...institutions, each of which contributes to the formation and use of funds, and state agencies and institutions offering financial activities. Russian financial system includes: 1. The state budget system, consisting of the federal budget, budgets of the Federation and the budgets of local governments; 2. Extrabudgetary funds; 3. State and bank credit 4. Insurance funds 5. Finance businesses and industries, which are used to regulate and stimulate the economy and social relations at the micro level. The Ministry of Finance develops and implements state policy in budget, tax, insurance, foreign exchange, banking, public debt, auditing and accounting. Ministry of Finance is headed by the Minister, appointed and dismissed by the President of the Russian Federation. Currently, the Minister of Finance of the Russian Federation is Alexei Leonidovich Kudrin and at the moment he has 7 deputies appointed and dismissed by the Government. The Ministry of Finance includes 18 departments and 4 federal services: for Fiscal and Budgetary Supervision, for Insurance Supervision, Federal Tax service, Federal Treasury. Functions of the Ministry of Finance: - Public finance - the country's economic analysis, preparation of long-and short-term forecasts of its development - State budget - organization of work on the formulation and enforcement of the federal budget, forecasting and preparation of the consolidated budget of the Russian Federation; - Insurance; - Money Supply - State...
Words: 663 - Pages: 3
...The City of Las Vegas, Nevada Budget Process Sarah Molda Missouri State University The City of Las Vegas, Nevada Budget Process In accordance with Nevada state Law, City governments in Nevada are created either by general law or special charter. The City of Las Vegas is a special charter city, and operates under a council-manager form of government as proscribed by Nevada Revised Statutes (NRS) Chapter 268, with our mayor elected at-large and six City Council members representing the 6 single member wards that represent the City. The vision of the City of Las Vegas is to be “a world-class, vibrant, affordable, economically and ethically diverse, progressive city where citizens feel safe, enjoy their neighborhoods and access their city government. Its mission is to provide residents, visitors and the business community with the highest quality municipal services in an efficient, courteous manner and to enhance the quality of life thorough planning and visionary leadership.” (City of Las Vegas) The Las Vegas city council oversees the general administration, makes policy, and sets budget. The council appoints a professional City Manager who is charged with the running day-to-day operations, with the City Managers office being responsible for the administration and operation of all municipal services for the City of Las Vegas as well as the oversight for all redevelopment and economic development. The City Manager's staff also tracks the progress of various projects,...
Words: 2041 - Pages: 9
...United States automobile industry as Group Vice President for North American Vehicle Sales, Service and Marketing of General Motors Corporation (GMC). He served as Vice President and General Manager of the Pontiac-GMC Division, presiding over the merger of Pontiac-GMC, which was the first at GM to lead such a merger. Prior to his 23 year career with General Motors, Mr. Roberts spent 17 years with the Aerospace division of Lear Siegler Corporation. Mr. Roberts earned a degree in Business Administration from Western Michigan University and completed the Executive Development Program at Harvard Business School and the General Motors Advanced International General Management Program in Switzerland. District Demonstrates Accountability of its Funds State and federal statutes require that the District issue annual financial reports and such reports be audited by an...
Words: 3049 - Pages: 13
...City Of San Jose CaFr & Budget Analysis Teja Gadde City of San Jose- Introduction: The city of San Jose, CA, is the self proclaimed capital of the Silicon Valley. Initially, it was the first civilian settlement in California in 1777 and was also the 1st state capital of California. Today, San Jose is the third largest city in California, following only Los Angeles and San Diego. It has an estimated population of over 950,000 people. San Jose has a very diverse population; 33.2% Hispanic, 28.7% White and 31.7% Asian. It is the home to the largest concentration of technology firms worldwide- over 6,500 technology companies are located in San Jose and surrounding areas. San Jose has large private employers such as Cisco Systems, Xilinx, IBM and EBay. San Jose is known to be the hub for technological innovation. However, San Jose was not immune to the effects of recession. The slight increases in San Jose's primary revenues was not enough to cover its expenditures, even though expenditures decreased from the previous year. San Jose provides many governmental activities services such as public transportation, libraries, parks, recreation and neighborhood services. San Jose also provides business-type activities such as the airport, wastewater treatment system, water system and parking management operation. At Fiscal year Ending June 30, 2011, San Jose had Total Net Assets of $5.648 billion, which is a decrease of $382 million from the previous period. This paper will...
