...Financial budget planning for many states can be a complex issue. The planners are looking at the large scale of things and tend to extend costs of operations to the agencies that perform the daily operations of state government without their input. This lack of input may affect many programs and daily operations when the budgets are submitted. There are many areas that may be under funded, such as salary increase, specific legislative programs of interest like energy reduction, establishing a tobacco free environment on state property, unexpected spikes in utility costs and the unpredictable revenues gained or lost from natural resources such as Oil and Natural Gas or any other resource specific to a state’s gain in revenue. Government Financial Planning State Government will spend a vast amount of time planning for upcoming fiscal years and the budgetary requirements needed to sustain the states operations during that particular fiscal year. Unfortunately many planners look at the big picture only and leave the small details to the individual state agencies to overcome the shortages within their operating budgets that were appropriated and distributed to them through legislation. One of the drawbacks is when legislation passes new requirements such as energy reduction, but fails to include how this new requirement are to be funded and how this type of action impacts the budgets of state agencies especially ones that are already operating on a small budget. Financial...
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...Financial Management in NHS Name: Course: Professor’s Name: University: City (State): Date: Sources of funding There are different sources of financing that the hospital uses to finance its operations. The hospital uses both internal and external sources to fund its operations. One of the internal sources of financing that the hospital utilizes is the revenue that is collected from the services offered to both inpatients and outpatients. The second source of internal finance that the company uses is the sale of fixed assets that are not require in the hospital. The hospital on annual basis carries out an evaluation of the assets that it no longer requires and disposes them as a way of financing its operations. The hospital further uses external methods of financing its activities. One of the main sources of finance is through the use of bank loans and overdrafts. The company seeks for both long-term and short-term loans to finance its operations. Other sources include government grants and charities from non-governmental institutions. Financial stakeholders and their various expectations Stakeholders are referred to those individuals who have an interest in the running of Moorfield’s Eye hospital. These stakeholders may commit their resources towards running of the hospital directly...
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...CODMAN & SHURTLEFF : Planning and control system Introduction Define the situation. JJ and CD .. The teams, etc 1. The Johnson & Johnson planning and control system efficiency Definition : Management & Control System Management control system can be defined as a critical function in organizations. (K. A Merchant & Wim A. Van Der Stede, 2007). In other words, it can also be described as the process by which an organization secures to achieve its performance. Major roles of control systems - Motivate organisation members to act consistently with organizational objectives - Integrate the different parts of an organisation - Proper interchange/flow of information within the organization - Enable strategic plans implementation (L.D. Benyayer, 2014) Evaluate the planning and control system use at Johnson & Johnson Strengths - Decentralized Management o Decentralization, split by business unit – easier to control and have a better view of each unit o All subsidiaries report directly to executive committee members. o Subsidiaries are managed by locals, which enables the organization to gain proper knowledge of the local market, cultural affinity, norms and values. o Each director has to analyze their own business unit strategy and is in charge of monitoring. Allows them to get a grasp of the bigger picture instead of solely working through their day-to-day activity. - Long term approach...
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...HSC STUDY BUDDY Role of Financial Management Strategic role of Financial Management • • • • • • Strategic financial management is the process of setting objectives throughout the business and deciding what resources are needed to achieve these objectives. The ‘finance’ part comes through the specific decisions as to how the resources will be financed. Financial management has a strategic role because it takes place in a changing environment and plans need to be flexible and ready to change. Strategic financial planning sets out the broad series of steps that need to be taken to achieve the business’ strategic objectives. Examples of changing business environments: o Taxation and other laws o Technology o Economy o Financial Innovations Within this changing environment the foals of the business need to be reached. o Liquidity o Solvency o Profitability o Growth o Efficiency Objectives...
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...of accountability, and the extent to which a governmental entity adheres to its budget is a major consideration when assessing accountability. In August 2005, Violet Bay1 taxpayers were informed that their school system had run a $7 million deficit after several previous assurances that the system was fiscally sound and would finish the year with a surplus. By November 2005, an external audit determined that the actual deficit was $12.1 million. Three months later, a special grand jury report was released describing the causes of the financial crisis and addressing the means to correct the situation. What went wrong? Place yourself in the role of an auditor or a consultant and identify the problems. As you do so, you will better appreciate the importance of internal control and will gain experience in identifying and assessing client risks. While this case involves a governmental entity—a school district—no prior coursework in governmental accounting is required to complete case requirements. PART I – THE BUDGET PROCESS The Violet Bay School District (hereinafter, the “VBSD” or the “School”) provides public primary and secondary education to local students. The VBSD, with its elected 11-person School Board, is a separate legal entity, but is fiscally dependent on the City of Violet Bay (hereinafter, the “City”). The constitution and code of the state place responsibility for developing the School budget with the...
