New York City Project Part 1 - Essay Example

Due to lack of adequate money to do it all, the budget reflects the priorities of the city’s elected representatives. And I consider the city council of New York City has a comprehensive plan because that the New York City Charter ("the Charter") vests the responsibility for preparing an annual expense and capital budget with the mayor. The mayor must then submit the expense and capital budget to the City Council for its review and adoption. It shows that the process of making a budget has to be rigorous enough to be implemented (Christine, 2013).

Besides, each budget must consist of several parts: the expense budget, which sets forth proposed appropriations for the operating expenditures for municipal services including debt service; the capital budget and program, which sets forth proposed appropriations for capital projects for the ensuing fiscal year and the three succeeding fiscal years; and the revenue budget, which shall set forth the estimated revenues and receipts of the city. In addition, the expense budget is further broken down into a contract budget, which can be viewed as a detailed portion of each agencies' other than personal services expenditures for contractual services that are personal service in nature (Christine, 2013). . Private employment rose by 9,000 in August 2013 after an increase of 13,000 in July.

The unemployment rate rose to 8.6 percent in August from 8.4 percent in July. House market is a significant factor in the New York City’s economy. Some of the most expensive office space in the United States is located in New York City. For example, the world’s third expensive office building-Bank of America tower was value $1 billion in New York City. Department of building’s Fiscal 2014 Preliminary Budget is $93.7 million, which is approximately $2.6 million less than the $96.4 million Fiscal 2013 Adopted Budget (Christine, 2013).

This is primarily due to revenue increases from construction related fees. Budgeting Methods Budgeting is a very important management tool in every organization. New York City plays a very important role in the economy of United State. The constitution of United State gives the city council of New York the power to make budget. This budget ensure that the city continue to support the economy. The city is headed by a mayor who manages the city with the assist of a council, which is commonly called city council (Clarke, 1978).

The city council of New York uses a master budget in running the activities of the city. The city council uses this approach because it can project all the activities that need a budget allocation. The line items in the master budget include transport expenses, salaries and allowances. The performance of the city’s budget is monitored on monthly bases by its chief financial officer to ensure accountability. The city has various departments such as health, education and waste management (Eltis, 1993).

Expenditure is distributed as per the departments'