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New York City Project Part 1 - Essay Example
Author : santinohomenick
Finance & Accounting
Pages 3 (753 words)
New York City Project Name Institution Date New York City Project Nature of the Organization We choose New York City as our research organization. New York City is the most important city in New York Metropolitan Area. And the budget of New York City is bigger than that of all but handful of states that expense $69 billion annually in 2013…
Due to lack of adequate money to do it all, the budget reflects the priorities of the city’s elected representatives. And I consider the city council of New York City has a comprehensive plan because that the New York City Charter ("the Charter") vests the responsibility for preparing an annual expense and capital budget with the mayor. The mayor must then submit the expense and capital budget to the City Council for its review and adoption. It shows that the process of making a budget has to be rigorous enough to be implemented (Christine, 2013). Besides, each budget must consist of several parts: the expense budget, which sets forth proposed appropriations for the operating expenditures for municipal services including debt service; the capital budget and program, which sets forth proposed appropriations for capital projects for the ensuing fiscal year and the three succeeding fiscal years; and the revenue budget, which shall set forth the estimated revenues and receipts of the city. In addition, the expense budget is further broken down into a contract budget, which can be viewed as a detailed portion of each agencies' other than personal services expenditures for contractual services that are personal service in nature (Christine, 2013). ...