Question.2564 - Week 5: Why Budget? In this week’s Learning Resources, you begin to explore budgets as future-looking planning documents prepared by elected officials—a proposal for accomplishing priorities. Finkler et al. (2020) described budgeting as a process “of exploring possibilities” (p. 48). When used properly, the budget builds a bridge from the strategic plan in order to operationalize and help put the plan into action. Few governments have strategic plans, because frequent turnover in the executive and legislative branches brings new and different priorities which can impede use of long-term strategic planning. However, government agencies and departments often have them, due to enduring missions and leadership. Since nonprofit organizations typically are more enduring, connecting the budget to the strategic plan and priorities is essential. The budget can be a powerful tool to turn vision into reality. This week will lay the groundwork for your future study of the budget process. You will deepen your understanding of budgeting by: Exploring traditional government budget systems and emerging reforms Comparing and contrasting different types of budgeting systems Considering differences between government and nonprofit budgeting Considering emerging budget reforms and implications for public administrators Since the budgeting process is continuous and overlapping, while you begin your work on budget systems in the Discussion boards, you will simultaneously be finishing up your study of financial reports in this week’s assignment. You will conclude your study of financial documents, such as the Annual Comprehensive Financial Report (ACFR), which measures government finances from the perspective of what has already taken place, uses GASB accounting standards, and is audited. Reference: Finkler, S. A., Smith, D. L., & Calabrese, T. D. (2020). Financial management for public, health, and not-for-profit organizations (6th ed.).CQ Press. Learning Objectives Students will: Contrast budget systems Analyze Annual Comprehensive Financial Report (ACFR, formerly CAFR) financial statements for public organizationsLearning Resources Required Readings (click to expand/reduce)Budget Resources Mikesell, J. L. (2018). Fiscal administration (10th ed.). Cengage Learning. Chapter 2, “The Logic of the Budget Process” Note: Read only the following sections: Budgets and Political Strategies (pp. 87–97) The Incrementalist Insight Roles, Vision, and Incentives Strategies Chapter 3, “Budget Methods and Practices” Note: Read only the following sections: Preparation of Agency Budget Requests (pp. 110–121) Budget Justification Elements of Cost Estimation Personnel Costs: Paying the Staff Non-Personnel Costs Screening for Errors Review of Budgets (pp. 122–127) Reviewing a Budget Request The Budget Presentation The Executive Budget: The Plan and the Balancing (pp. 127–131) Making Budget Reductions for Fiscal Sustainability Chapter 6, “Budget System Reforms: Trying to Make Better Choices”Writing ResourceOptional ResourceDiscussion: Comparing Budgeting Systems Finkler, S. A., Smith, D. L., & Calabrese, T. D. (2020). Financial management for public, health, and not-for-profit organizations (6th ed.).CQ Press. Chapter 2, “Planning for Success: Budgeting” Note: Read only the following sections: Mission (pp. 26–27) Strategic Plan (p. 27) Long-Range Plan (pp. 27–29) Budgets (6-paragraph introduction only; pp. 29–30) Credit Line: Financial Management for Public, Health, and Not-for-Profit Organizations, 6th Edition by Finkler, S.; Smith, D.; Calabrese, T. Copyright 2020 by CQ Press. Reprinted by permission of CQ Press via the Copyright Clearance Center. Licensed in 2021.Walden Writing Center. (n.d.). Walden templates: Overview. https://academicguides.waldenu.edu/writingcenter/templates Note: Download and use the Graduate APA Course Paper Template for this week’s Assignment.Morrill, C. (2021). To increase trust in government, reinvent the local government budget. State and Local Government Review 2021, 53(1) 10–13. https://doi.org/10.1177/0160323X211000835Photo Credit: Dave and Les Jacobs / Blend Images / Getty ImagesIn your Mikesell (2018) readings this week, you gain information about a variety of budget systems. Inherent in the budget process is understanding that choices about program alternatives need to be made regarding what will be funded and its value to the public. Having access to good financial information and effective budget systems can better organize information so decision makers can make reasonable choices. For this Discussion, you will select and analyze two of the budget systems from your Mikesell (2018) readings this week and provide a summary describing both systems and comparing and contrasting their features.To Prepare Review the five types of budget systems discussed in this week’s Mikesell readings: Traditional Performance Budgets Program Budgets Zero-based Budget System New Performance Budgeting Participatory Budgeting By Day 3 Post your response to the following: Concisely describe each of the five types of budget systems discussed in this week’s Mikesell readings. Note: Be sure to paraphrase and summarize—avoid copying and pasting direct quotes from the text. Select two of the budget systems and compare and contrast the features of each.Note: For this Discussion, you are required to complete your initial post before you will be able to view and respond to your colleagues’ postings. Begin by clicking on the To participate in this Discussion link, then select Create Thread to complete your initial post. Remember, once you click on Submit, you cannot delete or edit your own posts, and you cannot post anonymously. Please check your post carefully before clicking on Submit!Read your colleagues’ postings. By Day 5 Respond to at least two colleagues' posts—one who selected one of the same budget systems that you did and one who selected a different budget system—by responding in at least one of the following ways: Offer an alternative viewpoint and/or insight related to the budget system features contrasted by your colleague. Suggest an additional feature that compares to or contrasts with the budget system chosen by your colleague.
