The Budget Process - 1747 Words

1. Budgeting - An Introduction A budget is a plan that outlines an organizations financial or operational goals. It is an action plan. It helps a business allocate resources, evaluate performance, and formulate plans. Understanding the importance of budgeting is the first step in successful financial planning. This tutorial introduces budgeting and the 5 most commonly used methods of budgeting 2. Preparing amp; Controlling a Budget Budgeting is potentially a managers most valuable planning and management tool - but only if budgets are carefully planned and monitored. Depending on the size of the organization, preparing a budget can be a very complex process. This tutorial focuses on important aspects of budgeting - preparation and†¦show more content†¦* Make time for budgeting * If you invest some time in creating a comprehensive and realistic budget, it will be easier to manage and ultimately more effective. * Use last years figures - but only as a guide * Collect historical information on sales and costs if they are available - these could give you a good indication of likely future sales and costs. Its also essential to consider what your sales plans are, how your sales resources will be used and any changes in the competitive environment. * Create realistic budgets * Use historical information, your business plan and any changes in operations or priorities to budget for overheads and other fixed co sts. * Its useful to work out the relationship between variable costs and sales and then use your sales forecast to project variable costs. For example, if your unit costs reduce by 10 per cent for each additional 20 per cent of sales, how much will your unitShow MoreRelatedThe Evolution of the Federal Budget Process989 Words   |  4 PagesFederal spending is necessary for the economy and is essential to the accomplishment of national goals and advancement. This is why a budget is needed, however, there is no actual process mentioned in the Constitution that explains how Congress should do this. The Constitution states: No Money shall be drawn from the Treasury, but in Consequence of Appropriations made by Law; and a regular Statement and Account of Receipts and Expenditures of all public Money shall be published from time to timeRead MoreThe Federal Budget Process Essay2864 Words   |  12 PagesRunning head: The Federal Budget Process The Federal Budget Process Abstract This report focuses on the federal budget process of the United States of America. The annual federal budget begins with a detailed proposal from the President in February. The budget request is developed by the President’s Office of Management and Budget (OMB). Next, Congress creates a blueprint called a budget resolution that sets limits on how much each committee can spend (or reduce revenues)Read MoreBalancing The Federal Budget Process2282 Words   |  10 PagesJoint Paper: Balancing the Federal Budget Luis A. Santiago-Gaetan, Abby Baumann, and Erin Kirchner University of Massachusetts-Amherst Introduction This is Red Team’s joint paper on balancing the budget of the government of the United States of America. Red Team’s (from here on we/our) position regarding balancing the budget and reducing the federal deficit varies slightly. In many ways some team members believe that the federal budget is much like any other budget, with a set amount of money comingRead MoreBalancing The Federal Budget Process2278 Words   |  10 PagesBalancing the Federal Budget Luis A. Santiago-Gaetan, Abby Baumann, and Erin Kirchner University of Massachusetts-Amherst Introduction This is Red Team’s joint paper on balancing the budget of the government of the United States of America. Red Team’s (from here on we/our) position regarding balancing the budget and reducing the federal deficit varies slightly. In many ways some team members believe that the federal budget is much like any other budget, with a set amount of money coming in, a setRead MoreKenya’s Budget Making Process.1537 Words   |  7 PagesDiscuss comprehensively with relevant examples Kenya’s budget making process. A budget is a financial plan and a list of all planned expenses and revenues. It is a plan for saving, borrowing and spending. In summary, the purpose of budgeting is to: †¢ Provide a forecast of revenues and expenditures, that is, construct a model of how our business might perform financially if certain strategies, events and plans are carried out. †¢ Enable the actual financial operation of the business to be measuredRead MoreThe Federal Government Budget Process1761 Words   |  8 Pagesto the budget and how they decide what to spend things on. Some people just tend to look at a country and see a huge amount of debt and just assume that the country isn’t doing well. When people look at the United States of America they see a country that is a world power. People see a country that overcame many conflicts and is still trying to develop further, as much as possible. A country that has a lot of opportunities. But those opportunities would be in place if there wasn’t a process for theRead MoreLaw Enforcement Budget Process Essay2031 Words   |  9 Pagesï » ¿ Law Enforcement and It’s Budget Process LEA 432 William Forbes October 7, 2012 Law Enforcement and it’s Budget Process The economic downturn of the past several years has been devastating to local economies and, by extension, their local law enforcement agencies. According to a report by the National Institute of Justice, the United States is currently experiencing the 10th economic decline since World War II (Wiseman 2011). The impactRead MoreThe State Of New York s Budget Process1144 Words   |  5 PagesThe State of New York’s budget process involves six phases namely: The Call; The Executive Budget; Public Hearings; Legislative Amendments; Enactment Phase; and Implementation Phase. The budget process or cycle formally begins after the budget director issues the memorandum policy referred to as â€Å"The Call Letter† to heads of agencies. The Call Letter marks the official commencement of the budget process and starts at August and last through to October. As the early-mid fall approaches, each agencyRead MoreThe Role of Nigerian National Assembly in the Budget Process3201 Words   |  13 PagesTHE ROLE OF NIGERIAN NATIONAL ASSEMBLY IN THE BUDGET PROCESS A PAPER WRITTEN BY DANIEL OMOLEWA OGUNSOLA APRIL, 2009 Table of Contents 1. Executive Summary 3 2. Introduction 4 3. Balance of Budgetary Powers 5 4. The National Assembly in Nigeria’s Budget Process 7 4.1. Legal Framework 8 4.2. Institutional capacity 10 4.2.1 Effective Appropriation Committee Capacity 10 4.2.1 Establishment of a Budget Office 10 a. Journey So Far 11 b. Challenges 11 c. Prospects 11 4.3 Political WillRead MoreCapital Budget Process With Expansionary Versus Replacement1273 Words   |  6 PagesCapital Budget Process with Expansionary Versus Replacement This report is a comparative analysis of the capital budget process during making decision of expansionary versus replacement. With the objective it is the goal to maximize the wealth company and its shareholders. This process can include expansion or replacement or replacing them and which ones better show capital budgeting will help in processing the difference. Replacement decision concerns whether an existing asset should replaced by