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Finance and Public Administrators - Research Paper Example

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To: The Mayor From: A.N. Consultant Date: 26th September 2011 Subject: Budget Allocation Report Introduction Allocating a budget is not an easy task. There are many competing ends and so expenses have to be prioritized. In allocating the budget of $10 million there are a number of developments in the city that require capital outlay…
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Finance and Public Administrators
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Download file to see previous pages There are also a number of roads that need to be repaired and the plan is to start with the ones that have the greatest need. In addition to those capital requirements the expenses relating to the day to day operations of the city needs to be taken into account. Non-profit organizations play a useful role in the city and so a certain level of funding is normally made available to them so that they can continue to achieve their goals. The Budget According to Horngren et al (2000, p. 178 -180), a budget is the financial plan of an organization which is communicated in quantitative terms. It forms a blueprint for management to follow in an upcoming period and outlines the operational goals for a specific period of time. It states where financial resources will come from and what they will be used for. Planning is achieved through the budgeting process and forms the basis for decisions made by management. Horngren further states that budgets represent a major aspect management control systems. As long as they are administered in an appropriate manner they have the following characteristics. they compel planning they provide criteria for performance; and they promote the coordination and communication of activities in the organization. Planning is a major function of the budget as it seeks to quantify the plan. The plan specifies the type, quantity and quality of services that will be provided, estimating the costs and deciding how they will be paid for. The Council prepares the estimates of income than will be generated from various services provided at a cost by the city. These services include and are not limited to transportation, water and sewage. Other income generators include property tax and corporation tax, and income tax. The expenditure includes both capital and current expenditures. The performance criteria are useful both for staff and for sub-contractors who perform jobs in the city. They set the standard for achieving the goals and objectives of the departments. In coordinating and communicating the plan all the management personnel in these departments coordinate the tasks for their subordinates so that the goals of Council will be achieved. The objectives of the departments are communicated in such a way that they are clearly understood by employees. Controlling and administering the budget helps to ensure that resources are obtained and expended based on plans. Budgets are used to monitor the flow of resources to ensure that they are used as intended and that there are no significant over-runs. According to Chan (2009) the annual budget prepared in the public sector is not only a planning document but also includes projections of revenue collection as the law authorizes well as information on expenditure that has been proposed by executives and approved by the legislature. This implies that the budget is used as tool for management control as well legislative oversight. Any transactions and activities undertaken have to be in keeping with the budget. Chan (2009) indicates that this type of accounting is described as management accounting in business and budgetary accounting in the public sector. It is in this same way that the City Council will go about controlling and managing public funds. Table 2 shows a summary version of the city’s budget for the fiscal year ending 31st March 2012. Summary of Budgeted Expenditure for the Fiscal Year Ending 31 March 2012 Budget Allocation/Revenue $10,000,0000 ...Download file to see next pagesRead More
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