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The Operating Budget for the City of Cincinnati Ohio - Research Paper Example

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The Operating Budget for the City of Cincinnati, Ohio Name of Author Author’s Affiliation Author Note Author note 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…
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The Operating Budget for the City of Cincinnati Ohio
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"The Operating Budget for the City of Cincinnati Ohio"

Download file to see previous pages Possessing the knowledge of budget is a pre requirement to have an impact on the city government. The local self government of the Cincinnati city is biennial. It can be seen that municipalities in Cincinnati have the power of the local self government to enforce sanitary regulations as well as other such regulations, which would not be in conflict with the general laws. Many of the important decisions regarding various operations in the city are done when creating the budget. The biennial has various responsibilities such as supplying clean and pure water to the public. In the city, various efforts were taken by the government to reduce violence through more stringent implementation of criminal justice system aided by law enforcement as well as other community organizations. 1. Budget Overview: 1. Financial Summary, including Revenue and Expenditures In the City of Cincinnati, Ohio, the biennial local governments utilize funds to maintain different types of revenue and expenditure accounts, keeping them separated from each other depending upon the goal of the fund. The budget of the city of Cincinnati is arranged on the basis of cash with the exemption of accrued employee benefit costs and personnel services. In the basis of cash accounting, revenue is identified when it is received and a cost is identified when it is paid. The city reports various governmental funds including General Fund, Capital Projects Fund, Debt Service Fund and other such important proprietary funds include Water Works Enterprise Fund. The city assembles, sells and purifies water to facilitate businesses and most importantly the residents of Cincinnati. Revenue consists mainly of user costs. 2. Department Budgets: The department budget of the city of Cincinnati permits to evaluate the costs and expenses connected to a particular section and whether the profits are adequate to convene these expenses or not. Furthermore, it allows the management to determine its financial performance. Following are the Department Budgets summary of the City of Cincinnati Ohio in Biennial. (financial plan) 2011 2012 2013 changes to 2013 Budget to 2012 Operating budget 28,120,790 29,221,010 28196430 (10245808) Other expenses 25,425,370 27,413,020 30,121,550 (2708530) Equipment 668,150 1,080,000 801,050 (278950) Operating total 54214310 57714030 59119030 (13233288) Employee Benefits 8, 5641,320 10,437,820 10,112,460 (325360) General Fund Overhead 1,403,550 1,421,590 2,424,890 1003300 Debt Service 2,403,550 2,421,490 2,324,790 (96700) Total 89448420 14280900 14862140 581240 3. Funding: Funding refers to the commercial action of providing capital and funds both in terms of fixed capital as well as working capital. The Cincinnati section of Community Development makes possible the process of funding as well as provides other resources that help in neighborhood revitalization, quality housing and human facilities. General Fund is the accounting unit in which every governmental activity is accounted for. Its incomes comprise intergovernmental shared revenues, taxes, investment income and charges for services. “General Fund expenditures represent costs of general government, economic development, public safety, public services, public health, parks and recreation, and other services” (City of Cincinnati, 2008, p.27). Capital Projects: Capital Projects are ...Download file to see next pagesRead More
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