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Financial Management - Assignment Example

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Financial Management Introduction: Manchester fire and rescue service is the largest fire and rescue service station that is situated outside London. It comprises of nearly 2500 members of staff as well as 41 fire stations. The service covers around 500 square miles thereby providing benefit to nearly 2.5 million people…
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Financial Management
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Financial Management

Download file to see previous pages... Financial structure refers to the right side of the firms or organizations balance sheet detailing how the assets are financed including debt as well as shares. In other words, financial structure refers to the way in which the organizations assets are financed. Like all other organizations, Manchester fire and rescue service too have a financial structure. The finance of the organization are managed by departmental managers and consists of a team which manages the payroll of the service employees, control the annual budgets as well as provide general financial advice to the managers (Organizational Structure. 2011). The Manchester fire and rescue service in its budget in 2009-10 has set aside 0.9 million pounds for effective governance, 22.2 million for community fire safety, 0.4 million for emergency planning and civil defense, and 95.8 million for fire fighting and rescue operations. Majority of the funds necessary for the purpose would be available from percepts which is money that is paid by the metropolitan district authority collected as part of council tax. Moreover it also receives funds through national non domestic rates which are businesses rates that are set up by and paid to the government and redistributed based on population. It also receives revenue support grant which is paid by the authorities from national taxation to provide funding to operate local services. Majority revenue share for the fire service organization is expected from national domestic rates. Revenues from percepts and revenue support grants follow. The financial allocations of Manchester fire and rescue services are done through financial annual budgets. Allocations and spending are strictly according to the preplanned budgets. The annual budgets expresses in financial terms the priorities determined by the members of the authority moreover it sets out the plans for service provision in the coming year. The budgets that are prepared reconsider objectives, reassess priorities as well as reexamine the way in which the service delivery is achieved currently. This is because the budgets that are prepared should be in line with the needs of the authority against the cost to local tax payers’ while operating along with governmental guidelines. To get allocation of funds from the government and its agencies all financial plans, allocations and spending should be done according to governmental guidelines. Therefore the authority has developed a three year financial planning process. The government also has a hand to determine the resources that pass through this three year process. The government has announced formula grant for the next three years starting from 2009 to 2011. The average increase in grants will be 1.4%. The collection fund surplus remains at 0.113 million pounds. Given all these increases, the Manchester fire and rescue authority has to frame its own strategies and plans to achieve the planning objectives on the basis of governmental policies. Governmental policies should be followed strictly because all major funding for operations are coming from the government. With regard to capital expenditure programme, replacements and upgrades requires resources in excess of supported borrowing approval from the government. There should be separate revenue budgets and capital expenditure programmes. The balance between the revenue and capital budgets is to be determined by the authority to achieve a balanced budget plan. The ...Download file to see next pagesRead More
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