Answer:
The budget balance is -$1.29 billion.In the last fiscal year, Lilliput was running a budget deficit of $1.29 billion.
Explanation:
The budget balance of a country can be used to determine weather the country is running a budget surplus or deficit. This can be expressed as;
B=R-E
where;
B=budget balance
R=total revenue in the form of taxes
E=expenditure
In our case;
B=unknown
R=$22.9 billion
E=$24.19 billion
replacing;
B=22.9-24.19=-$1.29
The budget balance is -$1.29 billion.In the last fiscal year, Lilliput was running a budget deficit of $1.29 billion.
A balanced budget is one in which total expected income equals entire planned spending in the budgeting process or financial planning. A country's budget balance can be used to determine if the country has a budget deficit or surplus. This can be stated as follows:
[tex]\text{Where:}\\\text{B=budget balance}\\\text{R=total revenue in the form of taxes}\\\text{E=expenditure}[/tex]
In our case;
[tex]\text{B=unknown}[/tex]
[tex]\text{R=22.9 billion}\\\text{E=24.19 billion}[/tex]
[tex]\text{Replacing;}\\\text{B=22.9-24.19}\\\text{B=-1.29}[/tex]
The balance of the budget is -$1.29 billion. Lilliput had a $1.29 billion budget deficit in the previous fiscal year.
For more information related to the balanced budget, refer to the link:
https://brainly.com/question/15494216?referrer=searchResults
