Educational Finance (Budget Calendar) - Assignment Example

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Educational Finance (Budget Calendar)

There are steps to be followed in the budgeting process. The first step is usually a review of the program and management achievements and the fiscal performance of the year that is about to end. The objectives are therefore reviewed, the committee will compare the budget to the actual figures, and takes into account the number of people served during each program. The solution obtained after dividing true cost of the program by the number of people served will help analyze the cost per unit of service. Hence, ne goals and objectives should be discussed and an consensus is reached. All the individuals and groups affected by the budget should be involved in the whole process. Consultations are fundamental in the budgeting process. This would minimize unnecessary conflicts during or even after preparation of the budget. In addition, it would also help spearhead the implementation process. A school budget for instance should be inclusive of the parents and teachers as it will have an impact on them either directly or indirectly. Parents have a responsibility of paying school fees for their sons and daughters hence have exclusive rights for information on how school funds are used. ...Show more

Summary

BUDGET CALENDAR Name Professor Institution Course Date A budget is a document that set forth the priorities and levels of spending, how to finance the spending, and a plan for managing the funds. The federal budget, for example, comprises a record of actual receipts and spending for the fiscal year…
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