...Abstract The State 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...
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...United States has operated under a budget deficit. A budget deficit is the amount of money which the government has to raise by borrowing or by emitting banknotes, also known as currency emission, in order to makeup for the shortfall in tax revenues. Due to spending more money than they have, the United States has racked up billions of dollars in national debt. The national debt is one of the most important public policy issues that America faces today. Ideally, national debt was meant to aid in the long-term growth and expansion of a country. However, because of continuous overspending, the United States is at risk of significant reductions in economic growth and high public debt. High public debt threatens to drive...
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...Introduction------------------------------------------------------- 2. Functions and objectives of state budget-------------------- a) State budget definition.----------------------------------- b) The role of the state budget, and its process.--------- c) Importance of state budget.------------------------------ d) Budget deficit.--------------------------------------------- 3. State budget process in United States.----------------------- 4. State budget process in Egypt.-------------------------------- 5. Budgeting approaches with pros and cons of each. 6. Conclusion.------------------------------------------------------ 7. References.------------------------------------------------------ 1. Introduction: It is important for every...
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...Over many years the three military powerhouses of the world are the United States, China, and Russia. The United States Armed Forces consist of five branches, the Army, Navy, Marine Corps, Air Force, and the Coast Guard. The President of the United States is the head of the military. Under the president is the Department of Defense which implements military polices. The DOD is lead by the Secretary of Defense, which is second in command to the president. The United States is second on the list countries with the most active military personnel with 1,429,000. China’s military is called the People’s Liberation Army and are the world’s largest military force with 2,285,000 active personnel. The People’s Liberation Army makes up 18% of China’s population. The PLA has five main branches, the PLA ground Force, PLA Navy, PLA Air Force, PLA Secondary Artillery Corps, and the PLA Reserve Force. The PLA is under the command of the Central Military Commission. The CMC is made up of an eleven-man commission that is responsible for all maters regarding the PLA. All members of the CMC are high-ranking generals or senior members of China’s Armed Forces. The Russian military is called the Armed Forces of the Russian Federation. The number of active troops that Russia’s Armed Forces has is 1,040,000 ranking them fifth on the list of most active personnel. The Commander-in-Chief of the Armed Forces of the Russian Federation is the President of Russia. Under the President the Ministry of Defense...
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...Teo 1 Charles Teo 29 March 2012 Budget Cuts In Education of United States On February 14, 2011, Jackie Calmes reports that President Obama proposed to reduce spending with added revenue to recover $1.1 trillion or 10% of the deficits within 10 years timeframe (1). The new budget cut has certainly impacted the entire nation in all kinds of ways. “Out of the 47 States with newly enacted budgets, 38 or more states are making deep, identifiable cuts in K-12 education, higher education, health care or other key areas in the budget for fiscal year 2012” (Williams, Leachman, and Johnson 1). Over the years, more and more children are enrolled in public schools, and more students have furthered their education in universities. Even so, Williams, Leachman, and Johnson identify that many universities in most states have no choice but to cut down their budget and spend less on their services in 2012 than before (1). In Louisiana, what the budget cut has done is that, due to severe budget cuts, Louisiana’s governor Bobby Jindal plans to slash approximately 10 percent from budget of higher education, not forgetting that the proposed cut comes atop the $350 million that was already slashed from the higher education budget over the last two years (Hall 1). Such a decision will not only affect the universities but also increase the burden of the students and their families. As all should know, education is important to everyone now because it gives not only essential knowledge but also a promised...
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...Variance Analysis The many reasons as to why the budget for this month has gone over have many factors involved. For a $5,000 favorable variance on staffing, the department head can state that the company was able to obtain a 25 % discount from a new supplier, which resulted in a savings for the department. Another example would be when you have a $25,000 unfavorable variance in sick time for many employees, the department head would state there was an outbreak earlier in the season and this was not expected, resulting in hourly and sick time expenses that were not anticipated. What we can do, would be to analyze variances by the month, quarter or year. Having budget variances in place can allow at least two sources the things that can be controlled and things that cannot. This time I know that the reason the salaries were higher, we because of the recent storm we had and it cause some staff not to show up for work and other to do overtime. Going forward what we can implement would be an emergency team for weather related issues or natural disaster to ensure that we don’t go over our budget and if we see that we are approaching that then we can implement another plan or process, to help balance it back out like giving comp time or early leave. When uncontrollable factors occur many are often external which then result from occurrences outside of the company such as a natural disasters, which can then throw the budget into a downward spiral. When we have a favorable...