Answer Below:
Table xx Contents xxxxxxxx five xxxxx of xxxxxx systems xxxxxx two xxxxxx systems xxx compare xxx contrast xxx features xxxxxxxxxx Describe xxxx types xx budget xxxxxxx The xxxxxx system xxxxxxx the xxxxxx by xxxxx how xxxx money xxx what xx to xxxxx is xxxxxxx by xxx government xxx also xxx to xxxxxxxx the xxxxx the xxxxxxxxxx is xxxxxxxxxx to xxxxxxx Mikesell xxx budget xxxxxx ensured xxxx all xxx decisions xxxxxxx out xxx made xx the xxxxxxxxxx The xxxxx type xx budget xxxxxx is xxxxxxxxxxx system xxxxx aims xx give xxxxxxxx to xxx financial xxxxxx The xxxxxxxxx budget xx proposed xx line xxxxxxxxxx negotiating xxxx the xxxxxxx budget xxxxxxxxxxxx The xxxxxxxxxx budget xxxxxxxx funds xxxxx on xxxxxxx efficiency xxx on xxx budget xxxxxxx New xxxxxxxxxxx budgeting xxxxxxxx performance xxxx in xxxxxxxxxx and xxxxxxxx the xxxxxxxxxx amp x financial xxxxxx Rocha xx Azevedo xxx amp xxxxxxxxx de xxxxxx In xxxxxxxxxxxxx budgeting xxxxxx citizens xxx included xx decide xxx communal xxxxx is xxxxx Select xxx budget xxxxxxx and xxxxxxx and xxxxxxxx the xxxxxxxx The xxxxx difference xxxxxxx the xxxxxxxxxxx and xxx performance xxxxxx systems xx in xxx objectives xxxxx in xxx traditional xxxxxxx the xxxxxxxxx expresses xxxx emphasis xx the xxxxxxxxx facet xxxxxxxx with xxx physical xxxxxx the xxxxxxxxxxx budget xxxx at xxxxxxx up x relationship xxxxxxx the xxxxx and xxxxxx In xxxxxxxxxxx budget xxxxxxxx that xxx real xxxxxxxxxxx cannot xxxxxxx the xxxxxxxx allotment xx the xxxxxxxxxxx budget xxx performance xx to xx done xxxxxx the xxxxxx allocation xxx traditional xxxxxx is xxxxxxxx for xxxxxxxx things xx expenditure x e xxxx rates xxxxxxxx etc xxxxx the xxxxxxxxxxx budget xx prepared xx be xxxxxxxx on xxx reason xxx which xxx disbursement xx incurred xxxxxxxx While xxxxxxxxxxx tasks xx the xxxx of xxxxxxxxx the xxxxxx traditional xxxxxx system xx not xx effective xx expected xxx the xxxxxxxxxxx budgeting xxxxxx is xxxx efficient xx controlling xxxx activities xxxxxxxxxxx as xx calculates xxx input-output xxxxxxxxxxx Whereas xxx traditional xxxxxx is xxxxxx produced xx the xxxxxx of xxxx year xxx s xxxxxxxxxxxxxx with xxx inclusions xxx alteration xxxx is xxxxx doing x few xxxxxxxxxxx on xxx basis xx the xxxxxxxx requirement xx the xxxxxxxxxxx amp x performance xxxxxxx on xxx ground xx job xxxxxxxxxx budget xx to xx produced xxxxxxxx amp xxx Wojcik-Jurkiewicz xxxxxxxxxx Emerling x amp xxx Wojcik-Jurkiewicz x The xxxx associated xxxx the xxxxxxxxxxx of xxxxxxxxxxx budget xxxx performance xxxxxxxxx in xxx public xxxxxxx sector xxxxxxxxxx Ekonomicko-manazerske xxxxxxxx - xxxxx www xxxxxxxxxxxx net xxxxxxx Magdalena-Wojcik- xxxxxxxxxx publication xxx RISK xxxxxxxxxx WITH xxx REPL xxxxxxx OF xxxxxxxxxxx BUDGET xxxx PERFORMANCE xxxxxxx NG xx THE xxxxxx FINANCE xxxxxx MANAGEMENT xxxxx f xxxx a xxx THE-RISK-ASSOCIATED-WITH-THE-REPLACEMENT-OF- xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx PUBLIC-FINANCE-SECTOR-MANAGEMENT xxx Mikesell x L xxxxxx administration xx ed xxxxxxx Learning xxxxx de xxxxxxx R xxx amp xxxxxxxxx de xxxxxx A x Ceremonial xxx of xxx performance-based xxxxxxxxx by x atilde x Paulo xxxxxxxxxxxxxx Revista xxxxxxxxx acirc xxx de xxxxxxxxxxxxx https xxxxxxxxxx ufsc xx index xxx contabilidade xxxxxxx downloadMore Articles From Finance
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