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. In America, it is the responsibility of executives, legislators, as well as judiciary to maintain a check and balance on the public budgeting process. In the Federal government system, the congress enacts the budgets, whereas the president is held responsible for providing the guidelines for the preparation and submission of the budget. Public budgeting provides government officials the information about current financial position of the economy by detailing the capital in hand, as well as predicted future expenditures related to current and ongoing business processes. Proper financial analysis also helps governments cut off the extra costs and utilize the available capital for other public service activities. Governments need to plan business and public wellness activities according to their financial budgets. If a government does not pay attention towards managing financial activities, problems can occur which may delay the planned activities (Lynch, 1991). Therefore, from public budgeting perspective, it is imperative to develop a perfect budget plan that should help the government in achieving the desired goals and objectives while maintaining the financial equilibrium. Having discussed the public budgeting system in detail, let us also talk about information, justification, and examination that play an important role in the development of a public budget. Budgeting is primarily based on information. Budgeting systems are all about gathering reliable and accurate information of both technical and political nature and using that information in making resource allocation decisions. Justification refers to process of deciding whether a public service program should be funded or not based on proper justifications. Examination, on the other hand, is all about analyzing the way organization’s resources have been used in the past and developing a course of action for future programs. Answer No. 2 Budget Process As Morgan (2006) states, “the success of a business depends on the capital budgeting decisions taken by the management” (p. 1). Budgets are prepared to set and accomplish organizational goals and objectives. These budgets help the organizations in preparing a
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)…
This study would be highlighting various welfare issues of Australia, with respect to the world economy, under three major aspects. The first part of the essay would be focusing on the welfare economics, welfare programs designed for lower income groups to relieve them from poverty.
Introduction The major issues arising from the welfare reform are the reduction in wages and increase in unemployment. As a result of this ‘displacement impact’ of the welfare reforms being large, the subsequent increase in labor supply must be large.
Public debt, thus, sums up the overall stock of outstanding IOUs issued by the government in the past and not yet serviced (Diamond 1126). Intuitively, public debt equals the cumulative net borrowing by the government from the public over time, and that the annual budget deficit accruals are just but the current period additions (year, quarter, month, etc.) to the total outstanding public debt.
One important country that can be studied is South Korea. It is a country that used to be badly hit by the crisis but the country seems to be doing well recently. One manifestation of South Korea’s success is that its Samsung is able to present a strong competition to the United States’ Apple.
It is claimed that budgetary control has almost become a necessary tool for the management to control the costs and enhance profitability. But the changing time is so competitive in business and other activities that many times changes in activities occur so fast that relevance of budgets and budgetary control look useless, as with frequent changes the budgetary prediction often look unreal.
While the politics primarily does the policy making job-both in terms of actual policy making and by giving directional impetus to policy making by other specialized agents of the State e.g. the Central Bank; it is the support bureaucracy of this polity which does the policy implementation job through its internecine presence in the concerned state.
This discussion not only highlights these laws around the world that have helped to make public sector enterprises more transparent but also provides recommendations for more effective legal framework to enhance the functioning of fiscal and budget procedures and processes.
The paper also looks at the key issues in the outflow of funds from the Federal Reserve to the local governments. It ends with the discussion of cash management at the local government level as well as the elements
Thus, an effective tax system should ensure timely collection of tax so that it can support the various developmental programmes of the government. In effective tax system will compel the government with fund shortage that will lead to government
The meaning of efficiency would be to allocate resources in such a way so that market does not fail. Therefore; we would consider two main types of efficiencies, the productive efficiency and the parreto efficiency. Productive efficiency occurs when the economy is
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