StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...
Free

City Budget - Essay Example

Comments (0) Cite this document
Summary
The major weaknesses of this study are concentrated on the city budget and how it makes. According to the research findings, it can, therefore, be said that the budgetary estimates forwarded have a credible criterion followed in arriving at the final figures…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER97.1% of users find it useful
City Budget
Read TextPreview

Extract of sample "City Budget"

City Budget
In making a budget a number of considerations are factored into the decision making process which is a prerequisite in budgeting. A budget which is a financial plan aids in ensuring that funds are not misappropriated and only identified stuff is dealt with as per the plan. It shows estimate expenditures and income or revenue sources to finance the expenses. This may be in form of the different types of loans and grants, taxes, bills and the expenses include payments of human resources, initiation of new development plans, repayment of previously taken loans amongst others. According to the Scott (2010) a budget preparation requires a study and evaluation of previously made budgets to understand the trend and the constants that are independent of time. Generally, the average of the first seven years is considered because it gives true representation of the previous budgets. It is important to note that there are years of economic depression and inflation in a budget. It should be prepared on time and the prior year’s actual financial activity should form the basis of your start. The current year’s changes should be incorporated in terms of income and expenses. The revenue sources are analyzed and conservative amounts are given, no overestimates are included in a budget forecast. A combination of recurrent and fixed/investment of year’s expenditure are added to find the general expenditure of the current year and a liberal approach is applied to indicate expenditure; in expenses it is better to overestimate than to underestimate.
In this case, the seven year old city has previous budgets on the basis of which a new budget forecast will be made. The recurring expenses are estimated and the general sources of revenue and support are also estimated. Any other additional expense added is included in the creation of a balance. The seven year duration is ideal for proper assessment of the fiscal trend and gives unbiased analysis that is irrespective of the economic melt downs that has been experienced in the near past. The general projected expenditure is estimated at $847,464,080 while the total expected income is $870,393,810. The expected revenue and support is expected to come from sales taxes, fines and forfeitures, other sources, last year’s budget balance, a working balance, license permits, other taxes, property taxes and intergovernmental revenues. These estimates are underestimated and only sure amounts that are well known will be accessed are included. On the other hand, the main costs to be incurred by the council include: servicing of the loan taken, maintaining the information and communication, paying of secondary agencies, salaries, transportation and public works and in ensuring public safety The expenses when subtracted from the revenue a surplus of $22,929,730. According to Scott (2010), this surplus can be carried forward to the next fiscal year when budgetary constants remain the same and no unanticipated eventuality occurs.
Conclusion
The budgetary estimates forwarded have a credible criterion followed in arriving at the final figures. It is true that the current year’s expenses will increase due to increasing cost of life as does the revenue collected through taxes and levies. This understanding is important in incorporating the new changes that need to be included in the current budget forecast. The acknowledgment of the need to identify varying revenue sources benefits the future budgets by making them progressive and not static.
Reference
Scott L. (2010). The simplified Guide to Not for Profit Accounting, Formation and Reporting. New York: John Wiley & Sons Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“City Budget Essay Example | Topics and Well Written Essays - 500 words”, n.d.)
City Budget Essay Example | Topics and Well Written Essays - 500 words. Retrieved from https://studentshare.org/business/1618360-city-budget
(City Budget Essay Example | Topics and Well Written Essays - 500 Words)
City Budget Essay Example | Topics and Well Written Essays - 500 Words. https://studentshare.org/business/1618360-city-budget.
“City Budget Essay Example | Topics and Well Written Essays - 500 Words”, n.d. https://studentshare.org/business/1618360-city-budget.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF City Budget

Budget

...? Budgeting Introduction A budget is a comprehensive financial plan used to determine the source of revenues and expenditures (Brookson, 2000). A budget is one of the most important financial tools used by corporates, individuals and the government to determine sources of revenues and how the available revenue may be spent without wastage (Brookson, 2000). The common types of budget are performance budget, cash budget and budget fore cast. Performance budget is based on anticipated revenues and expenses that are anticipated to be incurred in the future (Millett, 2011). Cash budget...
5 Pages(1250 words)Assignment

The Operating Budget for the City of Cincinnati Ohio

...? The Operating Budget for the of Cincinnati, Ohio Affiliation with more information about affiliation, research grants, conflict of interest and how to contact The Operating Budget for the City of Cincinnati, Ohio Introduction: The budget for the city of Cincinnati, created mainly for the general public, aims to help them recognize the process of budgeting and its final product. The process of budgeting first identifies the various services in the city, and then determines the methods in which these services should be financed. Most of the decisions with respect to the way in which the...
4 Pages(1000 words)Research Paper