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...Introduction | This is the assignment for the Understanding Financial Management unit. The aim of this unit is to develop understanding of finance within the context of an organisation, as required by a practising or potential middle manager.The task requires you to demonstrate your understanding of finance and the value of recording financial information within the context of your organisation. You are then asked to explain the process of budget setting in the organisation and how budgetary techniques are used to contribute to controlling cost in your own area of operation.If you are not currently working within an organisation, then you may complete this task in relation to an organisation with which you are familiar. This could include experience working in a voluntary capacity.The tasks you need to undertake are:- * read all the questions * complete the learning activities associated with this course * discuss the assignment with your coach at your tutorial * complete any other activities that you need to undertake for your assignment * answer the questions in the spaces provided Here are some tips on completing the assignment, based on submissions from previous students: * make sure you read and answer all the questions! Even the most accomplished writers have fallen down by providing answers that are exceptionally well written – but well off the mark. This is usually because they have not gathered a full understanding of the questions before embarking on...
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...a time when financing a nation becomes too much for the business sector to handle, and the nation’s debt begins to weigh down on it like increasing gravity. When something like this happens, the first and most illogical choice of action is raising taxes. Despite the failure of this measure, the government is almost always convinced that throwing money on the problem fixes thins, usually in the forms of stimulus plans and redistribution ploys that always have a negative effect on a growing economy. As a result, there is no oversight in monitoring the flow of money, so even though they don’t say it, it is apparent that the money just disappears. Since this money has no way of being followed, it creates an enormous amount of strain on budgets and accounts, that there is no possible way to finance this. Many programs have people hooked onto the government for dependency and support, and this money comes from the taxpayers straight to these government partakers and never sees a return from it. Without responsibility on all fronts, there is no way to guarantee a revenue stream for a nation, and without one there can be no protection from recession. The saving grace of being responsible is the radically fast turnaround rate the enacted changes make when they are put into play. Entitlements, a driving force in determining this nation’s debt threshold. These systems pay people money for a variety of reasons, most likely of the unearned kind of reasons. As such, the demand for...
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...strong beliefs about taking care of its citizens and delivering health care to all. Factors over time have molded our health care system into what it is today. Forces that have affected the development of the U.S. health care system are changing demographics, availability of services and service providers, and policy changes. Since before the 1900s, public health was the dominant target of the health care system. Epidemics of acute infections spread quickly through large populations. Citizens were living in poor conditions in which food, water, and housing were compromised. As these conditions became under control, life expectancy increased. The population grew as a result of infectious disease control and prevention. The number of persons 65 years of age or older has increased over the past years. The focus of the health care system has turned from infectious disease control and public health to the treatment of chronic conditions. Treatment for functional limitation and chronic conditions are more likely. Chronic conditions include diabetes, hypertension, and rheumatoid arthritis. The elderly tend to use more hospital services and prescription medicines (Bernstein et al.2003, p.8). More medical procedures are required by the elderly. The aging population has greatly affected the development of the U.S. healthcare system by driving up cost due to the requirement of more care and providers being needed. There is a growing shortage of health care workers...
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...The Eight Neighbors partnership is an umbrella organization representing various sectors of the Washington Metropolitan Region and was formed when the Federal Housing Finance Agency (FHFA) was given control over Fannie Mae and Freddie Mac’s finances. Fannie Mae and Freddie Mac’s financial restructuring put $47 million in regional grants to 400 nonprofits in jeopardy. The loss of these funds would have meant budget shortfalls and reduced gifting in the entire region. Prior to FDR's New Deal, social welfare was a private enterprise taken on by one's local community. Although, the federal government has been a welcomed partner in providing help to address serious social and economic problems, this partnership has had cyclical reliability. Between 1965 and 1980 annual government social welfare spending was 8.2 percent. However, during the Reagan administration enacted tax cuts and a growing deficit caused federal spending to decrease to 1.5 percent of annual government spending for the 1980-1990 decade. From 1990-2009...
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...district, called todat Alamo Heights Independent School district. The 5 schools that are part of this district: • Howard Early Childhood Center • Woodridge Elementary • Cambridge Elementary • Alamo Heights Junior High • Alamo Heights High School Mission Statement The Alamo Heights Independent School District, the heart of our community whose passion is excellence, will educate and empower every student to excel academically and as a confident, compassionate citizen with impeccable character and a global perspective through engaging, personally challenging, and relevant experiences that inspire learning for life”. Live Honorably Act Humbly Model Dignity Change Concept How cuts in the Texas budget will affect the students, teachers and substitute teachers in Alamo Heights Independent School District. The budget cuts were originated of three main components: • 2006 the state lowered property taxes (school taxes by 1/3). • The state used Federal stimulus money to pay raises all teachers’ salaries in the state. • The current recession has cause lower tax revenue. How badly it is? The state of Texas is projected to have a $27 billion deficit for the next two year, the US House of Representative bill was unveil in January and designate a $10 billion dollars cut in public education state-wide. This cuts will have a significant impact in all schools district in Texas (including Alamo Heights Independent School District) for the next two or three years. Some...
