Florida Budget Cycle

The budgets process could help to spread resoursces that increase the skill to get best outcome.

The budget process is a powerful planning tool for government to make important resource decisions. According the Carney and Schoenfeld‘s article on How to read a Budget, an operating budget is a reflection of government’s financial plans. When a budget is

Budget preparation is a process with designated groups and individuals having defined responsibilities. According to Irene S. Rubin “ The public budget process mediates between organizations and individuals who want different things and determines who gets what out of the budget.”1The Government set up an annual budget that includes people perspectives, opinions , accountability and than determine how the budget will get divided based on protected interests. Moreover, Public budgeting determines how government spend money, provide necessary resources , and limit government expenditures to prevent overspending.

This research paper is a brief discussion of budget management analysis. Budgeting is the key to financial management, and is the key to translates an organization goals or plan into money. Budgeting is a rough estimate of how much a company will need to get their work done, and provides the basis for evaluating performance, a source of motivation, coordinating business activities, a tool for management communication and instructions to employees. Without a budget an organization would be like a driver, driving blinded without instructions or any sense of direction, that’s how important a budget is to every organization and individual likewise (Clark, 2005).

Capital budgeting is a precise substantial process that the (FLDOE) integrates in their financial management measures that the agency uses in determining investment and current expenditures. It is the development which includes the determination and the evaluation of the investments and the possible outlays by an organization. Florida Department of Education (FLDOE) is motivated on attaining the preeminent outcomes that an educational structure has in relationship with high quality services. The agency, hence from end to end integrates various activities that is focused on improving public education issues while reducing educational total cost. The agency relies on capital budgeting as a tool to ensure that all capital and resources are being well utilized. The process of capital budgeting entails the emphasis on key aspects that includes determining debt capacity, funding and other activities that may include refunding and the restructuring of the existing debt obligations.

The first phase of the cycle, consist of preparation and submission of the budget to the legislative body, which in this case is the city council. The Mayor of Birmingham submits the budget to the city council. The second phase of the cycles is approval by the city council. The third phase on the budget is execution, in this phase the approved areas of the operational budget are executed. The fourth and final phase audit and evaluation, involved the current operational budget to be

Money is the key to success or not. In doing so, I learned that creating a budget is a two year long process. California’s budget actually exceeds the federal budget, spending over $100 billion a year (Castaneda 2017). With that, most of the revenue comes from our state tax when we pay for products and individual income taxes. Like the education district, the state budget goes along the state economy. In doing so, the process takes a while starting with April where the administrative departments prepare budgetary requests. In May, agencies prepare preliminary program budget where in July-August the department of finance and governor issue policy direction. Throughout the months of September and November, the Department of Finance reviews the proposals of the agencies as well as the Commission on State Finance and experts forecast revenues (Field 2013). At this point, the next year begins with Governor submitting budget to legislature which follows into February as the legislative analyst publish its findings. In doing so the next few months, the legislative branch conducts hearing, committees work out compromise, and by June the budget is signed by the Governor (Castaneda

The budgeted income statement, cash flows, and balance sheet follow in order. The income budget relies on the revenue and expense forecast from the operating budget, while the budget cash flows are planned for financial and investment activities. A final component of the budget process, the projected balance statement, can be used to tie in all the budgeting dependencies. Once a budget has been prepared, evaluation can be expected before approval. Budgetary components may require several iterations before finalizing the organizational budget.

Budgeting is the systematic method of allocating financial, physical, and human resources to achieve an organization’s strategic goals. Budgets are utilized by for-profit and non-profit organizations to monitor the progress towards the goals, assist in the control of spending, and help predict cash flow for the organization.

Future Pennsylvania budget stalemates could be averted by following a simple, understated guideline. “It is not about how much you make, it is about how much you spend.” The overall goal should be to increase state economic revenue while decreasing state expenses. Currently, the state of Pennsylvania has one of the highest corporate income taxes in the country. This mounting tax wards off future entrepreneurs from establishing their businesses, and encourages withstanding companies to uproot to a more desirable location. As business owners, they need to make smart executive decisions. In an attempt to increase state economic revenue, the corporate income tax could be lowered. This type of tax decrease will then appeal to business owners, making

Public agencies undergo a process to create a budget. This process is called budget cycle. Budget cycle consist of four steps which are preparation and submission, approval, execution, and audit and evaluation. In order for a budget to be effective within public agencies , the agency has to follow the rules and regulations of preparing a budget. The government has created two departments to make sure the agency is preparing and following the rules of the budget cycle which are Office Management Budget and General Accountability Office.

Budget is the major financial and economic statement. The role of the budget is to keep track of the money coming in and the money going out. It is essential part of running any business effectively. It can help make a short and long term projections about financial situation, avert a financial crisis and plan for major financial changes.

Budget formulation and use are tools that guide many decision making strategies in business. The measures that are least effective could create an avalanche of catastrophic events that can negatively impact the decision making strategies. It is in the best interest of the pertinent parties to draft an operating budget based on a collective set of information relating to organizational vision and mission. Ineffective measures can be catastrophic based on the foundation for measures used in creating the budget. Among the many issues organizations face that relates to creating an effective operating budget results from poor

Budgeting is crucial in the well-being of a company especially the financial health status of a company. In fact, no professionally managed firm would fail to budget, since the budget establishes what is authorized, how to plan for purchasing contracts and hiring, and indicates how much financing is needed to support planned activity. It is routine for a company to budget for its expenses. Expense budgets act as a guideline of how much revenue a company would require keeping the activities running. It is used to set the company’s targets for a certain period.

Budget and budgetary control practices are undeniably indispensable as organizations routinely go about their business activities and operations. These organizations are constantly on the alert on how actual levels of performance agree with planned or budgeted performance. A budget expresses a plan in monetary terms. It is prepared and approved prior to a particular budgeted period and explicitly may show the income, expenditure and the capital to be employed by organizations in achieving their goals and objectives.