Budgeting and financial systems in the public sector - Article Example

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Budgeting and financial systems in the public sector

In general, a public budget comprises of four setting. Firstly, a political factor allots the limited public resources to the social and economic needs. Secondly, it is a managerial and administrative factor as it strategises the various ways in which the public will be provided with their needs through setting appropriate programs and services, their costs, their evaluation and implementation methodologies (Bamishigbin, 2012). Thirdly, it is an economical factor as it determines the various ways the town shall engage in growth and development. Lastly, it is an accounting factor as it holds the town`s top executive accountable for the funds allocated to them by the government for expenditure (Blidesel, Popa, & Pop, n.d.). Every budget has two significant elements, capital and recurrent estimates. For the recurrent budget, it comprises of the recurrent revenues and expenditures (Bamishigbin, 2012). This is the segment of the city`s budget that is comprised of the budgeted cash for running the government operations and consumptions. Capital budget is the section of the city`s budget, which consists of capital receipt and expenditure. This is the capital translated into development programs and services to city dwellers (Blidesel, Popa, & Pop, n.d.). There are various forms of budget. For instance, line item budget is the traditional type of budget. ...Show more

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In line Budget Versus Performance-Based Budget Student`s Name Institution`s Name Introduction A budget provides the financial blueprint of how the city is to be developed. Budgeting of money at public and private entities sees into effective and efficient control of operations of the entity (Chrisinger, 2010)…
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