Words: 1754 - Pages: 8
...powers between the NG and the LGUs, and among LGUs units; * policy on tax rates and structure; * revenue and expenditure planning; * revenue utilization and expenditure allocation; * monitoring and approval of budgets, tax ordinances and other fiscal measures; * policy on borrowing and borrowing instruments; and * appointment and supervision of local fiscal officers. ORGANIZING FOR LOCAL FISCAL ADMINISTRATION: Fiscal activity is present in all levels of the organization, whether line or staff; top management level through middle management; the rank and file. Top management is most interested in it; middle management is deeply involved in it; the rank and file is affected by whatever results from it. ORGANIZING FOR FISCAL ADMINISTRATION: The principal agencies tasked with fiscal functions: 1. Congress, especially the Lower House - Congress is responsible for revenue and expenditure policies. 2. Department of Finance - Revenue generation and collection - Fund custody - Disbursements - Keeping of accounts 3. Department of Budget and Management - Review of estimates and fiscal policy studies are done by the Department of Budget and Management in close consultation with the National Economic Development Authority; The Central Bank and other economic planning entities of the state to see to it that fiscal plans and programs are geared...
Words: 2850 - Pages: 12
...Part I: The Operating Budget for Charles County Maryland Strayer University PAD 505 October 29, 2015 Introduction Charles County was created by an Order in Council in 1658. The County was named for the 3rd Lord Baltimore, Charles Calvert (1637-1715) who lived in Maryland from 1661 to 1684 before returning to England. Charles Calvert was Proprietor of the Maryland colony from 1675 to 1689, until he lost his right to govern. Maryland was governed as a royal colony, from 1692 until Calvert's death in 1715. Charles County is located in Southern Maryland, along the banks of the Potomac River, just south of Washington D.C. Charles County in bounded south & west by Potomac; east by St. Mary's County; north by Prince George's County. According to the U.S. Census Bureau, the county has a total area of 643 square miles and estimated population of 154,747 and an estimated population growth thru 2030 of 204,200. There are several divisions within Charles County such as Fiscal and Administrative Services, Public Works, Community Services, Planning and Growth Management, Health Services, Social Services, Economic Development, Conservation of Natural Resources, and Financing Uses. The mission of Charles County Government is to provide its citizens the highest quality service possible in a timely, efficient and courteous manner. To achieve this goal, its government must be operated in an open and accessible atmosphere, be based on comprehensive long- and short-term planning and...
Words: 1417 - Pages: 6
...Principles. – The financial affairs, transactions, and operations of local government units shall be governed by the following fundamental principles: (a) No money shall be paid out of the local treasury except in pursuance of an appropriations ordinance or law; (b) Local government funds and monies shall be spent solely for public purposes; (c) Local revenue is generated only from sources expressly authorized by law or ordinance, and collection thereof shall at all times be acknowledged properly; (d) All monies officially received by a local government officer in any capacity or on any occasion shall be accounted for as local funds, unless otherwise provided by law; (e) Trust funds in the local treasury shall not be paid out except in fulfillment of the purpose for which the trust was created or the funds received; (f) Every officer of the local government unit whose duties permit or require the possession or custody of local funds shall be properly bonded, and such officer shall be accountable and responsible for said funds and for the safekeeping thereof in conformity with the provisions of law; (g) Local governments shall formulate sound financial plans, and the local budgets shall be based on functions, activities, and projects, in terms of expected results; development plans, goals, and strategies in order to optimize the utilization of resources and to avoid duplication in the use of fiscal and physical resources; (i) Local...
Words: 6677 - Pages: 27
...June 16, 2014 Capital Budgeting The main principle of the capital budget is to channel the total distribution of state expenditures for public services. To present the greatest possible outline of current and planned capital investments and assure state governments’ ability to borrow will not increase nor decrease. This paper will discuss how the debt capacity of state is established and then discuss and assess the effect of repaying or reorganizing current debt commitment. This paper will also discuss different funding substitutes that can be used to support debt commitment. This paper will utilized the City of Toledo, whose capital budget is a 4 year plan, which focuses on roads, modernization and police hiring (City of Toledo, 2014). Capital budgeting is the development process used to regulate which of an organization’s extended term assets are worth following according to Devoy & Wise (1979). City of Toledo has one of the most comprehensive capital budgets, encompassing all new construction, including roads and public safety. The City of Toledo policy and process identifies the fiscal year for the City beginning on the first day of January and requires that on or before the fifteenth day of November of each year, the Mayor must prepare a balanced budget estimate of the expenses of conducting the affairs of the City for the following fiscal year (City of Toledo, 2014). While the capital budget is comprised mostly of large projects, it is not uncommon to include smaller...