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...Question 2 A budget is defined as a plan of operations based on a given estimate of expected income and expense in the future. As such, it is thought of as an action plan, outlining an organization's financial and operational goals. The budget expresses the quantitative arrangement of the entity's management, in terms of allocating the business resources, performance evaluation, and formulating prospective plans. Businesses alike hold this as an annual undertaking, putting into account the company's past year's budget and subsequently previewing projections for the next couple of years (however often occurring short-term, in about a year or less.) Budgets provide control over the instantaneous environment, help to master the financial aspects of the job and department, while at the same time administering solutions to problems before they occur. They focus on the importance of assessing alternative actions before decisions are actually implemented. Budgeting serves as a means of systematically planning and control. This will require a realistic financial documentation of the company's goals and performance objectives. Upon formulation, the analysis provides adequate development throughout the fiscal year. Consequently, monthly performance reports compare budgeted results against actual stats. The management then examine these and set out to take necessary corrective actions against significant variances. This is known in the accounting world as budgetary control. Also, allowing...
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...Ltd. One of the important tasks that he has to perform is to allocate quota among his five divisional sales managers. Mr Sanjay received his quota for 2010 in September 2009. He has to determine an equitable allocation of that quota. The incentive plan of the company is largely based on the quota allocation system. A portion of Mr Sanjay's compensation was also based on the level to which his divisional sales managers would be able to achieve the quota. Mr Sanjay has proved himself to be a successful sales executive after he graduated from one of the leading business schools of India. He was heading the refrigerator business for Videocon and then he was given the responsibility of managing the sales in the area covering different states in south India. In 1985, through a technical tie-up with Toshiba (Corporation of Japan, Videocon International limited launched India's first world-class colour television. Today, Videocon International Ltd., the flagship company of the Videocon Group, is India's leading manufacturer of consumer electronic products. Fired by a passion for innovation, Videocon has kept pace with the changing face of technology, constantly upgrading its manufacturing facilities to incorporate advanced technology and high standards of quality into its product range right across the spectrum. Committed to giving consumers the best the world has to offer, Videocon has developed near zero wastage technology, which helps reduce manufacturing costs by...
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...Assessment criteria 1.4 6 Assessment criteria 1.4 7 Section 2 8 Assessment criteria 2.1 8 Assessment criteria 2.2 8 Assessment criteria 2.3 10 Section 3 11 Assessment criteria 3.1 11 Assessment criteria 3.2 13 Assessment criteria 3.4 15 Zero-based budgeting 16 Top-down budgeting 16 Bottom-up budgeting 16 Activity-Based Budgeting 16 Section 4 18 Assessment criteria 4.1 18 Assessment criteria 4.2 21 Conclusion 22 Bibliography 23 Introduction Financial management is the efficient as well as effective management of the funds in a motive of accomplishing the goals and the objectives an organization. It comprises of how to rise capital and how to allocate for instance through budgeting. This does not only cater for the long term budget but also the allocation of funds in the short term. In our discussion we are going to focus on various issues such the various methods used in costing, the budgeting formation and formation process, and the different types of budgeting. The attainment of coordination will also be factored since it is key to the success of a business. Task 1 Assessment criteria 1.1 a. Identify and explain the various ways by which cost can be classified discussion the value of costs classification including any weaknesses in your argument In the world of business there are a range of costing methods are actually used by the enterprises in evaluation and the analyzing the cost of production when contrasted with the value of other substitutes. In executing...
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...Budget Variance Every hospital faces many challenges, but one of the most difficult challenges is knowing how to manage expenses. When a hospital is planning their budget not only do they have to plan a budget that is beneficial for their staff but also high level care for their patients. With so much in society changing such as technology, increase health care cost, and government restrictions it makes planning the budget very challenging. In order to analyze how expenses are being spent compared to the budget that is allotted for them, budget variances have to be made (accountingtools.com, 2013). These variances have to be extremely well detailed in order to make an accurate budget for the following year. Things that should be taken into consideration when doing a budget variance are variance reports, interpreting the results of variance reports and analyzing these reports based on actual performance, and developing a way to better the budget based on these results. The purpose of this paper is to fully analyze all factors that should be considered for a budget variance for a hospital. The very first step for a budget variance is to develop a variance report (accountingtool.com, 2013). There are various factors that should be analyzed to produce a proper variance report such as how many beds are available, how many patients are seen daily, how much staff is available or working in a specific day, how many supplies will be used, and how much utilities such as electricity...