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...important is management accounting? How vital is the information provided by management accountants? To count or not to count, that is the real question. Management Management is defined as directors and managers who have the power and responsibility to make decisions to manage an enterprise. It is comprised of the interlocking functions of formulating policies set by corporations and the organization, planning, controlling, and directing the firm’s resources to achieve the objectives of the policy. The size of a firm’s management can vary from one person to hundreds or thousands of managers. This number is dependent upon the size, locale, and whether or not the company is multinational or not. In larger companies, the board of directors acts as upper management and formulates the policy which is to be implemented by the chief executive officer. Business analysts and financiers agree that the highest importance is the quality and experience of the managers, their integrity...
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...Is the Social Security System broken? Problems with the Social Security System Intermediate Macroeconomics Problems with the Social Security System The Social Security System, created in 1935, is the one of the most costly items in the federal budget today. The program was created to provide old age, survivors’ and disability insurance to a large portion of Americans, mostly the elderly who are now out of the work force. The Social Security Act was a major turning point in American history (William, 2007). Today the U.S. Social Security system has been in the news a lot lately. While politicians throw around dramatic words like “crisis” and “bankrupt,” regular Americans have more mundane concerns. Social Security has assisted to defend millions of employees from scarcity in their elder years, but demographic truths have transformed over the last seventy years and are still altering. (Smith, 2010) If Social Security does not transform with them, the system will be incapable to fulfill its guarantees to tomorrow’s retirees and will load the next generations, our children and grandchildren, with hard taxes. The President would let Americans save some of their Social Security taxes in personal retirement accounts that they own and that Congress can never legislate away. Personal retirement accounts would strengthen Social Security by assisting all US citizens to raise their retirement income and pass on a nest egg to construct a better fiscal future for their households...
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...| Affordable Care Act | What is in store for the future? | Caitlin Dulon 6-14-2015 | According to Medicaid.gov “The Affordable Care Act was passed by Congress and then signed into law by the President on March 23, 2010. On June 28, 2012 the Supreme Court rendered a final decision to uphold the health care law.” (P. 1) the affordable care act brought about a lot of changes to the way American’s were able to get health Insurance. Many American’s could not afford health insurance even though they were working jobs, or their place of employment did not offer insurance benefits. After the Affordable Care Act was put in place American’s had a place to get health coverage no matter what their current situation was. According to Medicaid.gov “The Affordable Care Act actually refers to two separate pieces of legislation — the Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act of that, together expand Medicaid coverage to millions of low-income Americans and makes numerous improvements to both Medicaid and the Children's Health Insurance Program (CHIP).” (P.1) The Affordable Care Act has given many low-income families the chance to have health insurance and be able to afford this insurance. These families are now able to get the preventative care that they need and be able to try and stay healthy so that they do not burden the United States with more medical bills they are unable to pay. But, even though they have insurance many...
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...national budget indicates, in terms of manpower, money, machines and materials, the country’s total resources to be utilized for various activities during a specified period. It is scrutinized by the country’s legislature; it becomes a piece of legislation when the legislature approves its adoption. The annual budget of an educational institution is approved by the institution’s governing board. The approved budget becomes the legal authority by virtue of which executives, agency heads or administrators can initiate or carry out activities designed to achieve organizational objectives. What is Budgeting? Budgeting is the process of systematically relating expenditure to achieve planned goals and objectives. It follows five phases and has three major functions. The phases of budgeting are as follows: Phase I – identification of programs/projects/activities to be accomplished during the budget period; Phase II – identification of resources in terms of manpower, money, machines and materials; Phase III – costing of resources, which is the most important activity in budgeting since the budget is fundamentally a financial statement; Phase IV – presentation of the budget in accordance with guidelines periodically issued by the proper authority, e.g., the Department of Budget and Management in the case of the Philippines; and Phase V – obtaining the approval of the appropriate authority, this involves piloting of the budget through a series of budget hearings...
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...Economically and culturally smoking is considered to be a “norm” within society. The government has policies on cigarettes that try to help reduce smoking, but in an effort to make more revenue the taxes that are placed on cigarettes are not so high that consumer usage will drastically decline and affect government revenue. The government has imposed quotas and tariffs on cigarettes to help regulate the importation of them. A country like the United States has a high border tariff, which the government likes, because its economic level of exporting is high. Countries that are considered to be third-world or developing nations tend to have low or no border tariffs on tobacco. By placing a tariff on tobacco, consumers lose, but the government earns income from it in the form of taxes. Quotas on the other hand, take some of what the consumers lose and give it to the suppliers who are fortunate enough to have their product shipped as part of the quota. For example, the few tobacco farmers in the United States who are granted quotas by the government earn a lot of money mainly because they have no shipping cost – government pays for their shipping cost. The government knows that cigarettes are a bad commodity but since the government makes money off of it, taxes are put in place. The taxes are not only put in place for the government to make money but an effort to reduce smoking, particularly amongst young people (MBN, 9). Young people are targeted the most because studies have...
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