Words: 721 - Pages: 3
...Methods: Budget-based vs Flat-Rate Management Fee | | Mayfield charged a budget-based management fee to appeal to potential LPs. Because industry practice was traditionally a 2/20 based fee, Mayfield had a competitive advantage against other VCs as the budget-based fee was attractive because: * Transparency. Budget-based fees encourage transparency by requiring Mayfield to produce an expense list, providing LPs greater information compared to the traditional management fee based on committed capital. * Alignment of Interest. A flat-rate management fee causes misalignment of interest, especially as fund sizes increase; the increase in size is especially notable through the growing Mayfield fund sizes, peaking at $1b (Exhibit 2 to 4a) * Flat-rate fees encourage efforts placed in raising the funds, noted from the fact that a 2.5% fee could reduce the capital for investment by 1 investment project; alternatively, the budget-based fees emphasizes the performance of the fund. * Conceptually, budget-based fees are more justifiable as management fees were meant to solely support the operations of the VCC; as VCs promote alpha returns, alignment of interests is greater with lower management fee and the bulk of compensation geared towards the carried interest. * Best of Flat-rate and Costs. The budget-based fees allow LPs to bay the minimum of 2.5% or actual expenses. Thus, there is no particular downside to this situation. Because of the value of budget-based...
Words: 2482 - Pages: 10
...© 2014 International Monetary Fund IMF POLICY PAPER FY2015 – FY2017 MEDIUM - TERM BUDGET IMF staff regularly produces papers proposing new IMF policies, exploring options for reform, or reviewing existing IMF policies and operations. The following document(s) have been released and are included in this package: The Staff Report on the Medium - Term Budget was prepared by IMF staff and completed on March 31, 2014 for the Executive Board's consideration on April 28, 2014. A Press Release summarizing the views of the Executive Board as expressed during its April 28, 2014 consideration of the staff report. The policy of publication of staff reports and other documents allows for the deletion of market - sensitive information. Electronic copies of IMF Policy Papers are available to the public from http://www.imf.org/external/pp/ppindex.aspx International Monetary Fund Washington, D.C. Mars 31, 2014 FY2015–FY2017 MEDIUM-TERM BUDGET EXECUTIVE SUMMARY The proposed FY 15–17 Medium-Term Budget (M TB) was formulated within the Fund’s strategic planning framework to align allo cation of resources to the delivery of institutional priorities. For the net administrative budget , the FY 15–17 MTB proposal includes: In FY 15, an unchanged budget envelope in real terms, for the third year in a row. New demands are met once again throug h better utilization and reallocation of existing resources, including a sm all reduction...
Words: 1972 - Pages: 8
...Part I: The Operating Budget for the City of Raleigh PAD505 April 27, 2016 Introduction The city government in Raleigh North Carolina is made up of a number of different departments. These include the Budget and Management Services, City Clerk, City Manager, Development Services, Finance, Fire, Hosing and Neighborhoods, Parks, Recreation and Cultural Resources, Public Affairs, and others that help maintain the city and surrounding areas throughout the year. With all of these departments you will see a multitude of goals and missions. However, by taking a look at the city council of the city it is clear to see that sustainability is a huge goal for the city. In December 2009 the city council reaffirmed its mission statement to include sustainability. “We are a 21st Century city of innovation focusing on environmental, cultural, and economic sustainability, we welcome growth and diversity through policies and programs that will protect, presser and enhance Raleigh’s existing neighborhoods, natural amenities, rich history, and cultural and human resources for future generations.” (Raleigh's Commitment,) The goal of the city is to be able to work with the universities, colleges, citizens and regional partners to promote emerging technologies, create new jobs and cultivate local businesses and entrepreneurs. These goals can be seen when looking at things like the large Research Triangle Park that provides numerous jobs, and learning opportunities for residents. To obtain all...