Budget of a city

...?Budget of a OVERVIEW A government budget is usually considered to be a plan or a blueprint which s the total expenditure that is to be made to fulfill an established goal. It is often passed by the parliament, sanctioned by the president and presented by the finance minister of a nation to the civilians. Fiscal policy of government is ascertained to be the spending of government collection to influence the economy (Edge, “Fiscal Policy and Budget Outcomes”). The fiscal year (FY) budget for the selected government i.e. Village of Niles budget is prepared under the supervision of the Village Manager and the Financial Director of the village. Each...
6 Pages(1500 words)Research Paper

CITY BUDGET ANALYSIS OF AVALON, CA

...Presentation of Annual Budget for the of Avalon County of Los Angeles of California 0 Introduction: Formed by a duly adopted and passed Ordinance No 478, City of Avalon is famous for its summertime beaches and harbors, Avalon also boasts of its tourist-oriented businesses scattered along its coastlines. Other destinations also abound which include forest and hill trails surrounding the city. Scattered near the slopes of the mountain are small houses and buildings, mostly two to three-story high. In addition, large apartment complexes, inns and hotels can also be seen around the city (Avalon City Council 2006). Avalon's total area, according to the United...
7 Pages(1750 words)Essay

Budget

...Institute Budgets: Disadvantages and Alternatives 5/28 Table of Contents Table of Contents 2 Introduction 2 Arguments against Budgets: 3 Alternatives to Budgeting 4 Conclusion 5 References 6 Introduction Explained in simplest of terms, budget is the plan for a specific period of the organization in quantitative terms. It serves as a blueprint for the plan of action to be followed by the company in the upcoming period (Horngren, Datar, and Foster, 2006). Research on effectiveness of budget has pointed out that 80% of companies are displeased with the planning and budgeting processes, and they consume almost 20% of all the management time....
4 Pages(1000 words)Essay

Bellingham City budget cut

...Bellingham Budget Cut Bellingham is feeling the full implications of the financial crisis that has swept throughout the country. The sadministrators have been reducing the city’s annual budgets since 2008. This has affected the city’s economic activities. Many departments have had to reconsider their budgets so as to remain functional during this crisis. The police department in Bellingham City police is one of those departments that are facing a lot of challenges due to these budget cuts (Calvin, 2008). For the purposes of this paper, I will outline some of the services and duties carried out in the Bellingham City Police department and then determine which of these services and staff should be let go in order for the department... on hold...
5 Pages(1250 words)Research Paper

Schizophrenia Spectrum and Other Psychotic Disorders

1 Pages(250 words)Essay

GETTING CONTROL OF THE GREENFIELD CITY BUDGET

...GETTING CONTROL OF THE GREENFIELD BUDGET ACTORS Herb Campbell is the mayor of Greenfield During his campaign, he made a pledge to improve basic services in Greenfield city. John Scott is the city manager who arose through the city management ranks. He has stake in the way things are and offers to help through the restructure process. Susan Cheong is the budget officer in the office of the city manager. She is experienced and a professional in accounting. Nancy Schmidt is newspaper writer who engages in criticizing the leadership of the city. David Jamieson – civic leader. Lori Valdez is the city finance...
1 Pages(250 words)Article

Budget

...and transparent financial management is also important. The finance department in the fire department may opt to reduce their budget with a given percentage for instance 30% which translate to a budget totaling to $48.3 million from $69 million (Ballam, 2013). References Ballam, E. (2013). Chiefs Discuss Challenges Facing Fire Service. Firehouse. Retrieved July 28, 2014, from http://www.firehouse.com/news/10885688/chiefs-discuss-challenges-facing-fire-service Bland, R. L., & International City/County Management Association. (2005). A revenue guide for local government. Washington D.C.: International City/County Management Association. Bland, Robert L. (2013)...
2 Pages(500 words)Assignment

Budget

...for the spending (p. 145). Do Soft Earmarks Add to Total Spending? Soft earmarks do not add to the total spending because they do not involve the allocation of additional funds to any department. On the contrary, soft earmarks make requests of how a specific portion of the existing budget can be spent. The fact that they only represent a small percentage of the government’s outlets on an annual basis serves to emphasize that they do not count in the total spending (p. 146). Do you believe Control of Ear Marks to be an Important Public Issue? In my opinion, the control of earmarks is an important public issue because it concerns federal funds. Notably, earmarked funds determine projects in a state that will receive...
2 Pages(500 words)Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic City Budget for FREE!

Contact Us