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Budget Analysis - Essay Example

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Budget Analysis Savannah Alexander Eastern Michigan University Professor Dave Ivers PLSC 352 Public Budgeting Introduction Budgets have been very helpful as forecasts used by organizations and governments to predict and get prepared of the possible spending trends in the future financial years…
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Budget Analysis
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Budget Analysis

Budget analysis Determination of Goals and objectives of the City It is very important to determine and consider the goals and objectives of the City Council of the Ypsilanti in the initial stage of preparing the council’s budget. Knowing the goals and objectives will help me as the budget officer understand and draw appropriate boundaries that reflect mission and annual goals of the organization1. Goals and objectives of the council will work as benchmark that guide me in staying within the limits of the council’s expectations of growth and development. Determination of Expenditure As the budget officer of the City of Ypsilanti, I will make thorough and critical consideration of the current expenditures incurred to help me in structuring and estimating the scope of expenditure likely to be incurred during the next financial year. As the budget officer of Ypsilanti City I will determine the contemporary expenditure records of the city council on various areas of its operation. This will help me draw a budget forecast of the next financial year.2 I will basically make consultations with the accountant and financial officers in the council. This move will assist me in collecting all receipts and or any other testimonials that disclose any kind of expenditure incurred by the council. As in the case of this city that witnesses daily entrance and exit of 20, 000 university students, I will need to determine the average daily costs incurred by the City Council of Ypsilanti to host such visitors. In addition, I will need to determine the total expenditure incurred by the council in caring and managing the 35000 potential residents of the city. The outcome will be added to the previous expenditure on visitors to determine the total cost on human operations. These expenditures together with other operational costs shall be calculated with high level of diligence and accuracy. With forecasts on the possible changes in future, I will be able to draw a realistic budget for the city council3. Determination of Income For the budget administrator to draw a convincing and propelling budget that will attract the attention and recognition of the council legislators, he/she should indicate the possible incomes expected and their possible sources. I recognize that determination of income and their sources is a crucial stage that requires utmost diligence to convince the legislature to pass the budget. 4Indicating sources of income will make the budget of the City Council of Ypsilanti appear realistic and convenient. This will likely attract good participation and speculation of the legislators. As the budget manager in this city, I have decided that the city authority raise the gas tax to 51% and also raise vehicles registration fees to 57% in order to avail funds for repairing the road systems in this city. Other sources of required funds for the roads maintenance will also be gathered from 33% tax increase in the mileage travelled by vehicles operating within the city. Ensuring balance The next and probably sensitive point in preparing the budget of the city council is achieving a balance between the expenditure and the expected income. I understand that council legislatures will not approve any budget viewed to cause big deficit above the financing ... Read More
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