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...world’s primary aluminium industry produces over millions ton of aluminium metal per year. The most important markets for aluminium products are the transport, building and packaging sectors, however aluminium also finds application in electrical and mechanical engineering, office equipment, domestic appliances, lighting, chemistry and pharmaceuticals. The United States aluminum industry is the worlds largest, annually producing about $.1 billion in products and exports. U.S. companies are the largest single producer of primary aluminum. The U.S. industry operates over 00 plants in 5 states , produces more than billion pounds of metal annually and employs over 145,000. Aluminum is one of the few products and industries left in America that truly impacts every community in the country, either through physical plants and facilities, recycling, heavy industry, or consumption of consumer goods. The aluminum industrys performance is noteworthy, particularly in light of the proliferation of alternative materials and global competition. Transportation represents the largest market for aluminum in the United States. In 000, transportation accounted for .5 percent of all US shipments. In 000, containers and packaging ranked second to transportation with 0.4 percent of the market, thanks to shipments of 4, millions of pounds in products such as beverage cans, food containers, and household and institutional foil. Nearly seven billion aluminum foil containers are produced every...
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...component in management short and long term planning." Budgeting could let us have a well plan list of our upcoming event’s expenses as well as our current and financial plan. By planning our budget we could also have a better view of our current and future’s expenses cum revenues. Having a budgeting plan company would also be able to identify out if there is any problem occur with the company’s financial states. Limits, expenses limits it’s a definitely need in companies which budgeting helps to show our current assets, cash and how much amount does the company may afford to expend or do investment in their business. Having this budget planning companies will be able to keep track and stay within their calculated budget’s limits. Companies wouldn’t overspend with the list of guidelines; we could use budgets as a guide. In business, budgets help you determine how much money you have and how you will use it, and help you decide whether you have enough money to achieve your financial goals. As part of a business plan, a budget can help convince a loan officer that you know your business and have anticipated its needs. Budgeting may possibly be an advantage for a company to have, as it can help a company on financial and its strategy. In order to make the most effective use of your budgets, you will want to establish reporting devices. These will include periodic reports and reviews on both efforts and accomplishments. It is through comparing actual performance with budgeted...
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...Upon determining that the budget and productivity is not near the projected benchmarks based on the budget that was in place, the measured metrics and treatment goals that are based on the number of patients on services and care provided. While speaking with the office manager concerning the current and continued projected budget shortfall, the office manager expresses here an option for the current shortage she states that there are not enough qualified employees to service their current client population. At the next quarterly company meeting the regular topics for discussion were address to all those in attendance concerning the projected budget, productivity and appropriate patient care was addressed. The staff in attendance voices their concerns that there was room for improvement in the organization of assignments, workflow, and routing of the client care team. Based on the provided feedback from the employees and from the office manager an examination the current state of how the office is...
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...Discussion Budget, Savings, etc., what are the definitions of these terms? According to an article entitled “Financial Literacy to Everyone” at www.practicalmoneyskills.com, budgeting is plan for your future income and expenditures that you can use as a guideline for spending and saving. Budget came from the old French word “bougette” which means purse. It is practically, a plan and list of all planned expenses and revenue. It is a plan for borrowing, saving, and spending. So why Budget? An average student spends his allowance for books, student housing, tuition fee, and food. These are all expenses encountered not only by students but, in general, most of the people in the world. There are generally three types of expenses usually faced by students, the Academic, Living, and Personal Expenditures or Costs. Academic Costs are usually what eats up the total budget of students. It contains the different expenses that are required in able to carry out a student’s academic life. It varies from tuition fees until the very miniscule expenses utilized for photocopying hand-outs from your professor. Living Costs, on the other hand, are expenses that a student need for day to day living however, indirectly related to academics. These include your expenses in utilities (e.g. electricity, water, and internet bills), personal care expenses (shampoo, soap, etc.), and clothing and food expenses. Lastly, Personal Costs are expenditures that are unique yet still a part of a student’s budget. This...
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...preparing estimates, the budget manager will log into PeopleSoft enterprise, which is a management system that provides financial documents and employee data. The employee data and financial documents provide the relevant information that are necessary for creating projections. PeopleSoft enterprise is also used to upload and transfer financial worksheets. On that project I observed and reviewed projection methodology with the budget projections...
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