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Two questions related to Public Budget and Finance. - Essay Example
Finance & Accounting
Pages 4 (1004 words)
PUBLIC BUDGETING AND FINANCE [Your name goes here] [Your class name goes here] [Your college name] Public Budgeting and Finance Answer No. 1 As Biglefeld and Zoumbaris (2000) state, “it does take careful thought and planning to budget your money” (p. 85)…
Public budgeting is targeted towards the wellness of citizens. A little wrong prioritization, misallocation of resources, and financial negligence in this process can pose certain challenges for the government regarding implementation of public wellness programs and other public policies. Public budgeting holds a critical place in decision making processes because it is directly associated with the well-being of citizens. It is one of the main responsibilities of any government to allocate resources among competing public sector needs in such a way that none of the sectors faces shortage of funds in any particular stage. Public budgeting includes analysis of the needs of all public sectors and allocation of financial resources in accordance with the analysis report. It is obvious that if one program is overfunded, some other public service program will definitely bear the costs. It is the job the government to decide which sector should be given more space in the public budget and which sector should be at stake. Given the nature of the public budgeting process, governments usually encounter difficulty in making decisions regarding starting of new programs and eliminating existing programs. They have to decide on these issue based on financial analysis of the current economic position of the country. ...
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