Words: 1579 - Pages: 7
...Obama has ever said, "A budget is more than simply numbers on a page. It is a measure of how well we are living up to our obligations to ourselves and one another." So budget is the key financial instrument. The user friendly budget summary includes: all appropriation line items aggregated by item type; the school tax rate; the equalized school tax rate; revenues by major category; the amount of available surplus; a description of unusual revenues or appropriations with a description of the circumstances of the revenues and appropriations; and a list of shared services agreements in which the district is participating. The “user friendly” budgets contain detailed information on the salaries and benefits of each district superintendent, assistant superintendent, school business administrator and school district employees whose annual base salaries exceed $75,000 and who are not members of collective bargaining units must be submitted to DOE by the districts as part of the budget process. West Paterson budget is divided between the “general fund” and various special funds. The official budget for fiscal year 2009-2010 involved projected expenditures of $ 14,497,609 of which $ 13,544,424 are part of the general fund and $ 745,995come from special funds. Another $ 207,190 in expenditures was planned for other bond funds. Revenue going to special funds such as transportation is in principle earmarked for a single purpose, whereas revenue to the general fund can be used for a range...
Words: 362 - Pages: 2
...of Nebraska has a biennium budget that is set from 2013 all the way to 2015. Knowing what is in your budget and how to properly gauge what will be needed for the coming two years in each department is an important aspect to a successful budget. The person in charge of the budget for each department needs to know how to properly budget and respond to the needs of the state in the most fiscal way possible. A budget is only as good as the person who is running it. The Nebraska State budget is complex, but with the right amount of team work and dedication, it seems to run very smoothly. Nebraska State Budget The Nebraska State budget is set on a biennium basis. Since this is the case the budget will need to be looked at for the next two years. The thing to keep in mind is the total “Budgeted Amount” for the Budget Status Report should reflect all “new” appropriations authorized by the Legislature for fiscal year 2013-14 as well as any appropriations from fiscal year 2012-13 that will carry over to the current budget. Having a Budget Status Report satisfies the requirement to provide an estimate of fiscal year expenditures. The Nebraska State Budget should be conducted in a responsible manner that reflects the most efficient use of the state’s money (NCSL, 2013). Budget Information The State of Nebraska’s budget is done on a biennium basis. The Governor’s budget recommendations play an important role in the budget making process. The budget is decided two years at a time...
Words: 2745 - Pages: 11
...the budget reform agenda? * DAP Timeline * Constitutional and Legal Bases of DAP * SC Ruling on DAP * Why did the Aquino Administration terminate DAP? * SC modifies ruling on DAP What is DAP? The Disbursement Acceleration Program (DAP) is a spending reform measure to speed up public expenditure and catalyze economic growth. Why was DAP introduced? * Need to Clean House: Curb Corruption and Leakages * Freeing up operational bottlenecks * Inefficient implementation * Poor planning * Slow procurement * By the third quarter of 2011, it became clear that if we wanted public spending to accelerate enough for economic growth, we had to use idle funds. (Sec. Florencio Abad, DBM ) * The Aquino Administration therefore launched the DAP in 2011 KEY REFORMS (the DAP as Package of Reform Intervention) * Zero-based budgeting Implementation of zero-based budgeting to weed out inefficient, ineffective and leakage-ridden programs and projects * Early enactment of the budget Early preparation, submission and enactment of the annual National Budget including the adoption of the Online Submission of Budget Proposal * Disaggregation of lump sum funds Disaggregation of lump sum funds into specific programs and projects How did the DAP work? * The DAP tapped the power of the president over (a) the use of savings to augment deficient programs and projects; and (b) the use of unprogrammed funds. ...
Words: 2422 - Pages: 10
...New York City has a capital budget. The budget includes funds required for city construction, repair projects, and purchases of land buildings, or equipment. Even though the size and the cost of the capital budget is important, the projects funded by this budget will determine how New York will grow in the future. It is important that New Yorkers learn more about our city budget. The planning and the disbursement of funds for capital projects occur over a period of years. In order the capital budge go forward with the Capital Budgets we will need three components. The documents that make up these components are: Ten-Year Capital Strategy- In November of every even-numbered year, the Mayor’s Office of Management and Budget (OMB) and the Department of City Planning both a draft Ten- Year capital strategy which presents the goals, policy constraints, assumptions, and criteria for assessing the city’s capital needs over the next ten years. The anticipated sources of financing, and the implications of the strategy, including any possible economic, social, and environmental effects is also provided in this document. The Capital Budget- This document is submitted by the Mayor as an Executive Capital Budget with the Expense Budget at the same time. Funding is proposed for capital projects for the coming fiscal year and estimates the funds needed in each of the three following years. The individual capital projects should not exceed a certain amount and needs an approval in the form...
Words: 615 - Pages: 3
