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Review of Revenue: Descriptions of types of budgets - Research Paper Example

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REVIEW OF REVENUE Date Descriptions of types of budgets a) Federal Budget Budgeting in federal governments is an extremely complex procedure which involves a series sub processes accompanied by many rules and procedures formulated by persons both in the legislative and the executive arms of government…
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Download file to see previous pages Regarding federal budgets the constitution dictates that revenues must originate from the House of Representatives. Outside the constitutional requirements the constitution does not provide how the house and senate should organize themselves or the procedure they should use to budget. The federal budget of any given country is formulated annually while forecasting the amount of money to be spent on a variety of expenses in a year (Calleo, 1992). b) State budget Unlike federal budgets which are made by the congress and submitted to the president for approval or vetoing, state budgets are developed by the respective state agencies and then they submit the budget estimates and budget proposals to the governor. The governor after that is responsible approving the budget and the same budget being enacted by the legislature, after this the respective agencies implement the approved programs and policies which must be within the budget estimates implemented by the legislation (CanagaRetna, 2011). Once the governor proves that the budget is consistent with the executive policy frameworks, they recommend the budget to the legislature. The appropriation bills like any other legislation are conferred with veto powers but can be rejected totally or in part within a defined number of days. After a state budget is put to action, the governor is only left with administrative roles which include monitoring the expenditures and the implementation of legislative policy directives (CanagaRetna, 2011). c) Local Budget This is a type of budget that provides a financial plan for a local government. The mere definition that the budget is a financial plan is more complex than just compiling annual reports that are approved by the local fiscal authority. In the local budget, the fiscal body and taxpayers identify the operating which is deemed vital for the successful operation of the local government for any given period of time. The role of preparing and implementing a local government budget is placed of the finance department, the local authority executive offices as well as the local legislative bodies like the city council and school boards. It is through the local budgets that the public priorities will be determined annually and in addition the mode of generating public funds and the parties responsible for repaying them (Gianakis & McCue, 1999). d) Agency Budgets An agency budget is that which is distinct to the formalization and operations of agencies is. Such budgets reflect the actual expenditures with regards to the publications of comprehensive fiscal report. Agency budgets takes keen acre of the organizations involved with regards to the established agency relationships. Differences and similarities of each budget Federal, state, local and agency budgets may appear similar in the diverse sense yet quite different and unique in their own making. A budget is an allocation statement of states resources to help in achievement of the organizational goals with scarce organizational resources (Hiber, 2010). A budget is a financial plan defining the ways in which an organization intends to receive funding and ...Download file to see next pagesRead More
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