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Budgets Essay Topics & Paper Examples

Budgets

There are certain elements that are to be considered in studying and defining the budget, especially in the field of public administration. These elements include economic, political, and ideological concerns that affect the processes budget goes through. A fourth element that defines budget is societal concerns, which proves to be an important factor for the success of the budget. The budget is said to be economic such that it paints a picture where there is a supply and demand. The supply of funds available for the organization would likewise be met by a demand by its components. The scarcity in funds, as is mostly the situation for finite resources, results to the competition of the different departments for their share…

Budgets in higher education

In higher education institutions, best budgeting practices involves the use of proper and excellent coordination of master plan which establishes all the priorities which have to be undertaken in the institution. This ensures that all the higher education institutions attend to their respective economic and educational goals. The institutions need to have in place excellent and sufficient infrastructure. In depth periodic facilities audits should be done so as to ensure that the facilities are well and adequate. There should be creation of baseline data for the institution so as to enhance planning procedure. The institutions’ operation budget should have an allocation of repair and renewal. All the needs of the institution should be allocated with the funds available. There is…

Traditional budgeting system

Wildavsky (1978, p. 502) mentions that “traditional budgeting is annual (repeated yearly) and incremental (departing marginally from the year before)”. It is conducted on a cash basis in current dollar. It is also in the form of line-items such as personnel or maintenance. This system is essentially a financial plan of estimated expenditures expressed in terms of kinds and quantities of objects to be bought and the estimated funds needed to finance them during a specified period, usually one year (Babunakis, 1976). The traditional budgeting system, therefore, provides a means for national governments to promote accountability with regard to the utilization of funds and to ensure every expenditure matches the original plans. It serves as the basis for establishing the…

Zero-Based Budgeting

As the zero-based budget consultant for Windsor Memorial Hospital I will make recommendations to the Board of Directors on how to create a solid plan to reduce costs and increase productivity. This will be a team based solution. In order to sustain the plan for years to come, it will require continued effort and a commitment from all current and future employees. Zero-based budgeting is one of the most efficient ways to allocate resources. One of the main reasons people turn to this particular type of budgeting is because when managers are forced to account for each line item, they are usually able to find more creative ways to utilize limited resources. Even though working through a zero-based budget will…

Are the government officials good stewards of public funds?

The parliament should play an active role in ensuring the availability and credibility of fiscal information. There should be clear procedure for budget execution, monitoring, and reporting. The accounting system should provide a reliable basis for tracking revenues, commitments, payments, arrears, liabilities, and assets, writes M S Siddiqui A budget is a government’s plan on the use of public resources to meet the citizens’ needs. Budget Transparency (BT) means that ordinary citizens can access information about how public resources are allocated and used. Budget Transparency is defined as the full disclosure of all relevant fiscal information in a timely and systematic manner. “BT is a precondition for public participation in budget processes. The combination of BT and public participation in…

BUDGETS AND BUDGETORY CONTROL

BUDGETS AND BUDGETORY CONTROL 1. INTRODUCTION: The first important task in front of the management is to have clearly defined objectives. Objectives are short term as well as long term and they should be defined in clear terms. It is necessary to prepare a comprehensive plan to transform these objectives into reality and planning without controlling will not be effective and hence there is a need of effective control system. While planning helps an organization to work systematically towards achieving the objectives, controlling helps to review the progress made and to monitor whether the work is progressing as per the plan or not. Budgeting is one such technique that helps in planning as well as controlling. It is a technique…