and spending of the national budget. These two books shed light on key factors in the cost estimating process and provide pivotal momentum for capturing practices and techniques with a wide range of examples.
One distinctive feature of the second edition of Cost Estimate for Bills: Principles & Practices is that it contains in its appendix four different types of cost estimate practices for local government ordinances, with a standardized format. This is an outcome of NABO's endeavors to contribute to the success of last October's newly enforced institutional arrangement that requests an attachment of formal written cost estimates with local government ordinances. NABO expects that the publication of these new editions will be helpful for both congressional aides and public officials in understanding how to estimate bill costs and they will also be able to use these manuals in fixing complicated work with minimal frictional costs.
Bill Cost Estimates Division 1, 2