On January 14, 2015 the Local Finance Board (LFB), which is part of the Division of the Local Government Services in the State of New Jersey adopted Rule: N.J.A.C. 5:30-3.8, which requires municipalities in the State to complete on an annual basis a User-Friendly Budget document. As a result of this new requirement, for fiscal year 2015 beginning with calendar year municipalities (January 1 to December 31), New Jersey municipalities must submit as part of their annual budget package to the State, a User-Friendly Budget document. Additionally, the State of New Jersey is requiring that municipalities incorporate the User-Friendly Budget into the introduced municipal budget, as well as the final adopted municipal budget. Therefore with this requirement …show more content…
The Chief Financial Officer of each local municipality is in charge of creating the overall budget and User-Friendly Budget document. In conducting this survey, it will vary from the first survey in that it will incorporate more quantitative type questions. The object behind this survey is to see if I can obtain information on the number of citizens attend budget hearings for both the introduced and adopted budgets before and after the requirement of the User-Friendly Budget document. I am also attempting to gather information on whether or not CFO’s are actively attempting to increase citizen participation by effectively advertising the User-Friendly Budget. How many people have they explained what the User-Friendly Budget document is and how it works. Additionally I am attempting to see if CFO have a positive or negative reaction the new requirement to create a User-Friendly Budget document. This may be a key driving force on whether or not citizen participation increases as a result of the User-Friendly Budget. If local municipalities do not effectively advertise their budget than the expectations are that there will be little to no increase in citizen
Mikesell, J. L. (2010). Fiscal administration: Analysis and applications for the public sector (8th ed.: 2010 custom edition). Mason, OH: Cengage Learning
Question 1[Answer] A proposal to evaluate the exercise should contain evaluating employee responses, knowledge, attitudes, behaviour and impact on the organization. A number of subjective and objective methods can be used in grouping. The evaluation should also contain a cost-benefit analysis use the simple formula: revenue – cost = profit.
This first question is the easy question and i made my mind on what methods i should pick. I pick a convenience methods even despite the flaws of creating a bias in result of an incompleted conclusion and this convenience methods also it may not represent the views of others student. But the methods itself is very lazy but the way to get people to do the survey by being up in their face and surveying two hunderd out of five thousand student that come to the liberty, really
Creating a budget in clinical research is very detailed, organized and specific towards each individual clinical research trial. When coming up with a budget you need to know what your limit is and stick to it. Negotiating a budget can be difficult, both sides need to collaborate and discuss the necessary and reasonable funds for the trial. There are limits to a budget which include no construction, travel is limited, and overall cost can’t exceed a set limit. (1, 3)
Budgeting Assignment A company's budget serves as a guideline in planning and committing costs in order to meet tactical and strategic goals. Tactical goals such as providing budgetary costs for daily operations, and strategic objectives that include R&D, production, marketing, and distribution are all part of the budgeting process. Serving as a guideline rather than being set in stone, the budget is a snapshot of a manager's "best thinking at the time it is prepared." (Marshall, 2003, p.496)
Discussion: With a mission driven budget there will be an effort to calculate needs and what do the tuition and fees cover. We may get less from the UMaine System if raising more on this campus.
Top-down budgeting is described as “dominated by top members of the executive branch and the legislative branch. Decisions made by these top ranked actors include such matters as targets for programs or departments. Lower ranked decisions are sharply constrained by these top down decisions. Top-down budgeting may seek to prevent unwanted proposals” (Williams & Calabrese, 2011). Top-down budgeting is widely-used in the government, but also in many organizations (Ljungham). Organizationally, top-down budgeting decision makers are top level executives or senior leaders which determine the budget for lower levels of the organization. As stated, the method commonly goes beyond budgeting to include setting of program and department goals and targets. In a government and an organization there is little, if any; input solicited or considered when budgeting decisions are made. This may result in operational and logistical constraints in the lower levels of government or organization when plans are implemented.
Process costing System is an accounting expression which describes one method to determine the manufacturing costs to the units manufactured . Processing is typically used when similar units are mass produced. Also process costing system is a type of accounting process costing which is used to determine the cost of a produced inventory. Chartered Institute of Management Accountants (CIMA) defines process costing as " The costing method applicable where goods or services result from a sequence of continuous or repetitive operations or processes. Costs are average over the units produced during the period, being initially charged to the operation or process "( College Accounting Coach, 2007). Process costing is more important and appropriate for all businesses producing identical products during which production is an ongoing flow. Toyota is on the of the major companies in the world that used well-known new philosophic management to produce identical products using process costing system.
The overall purpose of cost accounting is to advise top administration and the management team on the most suitable and cost effective methods and actions to employ based on cost, capability and efficiencies of a given product or service. It can be defined as the method where all the expenditures used during execution of business activities are gathered, categorized, examined and noted down (Horngren & Srikant, 2000). Once these numbers are gathered and recorded the information is used to determine a selling price and/or to identify possible investment opportunities. Although the principal aim or function of cost accounting is to help the business administration with their decision making and business planning process, the cost accounting data
Making a personal budget can be a very simple or a very arduous task, depending on how one goes about it. One must find stable monthly expenses, such as rent, and manage the rest of their income around that amount. Depending on the steps an individual takes, this can be a very simple process. For this project, I was assigned to make three personal budgets for three different situations. This paper will outline the first.
c. To show the results of six survey questions asking people's opinion regarding the economy.
The method of research for this paper is a mix of data collection and quantitative analysis. The quantitative analysis would involve collection of statistical data available from the users and demographics details over a period of time, in this case November - December, 2007. In all questionnaires will be administered to 150 respondents.
Budget is combining your income and expenses to decide how much money you are going to spend on an item. Budget is an important step to determine your financial health and financial stability. It’s an important financial tool because it can help plan for expenses, cut cost were unneeded, save for future goals, plan for emergencies that occur inexpediently, and list what you are spending and saving.
The following essay aims to analyse in depth a computerised accounting system and its aspects such as its history, what technologies is based on, and how it has developed since its beginning. Other aspects such as the current state of the system and the interactions with other systems and the future of the system will also be covered in this paper.
Fiscal Affairs Department of IMF in 2009 declared that a statement of the main central government tax expenditures should be required as part of the budget or related fiscal documentation, indicating the public policy purpose of each provision, its duration, and the intended beneficiaries. In addition, there is an area of the budget that routinely escapes rigorous inspection. This is the large allocation of state resources through the use of tax expenditures which reduce the taxes that might otherwise be collected. The tax expenditure report supplements the annual or biennial budget document (Benker, 1986).